Bidenmix reboots
President Biden plans to double his economic performance in Wednesday’s big campaign speech. He said the administration’s signature policy wins aimed at expanding manufacturing, reinvesting in aging infrastructure and reorienting the economy towards a clean energy future, along with the country’s record job growth. would applaud the growth of
But despite the good news, Mr. Biden’s popularity hasn’t grown much, with some polls suggesting he’s trailing his Republican rivals. Fears of high inflation and a recession have eroded Mr. Biden’s approval ratings, and the Biden administration is rethinking its message in an attempt to persuade Americans to vote for him next November.
“Bidenomics” is central to the president’s message. of Notes shared with journalists this week, two senior advisers to Biden, Anita Dunn and Mike Donilon, have repeatedly used the term to describe the president’s accomplishments. They credit Bidennomics with helping the country bounce back from the pandemic “faster than most experts thought.” But voters seem skeptical, as The Times’ Michael D. Shear reports.
What is Videonomics? The President himself joked that the transmission of this message was a work in progress. “I don’t know what it is” he said at this month’s meeting. “But it works.” Donilon and Dunne’s memo seeks to reboot the message on Bidennomics. They point out, for example, how the CHIPS Act, the Inflation Control Act and the Infrastructure Act are creating jobs in high-tech, manufacturing and green sectors.
The numbers behind Bidennomics are impressive. Employers added 13 million jobs during his presidency.and the Black and Hispanic American Unemployment Rates At or near historic lows. The White House also averted a potentially disastrous default confrontation with the Republican-dominated House, and the victory was largely recorded as a no-brainer among voters.
These successes have not translated into higher approval ratings. According to a Pew Research Center studyBiden’s approval ratings fell to their lowest level since he took office this month.
Biden’s reboot will compete with contrasting messages from the Fed. Hours before the president took to the mic in Chicago, Fed Chairman Jay Powell joined other central bankers in Portugal on a theme weighing heavily on the market: a stubborn reduction in policy rates will likely require more rate hikes. I plan to participate in a panel discussion on how it is necessary. high inflation.
At the same rally in Portugal yesterday, International Monetary Fund Deputy Managing Director Gita Gopinath said: Alert Central Banks This is to avoid easing the fight against inflation. “Monetary policy should continue to tighten and stay in a restrictive zone until core inflation is on a clear downward trajectory,” he said.
For now, the push for Bidennomics could be overshadowed by the hawkish Fed.
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Goldman Sachs plans to add an ally of David Solomon to its board. Tom Montag, who headed trading at Bank of America before joining the company as a senior executive, has been appointed. return as director. The move is seen by some within the firm as a message from the board that Goldman’s beleaguered CEO Solomon won’t be leaving anytime soon, according to the dealbook.
KPMG plans to lay off 5% of its U.S. workforce. The accounting giant, which had 39,000 employees in the U.S. last year, Cited ‘economic headwinds’ in announcing the move. It’s the latest sign that the economic slowdown is hitting a wide range of businesses, including white-collar industries.
Janet Yellen is reportedly planning to visit China next month. The finance secretary arrange a meeting According to Bloomberg, her talks with her new Chinese counterpart took place as part of a renewed effort to ease tensions between Washington and China. However, Chinese Premier Li Qiang blamed western countries For today’s attempts to limit ties with Chinese companies.
Could Saudi money interfere with tennis’ pay equity goals?
Women’s professional tennis tour’s WTA promises to bring prize money to tournament on Tuesday Similar to men’s competitionmeant to be a big step towards pay equity in sport.
But the question looms: How will Saudi Arabia take this initiative? Saudi Arabia has poured billions of dollars into professional sports as part of a global campaign to expand its soft power, and bring a deep bosom Joining the ATP men’s tour could exacerbate the already sizeable pay gap in the sport.
The WTA’s efforts will be strengthened over the next decade. This is to allow the tour to raise the income it needs to match the prize money of the men’s tournament. (Men and women receive equal prize money in Grand Slam tournaments, but this campaign focuses on her two levels of competition underneath.)
Saudi Arabia’s tennis plans complicate matters. Saudi Arabia has a strong focus on sports such as soccer and golf, and its strategy includes spending heavily on competitions to attract top-tier players. The company could do the same in tennis, already hosting a lucrative men’s exhibition event, has a bid to host the ATP Next Generation Finals, and has plans to launch a similar women’s event.
