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The World
The EU and India plan to revive long-stalled talks on a comprehensive trade deal as they seek to deepen economic ties and respond to China’s rise. The two sides could announce as soon as Saturday the relaunch of negotiations that were suspended in 2013 amid disagreements over tariff rules for car parts and free-movement rights for professionals. The resumption of talks between two of the largest economies in the world has risen as a priority for both sides as they grapple with the challenges posed by the rise of China and its model of state-backed capitalism, and the economic damage wrought by the coronavirus pandemic. (Financial Times)
US Secretary of State Antony Blinken will participate alongside his Chinese counterpart Wang Yi in a UN Security Council summit on Friday to discuss global cooperation and multilateral institutions. It will be the first event convened by China as it assumes the Security Council presidency for the month of May, at a time when the body faces numerous challenges including Myanmar, fallout from the ongoing pandemic, and continued friction between Beijing and other countries over human rights. (South China Morning Post)
President Biden will raise the cap on refugees to 62,500 this fiscal year. The move comes after a wave of outrage over his initial decision to keep the Trump-era ceiling of 15,000 admissions in place. (Axios)
NY, NJ and CT are lifting almost all their pandemic restrictions starting May 19, paving the way for a return to fuller offices and restaurants, a more vibrant nightlife and a richer array of cultural and religious gatherings for the first time in a year. New York will also bring back 24-hour service to the subway on May 17, after a year of overnight closures. (New York Times)
The F.D.A. is preparing to authorize use of the Pfizer-BioNTech coronavirus vaccine in adolescents 12 to 15 years old by early next week. Meanwhile, the next generation of Covid-19 vaccines could be a pill or spray. (New York Times, Wall Street Journal)
After spending much of the past year tending to elderly patients, doctors are seeing a clear demographic shift: young and middle-aged adults make up a growing share of the patients in Covid-19 hospital wards. (NPR)
Over 1 billion people worldwide are unwilling to take a Covid-19 vaccine. But importantly, if everyone who said they were willing to take the coronavirus vaccine actually did, just 38 of the 116 countries and areas that Gallup surveyed throughout the latter half of 2020 would reach the minimum 70% estimated threshold for achieving herd immunity. Only one country, Myanmar, would exceed the high-end estimate of 90%. (Gallup)
The Education Department announced former CFPB Director Richard Cordray has been appointed COO of federal student aid. President Biden has proposed canceling $10,000 of federal student loan debt for every borrower. Cordray has been leading progressives' calls for an overhaul of the student loan system. (Axios)
How much money do millennials make? It’s no longer a taboo question. Unlike with previous generations, young adults find it freeing to talk about their personal finances. A 2019 survey by CreditCards.com found that 61% of millennials were comfortable discussing credit-card debt with their friends, compared with 43% of baby boomers. And a March report from Swedish fintech company Klarna said a recent global survey found that 50% of millennials believe it is important to talk openly about finances, compared with 41% of older generations. (Wall Street Journal)
Despite recent advances in workplace diversity and inclusion, a new study finds that people who adamantly oppose racism and sexism are not so eager to eliminate ageism at work. “I wouldn’t go as far as saying they discriminate,” says Ashley Martin, an assistant professor of organizational behavior at Stanford Graduate School of Business. “But even fair-minded people seem to prioritize race and gender over age.” The primary rub among what Martin calls “egalitarian” employees is the concept of succession, which apparently complicates workplace dynamics. (Stanford Business School)
Economy
Europe’s largest banks plan joint attack on US payments giants: More than 30 of Europe’s largest banks and credit card processors are trying to create a payments giant capable of shattering a US-dominated “oligopoly.” The banks and acquirers behind the initiative include Deutsche Bank, BNP Paribas, ING, UniCredit and Santander and currently process more than half of all payments in Europe. The project has the backing of the European Commission as well as the euro area’s financial regulators. (Financial Times)
Lumber prices are breaking new records, adding heat to home prices. Sawmill owners poised to reap big profits, while home buyers and renters bear brunt of rising wood costs. (Wall Street Journal)
U.S. rental car company Avis Budget Group topped Wall Street estimates for 1Q21 revenue, as more people started traveling again after getting vaccinated against Covid-19. The company has said its business is now mainly centered around leisure customers. (Reuters)
