Week in Business: Biden’s Big Budget


Good morning and Happy Memorial Day weekend. Here are the biggest stories of business and technology to know for the coming (short) week. – Charlotte Cowles

Exxon Mobil suffered a surprising defeat when climate activist investors Won at least two seats in its 12-member board on Wednesday. Investors are part of a small new hedge fund called Engine No. 1 Companies are pushed towards green initiatives And away from fossil fuels. Campaign of Face an uphill climb In the energy industry, but this recent victory may inspire more Wall Street investment firms to face climate change. Adding to the motion, a Dutch court ruled that Royal Dutch Shell, Europe’s largest oil company, is not working fast enough to reduce greenhouse gas emissions and must. Double your efforts.

For the past three weeks, Apple has vigorously (and expensively) defended itself in federal court against an antitrust lawsuit brought by Epic Games, the creator of the popular video game Fortnite. The case centered on whether Apple abused its market power by taking a 30 percent commission on sales from its iPhone App Store – and punishing Epic when it sidelined Apple and made Fortnite’s in-app purchases directly with customers. Tried to sell. Is ruling Now in the judge’s hands, Who said he hopes to reach a verdict by August. If Apple loses, it could wind up more antitrust cases against Big Tech.

Metro-Goldwyn-Mayer, a 97-year-old film and television studio that once symbolized Hollywood’s golden age Sold himself For today’s symbol of modern commerce: Amazon. Many of MGM’s classics sold out years ago, but it brings a well-known franchise – James Bond – that will give Amazon a new edge against streaming competitors such as Netflix, HBO Max, and Apple TV +. That increase cost Amazon $ 8.45 billion, about 40 percent more than other potential buyers, including Apple and Comcast, who were willing to pay.

Google is Hospital chain to tie up with HCA Healthcare Developing algorithms for patient care by mining health records. The algorithm aims to improve patient monitoring, guide doctors’ decisions for better results, streamline operations, and even develop new treatments. But, of course, progress comes at a cost: patient privacy. HCA said that before Google data scientists reach them, its patient records will be removed from identifying information. But the terms of the deal were not publicly disclosed.

President Biden proposed a $ 6 trillion budget For the financial year 2022 which includes a map of long-term investment Economic priorities of his administration – In the next decade such as infrastructure, education and green energy. The proposal, which at this time is more than a wish list, would take the United States to the highest sustained level of federal spending since World War II. Mr. Biden has said he will pay for his agenda by raising taxes on corporations and high-income people, but the plan also reflects a high budget deficit for at least a decade. The budget estimates unemployment to be below 4 percent and inflation to remain stable.

Treasury Secretary Janet Yellen will meet with a group of 7 finance ministers in London later this week to discuss the nations’ next steps in global economic recovery. On the docket: Supporting international vaccine access and distribution, improving public health to prevent future epidemics, and building more climate-friendly economies. Ms. Yellen has a similar agenda at home, and is a handful. Before leaving, he asked More treasury funding To oversee several major efforts in American economic reform.

Source link