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Good morning. Without dinner parties, opportunities to show off your intellect are few these days.
But
remember, you can always share interesting factoids from the Brew to
remind your friends just how erudite you are. Here’s how:
- Click the gray icons at the bottom of each article to share it on your social media platform of choice.
- Or, screenshot something that made you gasp and slap it on your Stories (or Fleets?).
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NASDAQ
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11,801.60
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- 0.82%
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S&P
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3,567.79
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- 1.16%
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DJIA
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29,438.42
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- 1.16%
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GOLD
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1,871.00
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- 0.75%
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10-YR
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0.873%
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+ 1.30 bps
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OIL
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41.62
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+ 0.46%
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*As of market close
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Markets: Stocks closed lower as investors juggle horrible short-term news (surging virus) but great long-term news (two effective vaccines).
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Debt: Global debt is projected to hit a record $277 trillion
by the time we bid adieu to 2020, per the Institute of International
Finance. Governments and companies are binging on debt as they try to
combat the pandemic.
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Francis Scialabba
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Twenty months after it was initially grounded, Boeing’s 737 Max has been cleared to fly
by the Federal Aviation Administration (FAA). In a video message, the
agency’s administrator Steve Dickson said he’d be “100 percent
comfortable with my family flying on it.”
The backstory: The
Max had been involved in two fatal crashes—one in Ethiopia and one in
Indonesia—that killed 346 people in total. In March 2019, aviation
regulators around the world said the jet couldn’t fly again until Boeing
and the FAA figured out what went wrong...and fixed it.
This story was one of the most dramatic we’ve followed in the past several years. And it features many superlatives:
- Longest grounding of a jet in U.S. history
- By far the worst crisis in Boeing’s 100+ year history
- Considering the 737 Max
was the bestselling plane from the U.S.’ preeminent industrial company,
some consider it to be the country’s most important manufacturing
product.
The cost has been huge
Boeing estimates
the crisis and its aftermath have cost $20 billion. CEO Dennis
Muilenburg was replaced. And despite a steady climb back from pandemic
lows, Boeing’s share price sits at less than half of the company’s
all-time high on March 1, 2019.
- And there’s no calculating the human cost. Some families of the victims have argued the 737 Max should never fly again.
Big picture: Boeing
and its regulator, the FAA, won’t be Googling themselves for a long
time. A deep-dive report from a congressional subcommittee blamed the
crashes on a “horrific culmination of a series of faulty technical
assumptions” by Boeing engineers as well as “grossly insufficient
oversight by the FAA.”
What next? Despite
a series of software fixes and the lifting of the grounding order, the
737 Max won’t fly immediately—the first flight on its schedule is an
American Airlines route from Miami to NYC on Dec. 29.
Even then, the company faces a jittery public because of both the plane’s history and the ongoing pandemic. In an unofficial poll on Morning Brew’s Twitter account, 54% of respondents said they wouldn’t fly on a 737 Max.
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Sergey Nikolaev/NurPhoto via Getty Images
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As the
coronavirus sweeps across the country, states and cities are
re-implementing restrictions on businesses and social life to curb
infection numbers. Here’s a quick roundup:
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New York City, home to the country’s largest public school district, ordered schools to close for in-person learning as of this morning, citing a 3% positive test threshold.
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Ohio announced a three-week curfew from 10pm to 5am starting today.
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New Mexicans have been told to shelter in place for two weeks because of what Gov. Michelle Lujan Grisham called a “life-or-death situation.”
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California reimposed tight restrictions on 94% of its population.
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Washington, Michigan, and other states have halted indoor dining. So have cities like Philadelphia.
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Iowa was among some Republican-led states that did a 180 on mask mandates.
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New Orleans said it wouldn’t host parades next Mardi Gras season for the first time in 42 years.
Looking ahead...with
Thanksgiving approaching, the No. 1 topic of conversation in our group
chats is, “Should I go home for the holiday?” Here’s some advice from experts.
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Giphy
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Looks like
Google overheard one too many college students say, “Jerry put down his
card, everyone just Venmo him” after a big night out. The tech giant
rolled out a revamped Google Pay app yesterday highlighted by a new peer-to-peer payments system.
It’s got a bunch of cool features
An “Explore”
tab highlights deals and discounts nearby, while users can connect
their bank accounts to the “Insights” section to get a high-level look
at their finances.
- Not all of these features are actually new, but yesterday marks the first time Google has folded them into a single app.
Is it just a data grab in an app’s clothing? Google says no.
“When you pay friends, it stays private just between you," according to
a company statement. That means no data will be shared with its ad
division unless you explicitly allow it.