However, the WTA has not agreed to the plan, nor has it committed to hosting the Games in Saudi Arabia. Saudi Arabia has recently come under fire for its human rights record, giving women the right to drive. The WTA has previously taken a human rights stance over the treatment of former player Peng Shuayi in China, including suspending her from China for 18 months.
Circumstances may change and Considering that the WTA has held consultations with Saudi officials. But it’s unclear how Saudi plans for tennis will affect the women’s tour’s efforts to integrate more closely with the ATP.
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In other Saudi sports news, a five-page agreement between the PGA Tour and Saudi-backed LIV Golf shows that both sides have agreed to end the lawsuit, but details a planned partnership. It has not been.
New shield for pregnant workers
A new federal law to protect pregnant workers goes into effect Tuesday. Developed over a decade ago, he passed in December with bipartisan support. Pregnant Workers Fairness Act The Times’ Alisha Gupta wrote in Dealbook that it aims to close loopholes in existing rules that discriminate against millions of women.
What this law requires: Companies with more than 15 employees, including hourly workers, are required to provide “reasonable accommodation” for pregnancy, childbirth, and related medical malpractice such as fertility treatment, abortion, and miscarriage.
If left undefined on purpose, Reasonable accommodation includes: A stool to sit on during long shifts, and a flexible schedule for time off to recover from morning sickness and birth complications. However, companies are not expected to suffer “unreasonable difficulties” in their business.
Efforts to eliminate discrimination during pregnancy. Proponents argue that the 1978 Pregnancy Discrimination Act was riddled with ambiguity. It has had dire consequences for many women.
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A poll last year by the Center for Bipartisan Policy found that 23% of mothers had considered quitting their jobs due to lack of accommodation or fear of discrimination.
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at least one-third 2,000 complaints about pregnancy discrimination The Equal Employment Opportunity Commission received a report last year about companies failing to accept pregnant workers.
The law marks a growing awareness of the economic costs of pregnancy discrimination. The equity law will help ensure that women don’t have to choose between “maintaining a healthy pregnancy or getting a safe recovery and paycheck from childbirth,” says Congressional draft bill. said Dina Baxt, co-president of the advocacy group A Better Balance. new law.
$377 million
— Medical bills A new report by UBS analysts says pickleball injuries in the United States this year are related to pickleball injuries.
In memory of Jim Crown
Billionaire investor James Crown, who served on the boards of JPMorgan Chase & Co. and General Dynamics for many years, died Sunday, The Times’ Emily Fritter wrote in a dealbook. he was 70 years old.
The scion of a Chicago business family, Mr. Crown has become a major figure in business, philanthropy and political giving. He died on his birthday when the vehicle he was driving crashed into a racetrack barrier in Aspen, Colorado, according to the Pitkin County coroner’s office.
Mr. Crown was CEO of Henry Crown & Company. He managed the fortune his grandfather Henry built up by investing in various real estate and corporate investments. He joined the company through Solomon Brothers.
Mr. Crown was also a prominent corporate director. Since 1991, he has served on the board of directors of the predecessor company of JPMorgan Chase. His family owns a large stake in Chicago’s Bank One, where he served on the board and helped hire Jamie Dimon as CEO. In 2004 Bank One merged with JP Morgan.
“He has been a trusted advisor to me for nearly 20 years and has played a key role in helping our company navigate numerous business and financial challenges,” Dimon said in a letter to employees on Monday. rice field.
Crown was also the chief director of aerospace giant General Dynamics, which bought his grandfather’s Material Service Corporation in 1959.
He also played a role beyond Corporate America. Mr. Crown splits his tenure between Chicago and Aspen, and previously served as chairman at Aspen. Aspen Instituteis now hosting its annual Festival of Ideas. He played a major role in the American ski industry as his director managing the Aspen Ski Company.
Crown is also a major donor to the Democratic Party and attended a state dinner for Indian Prime Minister Narendra Modi last week. “Jim represented America at its best. He was hardworking, open-minded, and always looked out for one another.” President Biden said in a statement.
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rosetown motors, the beleaguered electric-truck maker has filed for bankruptcy protection and sued electronics giant Foxconn for failing to invest in the company. (Reuters)
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Black-owned media investment firm Group Black reportedly in talks to buy Manage Sports Illustrated Publishers. (WSJ)
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Despite corporate concerns over universal proxies, which would make it easier for investors to vote for director nominees for a variety of positions, the policy featured the following: Slow impact in proxy fights this year. (Kirkland & Ellis)
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