Texas companies are looking to Washington
Republican-controlled Texas Capitol this week Passed major bills A review of state election law, many up-to-date to strengthen voting rules this year.In Texas, as in other places, many people Companies and industry groups He opposes the move, claiming it is bad for the economy.
In Texas Fascinated many companies Move or expand your business there, using policies that are appropriate for your business. However, in support of voting rights, some companies have invited scrutiny of their words and actions. Especially with political contributions.. Balancing this with some of the country’s strictest voting rules will test corporate social responsibility with financial demands. There is also a risk of political blow to the Republican Governor and Republican Senators speaking in states that have adopted restrictive voting rules as a possible platform for the 2024 presidential election.
“It is to ensure that all Texas people trust the results of all elections in Texas.” Republican Lieutenant Dan Patrick, who presides over the Texas Senate, said in a statement. The day after the voting bill was passed or so, the first reaction of Texas-based companies to speak about access to ballots was to pressure Congress to pass federal voting protection and pivot to Washington. It looked like there was.
“We wanted another result.” An American Airlines spokesman told DealBook. The Fort Worth-based company issued a statement in April against the bill, calling for a bill that “makes voting easier, not harder.” In May, airlines also participated Fair Election Texas, Microsoft, Unilever, and Levi Strauss, a nonpartisan coalition of about 20 companies, called on lawmakers to increase access to ballots.Spokesman DellBased in Round Rock, said employees would vote and encourage political leaders to “focus on staying committed to a healthy and cozy business environment for all Texas people.”
“Texas love Texas,” but they’re asking for Washington’s helpNathan Ryan, Commissioner of the City of Austin and CEO of Blue Sky Partners, a consulting firm that is part of the Texas Fair Elections Group, said. He and others are strategic and urge the Biden administration and parliamentary leaders to pass two federal election laws. John Lewis Voting Rights Promotion Act And that For people’s law.. (Both passed the House of Representatives, but stalled in the Senate due to Republican filibuster.)
There is an “urgent need for national minimum standards for voter protection”. David Clunie of the Black Economic Alliance, the organization behind the April letter with hundreds of signatories, said Condemn legislation restricting access to ballots.. New “category of attacks” have been created, including the introduction of criminal penalties for election managers, said Sarah Walker of Secure Democracy, an independent group that businesses and industry groups rely on to understand these bills.
“The clock is ticking. The US Senate must act,” he said. Rafael Anchia, a Democrat of the Texas House of Representatives, said. He said the Texas bill would come into effect within about 90 days, “calling people in democracy to pass the country’s voting rights bill.”
What’s happening here
Purdue Pharma broke up in a widespread bankruptcy settlement. The judge approved a move to dissolve the maker of opioid OxyContin and force the company’s owner, the Sackler family. Pay $ 4.5 billion Fund an addiction treatment program. Some states said they would appeal to the settlement. This will end thousands of proceedings and largely protect Suckler from Padu’s opioid-related responsibilities.
The wreckage of Hurricane Aida struck the northeast. Almost all subway lines in New York City have been closed, and Mayor Bill de Blasio State of emergency The city was suffering from record rainfall. Floods in the area have killed at least eight people and caused hundreds of thousands of power outages. As many say, it’s a predictive vision of how climate change creates. More extreme rainfall During the storm.
The Justice Department may file a second antitrust proceeding against Google. It focuses on the power of tech giants Digital advertising space, And will follow last year’s government proceedings alleging that Google abused its position in search. Apple is fighting antitrust proceedings on the App Store Announce more changes Yesterday, we made the app able to deal directly with customers.
Investigations into the safety of Tesla’s driver assistance systems are underway. National Highway Traffic Safety Bureau became an electric car maker yesterday Data delivery Part of a survey of Tesla vehicles colliding with emergency vehicles for the autopilot system (there was another collision) This weekend).
Daily business briefing
Amazon continues to hire. High-tech giant CEO Andy Jassy, Told Reuters In his first interview since the acquisition of the e-commerce giant, he planned to expand the technology and corporate workforce to 20%, or 55,000 employees.In other Amazon news, the company’s air cargo business is currently running Up to 164 flights a day..
Money Back Guarantee
Shareholders of Atlas Crest Investment Corporation, a special purpose acquisition company led by investment banker Ken Moelis, will vote for a merger with Archer Aviation, an electric flight taxi maker, in less than two weeks.Atlas Crest and Archer involved in Court struggle over trade secretsIn July, we reduced our transaction value by $ 1 billion to $ 1.7 billion.This week they Reduced the number of shares They were to be issued as part of the merger.
