Tag: business
Florida’s War on Drag Targets Theater’s Liquor License
“Conservative government scolds in Florida are making good on a Christmas threat against an Orlando performance venue and are trying to revoke its liquor license because it let minors attend a bawdy drag show with their parents.
Florida’s Department of Business and Professional Regulation filed an administrative complaint Friday against the Orlando Philharmonic Plaza Foundation, which operates The Plaza Live theater in Orlando. In December, The Plaza Live hosted A Drag Queen Christmas, a touring stage show of risqué drag performances with holiday themes.”
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“For naughty Christmas lyrics, the state is threatening a business’s liquor license. The complaint charges six counts of violating state indecency regulations, all based on allowing children to attend.
The scant photo evidence the state includes in the complaint further substantiates the claim that the war on drag queens is a politically driven moral panic. To the extent that the show is indeed sexual, as with any other form of entertainment with adult content, parents and venues are well-equipped to decide for themselves whether to bring their children. It’s not a role the state should be deciding, and in so many other cases, the state does not.
Despite making a big deal about supporting parents’ rights in education, Gov. Ron DeSantis does not think parents should have the right to decide what kind of entertainment their children should consume.”
The problem with Ticketmaster, explained not by Taylor Swift
https://www.vox.com/the-goods/23569504/ticketmaster-monopoly-live-nation-taylor-swift-antitrust-clyde-lawrence
The death of the customer service hotline
“The answer to why companies make it hard or impossible for people to call them is simple: It saves them money. It’s more expensive to hire a person in a call center — assuming they can find people who want to work there — than it is to engineer some chatbot that offers up canned answers on a website. The result is sort of a sliding scale of cost-saving terribleness.
“There’s a straight-up clear hierarchy,” Buell said. “The cost to talk to a live person face-to-face is always going to be greater than the cost to talk to a live person on the phone, which is going to be greater than the cost to talk to a live person over chat, which is going to be greater than the cost to talk to some kind of automated solution. In the middle there is also email, and chat is more expensive than email, which is more expensive than non-human.””
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“Even if companies do have options to call, they’re often ineffective and have a ton of automated options before you get to a real person, if you ever do. “You have to go through all the menus, you say, ‘I want to talk with a person,’ you have to wait for an hour,” Hu said. “Even though they have the call option, it’s almost like no call at all.””
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“Talking to customers about their products and services may lead businesses to discover deficiencies they might not otherwise notice. This allows them to improve their offerings so that, in the long run, they build something better — and ultimately field fewer complaints.”
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“recently found herself on the “holy hell” end of the customer service frustration experience. She couldn’t get the electricity turned on in her new house because her credit was frozen, and the credit bureau she needed to reach out to to have it unfrozen had shuttered its call center. She had to send copies of her driver’s license and Social Security card to a random post office box in Texas. She ultimately waited months for her credit to be unfrozen and her lights to be turned on.”
Crony Capitalism Built Indonesia’s Biggest Business Empire
What banning noncompetes could mean for the US workforce
“The FTC announced..that it proposed a rule that would ban the practice of forcing workers to sign noncompete clauses, which forbid employees from working for their employer’s competitors for a certain amount of time after they leave.
“The freedom to change jobs is core to economic liberty and to a competitive, thriving economy,” Khan said in a statement. “Noncompetes block workers from freely switching jobs, depriving them of higher wages and better working conditions, and depriving businesses of a talent pool that they need to build and expand. By ending this practice, the FTC’s proposed rule would promote greater dynamism, innovation, and healthy competition.”
If enacted, the proposed rule would give Americans more choice in where they work and, by extension, higher pay. They could more easily work for rival companies or start their own companies with less fear of being sued. Such mobility could make what’s already a tight hiring economy even tighter, as workers have even more options of which open jobs they can take.”
The End of the Netflix-ization of TV and the Beginning of a New Streaming Bundle
https://www.yahoo.com/finance/news/end-netflix-ization-tv-beginning-095100138.html
Big Meat just can’t quit antibiotics
“For decades, evidence had amassed that the widespread use of antibiotics to help chickens, pigs, and cattle grow faster — and survive the crowded conditions of factory farms — was causing bacteria to mutate and develop resistance to antibiotics. By 2009, US agriculture companies were buying up two-thirds of what are termed medically important antibiotics — those used in human medicine. This in turn has made those precious, lifesaving drugs less effective for people.
Over time, once easily treatable human infections, like sepsis, urinary tract infections, and tuberculosis, became harder or sometimes impossible to treat. A foundational component of modern medicine was starting to crumble. But it wasn’t until the mid-2010s that the FDA finally took the basic steps of requiring farmers to get veterinary prescriptions for antibiotics and banning the use of antibiotics to make animals grow faster — steps that some European regulators had taken a decade or more prior.”
