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| Axios Closer |
| By Hope King and Nathan Bomey ·Jan 19, 2022 |
| Good Wednesday to you! 🐪 🚀 Axios Pro is here, delivering deeper news and analysis on the industries that matter most to you. Start your 14-day free trial today, and register to attend the launch event on Jan. 20. Today's newsletter is 697 words, a 2½-minute read. 🔔 The dashboard: The S&P closed down 1%, as did the Nasdaq, which ended the day in correction territory. - Biggest gainer? Take-Two Interactive (+6.1%) and other video game makers continued to rally after news of Microsoft's acquisition of Activision Blizzard.
- Biggest decliner? Ford (-7.9%) investors reacted to the company revising its full-year earnings guidance lower because of an accounting change.
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| 1 big thing: Biden's face mask effort |
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| Illustration: Annelise Capossela/Axios |
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| American mask manufacturers are getting whiplash, having gone from sleepy sector to mission-critical industry overnight — only to see sales collapse before now being suddenly in demand again, Nathan writes. Why it matters: As the highly contagious Omicron variant of COVID-19 rages, health experts now say Americans need legitimate N95 or KN95 masks to best protect themselves — not widely available fakes or less-effective cloth masks. - But U.S. production of effective face masks cratered after demand plunged in summer 2021, leaving the country dependent on Chinese imports at a time when authentic masks are desperately needed, according to the American Mask Manufacturer's Association (AMMA).
Driving the news: The Biden administration today announced plans to distribute 400 million American-made N95 respirator masks to the public, drawing down more than half of the national stockpile. - "It's an important first step to providing respiratory protection to all who want it," says Anne Miller, executive director of PPE nonprofit Project N95.
Yes, but: 400 million is barely enough for one per American, and there are few immediate options to make more in the U.S., AMMA founder Lloyd Armbrust tells Axios. The big picture: The government's stockpile of N95s totaled about 737 million before the Biden announcement. Replenishing it with American-made masks will take time because annualized N95 production capacity among AMMA members fell 47% from 1.1 billion in May to 584 million in January. Meanwhile, the nation is being flooded with counterfeit N95s and KN95s that don't provide sufficient protection. What's next: The Biden administration is currently seeking vendors capable of making 141 million N95 masks monthly. Contracts are expected to be awarded in January or February. Go deeper. |
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| 2. Charted: Rental units drive homebuilding |
 Data: U.S. Census Bureau via FRED; Chart: Axios Visuals Multifamily housing construction boosted U.S. homebuilding last month to a nine-month high, Hope writes. The big picture: The construction and real estate industries are betting that homebuyers will settle for renting amid a shortage of homes and high prices. By the numbers: Construction starts on buildings with five units or more rose about 14% from November to 524,000, the Commerce Department reported today. - Compared to December 2020, that's up 56%.
- In contrast, starts on buildings with one unit fell 11% between December 2020 and December 2021.
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| 3. What's happening |
| ☕ Starbucks cancels plans that would have required U.S. workers get vaccinated or tested weekly. (Axios) 🛬 The Federal Aviation Administration approves more planes to make low-visibility landings at 5G-enabled airports. (Axios) 📹 Better.com CEO Vishal Garg — who fired 900 people on Zoom — is back after a brief break. (WSJ) |
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| A message from Axios |
| Your insider look at the world of deals and dealmakers |
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| Access exclusive news and analysis on the deals shaping the future of your industry with Axios Pro. What you'll get: Daily premium newsletters, Pros only event invitations, live virtual discussions with Pro reporters and more. Start your 14-day free trial today. |
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| 4. Taco Bell's diversity boot camp 🌮 |
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| An employee takes an order at a Taco Bell Cantina in Brookline, Mass., on Dec. 4, 2020. Photo: John Tlumacki/The Boston Globe via Getty Images |
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| Taco Bell is launching a training program to groom underrepresented employees to become franchisees, aiming to diversify the ownership of its 7,500 restaurants, Nathan writes. The big picture: The Yum Brands-owned fast-food chain is forming the Taco Bell Business School with a goal of boosting the "low percentage" of its franchised restaurants currently owned by people of color, Taco Bell CEO Mark King tells Axios. - The six-week business boot camp, launched in partnership with the University of Louisville, will provide students with free classes on finance, marketing and HR.
By the numbers: People of color are better represented among the ownership ranks of franchises than general businesses. Yes, but: One of the biggest barriers to franchise ownership is access to financing. - King said Taco Bell is considering financial help for managers to become part-owners.
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| 5. Netflix binges on Korean content |
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| Still from Netflix's upcoming "JUNG_E." Photo: Netflix |
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| Hope writes: Netflix is launching its largest slate of Korean content this year, the company announced. Why it matters: Netflix is hoping to mint more blockbusters following the global success of "Squid Game" — its most-watched show. By the numbers: Global viewing hours of Korean shows grew sixfold in 2021 over 2019, Don Kang, VP of Korea Content, says in a blog post. What to watch: Relationships, nostalgic romance, and social commentary are dominant themes across the more than 25 shows debuting. Go deeper: Netflix debuts new streaming metrics |
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| 6. What they're saying |
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| André Leon Talley arrives at a Metropolitan Museum of Art gala in New York in April 2004. Photo: Ron Galella/Ron Galella Collection via Getty Images |
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| "André Leon Talley was a singular force in an industry that he had to fight to be recognized in." — Darren Walker, president of the Ford Foundation, on the death of his friend. Talley, who was raised during the Jim Crow era in D.C. and rose to become the first Black man to be creative director for Vogue, died yesterday at 73. |
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| A message from Axios |
| Your insider look at the world of deals and dealmakers |
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| Access exclusive news and analysis on the deals shaping the future of your industry with Axios Pro. What you'll get: Daily premium newsletters, Pros only event invitations, live virtual discussions with Pro reporters and more. Start your 14-day free trial today. |
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 | Bring the strength of Smart Brevity® to your team — more effective communications, powered by Axios HQ. | | |
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