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| Presented By Google |
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| Axios AM |
| By Mike Allen ·Jun 22, 2021 |
| Good Tuesday morning. Smart Brevity™ count: 1,167 words ... 4½ minutes. Edited by Zachary Basu. 💻 Please join Axios' Courtenay Brown and Hope King today at 12:30 p.m. ET for a Hard Truths virtual event on economic recovery among business owners of color. Guests include SBA administrator Isabel Casillas Guzman and 1863 Ventures founder and managing partner Melissa Bradley. Sign up here. |
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| 1 big thing: New billionaire space battle |
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| Photo illustration: Aïda Amer/Axios. Photos: Arif Hudaverdi Yaman/Anadolu Agency, James D. Morgan/Getty Images |
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| The race between billionaires Jeff Bezos and Richard Branson to make suborbital space tourism a viable business is heating up, Axios Space correspondent Miriam Kramer reports. - Why it matters: The clash between Bezos and Elon Musk captures the limelight. But the competition between Bezos' Blue Origin and Branson's Virgin Galactic could soon make space a destination for ordinary citizens.
Bezos announced earlier this month that he's planning to fly with his brother and two other passengers on the first crewed mission for Blue Origin's New Shepard space system on July 20. - If that happens, Bezos will leapfrog Virgin Galactic, a company that many expected to fly its founder first.
- Branson has long been expected to fly on one of the first operational flights for his company. The blog Parabolic Arc reported he's going to try to beat Bezos to the edge of space.
- "Part of how they're shaping the competition is by putting themselves on the line as part of the face of the competition," Victoria Samson of the Secure World Foundation told Axios.
What's happening: The two companies go about getting people to suborbital space differently. - Blue Origin uses a rocket to launch a capsule carrying its passengers up to about 62 miles above the Earth.
- Virgin Galactic uses a carrier aircraft to fly its space plane high above Earth.
- Neither of these systems are fast enough to go orbital. So the flights last only minutes.
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| 2. Biden's GOP overture |
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| Illustration: Shoshana Gordon/Axios |
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| White House officials head to Capitol Hill today for a briefing on the status and details of the $1.2 trillion bipartisan infrastructure proposal — a fresh push by President Biden to find a compromise with Republican senators, Axios' Hans Nichols reports. - Sen. Rob Portman (R-Ohio) indicated last evening that he and the so-called "group of 20" would try to advance the talks before the Senate leaves at the end of the week for the July 4 recess.
- If today's meeting goes well, Biden is inclined to meet with the senators to try to advance the talks. He hosted Sens. Joe Manchin (D-W.Va.) and Kyrsten Sinema (D-Ariz.) separately yesterday.
The big picture: Senate negotiators for the bipartisan infrastructure bill are trying to create momentum for a "too-big-to-fail" package by adding an equal number of Democratic and Republican co-sponsors. - Progressives remain leery and are aiming for much more spending, potentially in multiple packages. Sen. Elizabeth Warren (D-Mass.) told Axios she won't support a package if "when the train leaves the station, childcare is left on the platform, along with clean energy."
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| 3. Trending on earnings calls: Inflation |
 Data: FactSet. Chart: Axios Visuals During the Q1 earnings season, 197 of the S&P 500 companies discussed inflation on earnings calls — the highest number in at least 10 years, Axios Markets' Sam Ro writes from FactSet data. - FactSet analyst John Butters took a closer look at what companies were saying and found that despite rising costs, many of them were actually raising expectations for profit margins and net earnings.
New survey data from Deutsche Bank shows 61% of financial market professionals say higher-than-expected inflation is the largest risk to markets. But 72% believe inflation will be transitory — a temporary risk. |
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| A message from Google |
| Google is expanding its support for Black founders |
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| Black startup founders are consistently locked out of access to the funding that is critical to their success. That's why Google created a second round of the Google for Startups Black Founders Fund. Founders that received funding in round one went on to raise over $38M post-award. Learn more. |
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| 4. Climate coverage booms, but weather reigns |
 Chart: Danielle Alberti/Axios Climate-focused news initiatives are pushing media outlets to devote more coverage to the way climate change impacts extreme weather events, Axios' Sara Fischer and Andrew Freedman report. - Climate Central, a nonprofit science research group, launched a new tool yesterday to detect unusual weather or climate events around the country — and trigger real-time email alerts to newsrooms with information on the underlying climate-change context.