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“according to Matthew Wellington of the Public Interest Research Group, the FDA’s reforms went after the low-hanging fruit, and they didn’t go nearly far enough. Now, in a concerning course reversal, antibiotic sales for use in livestock ticked back up 7 percent from 2017 to 2021, per a new FDA report. The chicken industry, which had led the pack in reducing antibiotic use on farms, bought 12 percent more antibiotics in 2021 than in 2020.”
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“In 2019, antibiotic-resistant bacteria directly killed over 1.2 million people, including 35,000 Americans, and more than 3 million others died from diseases where antibiotic resistance played a role — far more than the global toll of HIV/AIDS or malaria, leading the World Health Organization to call antibiotic resistance “one of the biggest threats to global health, food security, and development today.””
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“The FDA and the US food industry have proven that they can make progress on the issue — but to keep antibiotics working, they need to do a lot more. That will require them to tackle beef and pork, two of the more stubborn and complex sectors of America’s meat system that just can’t seem to quit antibiotics, since doing so could demand substantive changes to how animals are farmed for food.”
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“In the early 2000s, the nation’s fourth-largest chicken producer Perdue Farms began efforts to wean its birds off antibiotics, which it achieved in 2016 by changing chickens’ diets and replacing antibiotics with vaccines and probiotics. At first, chicken raised without antibiotics cost 50 percent more, but the company says it has since been able to all but close the cost differential.
In the mid-2010s, while Perdue was making progress, activists leveraged the momentum and successfully convinced McDonald’s to source chicken raised without medically important antibiotics. Tyson Foods, the nation’s largest poultry producer, then committed to reducing antibiotic use, contributing to a “domino effect” in which producers and restaurants made further pledges to reduce antibiotics in poultry, said Wellington.
By 2020, a little over half of America’s 9 billion chickens farmed for meat were raised without antibiotics, according to an industry survey.
The sea change in chicken production demonstrated it was possible to quickly scale down antibiotics in farming, but it didn’t do much to reduce overall use, as the chicken industry only used 6 percent of antibiotics in agriculture in 2016. And the momentum didn’t spread to other parts of the meat business, like beef and pork, which together account for over 80 percent of medically important antibiotics fed to farmed animals.”
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“Chickens are slaughtered at just six or seven weeks old, so the chance they’ll get sick is lower than pigs, who are slaughtered at six months old, or cattle, slaughtered at around three years of age.
The chicken industry is also vertically integrated, meaning a company like Tyson or Perdue controls virtually every link in the supply chain, so making big changes like cutting out antibiotics is easier than in the more decentralized supply chain of beef. For example, the typical steer will change hands several times before slaughter, going from a breeder to pasture grazing to a feedlot, all of which make it harder to coordinate an antibiotic-free regimen. In the last few months of their life cattle are also fed a high-grain diet that they aren’t adapted to digest, which increases the chance they’ll develop a liver abscess, a condition that’s prevented with — you guessed it — antibiotics.”
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“The pork sector, like poultry, is also vertically integrated, but the industry has largely opposed animal welfare, environmental, and antibiotic reforms. Antibiotics in pig production shot up 25 percent from 2017 to 2021.
There’s also no pork or beef giant that’s taken the antibiotic-free leap like Perdue did for chicken.”
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“Aside from outright banning the routine use of medically important antibiotics to prevent disease, Wellington said he’d like to see the FDA take three actions: set a target of reducing antibiotic use by 50 percent by the end of 2025 (based on 2010 levels); publish data on antibiotic use, not just sales; and limit the duration of antibiotic courses for farmed animals.
An FDA spokesperson said specific reduction targets weren’t possible because the agency doesn’t know how many antibiotics farmers are using: “We cannot effectively monitor antimicrobial use without first putting a system in place for determining [a] baseline and assessing trends over time.” The agency right now only collects sales data, and it’s been exploring a voluntary public-private approach to collect and report real-world use data.”
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“here’s a lot to learn from the Europeans: Denmark, the continent’s second-largest pork producer, has become the de facto case study in how to wean Big Meat off antibiotics. In the early 1990s, it started phasing out antibiotics in pigs with little impact on the industry. From 1992 to 2008, antibiotic use per pig fell by over 50 percent, and while pig mortality went up in the short term, by 2008 it had dropped back to near-1992 levels.”
The weird Republican turn against corporate social responsibility
“ESG is not a regulation or a set of rules, and it does not require any real action from a corporation. It’s mostly used as a catch-all term for any investment that considers social and environmental responsibility. In fact, what counts as ESG is so ill-defined and malleable it has been criticized as a way to “greenwash” corporate actions.
