Friday, March 26, 2021

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MARKETS


NASDAQ

12,977.68

+ 0.12%

S&P

3,909.73

+ 0.53%

DOW

32,620.87

+ 0.62%

GOLD

1,725.90

- 0.42%

10-YR

1.627%

+ 1.00 bps

OIL

58.51

- 4.36%

*As of market close. Here's what these numbers mean.

  • Economy: The number of jobless claims filed last week dropped to a pandemic-era low of 684,000, another data point that indicates an economic rebound is just around the riverbend.
  • DC: In his first formal press conference, President Biden doubled his original vaccination goal to 200 million Covid-19 shots administered in his first 100 days. Biden also pushed for changes to the Senate filibuster, which results in most legislation needing 60/100 votes to pass.

RETAIL

Chinese Shoppers Try to Return H&M

An illustration of a dark rain cloud hovering over the red H&M logo in front of a pale purple background.

Francis Scialabba

Your guidance counselor wasn’t kidding when they said everything you post online can come back to haunt you. 

Ex.: Last September, H&M released a statement saying it was concerned about allegations of forced labor in Xinjiang, a Chinese territory that produces an estimated 20% of the world’s cotton. This week, that statement got attention from internet users in China, who joined state officials and businesses there in making this a week from hell for H&M.

Popular Chinese e-commerce platforms pulled H&M products. State media outlets called out other apparel brands, including Nike and Adidas, that've made statements about boycotting Xinjiang cotton. And celebrities including Wang Yibo and Victoria Song are dropping H&M and/or Nike endorsements. 

  • Beijing helped fuel consumer anger using social media. On the Weibo app, users are posting videos of their burning Nike kicks.

Zoom out: There's a lot at stake for H&M. China is its third-largest market and in 2019 accounted for 500+ stores and $1.4 billion in sales.

Retailers aren't alone figuring this out

Businesses across industries walk a careful line to stay on Beijing's nice list and get access to its massive consumer market. Calls to support pro-democracy protests in Hong Kong rocked the boat in 2019, but Xinjiang may prove a harder issue to dodge. 

China is accused of detaining an estimated 1–2 million members of Muslim ethnic minorities and subjecting them to torture, forced labor, sterilization, and more. 

The US, Canadian, and Dutch governments recently labeled what’s happening as genocide. And this week, the US, Britain, Canada, and the EU sanctioned Chinese officials with links to Xinjiang abuses. 

An emerging business case study 

In light of Xinjiang, calls are growing to boycott the 2022 Beijing Olympics. Some of the games' top sponsors—which include Airbnb, Visa, Coca-Cola, and P&G—are already fielding questions.  

  • On Tuesday, a human rights group coalition sent a letter to Airbnb asking it to pull out, questioning the company's commitment to "social responsibility." 

As they weigh commenting on the situation in Xinjiang, execs are surely watching what happens to these apparel brands and considering their options.

        

SHIPPING

"Like An Enormous Beached Whale"

Ever Given ship

Suez Canal Authority/HO/AFP via Getty Images

The chief executive of a Dutch company trying to free the 220,000-ton container ship that's currently stuck in the Suez Canal said it could take days, if not weeks, to unstuck it. 

Describing the ship's "enormous weight on the sand," Boskalis CEO Peter Berdowski said workers might need to try a combo of dredging the sand and unloading the ship, called the Ever Given, to get it floating again. 

Zoom out: This is the worst marine traffic jam since Crush got a flat fin on the East Australian Current. About 185 cargo ships carrying billions of dollars in goods—from livestock to crude oil—are waiting to enter the waterway.

The situation for global trade is so dire that two of the largest ocean shipping companies in the world are considering rerouting ships around the Horn of Africa to get their cargo to its destinations. But that's like driving from New York to Philadelphia via Calgary: It adds 6,000 miles and $300,000 in fuel costs to the journey. 

        

RESTAURANTS

When You're Here, You're Making More Money

Olive Garden breadsticks in front of a waving American flag

Giphy

Darden Restaurants, the parent company of Olive Garden, said hourly workers will make at least $10/hour in wages + tips combined starting Monday. It will also give $17 million in one-time employee bonuses.

  • Though a proposed $15 federal minimum wage was scrapped from the last Covid relief bill, other companies like Amazon and Costco have set minimum wages of at least $15 and encouraged other retailers to follow.

Darden isn’t just trying to outshine Bezos and…Mr. Costco (?): The restaurant business is starting to look better. The CEO of Darden, which also owns LongHorn Steakhouse, said he was “cautiously optimistic” about the future of sit-down dining.

Then vs. now. Covid did a number on restaurants, specifically those that make their money off of middle school soccer team banquets. At one point during the pandemic, same-store sales at Darden restaurants dropped 75%. But last week, same-store sales topped levels from the same week in 2019 by 5.4%.

