SMALL BUSINESS
National economy worries local companies
Small-business owners in Greater Boston are getting more pessimistic about the national economy, with the percentage of owners who expect that it will improve in the year ahead dropping to 43 percent this spring from 58 percent a year ago, according to a survey conducted for Bank of America. In comparison, local business owners were still more bullish, in general, than their counterparts in other parts of the country: Only 31 percent of small-business owners across the country expect a national improvement, down from 50 percent a year ago. In Greater Boston, entrepreneurs were more hopeful about their local economy, with 54 percent expecting an improvement this year, compared with a national average of 39 percent. The big areas of concern, in Boston and elsewhere, are inflation, supply chain issues, and COVID-19. About half of Boston-area small businesses say they’re facing labor shortages. Ipsos Public Affairs conducted the Bank of America survey online between March 22 and May 1; as part of that survey, Ipsos polled about 250 small-business owners in each of 10 major markets, including Boston. — JON CHESTO
RETAIL
Best Buy latest to revise yearly outlook on sales downturn
NEW YORK — Best Buy Co. posted first-quarter results that showed shoppers pulled back on spending, while higher costs ate into profits. The nation’s largest consumer electronics chain also cut its annual outlook, noting a deteriorating macro economic environment. Best Buy was among a handful of big winners in the pandemic, as shoppers splurged on tech equipment like laptops to create home offices to help them with remote work or cater to the needs of their children for virtual learning. But like many retailers, Best Buy is struggling with rising costs for everything from labor to shipping. The electronics chain also had to navigate global chip shortages, and demand for electronics is cooling as consumers go back to the office and resume normal lives. — Associated Press
ENERGY
Protesters derail annual Shell meeting
Shell called the police to its annual general meeting in London after environmental protesters disrupted the gathering with chants of “Shell must fall.” The meeting was delayed by several hours as more than 40 campaigners, accusing Shell of being responsible for environmental damage and human rights violations, were removed from the central-London venue. The protest occurred as climate issues once again took center-stage at Shell’s shareholder meeting, with a key environmental group saying the energy giant isn’t abiding by a landmark court order requiring it to cut emissions by 45 percent by 2030. — Bloomberg News
GENDER
Lawsuit accusing Tesla of sexual harassment must be heard in open court
Tesla must keep defending itself in open court against claims that female employees face “rampant sexual harassment” in its largest California factory, a judge ruled, spurning the company’s request for closed-door arbitration. Alameda County Superior Court Judge Stephen Kaus ruled Monday that the female worker who filed the complaint can proceed with her case — even though she signed an arbitration agreement giving up her right to sue. A federal law banning employers from forcing workers to arbitrate sex-harassment claims was signed into law by President Biden in March, but the measure doesn’t cover complaints before it was enacted. — Bloomberg News
HIGHER EDUCATION
Younger people question value of college degree
Younger Americans are starting to wonder if their expensive college degrees were worth it. Just 56 percent of adults under the age of 30 who went to college said the benefits of their education exceeded the costs, according to the latest Federal Reserve study of household finances. That compares with 82 percent of those age 60 or over. The skepticism is likely tied to the ballooning amount of debt that younger Americans had to take on to pay for degrees — largely the result of the long climb in tuition fees. — Bloomberg News
RETAIL
Walmart pulls Juneteenth ice cream
Walmart pulled “Juneteenth ice cream” from its freezers and apologized Tuesday after a social media backlash and accusations of commercializing a holiday meant to commemorate the end of American slavery. The retail giant was set to sell “swirled red velvet and cheesecake” ice cream in a container adorned with Pan-African colors and an image of two Black hands high-fiving each other. “Share and celebrate African American culture, emancipation and enduring hope,” the label read. But the product drew swift online condemnations from users who accused the retailer of treating a solemn day as a moneymaking vehicle. — Washington Post
INSURANCE
State Farm drops support of LGBTQ book program after conservative backlash
State Farm’s jingle is unmistakable: “Like a good neighbor, State Farm is there.” Yet when it came to State Farm’s support of a program providing LGBTQ-themed children’s books to teachers and libraries, conservative groups and right-leaning media outlets derided the insurance company as “a creepy neighbor” and accused it of “targeting” children with books about gender identity. Hours after a report about the partnership prompted an online uproar from conservatives, State Farm announced that it was dropping its support of the Gender Cool Project, aimed at helping raise awareness around what it means to be transgender, inclusive, and nonbinary. — Bloomberg News
LABOR MARKET
The Great Resignation goes global
One in five workers around the world are likely to seek new jobs in the next year, according to a survey that suggests the “Great Resignation” that followed the pandemic is set to continue. PwC’s Global Workforce Hopes and Fears survey found that a desire for higher pay was the main driver for 71 percent of those seeking new roles. Meanwhile 35 percent of workers plan to ask their current employer for a raise. The poll, which covered 52,195 workers in 44 countries and territories, provides more evidence that the highest inflation levels in decades, and tight labor markets are emboldening workers to seek better compensation. — Bloomberg News
RIDE HAILING
Uber adding taxi drivers to platform in Italy
Uber signed a deal with Italy’s largest taxi dispatcher that will add more than 12,000 drivers to the company’s platform. The partnership between the ride-hailing giant and IT Taxi will bring the Uber app to more than 80 new cities in Italy starting in June, Uber said in a statement on Tuesday. It’s a move that follows similar partnerships aimed at easing driver shortages and fare pressure, and San Francisco-based Uber wants to add all taxis to its app by 2025. The Italian deal comes after similar partnerships in New York, San Francisco, Hong Kong, and Madrid. — Bloomberg News
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