Good morning. HR you ready? With HR Professional Day tomorrow, we thought this would be the perfect time to formally introduce HR Brew, our new newsletter that makes you smarter about the all important employee-employer relationship. If you work in the people profession, you're going to want to sign up ahead of the October 4 launch. —Jamie Wilde, Matty Merritt, Neal Freyman | | | |  | Nasdaq | 15,047.70 | | |  | S&P | 4,455.48 | | | | | Dow | 34,798.00 | | | | | 10-Year | 1.454% | | | | | Bitcoin | $42,975.90 | | | | | Ethereum | $2,963.73 | | | | *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. | - Markets: After a topsy-turvy week, stocks yesterday were as flat as an air mattress 45 minutes after sleeping on it. Crypto tumbled after China banned all crypto-related transactions (we'll unpack that in a bit).
- Economy: President Biden said talks on the $1.2 trillion infrastructure bill and $3.5 trillion budget package have hit a "stalemate," but he's confident they'll move forward with more time.
- World: Germany will determine Angela Merkel's successor as chancellor following federal elections tomorrow. Having led Germany for 16 years(!), Merkel's the longest-serving head of state in the EU.
| | | Francis Scialabba After threatening to put bitcoin in a corner for months, Chinese regulators banned all cryptocurrency-related transactions in the country yesterday. Yep, it's illegal to buy a Bored Ape NFT in China now. The backstory: Chinese authorities have been squeezing crypto's influence in the country since Kendall Jenner's Pepsi commercial. In 2017, they outlawed cryptocurrency exchanges from operating within China's borders, and major platforms like Huobi were forced to stop, drop, and relocate within months of the announcement. And this June, China imposed restrictions on mining—a process that involves a network of energy-glugging servers creating new crypto tokens. But China's crypto crackdown had several, well, cracks that yesterday's statement sealed up: - Chinese residents can no longer trade crypto on peer-to-peer platforms like WeChat Pay and AliPay (the Venmo and Zelle of China).
- Mining cryptocurrency is now completely illegal.
- The order reiterated a pre-existing ban on overseas exchanges conducting transactions within China.
Why is China's government so bearish about crypto? China's main grievance is that cryptocurrencies are unregulated by any higher authority. Some argue that this facilitates illegal activities like money laundering and allows money to leak out of the country without documentation. - Plus, China's not exactly known for its laissez faire governing style. It's been on a regulation spree this year, from limiting kids' online gaming to kicking ride-hailing company Didi off app stores.
Not to mention, the country's central bank has been testing its own digital currency, the digital yuan. Having an official digital currency will allow China to better monitor citizens' economic activity, and enforce rules accordingly. Zoom out: This ban is not unexpected. Crypto-related companies and mining operations were already moving out of the country as the Chinese government, over the years, has become less welcoming to them than a restaurant 15 minutes before closing time.—JW | | | Francis Scialabba Like the Super Mario Bros. movie casting, the US' booster shot rollout has been kind of a hot mess. Late Thursday, CDC Director Rochelle Walensky included frontline workers in the group eligible for Pfizer boosters, a group the CDC's advisors left out of their guidelines but the FDA did include in its recommendation. What happened: After outside advisors to the CDC recommended that older Americans and those with underlying health conditions be eligible for boosters, Walensky made a rare "my house, my rules" move and included frontline health care workers, teachers, and others who face higher risk of infection because of their jobs or living conditions. - Walensky explained that she didn't "overrule" the advisors' decision, just that it was "a scientific close call" that was ultimately hers to make.
Everything you need to know about boosters - No matter what, to get a booster you must have received two Pfizer shots at least six months ago. Sorry, Moderna and J&J crew, it's not your time yet.
- If you are a) 65+, a nursing home resident, or an assisted living facility resident or b) 50–64 with health risks like cancer, diabetes, asthma, HIV infection, or heart disease, the CDC says you should get a booster.
- And if you are 18–49 with health risks or 18–64 with a risky job/living situation, you can get a booster if you want. There's no official recommendation for you yet, though.
Looking ahead...CVS and Walgreens both announced that eligible individuals can start making their booster appointments this weekend.—MM | | | Francis Scialabba Supply chain problems continue to be the canker sores companies just can't get rid of. In earnings calls this week, both Costco and Nike execs focused on debilitating logistical issues. Some of the headwinds Costco faces include "port delays, container shortages, Covid disruptions, shortages of various components, raw materials and ingredients, labor cost pressures, and truck and driver shortages," the company's CFO Richard Galanti said, likely not in one breath. - Costco is capping the amount of toilet paper and other cleaning supplies customers can buy, not because there's a mad scramble for them, but because it's having trouble getting those products to its stores (see above).