One of the defining ideas of ESG is that a company is better off accounting and reporting environmental and social risks to investors and clients, rather than being willfully blind to the world around it. This can include a broad swath of issues, such as a company’s reliance on oil, gas, and coal, or exposure to sea-level rise in coastal operations, human rights violations of the countries it operates in, and lack of board diversity and CEO transparency. A big part of the ESG movement, at least right now, is largely about disclosure of these potential bottom-line risks in the future, not necessarily doing anything differently in the present.
But Republican officials in West Virginia, Texas, Louisiana, Missouri, and now Florida have withdrawn billions of dollars from BlackRock’s management. Proponents are planning to introduce a slew of bills in at least 15 states next year to divest pensions and boycott companies for considering sustainability as an aim. At the federal level, House GOP lawmakers are preparing antitrust investigations.
To get to the bottom of what is driving this, I spoke to one of the state officials leading the attack on ESG, Riley Moore, state treasurer of West Virginia. The way he sees it, “banks are coercing capital away” from coal, gas, and oil industries. He explains he doesn’t want the coal- and gas-reliant state to contract its financial services with a company that is “trying to diminish those dollars. They want less coal mining, they want less fracking.”
This is getting much bigger than BlackRock, State Street, and Vanguard, companies that used to be solidly at the right of corporate America. There are real stakes for pensioners, red-state taxpayers, and the wider economy if the GOP succeeds in scaring off financial institutions from pursuing climate targets.”
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“On the left, ESG has for years come under criticism as a form of greenwashing, and ESG disclosure isn’t the same thing as corporate behavior. As Harvard Business Review noted, the funding in ESG is “dedicated to assuring returns for shareholders, not delivering positive planetary impact.” Many environmentalists think ESG is a distraction from the main issue they’d like to see traction on: companies disclosing the impact their products and investments have on the world around them, and accounting for that in decisions.
ESG doesn’t go this far. In no way will disclosure be enough to save the planet from climate change. There are no binding requirements, either. But what Republican critics of ESG really fear is that the financial world will realign with climate science and no longer see new coal plants and offshore drilling as viable projects to finance.”
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“Many of the Republican attacks on ESG stem from a misrepresentation of what it actually means. It’s not always motivated by an altruistic climate or social agenda. ESG also helps banks and public companies meet their one goal by screening investments for various risks. “They’ve got a fiduciary duty to generate returns. So they’re not going to impose some agenda, whether it’s climate or social agenda, that’s going to get in the way of returns,” said University of Oxford business expert Robert Eccles.
As baseless as the attacks have been, the pressure could still work. Vanguard on Wednesday announced it is withdrawing from the Net Zero Asset Managers coalition, in which companies voluntarily committed to reaching net-zero emissions in their portfolios by 2050.”
House of the Dragon is coming to HBO. So is the Netflix Chill.
“The main idea behind AT&T’s acquisition of what was then-called Warner Media — first announced in 2016 but not finished until 2018 — was that the phone company could turn HBO into its own Netflix and that Wall Street would reward AT&T for owning its own Netflix. So in 2021, when it became clear that investors didn’t care about AT&T’s media foray, the company flipped a switch and dumped its entertainment assets to Discovery, the cable TV programmer best known for reality shows like 90 Day Fiancé.
But now Discovery has multiple problems. For starters, it has $53 billion in debt, much of it taken on with the Warner deal. Which means instead of spending aggressively to take on Netflix and Disney, it has to look under couch cushions for change, and David Zaslav, the CEO of the newly combined company, has promised Wall Street he’ll find $3 billion in cost savings … somewhere.
But the bigger problem is one that everyone in streaming — including Netflix — is grappling with now: Wall Street no longer likes Netflix. Netflix’s stock, which got as high as $700 last fall, is now down 50 percent because Netflix’s 10-year record rocketship growth appears over: During the first six months of this year, it actually lost subscribers. So now Wall Street, which had encouraged media companies to adopt Netflix’s growth-first, profits-maybe-later strategy, wants them to change course. (One important exemption from this: Amazon and Apple, which are tech companies dabbling in media, so they can basically spend whatever they want on programming: See Amazon’s Rings Of Power — a gazillion-dollar Lord of the Rings prequel that is very much supposed to be Amazon’s Game of Thrones. Not coincidentally, it will debut a couple weeks after House of the Dragon.)”
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“Discovery plans to merge its streaming service with HBO Max sometime next year. Which means that at some point you’ll have the ability to subscribe to something that includes both House of the Dragon and Dr. Pimple Popper, a Discovery reality show that’s just what you think it’s about. You can turn up your nose at that pairing — or you can acknowledge that it’s a lot like TV used to be, when in order to subscribe to HBO, you also had to get a package of cable channels that were nothing like HBO. Streaming’s not going anywhere, but the cable TV model is going to stick around for a while longer, too.”