Good morning. In today's edition… - We look at the voting rights bill on MLK Day.
- An NFT restaurant is coming to NYC.
- The Suez Canal is busier than ever.
And, miraculously, only two mentions of "Covid." —Neal Freyman | | | |  | Nasdaq | 14,893.75 | | | | | S&P | 4,662.85 | | | | | Dow | 35,911.81 | | |  | 10-Year | 1.792% | | | | | Bitcoin | $43,158.77 | | | | | Ethereum | $3,353.91 | | | | *Stock data as of market close, cryptocurrency data as of 7:00pm ET. Here's what these numbers mean. | - Markets: The stock market is closed today for Martin Luther King Jr. Day. Maybe a day off is just what the market needs to score its first winning week of 2022.
- Economy: A combo of Omicron disruptions, higher inflation, and shortages of everything has caused forecasters to lower their projections for economic growth this quarter. Analysts surveyed by the WSJ dropped their Q1 forecast to 3% annual growth from 4.2% back in October.
| | Kent Nishimura/Getty Images Democrats desperately wanted to deliver a major victory on voting rights around Martin Luther King Jr. Day. The reality is, as President Biden conceded last Thursday, "I don't know whether we can get this done." Democrats need 60 votes in the Senate to overcome a Republican filibuster, but they only have 50 senators. And a proposal to change filibuster rules so 50 would be sufficient was dismissed by moderate Democrats Kyrsten Sinema and Joe Manchin, who oppose changing Senate rules even while supporting the voting rights bill. So…the odds aren't looking good for it. What's in the bill? The 735-page "Freedom to Vote: John R. Lewis Act" would overhaul how US elections are run and reform other areas of national politics like campaign finance and the gerrymandering of congressional districts. It would also make Election Day a federal holiday in midterm and presidential years. According to Dem activists, the need to protect voting rights is increasingly urgent as GOP-led states pass election laws that make it harder to vote, especially for minorities. A business newsletter has to ask: Where does Corporate America stand? Large corporations are generally supportive of Democrats' election reform measures. More than 150 companies, including Amazon and Pepsi, signed a letter last summer endorsing an earlier version of the voting rights legislation. More recently, a group of business leaders including the CEOs of Etsy and Reddit urged Dems to change filibuster rules in order to push the legislation through the Senate. - Businesses have also pushed back on GOP attempts to change elections laws in individual states. MLB even moved the 2021 All-Star Game out of Atlanta after Georgia introduced new voting rules.
Looking ahead…Senate Majority Leader Chuck Schumer said the Senate will take up the voting rights bill, which has already passed the majority-Democrat House, tomorrow. A failure to get it done would be a big setback for Biden's agenda. | | CIRA via the Twitter account @US_StormWatch An underwater volcano erupted in the Pacific Ocean on Saturday, raining ash on the nearby nation of Tonga and prompting tsunami advisories from Japan to California. The geologic details: This eruption was huge—equivalent to a magnitude 5.8 earthquake, according to the US Geological Survey. It released a plume of ash thousands of feet in the air, and generated a sonic boom that could be heard nearly 6,000 miles away in Alaska. - Tsunamis, which are caused by the sudden displacement of a large amount of water, are primarily caused by earthquakes, not undersea volcanoes.
The eruption's effect on New Zealand and the West Coast of the US was limited but due to the ash, Tonga looks "like a moonscape," locals told the BBC. While no deaths have been reported there, the damage to Tonga is "significant," New Zealand PM Jacinda Ardern said, and knocked-out communication and internet lines have made it difficult to reach some of the nation's 105,000 residents. | | Flyfish Club The one knock on New York City's food scene is that it's lacking good NFT fare. But a new venture from entrepreneur Gary Vaynerchuk is trying to change that. Flyfish Club announced it's coming to Manhattan early next year as the world's "first NFT restaurant." How does it work? You need to be an owner of a Flyfish digital token to partake of the "globally inspired" seafood menu; and another, more exclusive token will get you into a special omakase room. - Flyfish has sold 1,501 tokens this month to raise around $15 million for the venture.
- The NFTs originally went for 2.5 ETH each, or around $8,300, but on the secondary market they're trading for 6.63 ETH ($22,000) minimum.