- The program, Realtime Climate, aims to help local weathercasters show viewers how climate change affects them.
AccuWeather and The Weather Channel are also adding climate programming and experts. |
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| 5. 📊 Data of the day: Career-jumpers |
| Staggering stat: 53% of Americans would switch to an entirely new industry if they could retrain, Erica Pandey writes for Axios What's Next, from Prudential's Pulse of the American Worker Survey. - Why it matters: We've told you about the "great resignation": 40%+ of U.S. workers may quit their jobs post-pandemic. That reshuffling could be even more dramatic than companies are expecting: Nearly half of workers want to jump fields, not just jobs.
Of the workers in the Prudential survey who want to switch jobs or fields, 50% are looking for higher compensation, 34% want more growth opportunities and 24% are tired of working on the same things. |
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| 6. America suffering a streak of violent weekends |
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| Crosses sit in the front yard of a home in Chicago's Englewood neighborhood, where four people were killed Thursday in an early-morning shooting. Photo: Scott Olson/Getty Images |
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| The U.S. had 10 mass shootings (at least four people shot) in nine states over the weekend, leaving seven dead and 45 others injured, CNN reports from Gun Violence Archive data. - Among those shot were a 10-year-old and a 15-year-old, both in Dallas.
Details on the shootings. |
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| 7. ✈️ American Airlines cuts nearly 1,000 July flights |
| American Airlines slashed 950 flights in July to provide breathing room amid a travel surge and pilot shortage, USA Today reports. - The proactive cancellations amount to 1% of flights that were planned. Travelers were automatically rebooked.
The backdrop: This weekend, American scrubbed 120 flights Saturday and 176 Sunday — roughly 6% of its mainline operation that day — because of a lack of crew, The Wall Street Journal reports (subscription). |
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| 8. DeSantis tops a '24 straw poll |
| This straw poll — from the 12th annual Western Conservative Summit, held in Denver on Friday and Saturday — shows broadening conservative support for Florida Gov. Ron DeSantis: Graphic: MSNBC's "Morning Joe" |
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| 9. First active NFL player to come out as gay |
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| Photo: Ethan Miller/Getty Images |
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| Raiders defensive end Carl Nassib became the first active NFL player to say he's gay. Nassib, 28, said on Instagram that he's coming out because "representation and visibility are so important," Axios Sports reports. - He's also donating $100,000 to the Trevor Project, which provides crisis intervention and suicide prevention services for LGBTQ youth.
In 2014, Michael Sam became the first openly gay player to be drafted into the NFL. He didn't make a roster out of training camp, but paved the way for more acceptance in the locker room. |
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| 10. 🎓 NCAA model is unraveling |
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| Illustration: Aïda Amer/Axios |
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| The Supreme Court ruled unanimously against the NCAA yesterday, chipping away at amateurism and at an NCAA business model built on free labor from student athletes, Axios Sports editor Kendall Baker writes. - Schools can now provide their athletes with unlimited compensation as long as it's connected to education — i.e. laptops and paid internships.
 Data: NCAA. Chart: Andrew Witherspoon/Axios The ruling repudiated a longstanding NCAA argument that it deserves favorable treatment under federal antitrust law, setting the stage for more legal challenges in the future. - "Nowhere else in America can businesses get away with agreeing not to pay their workers a fair market rate on the theory that their product is defined by not paying their workers a fair market rate," Justice Brett Kavanaugh wrote in a concurring opinion.
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| A message from Google |
| Round two: Google for Startups Accelerator for Black Founders |
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| In this 10-week virtual program for Black-led startups from across North America, founders are paired with Google experts to identify and solve their most pressing technical challenges. They also participate in workshops focused on fundraising, hiring, and sales. Learn more about how to apply. |
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| 📬 Thanks for reading! Please invite your friends, family, colleagues to sign up here for Axios AM and Axios PM. |
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