Good morning and Happy Cinco de Mayo. The holiday commemorates the defeat of French forces by the Mexican army at the Battle of Puebla in 1862, but its popularity jumped in the 1980s when beer companies began to leverage Cinco de Mayo in marketing campaigns. These days, Mexico sits on top of the beer world. The country accounts for 30% of all global beer exports and ships more than double the amount of beer as any other country, according to Trade Data Monitor. The vast majority of those brews head north of the border: The US is the destination for 97% of Mexican beer exports. —Cassandra Cassidy, Matty Merritt, Molly Liebergall, Neal Freyman | | | |  | Nasdaq | 11,966.40 | | | | | S&P | 4,061.22 | | | | | Dow | 33,127.74 | | |  | 10-Year | 3.385% | | | | | Bitcoin | $28,794.55 | | | | | PacWest | $3.17 | | | | *Stock data as of market close, cryptocurrency data as of 3:00am ET. Here's what these numbers mean. | - Markets: Stocks dropped on another brutal day for regional banks. Trading in PacWest had to be halted multiple times while its stock fell by more than half, and First Horizon, a Tennessee-based regional bank, plunged 33% after its merger with TD Bank was called off.
| | | | Francis Scialabba Buckling under 10% inflation, labor unrest, and never-ending drizzle, Britain's economy is experiencing some of the slowest growth of any wealthy country. That's why small-business owners and hospitality companies are counting on King Charles's coronation tomorrow for a boost—if not in revenue, then at least in morale. What's going down: The coronation, which celebrates King Charles III's ascent to the throne, will start with a procession from Buckingham Palace to Westminster Abbey. There, Charles will be anointed as the head of the Church of England, presented with a scepter and an orb, and given a crown worth $57 million to wear for a hot second before he ascends the literal throne in front of 2,200 guests (not including Meghan Markle). With 1.2 million people expected to party it up in London, celebrations for the coronation—think pubs open all day long, hotels booked up, and cardboard cutouts of Charles and Camilla—will bring in an extra $437 million, UKHospitality estimates. But all this pageantry costs money, too. According to Time, taxpayers will be on the hook for north of $125 million. Queen Elizabeth II's coronation cost £1.57 million in 1953—or more than $70 million in today's dollars. King Charles inherits a beast of burden Support for the monarchy has declined in recent years as controversies surrounding Prince Andrew, as well as Prince Harry and Meghan, have surfaced. One anti-monarchy group, Republic, is using the coronation as an opportunity to protest. They plan to chant "Not my king" at the procession on Saturday. While most Britons support the monarchy, they still question the extent to which taxpayers, who support the monarch financially through a grant, should contribute to the sovereign's wealth. - King Charles's net worth is the subject of much intrigue and is estimated to be between $750 million and $1.4 billion.
- Most of the royal family's wealth can be attributed to vast real estate portfolios, such as the Duchy of Cornwall, the Duchy of Lancaster, and the Crown Estate, which account for nearly 500,000 acres of land.
As for the coronation itself, programming starts at 5am ET on several TV channels in the US. The BBC will provide coverage all day, but for Brits who aren't tempted by the crown jewels, rival Channel 4 will offer a variety of their own programming, including comedian Frankie Boyle's documentary Farewell to the Monarchy.—CC | | From stocking up on groceries to dining out or even filling up your car with gas, your spending habits can make all the difference between a woo-hoo moment and a womp-womp moment. Stay ahead of the curve with Discover®. Their banking and credit products help you earn rewards for things you are already spending on. With secure, customer-focused, and innovative commerce solutions that won't leave you confused, Discover ranked Highest in Customer Satisfaction among Mobile Credit Card Apps and Credit Card Websites.1 Plus, the Discover Card offers great rewards, a low intro APR, and no annual fees.* Yep, Discover's got your back. See what you can do—and maximize your rewards—as a dynamic duo. Learn more! *Select "Learn more" for rates, rewards and other info at Discover. 1. Discover received the highest score in the J.D. Power 2022 U.S. Credit Card Online and Mobile App Satisfaction Studies which measures customer satisfaction with financial institutions' online experience and mobile applications for credit card account management. Visit jdpower.com/awards for more details. | | Leonardo Munoz/VIEWpress  Protesters demanded justice for Jordan Neely. Demonstrators gathered at the Broadway-Lafayette subway stop in Manhattan to call for charges in the killing of Jordan Neely, a Black man who died after being put in a chokehold by a white passenger on a subway car on Monday. Neely, a Michael Jackson impersonator who was experiencing homelessness and mental health issues, had been yelling that he was hungry and thirsty and "ready to die," an eyewitness told the NYT. While many Democratic leaders in NYC have condemned the killing as "public murder" and a "lynching," Mayor Eric Adams said, "I'm going to let the process take its place."