Big picture: Sure, an NFT restaurant sounds goofy, but if you think of it more as a social club, like Soho House, it makes a little more sense. Flyfish is betting that people will buy its tokens as a way to signal their social status, similar to a luxury watch or vehicle. If it's at least a little bit successful, expect more NFT restaurants to follow. | | | Dang, you didn't think we'd bring out the trumpets, did you? We really had no choice—this card is that good. Why? How? Trumpet noise? Let's get into it. - Enjoy 0% interest until 2023 on both purchases and balance transfers
- Earn up to 5% cash back in rotating categories you'll actually use
If you think that's some of the highest cash-back potential you've ever seen, you'd be right. Are there trumpets actually blaring in your head now? Probably, because you don't see numbers like 0% interest until 2023 and up to 5% cash back, well, ever. There's even more trumpet-worthy info here. Apply today. | | Mahmoud Khaled/Getty Images Stat: Despite that temporary blockage last February, a record 20,694 ships passed through the Suez Canal in 2021, generating $6.3 billion in fees. Traffic is only expected to increase this year, and so is the canal's revenue—a 6% toll hike will go into effect in February. Quote: "You people are just vectors of disease to me, and I don't want to be anywhere near you." Ferris State University professor Barry Mehler has been suspended after giving students an…unorthodox introduction to his course. Mehler told the AP that his 14-minute, profanity-filled rant over Zoom was just a humorous attempt "to get their juices flowing." Read: Buy things, not experiences. (Harold Lee) | | Clive Brunskill/Getty Images The Australian Open gets underway: Novak Djokovic's quest for a record 21st major championship will have to wait after the unvaccinated tennis star was sent packing from Australia. But let's not allow this soap opera to overshadow the actual tournament, which began today in Melbourne. Earnings: Goldman Sachs, Bank of America, Morgan Stanley, Netflix, Procter & Gamble, and United Airlines headline the second week of Q4 earnings season. 5G goes live: Verizon will switch on its 5G "ultra wideband" service in 46 metro areas on Wednesday after delaying the launch for two weeks in a compromise with the aviation industry. The FAA and airlines have warned the service will interfere with airplane software. Everything else: - US households can order four free rapid Covid tests from a government website beginning Wednesday.
- Betty White would have turned 100 today.
- Ozark season 4 arrives on Friday.
- The Sundance Film Festival kicks off on Thursday (it's virtual, and you can buy tickets here).
| | - Four hostages were freed and a gunman was killed following an hourslong standoff at a Texas synagogue Saturday.
- Airlines canceled more than 2,700 flights over the weekend as an ice storm approached the East Coast.
- Walmart filed trademarks for its own virtual currency and NFTs last month.
- The University of Michigan fired school President Mark Schlissel following an investigation into his relationship with a subordinate.
- MrBeast topped 10-year-old toy reviewer Ryan Kaji to become the top-earning YouTube star last year. He earned $54 million, per Forbes.
| | Who's on the $50 bill? Dunno, but we do know The Motley Fool has just updated their list of "5 Growth Stocks under $49." They first told people to buy Netflix at $1.85, so they have demonstrated the ability to know potential when they see it. Get the list here.* Lend us your ears: We write a lot about the biz world in this here newsletter, but we're also known for chumming it up on the airwaves. Tune into the latest episode of our Business Casual podcast presented by Stella Artois, right here. Dive back into the week. *This is sponsored advertising content | | Turntable: Go on, give it a shot. YouTube Showdown We'll give you two YouTube videos; you try to guess the one with more views. - "Despacito" by Luis Fonsi or "Mi Gente" by J Balvin
- "Thinking Out Loud" by Ed Sheeran or "Shape of You" by Ed Sheeran
- "Gangnam Style" by Psy or "Bath Song" from Cocomelon
- "Roar" by Katy Perry or "Shake It Off" by Taylor Swift
- "Counting Stars" by OneRepublic or "Let Her Go" by Passenger
| | - "Despacito"
- "Shape of You"
- "Bath Song"
- "Roar"
- "Counting Stars"
| | | Written by 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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