Nike said 80% of its shoe factories in Vietnam are closed and so are nearly 50% of its apparel factories. Shares slid 6.3% yesterday after the retailer cut its revenue forecast and warned of delays during the holiday season. For instance, products that took 40 days to ship across the world are now taking 80 days. Bottom line: "It's a lot of fun right now," Costco's Galanti said.—NF | | | | Let's be honest. Credit cards that only reward you for spending in certain categories are kinda like vintage sports cars—they seem snazzy, but end up being more trouble than they're worth. That's why The Ascent recommends this card—it offers unlimited 1.5% cash back on every purchase, forever. That way, you won't have to check your wallet every time you head to the grocery store or the gas station. Don't forget, the holidays are coming up. And when you're running around town trying to figure out what to get your father-in-law who doesn't like anything except camping chairs and criticizing you, you don't want to fumble around for the right card. The perks don't end at cash back—this card has an easy-to-earn $200 welcome bonus when you spend $500 within the first three months of opening your account. Learn more about the card that'll reward you for holiday spending. | | | Giphy Stat: Turns out your college roommate was onto something—the US now has more legal cannabis workers than dentists, paramedics, or electrical engineers, according to the Washington Post. 321,000 Americans now work in the industry, a 32% bump from last year, a new report estimates. Quote: "We are semi-separated but still love each other, see each other frequently, and are on great terms." Tesla CEO Elon Musk said he and Canadian singer Grimes have broken up after three years together. They'll still co-parent their 1-year-old son, X Æ A-Xii Musk. Read: The digital death of collecting. (Kyle Chayka) | | | ABC During an episode of The View yesterday, host Sunny Hostin and guest host Ana Navarro were asked to leave the set after testing positive for Covid-19, just moments before VP Kamala Harris was supposed to walk on for an interview. That's live TV in the Covid era. Viewers watched in confusion as Hostin and Navarro (who were fully vaccinated) walked off. Later in the show, host Joy Behar explained the positive results and interviewed Harris via video.—MM | | - Meng Wanzhou, the CFO of Chinese tech giant Huawei, reached a deal with the US DOJ to resolve bank fraud charges against her. The case was symbolic of the frayed relations between the US and China.
- Shelley Ross, a veteran TV news exec, said that CNN anchor Chris Cuomo sexually harassed her in 2005, and urged him to report more on issues of sexism in the workplace.
- Disney unleashed multiple lawsuits in a bid to maintain full ownership of Avengers characters like Iron Man and Black Widow. Meanwhile, Disneyland was hit with a class action suit by its employees over low wages.
- Promotions of African American and Black employees at Walmart slowed from last year, according to a diversity report the retailer released yesterday.
| | Exceptional grapes. That's what you get from WSJwine. They specialize in smaller scale wines handcrafted by artisan winemakers. And now you can get their Top 12 wines with 2 bonus bottles and 2 stemless glasses for $69.99 plus S&T. Find better wine today.* Howdy there, future of farming. By 2050, farmers will need to increase food production by up to 70%. Luckily, Future Acres' robotic farming companion Carry is designed to transport crops for an estimated 30% farm efficiency increase. Get in on this fertile investment opportunity before 10/8.* Weekend Conversation Starters: Best screensaver of all time?
Would you live in Montserrat for two months?
Is the worst of Covid over?
What are the most hated brands in every country? *This is sponsored advertising content | | | Every other week, Brew's Bookshelf brings you a few of our favorite reads. - That "1-click" checkout button won't look the same after reading Arriving Today, a deep dive by WSJ columnist Christopher Mims into the logistics networks that have transformed the way we shop.
- Male entitlement explains a lot, argues author and Cornell philosopher Kate Manne. Her book Entitled looks at everything from mansplaining to toxic masculinity and the very real effects it has on our culture.
- TikTok's obsession with the Gabby Petito case exposed a lot about our often-misguided fascination with true crime. Rachel Monroe explored this obsession in Savage Appetites.
| | | | Our Puzzle Creator Mary Tobler always brings the heat with Saturday crosswords...but today she truly harnessed the energy of 10,000 suns with an amazing puzzle. Play it here. | | | Written by Matty Merritt, Jamie Wilde, and Neal Freyman Was this email forwarded to you? Sign up here. WANT MORE BREW? Industry news, with a sense of humor → - Emerging Tech Brew: AI, crypto, space, autonomous vehicles, and more
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