Bottom line: Darden’s positive outlook could point to the beginning of a restaurant industry recovery, and signal you’re one step closer to getting back into a big leather booth.

        

SPONSORED BY E*TRADE

March Is for More Than Busted Brackets

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Giphy

Stat: The full Epic Pass, which grants access to dozens of Vail ski resorts across the world, costs $783 for the 2021-22 ski season—a 20% reduction from years past. 

Quote: "You don't really believe the peeing in bottles thing, do you?"

This was how the Amazon News Twitter account replied to accusations from US Rep. Mark Pocan that company employees were forced to urinate in water bottles because work quotas were so demanding. Amazon's labor practices are in the DC spotlight as workers at an Alabama warehouse vote on whether to unionize. 

Read: The geopolitical fight to come over green energy. (Engelsberg Ideas)

        

Bank of England

Yesterday, the Bank of England unveiled the design for its new £50 banknote featuring legendary codebreaker Alan Turing. 

Missed The Imitation Game? Turing was a computer scientist and mathematician who helped crack the Nazis' Enigma code during WWII, and is therefore credited with helping bring the war to a close.  

  • In his work solving Enigma, he came up with the "Turing bombe," a precursor to the modern computer. He also developed the "Turing Test," which measures artificial intelligence. 
  • After the war, Turing was persecuted by the UK government for his homosexuality. The government apologized for its treatment of him in 2009, and in 2013, Turing was royally pardoned. 

The banknote includes an image of Turing, one of his quotes, and lots of nerdy Easter eggs such as a string of ticker tape displaying Turing's birthday in binary code. There's even a set of 12 puzzles, together called The Turing Challenge, baked into the design. 

Looking ahead...the notes will enter circulation on June 23, Turing's birthday. 

        

QUIZ

The Quiz Canal

Weekly news quiz

Francis Scialabba

The feeling of getting a 5/5 on the Brew's Weekly News Quiz has been compared to randomly applying a SAVE20 promo code that works.

It’s that satisfying. Ace the quiz.

WHAT ELSE IS BREWING

  • Twitter CEO Jack Dorsey said his company played a role in the Capitol riots on Jan. 6 during testimony on Capitol Hill yesterday. Meanwhile, Facebook CEO Mark Zuckerberg said the responsibility "lies with the people who took the actions to break the law…"
  • Here's more on the hearing, which featured Dorsey, Zuckerberg, and Google CEO Sundar Pichai talking about misinformation. 
  • Robinhood is reportedly building a platform to “democratize” IPOs and allow regular investors to buy into public offerings (like its own) as big banks do.
  • New York City is aiming to open Broadway shows in September.
  • The New York Times sold an NFT of a column for $560,000.

SPONSORED BY E*TRADE

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BREW'S BETS

Follow Friday: Bjorn Steinbekk flew a drone over lava in Iceland, Hamza Gulzar baked up an oddly satisfying lemon tart, and KarenBritChick has the best Street Style series. 

Best Biden impression: Dana Carvey of SNL fame is the GOAT.

Weekend baking rec: Rachel Cantor, the writer of our Sidekick newsletter, is obsessed with this pillowy cinnamon roll recipe

GAMES

Friday Puzzle

This one will either take you 30 seconds or 30 days. 

What common English word has the letters "WSP" in that order, without any letters between?

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ANSWER

Newspaper

 

Biden is fuming with anger after Trump destroyed his biggest failure in a blistering statement

Joe Biden is well on his way of cementing himself as the worst President in history.

Even with the so-called “mainstream” media propping him up, the American people are seeing through his lies.

And Biden is irate after Trump destroyed his biggest failure in a blistering statement.

 

Joe Biden made a jaw-dropping admission about the border that no one expected to hear

Donald Trump just revealed something surprising about running for President in 2024

Ted Cruz revealed the one terrible thing Joe Biden is doing to help child molesters

Joe Biden prepared everyone for Kamala Harris taking over when he said these two words

One letter to the FBI could be used to remove this Justice from the Supreme Court
 

Biden Turns to Kamala and CONFIRMS What We All Suspected

Would You Still Wear a MAGA Hat to Show Support for Trump? (sponsor)

Rep. Dan Crenshaw Just Put MSNBC Host on Blast for their Pathetic reporting

RNC Will Not Depend on Establishment Media for Future Presidential Debates

Is Dr. Fauci the New Dr. Seuss?

Biden Asked 3 Times About Biggest Press Conf, He Responds ‘What Press Conf?’