Bottom line: Google’s
app will shine if you opt into its advanced features like allowing it
to scan your Gmail inbox or Google Photos account to look for receipts.
But if users don’t opt in, it will be tough for Google Pay to stand out
in a crowded space that already includes Apple Pay, Samsung Pay, PayPal,
Venmo, Square Cash, Shop, and others.
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This winter, we’re planning to train hard—but not overtrain—with WHOOP.
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And when we say strain, we mean the true measure of how much stress you're putting on your body,
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Yesterday, Apple said that starting Jan. 1, it will lower the bite it takes out of App Store sales from 30% to 15%—but only for small developers.
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Who counts as small: Those that generate $1 million or less in annual revenue (after Apple takes its 15% chunk).
Zoom out:
Small is also a good way to describe the difference the move will make
in Apple’s ongoing battle with software companies such as Epic Games,
Spotify, and Tinder owner Match Group...none of which fit in the “small”
category. Epic CEO Tim Sweeney dismissed the announcement.
- Those bigger players are
also the ones that drive the most revenue in the App Store, a major
growth engine for Apple’s services division.
Bottom line: The App Store is essential to Apple’s long-term strategy, but it’s also been the center of antitrust allegations in both the U.S. and the EU.
+ In other news out of virtual Cupertino...Apple agreed to pay $113 million to settle an investigation into its past practice of slowing down old iPhones to shore up their batteries.
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Giphy
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French startup Yubo raised an additional $47.5 million yesterday to fuel its bid to reimagine social media.
It’s doing a
lot more than just copying Snap stories. The app consists of a variety
of “rooms” users can enter to videochat with friends or strangers. Rooms
are filtered by location or topic of conversation and are meant to
facilitate the type of spontaneous interactions that bubble up at an IRL
party. In between chats, users can swipe left or right to add friends,
similar to Tinder.
How it makes money:
Yubo is completely ad-free. It relies on a “freemium” model that
encourages users to buy premium features like boosting your profile on
the Swipe page. CEO Sacha Lazimi thinks it’s the future of social media
monetization. “If you focus on ads, you’re competing with Facebook,
TikTok, and Snap,” he told TechCrunch.
Bottom line: Like
Bryson Dechambeau’s golf swing, the unique approach is (mostly)
working. Hours spent in live rooms is up 400% from last year, while
Yubo’s total users recently topped 40 million.
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JPMorgan CEO Jamie Dimon said of a stimulus stalemate, “This is childish behavior on the part of our politicians.”
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Wonder Woman 1984 will be released simultaneously on both HBO Max and in U.S. theaters on Christmas Day.
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Pfizer said its Covid-19 vaccine had a 95% success rate. It will be seeking FDA emergency use authorization within days.
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Target trounced fiscal Q3 earnings, cementing itself as one of the big retail winners during the pandemic.
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Anthony Edwards was selected by the Minnesota Timberwolves as the top overall pick in the NBA Draft.
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More than 49,000 fans attended a rugby match in Australia, likely the most-attended sporting event since the pandemic began.
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Allow us to introduce you to yourself. WHOOP features heart rate monitoring and personalized, actionable insights that allow you to understand the inner workings of your body. With critical health-monitoring features like daily recovery and respiratory rate monitoring, you can know yourself, your sleep cycle, and your body—better. Try WHOOP today.
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Francis Scialabba
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If you’re feeling intimidated by all 768 pages of Barack Obama’s new book, A Promised Land, try checking out some other great memoirs instead.
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Sounds Like Titanic
is Jessica Chiccehitto Hindman’s story of touring the world as a fake
concert violinist. Beneath her too-crazy-to-believe tale is insightful
commentary on gender, the economy, and our love of what is fake.
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Eat a Peach shows how David Chang, the culinary icon behind Momofuku, carved a rollercoaster path through the restaurant industry.
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Daring: My Passages
is the late Gail Sheehy’s recounting of an extraordinary life as a
journalist covering major cultural shifts and some of the biggest
leaders of the 20th century.
Find more memoirs and other book recommendations on our Brew’s Bookshelf homepage.
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How good are
you at separating fact from fiction? Three of these headlines are real
while one is made up. Can you spot the fake?
- "French radio accidentally announces death of 100 of world’s most famous people"
- "Man tries to sue Peloton for failing to disclose that its exercise bikes are not roadworthy"
- "Dolly Parton partly funded Moderna Covid vaccine research"
- "Turkmenistan's authoritarian leader unveils huge golden dog statue in the capital"
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We made up the Peloton one. |
the coronavirus. But leftists in
government and the media are determ[...]
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