The tortuously negotiated and much-anticipated infrastructure bill that will commit $1 trillion to rebuilding the “nation’s roads, ports and power lines” officially became law on Monday. Here’s another look at what the final product actually contains - NYTimes and WSJ and Bloomberg and MarketWatch
At the same time, new Congressional Budget Office estimates suggest that a White House proposal to empower a “beefed-up Internal Revenue Service” to “crack down on tax evaders” would “yield far less” that administration efforts—an additional stumbling block for the proposed $1.85 trillion social policy and climate spending package - NYTimes and Bloomberg
Ohio state AG Dove Yost, on “behalf of Meta investors and the Ohio Public Employees Retirement System,” has filed an action against the Facebook parent, “alleging the company misled the public about how it controlled its algorithm and the effects its products have on children.” The suit “seeks more than $100 billion in damages and demands that Meta make significant changes so as not to mislead investors again” - WSJ and Law360
WeWork’s first earnings as a public company are in, and it continues to find profits elusive - NYTimes
JPMorgan has filed suit against Tesla in SDNY federal court, arguing that the electric car company owes it “more than $162 million for stock warrants that expired above the contractual strike price after . . . CEO Elon Musk threatened in a 2018 tweet to take the company private.” Like options, warrants “are derivative contracts that allow the purchase or sale of a security at a certain price . . . before they expire” – Law360 and Bloomberg
Epic Games (developer of the massive Fortnite franchise) is the latest giant American tech company to call it quits in China, a particularly unsurprising development after Beijing cracked down on gaming “to protect children’s mental health and eyesight” in July - Bloomberg
More signs of inflation hitting main street, with Tyson Foods “sharply raising prices for its beef, chicken and pork” to offset logistics expenses the company claims are up some 30%. Tyson’s also struggling with labor shortages at its meat processing facilities even as demand has boomed from “supermarkets and reopening restaurants” - WSJ
Wall Street titans Citigroup, JPMorgan, and Goldman Sachs have for years seen access to China as the brass ring just out of reach. Now, as they’re finally gaining access to open custody businesses there (and “no longer have to split profits with local partners for services”), the question is how long will it last—especially in light of the “fraught relationship between the United States and China” and the current debt crisis in which Chinese property developers find themselves mired - NYTimes
Burger King parent Restaurant Brands International has added the Firehouse Subs sandwich chain to its stable of brands in a $1 billion cash deal - MarketWatch
More union news to kick off the week, with Hollywood’s crew union “narrowly” ratifying its new contracts with the big studios yesterday. In the end, just 50.3 IATSE members voted for the two contracts at issue - NYTimes and WSJ and Bloomberg
Ukraine as the “crypto capital of the world”? Truly, in the country infamous for its “anything-goes ethos,” what could go wrong - NYTimes
Regardless of where you stand on mental winter preparedness, it’s hard not to fall for the coziness of this hut-to-hut Nordic ski experience in Maine near the northernmost stretch of the Appalachian Trail - NYTimes
Stay safe, and get vaxxed,
MDR
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