The NYSE says more staff can return to the trading floor — if they are vaccinated. (Bloomberg)
Sales of shares in Hong Kong by already-listed companies have enjoyed their best-ever start to a year as issuers tap ample global liquidity and investors' hunger for Chinese assets. The sell-down of stakes by major shareholders, and follow-on share and convertible offerings from Jan. 1 to April 26, 2021, already reached $47 billion, nearly matching the $47.8 billion raised in all of 2020 and almost four times the deal volume during the same period last year. (Nikkei Asian Review)
A record-breaking “frenzy” of M&A activity is underway: The average M&A transaction this year has been worth more than $100 Million, according to Refinitiv. That’s up more than 25% from the first four months of the pre-pandemic year of 2019. And an unceasing influx of new capital from LPs means even more mega-deals could be on the way. (Forbes)
Container shipping rates are heading higher again, driven to new heights by unrelenting consumer demand and company restocking from Europe to the U.S. that are exhausting the world economy’s capacity to move goods across oceans. After peaking in late 2020 and not budging much through 1Q21, the rate for a 40-foot container to Los Angeles from Shanghai hit $4,403 last week, the highest in Drewry World Container Index data going back to 2011. (Bloomberg)
Chief Executive magazine announced that Ken Frazier, Chairman and CEO of Merck, has been named 2021 Chief Executive of the Year by his peer CEOs. Frazier was selected by an independent committee that recognized his exceptional long-term leadership: a decade of unprecedented transformation and growth at Merck—with powerful results for shareholders, patients and society. (Chief Executive)
Technology
The Facebook Oversight Board will announce its long-anticipated decision on the fate of former President Trump's Facebook account at 9 a.m. ET tomorrow. The Board said last month that it had received 9,000+ public responses concerning Trump's indefinite suspension from Facebook and Instagram. (CNN)
Amazon says its ad-supported streaming video content now reaches more than 120M users every month, up from 20M in January 2020, driven by Twitch. (CNBC)
SensorTower data shows Clubhouse was downloaded only about 900,000 times in April, down from 2.7M installs in March and from February's peak of 9.6M. (Insider)
Epic began its trial with Apple focusing on painting Apple and the App Store as a monopolistic and anti-competitive ecosystem that fails to offer the benefits to consumers that Apple touts. Epic’s opening slideshow included a slew of internal emails from Apple ecosystems detailing how the company built its so-called “walled garden.” Apple’s lawyers were then given the opportunity to present their opening statement. Apple focused largely on the benefit provided to developers on its platforms. This includes access to Apple’s intellectual property, such as its variety of APIs and developer resources. (9to5Mac)
After a meteoric rise to popularity in 2018, Fortnite generated more than $5 billion in its first year for Epic Games, new financial documents reveal. The document, made public as part of Epic’s court battle with Apple over the latter’s App Store practices, shows that the game brought in more than $9 billion total for Epic in 2018 and 2019. The company reported more than $5.5 billion in profit from the two-year period. In the document, the company predicted that it would have almost $3.6 billion in revenue for 2020. (The Verge)
Ford Motor Co and BMW are leading a $130 million funding round in a solid-state battery startup, Solid Power, as carmakers push to lower the cost of electric vehicles by investing in the development of affordable but powerful rechargeable batteries. (Reuters)
Apple is trimming its planned production of AirPods wireless earphones by 25 to 30% this year as intensifying competition dents sales of the US tech company’s fastest-growing product line. Apple expects to make between 75m and 85m units in 2021, compared with a previous production forecast of 110m. (Financial Times)
Trade groups representing AT&T, Verizon and other telecom companies are opening fire on a new law requiring them to provide discounted internet service to low-income households in New York. (Axios)
Smart Links
Berkshire succession: Greg Abel confirmed as Warren Buffett’s heir apparent. (Financial Times)
Rental companies buy up used cars as chip crisis gets worse. (Bloomberg)
San Francisco’s pandemic exodus looks like it’s almost over. (San Francisco Chronicle)
What your GC isn’t telling you about compliance risks. (Chief Executive)
7 European countries Americans can travel to right now. (Washington Post)
Female retail investors quadruple on Robinhood app in February. (Bloomberg)
Manchester United fans planning further Glazer protests. (The Times)
Scientists have identified four distinct types of Alzheimer's and what they do to us. (Science Alert)
The cities with the fastest 5G speeds. (Statista)