Business week: the big compromise

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Hello and have a good first Sunday of summer. Here’s what you need to know in the business and tech news of the coming week.

A bipartisan infrastructure bill is moving forward. The new legislation is a very light version of the $ 2 trillion proposal Mr. Biden presented in March, but he celebrated it as a starting point. It still showcases some of its foundational programs, such as financing broadband expansion, rail projects, mass transit, electric vehicles, road and bridge repairs, as well as sanitation projects. water, sewerage, electricity and the environment. The total price: $ 579 billion over eight years. To help pay for itself, the bill would increase enforcement action by the Internal Revenue Service to reduce tax evasion by businesses and the wealthy.

The United States Supreme Court ruled on Monday unanimously that the NCAA, which sets the rules for college sport, cannot prevent schools from paying student-athletes, as long as the payment is modest and tied to education . So, soon you won’t see any college quarterback earning an NFL-level salary, but they might get monetary benefits like graduate scholarships, internships, or computer hardware. The decision opens the door to a new era in varsity sports, which have traditionally generated huge revenues for schools without paying student-athletes for their work.

The cryptocurrency has had a roller coaster year, its price more than tripled since last fall, but has recently fallen by almost 30% of its value. Last week it fell below $ 30,000 for the first time since January, erasing months of explosive growth. The drop follows a severe crackdown on Bitcoin by the Chinese government, which views the cryptocurrency as a threat to its control over trade in its country. But Bitcoin’s volatility has not deterred its gradual adoption by mainstream investors and financial institutions, which has largely contributed to its recent popularity.

Under increasing pressure to adopt more sustainable and climate-friendly business practices – which is, admittedly, quite difficult for an oil giant to do – Exxon Mobil has announced that it eliminate its office staff in the United States up to 10% per year over the next three to five years. This follows its plan to cut 14,000 jobs globally by 2022. The company is still reeling from last month’s annual meeting, where shareholders dismissed existing management and replaced a quarter of the board of directors. administration by new members focused on climate and financial concerns.

Six antitrust bills that could control the power of the tech industry are making their way – albeit slowly – into Congress. The legislation would make it harder for tech giants like Apple, Amazon, Facebook and Google to acquire potential competitors and prevent them from selling or promoting their own products to the detriment of their competitors. While largely Democrat-driven, the bills have received some support from Republicans who want to limit the control social media companies have over speech posted on their platforms. The proposals passed a major hurdle in the House Judiciary Committee last week, but still face opposition from both sides.

By a slim margin, a majority of Americans think it’s time to end improved unemployment benefits, a new survey shows. The federal government has provided an additional $ 300 per week to the unemployed since January, on top of the regular unemployment benefits they receive from their state governments. Those benefits are supposed to last until September, but 26 states – all but one Republican-led – cut them early or plan to do so in the coming weeks. Critics of the enhanced benefits say they have discouraged workers from taking available jobs, and supporters say the payments are needed to support economic recovery as pandemic risks persist.

John McAfee, founder of a software company that still bears his name, died in a Spanish prison awaiting his extradition to the United States for tax evasion. Shareholders in industrial giant Toshiba ousted its chairman after an investigation showed the company was working with the Japanese government to pressure investors who wanted to shake up its management. And Warren Buffett resigned as a trustee of the Bill and Melinda Gates Foundation just weeks after the couple announced their divorce, raising new questions about the foundation’s future.

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