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📝 Good afternoon and welcome to Notes on the News. Here’s what you should know today, Jan. 13: $1.7 billion in student loans gets cancelled, supermarkets contend with Covid-depleted staffs and 2021 was one of the hottest years since 1880. Let us know what you think by replying to this email. Thanks for reading. |
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| The vaccine mandate for large private employers would have applied to 84 million workers across the U.S. PHOTO: MATT ROURKE/ASSOCIATED PRESS |
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1. The Supreme Court blocked the Biden administration’s Covid-19 vaccine mandate for large private employers. The decision is a major setback for the White House’s pandemic strategy. The get-vaccinated-or-tested rules for companies with 100 or more employees would’ve applied to approximately 84 million workers. However, the high court gave a thumbs-up to vaccine requirements for the more than 10 million healthcare workers who treat Medicare and Medicaid patients. ▶️ The Supreme Court has a long history of shaping vaccine mandates. |
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2. Sixty-six thousand people are getting their student loans canceled, thanks to an agreement between Navient and 40 state attorneys general. The deal wipes out $1.7 billion of debt and resolves six lawsuits involving one of the nation’s largest student-loan processors. The bulk of the loans originated at Sallie Mae from 2002 to 2010. |
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3. Second Life was a forerunner of the metaverse, and now its founder is coming back to the company. Philip Rosedale launched the online game in 2003 and left it seven years later. He’ll now serve as a strategic adviser. Creating such virtual realms has become a key priority among big tech companies like Meta (formerly Facebook), Apple and Microsoft along with videogame makers and others. |
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4. Supermarkets are stressed as Omicron sickens their workforces. Many have had to cut hours and services across the U.S. because they don’t have enough staffers. Hiring additional employees tends to be hard, as the nationwide surge in Covid-19 cases has left many workers fearful of the health risks of working in public. Grocery executives also say unemployment benefits and federal stimulus checks have helped keep would-be employees on the sidelines, though labor advocates say many hourly workers are still struggling despite those measures. Omicron prompts colleges to rip up plans for the start of the semester. |
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170 billion — The estimated number of barrels of thick, tar-like bitumen in Canada’s oil sands, the largest amount outside of Saudi Arabia, Venezuela and Iran. Alberta is pumping more than ever because private companies, comparatively unconcerned with public opinion or shareholders, have stepped in to replace exiting multinationals. While this oil reserve is the dirtiest on Earth by some measures, the world still needs energy and the renewables market is far from sufficient. 6 — 2021’s ranking on lists of the hottest years on record, collated by the National Oceanic and Atmospheric Administration and the National Aeronautics and Space Administration. (On NASA’s roster, 2021 tied for sixth place with 2018.) Reliable temperature record-keeping began in 1880. $75 million — The estimated hit Delta Air Lines took in the fourth quarter due to the Omicron variant, when the carrier lost revenue from canceled flights and a slowdown in bookings. 11 — The number of people the Justice Department indicted on seditious conspiracy charges today, a first for the Jan. 6 probe. One of the people charged is Stewart Rhodes, leader of the far-right Oath Keepers militia group. |
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| What Everyone Wants To Know |
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| PHOTO ILLUSTRATION BY CHAYA HOWELL/THE WALL STREET JOURNAL, ISTOCK |
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Americans want to spend money they saved during the pandemic, but inflation is frustrating them. Cars, homes and other big-ticket items they’ve set their sights on could now be out of reach for many consumers due to high prices, which are partly the result of global supply-chain issues. That has been a downer for people who’d hoped to make some fun or milestone purchases after seeing their wages or savings balloon. Consumers have collectively socked away $1.6 trillion in “excess savings,” according to the Federal Reserve Bank of New York. But regular folks aren’t the only ones stressed by inflation; rising prices are on the list of corporate leaders’ worries, according to a Conference Board survey of more than 900 global CEOs, even though many of the biggest U.S. companies saw profits swell last year after they raised prices on shoppers. As the U.S. approaches ‘full employment,’ new inflation risks emerge. |
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Some TikTok stars make more money than top U.S. CEOs. Charli D’Amelio, for example, earned $17.5 million last year, according to Forbes. That’s compared with Exxon Mobil CEO Darren Woods’s $15.6 million pay package in 2020, Starbucks CEO Kevin Johnson’s $14.7 million (fun fact: coffee rival Dunkin named a drink after D’Amelio), Delta Air Lines CEO Ed Bastian’s $13.1 million and McDonald’s CEO Chris Kempczinski’s $10.8 million, according to a Wall Street Journal analysis of recent compensation figures. D’Amelio has 133 million followers on TikTok and makes her money from a clothing line and promoting products in TikTok videos and other ads. |
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You’re not dreaming it: Many are finding it harder to fall asleep and stay asleep these days. More than 50% U.S. adults reported having more sleep disturbances during the pandemic, according to a March 2021 survey by the American Academy of Sleep Medicine. Chronic insufficient sleep can impact your health, cognitive function and mood. Experts say there are things to do both during the day and at night to ensure you catch enough Zs, such as having a regular wake-up time and making a clear distinction between active days and inactive nights—something many people have found difficult in this confusing WFH era. Sleep coaches and researchers also suggest doing your best to reduce stress despite the toll of the pandemic, establishing a pre-sleep routine that signals to your brain that bedtime is approaching and creating a separation (perhaps with a physical barrier) between where you work and where you sleep, especially if your bedroom now doubles as an office. |
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| PHOTO ILLUSTRATION BY CHAYA HOWELL/THE WALL STREET JOURNAL, ISTOCK |
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Go par-tay (if you’re ready): That might mean anything from a trip to Disney World or just a dinner out—as long as you’re comfortable doing so during the Omicron surge. Lately, many people who’ve recovered from Covid-19 are going out and having fun, buoyed by confidence from some combination of post-infection antibodies, initial vaccinations and boosters. Experts warn, though, that protection wanes over time. |
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Today's newsletter was curated by Zlati Meyer in New York, in collaboration with publishing editor Rich Bellis in New York. We hope you’re enjoying Notes on the News. If you would prefer to receive a different newsletter, please check out all your options to keep up with the latest on markets, economics, politics and more. For members, we recommend The 10-Point. |
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