 Ed Sheeran did not steal from Marvin Gaye, jury says. A federal jury in New York determined that the singer and Game of Thrones actor did not violate the copyright protection of Marvin Gaye's "Let's Get It On" with his own first-dance wedding favorite, "Thinking Out Loud." Sheeran framed the lawsuit against him as a threat to all musicians, and claimed that he would quit making music if he were to lose. While Sheeran's musical career will continue another day, he said after the decision, "I am unbelievably frustrated that baseless claims like this are allowed to go to court at all."
 J&J wakes the IPO market from its slumber. Kenvue, Johnson & Johnson's consumer health business, climbed 22% yesterday in the biggest US IPO since 2021. If you haven't heard of Kenvue, go directly to your medicine cabinet and take note of everything in there—it's mostly Kenvue. It makes brands such as Tylenol, Band-Aid, Listerine, Neutrogena, Aveeno, and Benadryl, leading to a $42 billion valuation ahead of its IPO. Kenvue's public offering is the largest in New York since electric vehicle-maker Rivian IPO'd in November 2021.
| | Apple It was the Met Gala of earnings season yesterday as CEOs of huge companies summoned their favorite business jargon and told investors how their Q1s ended up. And because we don't want you to look dumb in your morning meeting, here are six things to say so people think you paid attention to yesterday's earnings reports. 1. "People around the world got their first iPhones." With Apple scouring the globe for more iPhone buyers, people living in regions such as India, Indonesia, and the Middle East stepped up to the plate. Demand in emerging markets helped iPhone sales blow by estimates, but Apple's total revenue fell for the second straight quarter. 2. "Live Nation is stronger than ever." Despite being the most hated company on social media, Live Nation's revenue jumped 73% last quarter to an all-time high of $3 billion as demand for big-name concerts surged. 3. "Get ready for even more Bud Light commercials than usual." The brand will triple marketing spending in the US this summer and compensate front-line workers who took a hit from a boycott sparked by Bud Light's brief partnership with trans actor Dylan Mulvaney in early April. Anheuser-Busch's CEO Michel Doukeris said, "It is still too early to have a full view" of the boycott's impact on sales. 4. "Shopify followed tech giants in trimming staff." Despite better-than-expected earnings, the e-commerce platform said it was laying off 20% of its 11,600-person workforce—its second round of layoffs in the past 12 months. Shares popped nearly 24% as investors continued to reward companies that are cutting costs. 5. "Cruises are back, baby." Royal Caribbean said first-quarter bookings lapped 2019 levels. Pandemic be damned, Midwesterners will get plastered in a floating hotel. 6. "If you want a Ferrari, you'll have to wait." Ferrari said orders are backed up into 2025 due to huge demand.—MM | | SPONSORED BY APPLE ARCADE | | It's all fun and games (period). Maybe you love a good brain teaser. Or perhaps throwback games give you those warm, nostalgic feels. Whatever your jam is, Apple Arcade's got it. Enjoy an uninterrupted gaming experience (read: no ads) that you can share with 5 other family members at no additional cost. Try it for free. | | Mark Horton/Getty Images The hip-hop legend who gave his blunt roller an inflation raise really wants to buy a hockey team. Snoop Dogg has joined entrepreneur Neko Sparks to vie for the Ottawa Senators in what may become the most expensive bidding war in the NHL ever. It's an "impeccable" opportunity for the D-O-double-G, he told The Athletic. Snoop loves hockey and Canada's capital city, where he says he'd assume the role of a community activist. Snoop has competition It's Ryan Reynolds. Fresh off his purchase of Wrexham AFC, the Canadian is reportedly working on a record-breaking $1 billion-plus bid with the real estate developer Remington Group. But Snoop's team isn't afraid to enter ten-figure territory. If they win… - They'll be the first Black ownership group in the NHL, and they plan to prioritize placing women in key operations roles.