The latest move to undermine the deal was in response to a report by shareholder adviser ISS that SPAC investors recommended exchanging shares for cash rather than sticking to them after the merger. A unique feature of SPAC is that pre-merger shareholders can redeem their shares at the IPO price. The ISS said investors should opt for a “relatively risk-free redemption option” because SPAC shares were not traded “substantially” above the asking price.
High redemption is now a thing. While the stock price of SPAC before the merger was sluggish, For various reasons, Shareholders are making more redemptions. It robs the target company of the cash raised by the SPAC. (The merger is Almost always approvedEven if the majority of shareholders redeem. As part of that, Archer has $ 600 million in additional funding from investors, including United Airlines, in addition to the $ 500 million expected to be used in SPACs.
In numbers: According to SPAC Research, the merger of SPAC, which ended last month, redeemed an average of 58% of the shares. Among them is SPAC, run by tech mogul Reid Hoffman and Mark Pincus, who completed a merger with Archer’s rival Joby Aviation in Flying Taxi Space, with 62% of investors redeeming shares. Did.
“I don’t know what to do if these benefits are gone.”
— Amanda Linehart, one of nearly 500,000 unemployed workers in Pennsylvania, losing federal emergency unemployment benefits When they expire this weekend..In other states that have benefited Cut off quicklyEmployment growth was almost the same as that of the states holding the program. Rinehart said he was considering borrowing money from his grandmother or selling plasma to feed her and her son.
Taliban money problem
The Taliban quickly seized power in Afghanistan, but now they have to overcome the country’s financial problems. Times Alexandra Stevenson Report.. During the 20 years of American rule, the Afghan economy has grown significantly, but has become deeply dependent on foreign aid.
More than three-quarters of the $ 11 billion spent annually by the Afghan government was provided by foreign governments or donors.
Afghanistan exports $ 870 million a year in commodities (mainly carpets, figs, licorice and other agricultural products), which is less than the $ 20 billion economy of about 40 million people.
Many of the country’s transactions flow through informal and unregulated dealers called Hawala, which have helped stabilize the currency, Afghani in the past.
Afghanistan lacks financial stability. The freeze on the $ 9.4 billion reserves of countries held abroad has plunged the value of Afghani. Flour and egg prices have skyrocketed by as much as 20 percent. Banks have a long line of people who want to withdraw cash.
“We are in conflict. There is a war. This is another tragedy,” said Shah Mehrabi, director of the central bank of Afghanistan, about losing access to foreign funds. “You will be hit by a financial crisis, which will put your family in poverty even more.”
The Taliban will have to build foreign relations to support the country’s finances. With the United States and other Western nations having no choice, the Taliban have established trade with Iran and may also seek ties with China and Pakistan, which experts consider to be the group’s most likely allies. Is high.Meanwhile, more of Afghanistan’s economy will sneak underground, which may make it difficult to enforce a pledge to eradicate the country’s illegal opium production, and it is presumed to generate. Annual sales of over $ 1 billion..
Alex Rodriguez’s SPAC has closed negotiations on a $ 3 billion merger with Panini after the souvenir maker lost its NBA and NFL licenses. (((Bloomberg)
This concludes the $ 5 billion acquisition of Yahoo from Verizon by private-equity fund Apollo Global Management. (((Yahoo Finance)
IFit Health, which owns the Nordic Track brand, has filed for public release, riding the boom in home exercise equipment. (((insider)
Wal-Mart has partnered with Instacart to deliver groceries to parts of New York City. (((WSJ)
Companies are calling on the Biden administration to reduce tariffs on Chinese goods and clarify important trade relations. (((NYT)
Approximately $ 90 billion of government emergency pandemic assistance was paid for improper or fraudulent claims. (((Bloomberg)
Workhorse, an electric track maker, has been investigated by the SEC and is the fourth survey of electric vehicle manufacturers in the past year. (((WSJ)
WhatsApp has been fined nearly $ 270 million for violating EU privacy rules. (((CNBC)
Best of the rest
Climate change is destroying small towns across the United States. (((NYT)
“After proudly celebrating a woman, Alibaba faces a counter-argument over harassment.”NYT)
UBS employees who do not want to be vaccinated against the coronavirus can apply for work at home, the bank’s CEO said. (((Bloomberg)
Joe Rogan, a podcasting giant who has refused to vaccinate, has Covid. (((NYT)
As Goldman Sachs and others move some businesses to Florida, “Wall Street South” is emerging on West Palm Beach. (((Bloomberg)
Please give us your feedback!Email us your thoughts and suggestions Dealbook@nytimes.com..
Voting business in Texas
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