Have a safe and socially distant Fourth of July. You know the rules, annoying as they are. And new outbreaks in many states demonstrate the dangers of illusions. Here’s what you need to know for next week in business and technology.
What happens? (June 21-27)
Too much, too soon
That terrifying resurgence of coronavirus infections that health officials warned us about? Is here. The United States reported its highest total of new cases in one day last week, more than two months after the previous high. This time, it is the devastating southern and western states that have lifted their trade restrictions aggressively. Several states, including North Carolina, Louisiana, and Kansas, came to a pause in reopening plans, and Texas and Florida closed the bars again. Markets fell when investors realized that the virus is far from contained, and the International Monetary Fund warned that the world economy looks even worse than previously thought, as companies around the world continue to regain the pandemic.
Access denied
In April, President Trump ordered a 60-day ban on new green card holders coming to the United States. Last week, he extended the restriction until the end of the year and expanded it to include many temporary work visas. (Green card holders already in the United States may stay.) The goal of the freeze is for American workers to be first in line for jobs as the economy recovers from the pandemic. But some business groups say this will do them more harm than help. The order will keep foreign researchers and academics away, and will also affect highly skilled technology and medical workers and multinational corporations.
Facebook on the defensive
The social media giant lost a major antitrust case on Tuesday, when Germany’s highest court ruled that the platform had abused its domain by collecting personal data from users. It is a great victory for advocates of stricter regulation of tech companies and may encourage other European countries to follow suit. Back in the United States, Facebook faced a boycott by advertisers for its refusal to moderate inflammatory content and disinformation. So far, the company has taken a non-intervention position, but on Friday it introduced new measures to label political content and voting posts, as well as crack down on hateful language.
Whats Next? (June 28 to July 4)
Holding the meat
Plant-based “meat” is starting to sound less bizarre as companies like Beyond Meat and Impossible Foods expand their alliances with restaurants and fast-food chains. And the pandemic has not affected sales: the CEO of Impossible Foods said business has been bolstered by the recent shortage of meat related to the virus. Burger King added the Impossible Croissan’wich to its menu this month (it already sells an Impossible Whopper), and Starbucks began serving a Impossible “sausage” breakfast sandwich at its American locations last week. Starbucks also serves Beyond Meat-made products in its stores in China and Canada, so the vegan meat race is underway.
Out of the weeds
Pharmaceutical giant Bayer will pay one of the largest settlements in US civil litigation history – $ 10 billion – to plaintiffs who claim that one of its products, the herbicide Roundup, causes cancer. Bayer constantly maintains that Roundup is safe to use and will continue to sell it without warning labels. The settlement also includes funds for possible future claims. It may seem like a risky gamble, but Roundup is such a big seller that Bayer is willing to take responsibility.
Your apps are watching … for now
Apple is introducing new privacy features that will make it harder for apps to track their behavior. As you may already know (or suspect), many apps on your phone stalk your location and digital activities, and there isn’t much you can do about it other than remove them. But Apple promises to make your phone a little less creepy with its new operating system, iOS 14, which is due out this fall and will require third-party apps to request your permission to monitor it.
What else?
The Treasury Department did not verify death records before sending stimulus funds. As a result, $ 1.4 billion in aid went to dead people. Johnson & Johnson was ordered to pay $ 2.1 billion in damages to women who claim to have contracted ovarian cancer from the company’s talc products, including its widely used baby powder. And the struggling airline industry may take another hit if the European Union bans American travelers this summer, a decision Europe is considering in light of the United States’ failure to contain the coronavirus.
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