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The World
Americans accustomed to years of low inflation are beginning to pay sharply higher prices for goods and services as the economy strains to rev back up and the pandemic wanes. Costs are rising at every step in the production of many goods. Prices for oil, crops and other commodities have shot up this year. Trucking companies are paying scarce drivers more to take those materials to factories and construction sites. As a result, companies are charging more for foods and consumer products including foil wraps and disposable cups. (Wall Street Journal)
Putin sounds a warning to the West at Victory Day parade in Red Square: President Putin pledged that Russia would defend its national interests “firmly” as he oversaw a military parade on Red Square yesterday to commemorate the 76th anniversary of the Soviet Union’s victory over Nazi Germany. (The Times)
Scotland’s first minister told British PM Boris Johnson that a second referendum on Scottish independence was inevitable as Johnson called a crisis summit of the UK’s devolved nations. First Minister Nicola Sturgeon spoke with Johnson on Sunday for the first time since her pro-independence Scottish National Party won a plurality in Scottish parliamentary elections last week. Sturgeon reiterated her commitment to another vote on independence from the UK “when the [covid-19] crisis is over, and made clear that the question of a referendum is now a matter of when — not if,” a party representative said. (Washington Post)
Madrid is in political turmoil, gripped by an election campaign that has polarized the region. There’s violence at rallies, bullets mailed as death threats and campaigning packed with bellicose references to the 1930s Civil War. Ahead of Tuesday’s election, the region’s conservative incumbent president, Isabel Díaz Ayuso, has targeted Spain’s left-wing government by making the phrase “communism or freedom” her campaign slogan. Leftist parties have rallied to cries of “democracy or fascism.” (Politico EU)
Fears of civil war are rising in Myanmar as its government-in-hiding announced the creation of an armed force to combat the military junta, in a historic reversal of its policy of non-violence in the face of the military coup’s crackdown. Meanwhile, Myanmar’s military junta banned satellite dishes as part of a crackdown on media reporting, with a possible one-year prison sentence or $320 fine for anyone who installs a satellite. (The Times, The Guardian)
Last year marked a historic shift in the organization of medicine, with fewer than half of U.S. doctors working in a private practice. And among those private practices that continue to operate, many are trending toward a larger size. 50.2% of physicians were employees, up from 47.4% in 2018 and 41.8% in 2012. The proportion of doctors working in a private practice was 49.1% last year. (Healthcare Dive)
Saturday's SNL had been billed as something of a coronation for Dogecoin, with watch parties set up all over YouTube and plenty of people hoping the coin would hit the crucial $1 mark. But almost as soon as the show began, Dogecoin's price promptly collapsed, dropping nearly a third before recovering slightly. It was such an eventful night for the currency that Robinhood couldn't even keep up. It all culminated with Musk joining the Weekend Update crew and, after repeatedly answering all those "what is Dogecoin?" questions, eventually called it "a hustle." (Protocol)
As scrutiny of cryptocurrency grows, the industry turns to K Street: Companies behind digital currencies are rushing to hire well-connected lobbyists, lawyers and consultants as the battle over how to regulate them intensifies. (New York Times)
Economy
Markets were braced for volatility in U.S. petrol and diesel prices as the country’s biggest fuel pipeline remained shut down following a cyber attack. The Colonial Pipeline, which carries 45% of the fuel consumed on the US East Coast, was taken offline on Friday, restricting the movement of gasoline, diesel and jet fuel from refineries on the Gulf coast. (Financial Times)
Lenders are preparing for mortgage demand to cool in the coming months, the result of rising interest rates that make refinancing less attractive for a huge chunk of borrowers. The anticipated decline in mortgage volume is setting off price wars across the industry. That is driving down profit margins and spooking the shareholders of mortgage firms that went public closer to the height of the lending boom. (Wall Street Journal)
Goldman Sachs executed its first cryptocurrency trades and formalized the set-up of its bitcoin desk on Friday, two months after the US bank announced that it would re-enter the fledgling market. (Financial Times)
Global venture funding hit $48 billion in April. While that’s slightly below March’s record-setting level, it’s still the second-highest total ever, per Crunchbase data. Roughly two new unicorns were minted each workday, as mega-sized rounds proliferated and big exits bolstered momentum. (Crunchbase)
Taiwanese flock to stocks as economy shrugs off pandemic: Covid containment and strong tech exports push trading volume to record high. (Nikkei Asian Review)
Bank of America is devoting more resources to fighting cyberattacks after seeing a jump in threats amid the pandemic. The company’s centralized global information-security unit has boosted spending in recent years to about $1 billion annually, according to chief operations and technology officer Cathy Bessant. That’s mostly allocated to staff and technology to bolster cyber defenses. The lender is constantly assessing threats from individuals, groups and governments, and is also scanning the horizon to protect itself against an “Armageddon scenario,” she said. (Bloomberg)
For years, M.B.A. students and admissions experts believed that top consulting firms and investment banks wouldn’t let job applicants even interview if their score on the GMAT—the standardized test required for most graduate business and management programs—was below a certain threshold. In recent years, that may have become a myth. Firms such as Bain, Goldman Sachs and McKinsey have put less emphasis on standardized tests as part of their recruiting in recent years. (Wall Street Journal)
Technology
A new generation of companies is forming to scoop up Amazon marketplace sellers — and venture capital firms are writing big checks to support the effort. These e-commerce aggregators are all about data and using it to optimize and turbocharge sales, which means they’re using Amazon’s own playbook. Amazon’s third-party seller marketplace generated between $25 billion and $39 billion in profits in 2020, the company estimates, and experts expect it to only keep growing. (Axios)
U.S. advertisers will spend $11.36B on streaming TV commercials on services like Hulu, Pluto TV, and Peacock in 2021, up from $8.11B in 2020. (Bloomberg Businessweek)
After more than a year of iOS exclusivity, social audio platform Clubhouse is releasing its Android app. It will be available in beta on Google’s mobile OS today in the US, allowing users to sign up and participate in its audio-only chat rooms. However, Clubhouse says the platform will remain invite-only for now, meaning it’s still not open to just anyone, “as part of the effort to keep the growth measured,” the company said in a statement. (The Verge)
Apple AirTags vs. Tile: The Best Tool for Finding Your Lost Stuff. Apple’s $29 tracker helps you find your lost stuff better than the competition does—but it makes it even harder to find your way out of Apple’s ecosystem. (Wall Street Journal)
Smart Links
Restaurant staff shortages pique appetite for automation. (Crunchbase)
Maya Angelou and Sally Ride will be honored on quarters. (New York Times)
SpaceX accepts dogecoin as payment to launch a lunar mission next year. (Reuters)
Telehealth use dropped in February for first time since September. (Healthcare Dive)
New 3D scan finds heart disease in 20 minutes. (The Times)
The most expensive cities in the U.S. (The Discoverer)
New York City is roaring back to life. (Bloomberg)
2021: Year of the Cryptocurrency. (Statista)