- Snoop is expected to leverage his connections to bring more concerts and events to the team's home arena, which doesn't host an NHL game for 300 days out of the year.
Full-circle moment: The NHL team that holds the soon-to-be-broken record for highest sale ($900 million) is the same one whose jersey Snoop wore in the 1994 music video for Gin and Juice: the Pittsburgh Penguins.—ML | | South Park/Paramount Global via Giphy Stat: Americans are more worried about the money they've put in banks now than they were during the 2008 financial crisis. Nearly half (48%) of US adults said they were concerned about the safety of their money deposited in banks, compared to 45% after the bankruptcy of Lehman Brothers, according to a Gallup poll from April. And this survey was taken before the collapse of First Republic Bank this week. Quote: "a lotta yall still dont get it…ape holders can use multiple slurp juices on a single ape" This week marks the first anniversary of the most early 2022 time-capsule-of-a-tweet in existence. An NFT marketplace called Rare Candy tweeted this message of desperation at a time when combining "ape holders" and "multiple slurp juices" in the same sentence made sense to...at least someone. Looking back, we really didn't get it, and now all our slurp juice has expired. Read: The fugitive princesses of Dubai. (New Yorker) | | The feeling of getting a 5/5 on the Brew's Weekly News Quiz has been compared to looking at this snazzy new Quiz graphic our team made. It's that satisfying. Ace the quiz. | | - The North Carolina Senate passed an abortion ban after 12 weeks of pregnancy. The Democratic governor has promised to veto it, but that veto could be overridden by the Republican-led legislature.
- Four members of the far-right Proud Boys group were convicted by a jury of seditious conspiracy for their roles in the Jan. 6, 2021, attack on the Capitol.
- New York and California attorneys general opened an investigation into allegations of workplace discrimination against women at NFL offices.
- Discord told all of its users that they will have to change their usernames over the coming weeks.
- Google accounts no longer require passwords to access.
- Nearly 57% of bird species observed are producing less offspring, according to a paper published this week in the Proceedings of the National Academy of Sciences.
| |  Looking for snacks? Here are a lot of snacks.
Rate hikes: The 10 most beautiful hikes in the world (allegedly). Bees on a plane: Read the saga of a flight in Houston that got delayed because bees had congregated on a plane's wing. Auto-tunes: A list of new AI music. Being the boss people admire is the dream: And with our Leadership Accelerator, it can be your reality. Learn to sell effective strategies and build the perfect team when you apply for our upcoming cohort. Work smart: HR Brew shares expert insights into devising and revising critical recruiting strategies for optimal hiring. Watch now. | | Picdoku: Like you this Friday, today's Picdoku is in full springtime-mode. Catch birds, bees, flowers, and sunshine here. Friday puzzle The letters below may seem incoherent, but each line contains two six-letter words that are antonyms of each other. The letters that form each of these individual antonyms appear from left to right. Example: Given CLLUOOTSCEHN, the answer would be CLUTCH and LOOSEN.
Can you find the antonyms in the clues below? 1. DEARPRAIRVET 2. AVAPNPISEAHR 3. RAECCFEUPTSE 4. DSUEMPAPNLDY 5. SDANAFGEETRY | | We made an Excel deskpad you can use to simplify your workday. Shop now.  Want to make more money? Here's a free guide explaining how to negotiate your salary.
 IT teams are always at risk of burnout. Read a CIO's take on how to prevent exhaustion and keep your team motivated here.
| | 1. ARRIVE and DEPART 2. APPEAR and VANISH 3. ACCEPT and REFUSE 4. DEMAND and SUPPLY 5. DANGER and SAFETY
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