How Much Further? Dems Describe Saving Unborn Lives as ‘Racist’

Buffett Proposes A $8.3 Billion Fix For The Texas Power Grid, But There’s Catch

Calif. Mayor Unveils $500-per-Month Income Program, White Families Not Allowed

 

March 26th, 2021

Joe Biden Lapses Into Nonsense During First Solo Press Conference as President
If the point of this news conference was confidence, it might have missed by a mile.President Joe Biden’s first foray into the allegedly... Read More ›
The Diabetes Breakthrough Your Doctor Won't Tell You About
Shocking new scientific research uncovered how to treat the root cause of diabetes. Doctors at the International Council for Truth in Medicine have… Read More ›
Parler Flips Big Tech's Jan. 6 Conspiracy Theory – We Told You, You Did Nothing
In the days after the Capitol riot on January 6, 2021, Big Tech moved against a conservative alternative social media platform, Parler,... Read More ›
Border Crisis Updates – Migrants Tell Fox News Joe Biden 'Is Opening the Gates'
The caravans of illegal aliens barraging the U.S. border say they were encouraged to make the perilous journey because they felt that... Read More ›
Riot Police Clash With Hundreds of Homeless in Los Angeles
Echo Park Lake in Los Angeles has been home to thousands of homeless people since 2019. But homeless advocates objected when the city decided to renovate and rehabilitate the park, placing fencing... Read More ›
Joe Biden Confirms Plan To Run In 2024 & Gut Filibuster During First Press Conf
Update (1430ET): After 62 minutes, having answered questions from 10 different outlets (some disgustingly ingratiating, some rather more... Read More ›
6 Reasons to Eat Pemmican (+ DIY Video Guide)
Learn How to Make Pemmican the Ultimate Survival Food, a portable, high-energy, highly nutritious, and filling food that would last for long periods of time without refrigeration. Read More ›

 


Columnists
I Have Several Awkward Questions for Biden's Presser

Larry O'Connor


Allow Me To Speak At Length About the Idiocy Behind Banning The Senate Filibuster

Brad Slager


The Pro-Biden Press Corps Is Deeply Embarrassing

Tim Graham


Why Putin's Pipeline Is Welcome in Germany

Pat Buchanan


Can the Biden Administration Stop China?

Michael Barone



No to DC Statehood

David Harsanyi


President Biden's Border Crisis Borders on Treason

Ted Harvey


Is Populism Going to Fritter Away Over Time as George W. Bush Predicts?

Neil Patel


Healthcare.goving Our Elections

Jason Killmeyer


ADVERTISEMENT
The Bigoted Call to Ban ORU from the NCAA

Michael Brown


Fear Not

Erick Erickson


Why the Media’s Racist Response to the Colorado Shooting Is So Dangerous

Jon Miltimore



INVESTING
What’s Tearing America Apart?

Who Can Explain This Amazing Graph of Inflation? Take This Quiz! - Mark Skousen


Tipsheet
WaPo Edits Immigration Story That Claimed 'No Migrant Surge'

Leah Barkoukis


Are We Just Going to Let Biden's Massive Brain Malfunction During His First Presser Slip Under the Radar?

Matt Vespa


Gov. Asa Hutchinson Signs Bill into Law Protecting Women's Sports

Rebecca Downs


Gov. Brian Kemp Signs Election Reform Bill into Law

Rebecca Downs


Biden Could Fulfill Two Policy Goals in Georgia, But Time’s Running Out

Sarah Lee


Watch Rep. Ted Lieu Explode at Witness to 'Stop Bringing in Irrelevant Issues' on Asian Discrimination

Rebecca Downs


Suez Canal Remains Blocked, Could Take 'Weeks' to Dislodge Massive Vessel

Connor McNulty


MSNBC Host: Ted Cruz Isn't Really Hispanic...And There's No Border Crisis

Matt Vespa


President Biden is Failing Badly on China, And Here's What Sen. Marco Rubio Plans to Do About It

Rebecca Downs


If The Media Passes on Story About Atlanta Man Arrested with a Bunch of Guns, You'll Know Why in About Five Seconds

Matt Vespa


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Political Cartoons
Bearing Arms
Massachusetts Governor Touts His State As Model For National Gun Control | Tom Knighton

Wyoming Makes Steps To Protect Second Amendment Rights | Tom Knighton

With Ninth Circuit Declaring No Right To Carry, Will SCOTUS Respond? | Cam Edwards

Biden's Non-Answer On Gun Control Executive Orders: It's About Timing | Cam Edwards

The "Unbiased" Press Keeps Promoting Gun Control Ideology | Cam Edwards

Joe Biden Immediately Gives His Handlers Nightmares After Appearing Confused at Times During First Presser

Joe Biden Immediately Gives His Handlers Nightmares After Appearing Confused at Times During First Presser

Here's What We Know >>

 
Learn more about RevenueStripe...
Psaki Gets Hit With a Hunter Biden Question, Her...

Psaki Gets Hit With a Hunter Biden Question, Her...

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Ted Cruz Delivers Perfect Response to Mask-Karen Reporter

Ted Cruz Delivers Perfect Response to Mask-Karen Reporter

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