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The World
The twin perils of slowing growth and high inflation, or stagflation, will hit the global economy this year as Russia’s war against Ukraine exacerbates a slowdown in the recovery from the coronavirus pandemic, according to Financial Times research. Mounting price pressures, slipping output expansion and sagging confidence will all pose a drag for most countries. The IMF is this week expected to downgrade its forecasts for most countries as finance ministers and central bankers convene at the spring meetings of the fund and the World Bank to discuss how to respond to the darkening economic outlook. (Financial Times)
‘I think he will’: President Zelenskiy is hopeful that President Biden will visit Ukraine, while also reiterating that he is not willing to cede territory in country’s east to end the war with Russia. (The Guardian)
A crucial week for France and for Europe: “If Marine Le Pen wins, it will be a political earthquake to rival Brexit and the election of Donald Trump as US president in 2016. The victory of a fervent nationalist and Eurosceptic would throw the future of the EU into doubt. Le Pen’s agenda on immigration and Islam would also threaten social stability in France.” (Financial Times Editorial)
North Korea launched what is believed to be a short range, nuclear-capable ballistic missile that could threaten Seoul and the region’s American bases. The test firing, the 12th this year, was launched on the eve of annual joint US and South Korean military exercises. (The Times)
India is cutting back its reliance on Russian arms. The West wants to take advantage of its push to diversify. (The Economist)
Shanghai to resume some production, but reports more than 24,000 new cases. Shanghai is on track to resume production at key manufacturing sites after a 16-day citywide lockdown, succumbing to pressure from foreign diplomats, business groups and multinational firms calling for an easing of anti-coronavirus control measures. (South China Morning Post)
The link between transit use and early COVID cases: The study found that cities with high-usage public transportation systems displayed higher per capita Covid incidence. This was true when other factors, such as education, poverty levels, and household crowding, were accounted for. The association continued to be statistically significant even when the model was run without data from transit-friendly New York City. (Georgia Institute of Technology)
Economy
New York City employers are hustling to figure out what to do about impending salary-disclosure rules, while hoping for a delay. A sweeping pay-disclosure law requiring nearly all companies operating in the city to include pay ranges on job postings is set to take effect in under a month. With the deadline approaching, employers have been consulting attorneys on how to comply, setting compensation ranges for each job title and coaching managers on how to explain the numbers to existing workers. At the same time, business groups have worked to get the law postponed or changed before it takes effect May 15. An amendment to the law, proposed last month and revised in recent days, calls for implementation to be delayed until November. (Wall Street Journal)
This year’s hawkish change in tack from central banks is close to ending the era of negative-yielding debt, shrinking the global tally of bonds with sub-zero yields by $11tn. Bond prices have tumbled this year as central banks move to end large-scale asset purchases and raise interest rates in their battle with soaring inflation, pushing yields in many big economies to their highest levels in years. (Financial Times)
Car prices are expected to remain elevated in 2022: Executives attending the New York International Auto Show say inventory constraints will continue to affect the availability of new and used vehicles. (Wall Street Journal)
Proposed rule changes could chill already cool SPAC market: While all the rage the past two years, both SPACs going public and those finding a target to merge with are on the decline—and newly proposed rule changes by the SEC regarding blank-check firms could further affect their market. (Crunchbase)
Technology
Sell-off in tech stocks spreads to private start-ups: Investors in private companies have turned cautious following a boom period of billion-dollar valuations. (Financial Times)
Apple has started widespread internal testing of several new Mac models with next-generation M2 chips, according to developer logs, part of its push to make more powerful computers using homegrown processors. The company is testing at least nine new Macs with four different M2-based chips -- the successors to the current M1 line -- with third-party apps in its App Store, according to the logs, which were corroborated by people familiar with the matter. The move is a key step in the development process, suggesting that the new machines may be nearing release in the coming months. (Bloomberg)
Apple store workers at Grand Central Terminal start collecting signatures to form a union. (The Verge)
TikTok is trying out a dislike button in the comments section of the app. Users with access to the function can “dislike” specific comments they think are irrelevant or inappropriate. No one except the disliker will know, but the feedback may be used to make those comments less visible to others. In related news, YouTube recently stopped displaying the number of dislikes on videos. (Tech Things)
Intel calls its AI that detects student emotions a teaching tool. Others call it 'morally reprehensible.' Virtual school software startup Classroom Technologies will test the controversial “emotion AI” technology. (Protocol)
Smart Links
San Francisco is losing sway as a talent hub; LinkedIn data shows that the top companies are hiring in Houston, Detroit & Miami. (Protocol)
Google will spend $9.5 billion on offices and data centers this year. (Protocol)
Big fight brewing over California ballot measure to reduce single-use plastics. (Los Angeles Times)
Biden to host ASEAN leaders summit at White House in May. (Nikkei Asia Review)
Dollar General introduces no-cost degree program for employees. (HR Dive)