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From: "Zlati Meyer, WSJ" <acc...@interactive.wsj.com> Date: April 26, 2024 at 6:10:56 PM EDT To: rich.tho...@pdq.net Subject: What's News: Mental-cigarette ban shelvedReply-To: whatsnewslet...@wsj.com
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Good afternoon. Here’s what you should know today, April 26:
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China is holding its fire as the U.S. moves to ban TikTok
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The thrill factor is back for retail investors
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“Hay” is for horses—and "hey" is for anxiety-provoking workplace communications
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Thanks for reading What’s News! Look for the 🔐 to enjoy a free article on us—and share the link with a friend (or forward the whole newsletter!).
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Menthols, marketed by brands including Newport and Kool, account for more than a third of all cigarettes sold in the U.S. annually.
PHOTO: MARIO TAMA/GETTY IMAGES
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1.
The Biden administration is reversing course on its plan to ban menthol cigarettes.
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The decision comes after weighing the potential public-health benefits of banning minty smokes (🔐 read for free) against the political risk of angering some Black voters in an election year. The White House said that it needs more time to consult with outside groups on the matter. Menthols account for more than a third of all cigarettes sold in the U.S. each year and are predominantly used by Black and Hispanic smokers, according to a WSJ analysis of National Survey on Drug Use and Health data. Some Black community leaders had fought the ban, saying it would expand the illicit market for cigarettes and lead police to racially profile Black smokers. The ACLU and some members of the Congressional Black Caucus expressed similar concerns.
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2.
Donald Trump’s allies are drawing up plans that would attempt to erode the Fed’s independence, if the former president wins a second term.
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Some advisers argue that he should be consulted on interest-rate decisions, and a secret draft document recommends subjecting Fed regulations to White House review and more forcefully using the Treasury Department as a check on the central bank, according to people familiar with the matter. They also say some contend that Trump would have the authority to oust Jerome Powell as Fed chair before his four-year term ends in 2026, though Powell would likely remain on the central bank’s board of governors. It couldn’t be determined whether Trump is aware of or signed off on the effort, but some people close to the discussions believe he gave it his blessing. The Fed has enjoyed considerable operational autonomy in setting interest rates since the Truman administration.
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Campaigning Biden and Court-Bound Trump Collide in New York (Read)
MAGA on the Danube: Inside the Love Affair Between U.S. Conservatives and Hungary (Read)
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3.
China’s response to the U.S.’s TikTok ban has been relatively muted.
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Beijing hasn’t vociferously defended the country’s first mobile app to break through globally, despite describing similar maneuvers as an attempt to suppress a Chinese company and an example of U.S. hypocrisy. But Beijing’s response in part reflects the view that TikTok is of less strategic value to China’s quest to become an industrial and technological powerhouse, people familiar with the matter said. China’s State Council didn’t immediately respond to a request for comment. Secretary of State Antony Blinken, who visited China this week, said that TikTok didn’t come up in his conversations with
officials. TikTok owner ByteDance said on a media platform it owns called reports that it is exploring selling its TikTok’s U.S. operations untrue. The company didn’t immediately respond to a request for further comment and declined to comment about Beijing’s response.
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States Take On China in the Name of National Security (Read)
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4.
Retail investors are excited about trading again.
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The pandemic saw amateurs embrace it, but the 2022 market drop sent them packing. Now, thanks to stocks hitting record highs, everyday investors are back. Trading activity at Charles Schwab, Morgan Stanley and Robinhood reached its highest levels since early 2022. Also fueling the excitement are the recent Reddit and Donald Trump’s social media company IPOs as well as and the debut of bitcoin ETFs. However, the recent drop in stocks threatens some of the enthusiasm. Stickier-than-expected inflation and slowing economic growth has some investors backing away from expectations that the Fed can cut interest rates in the coming months. Today saw the so-called Magnificent Seven powered a broad U.S. stock rally after the tech bigwigs lost nearly $1 trillion in market value last week.
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Exxon and Chevron Earnings Fall Back to Earth (Read)
What to Do With Bonds When Inflation Won’t Die (Read)
Paramount Considers Removing CEO Bob Bakish as Turmoil Over Sale Talks Deepens (Read)
Anglo American Rejects $39 Billion BHP Bid, Setting Up Likely Bidding War (Read)
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5.
Artificial intelligence and air conditioning are demanding more of the world’s power, and renewable electricity can’t keep up.
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The inability to sate the growing appetite means more coal and more emissions.In the developing world, industrialization and basics like lights and AC drive the boom, while the U.S.’s wildcard is AI, which uses more energy than conventional computing. In other AI news, the CEOs of Nvidia, Microsoft, Google parent Alphabet and OpenAI are among those joining a new federal advisory board focused on deploying AI safely within U.S. critical infrastructure. Working with the Department of Homeland Security, the panel will develop recommendations for power-grid operators, transportation-service providers,
manufacturing plants and the like on AI usage while protecting against potential disruptions caused by advances in the technology.
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Heard on the Street: Google and Microsoft Cushion Their AI Capital Pains (Read)
Washington’s Telecom Cop Seeks New Beat: Cybersecurity (Read)
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📰 Enjoying this newsletter? Get more from WSJ and support our journalism by subscribing today with this special offer.
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🗨 Follow coverage of detained WSJ reporter Evan Gershkovich
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The WSJ’s Evan Gershkovich is being wrongfully detained in Russia after he was arrested while on a reporting trip and accused of espionage—a charge the Journal and the U.S. government vehemently deny. Follow the latest coverage, sign up for an email alert, and learn how you can use social media to support Evan.
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MEMBER MESSAGE: Deloitte
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The Cryptocurrency Transformation
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With many countries setting regulatory frameworks to permit the use of digital assets within their financial system, and consumers already having the option to use them for a variety of retail purchases outside of tapping a traditional bank account, credit card or cash, the velocity of blockchain, cryptocurrency and digital assets is speeding up.
Learn More
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$250 million
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The settlement that Warren Buffet’s real-estate brokerage firm has reached in the landmark antitrust case against the industry over agents’ commissions. HomeServices of America, a subsidiary of Berkshire Hathaway, was the last remaining defendant in the lawsuit against the National Association of Realtors and four major brokerages. The HomeServices amount is higher than what other firms agreed to pay to settle claims.
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14
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The minimum number of fatalities tied to Tesla’s Autopilot software, according to the National Highway Traffic Safety Administration, which also linked it to several dozen injuries and hundreds of crashes. The agency is investigating the adequacy of the company’s recall of more than 2 million Autopilot-equipped vehicles. In updating the software, Tesla said it had installed new safeguards to prevent driver misuse. The electric-vehicle maker didn’t respond to a request for comment.
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ILLUSTRATION: LUCA DEPARDON FOR THE WALL STREET JOURNAL
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A smartphone dropped from 300 feet can survive, WSJ tests show.
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Inspired by an iPhone 14 Pro Max that flew out of a Boeing 737 MAX after a door-plug blowout earlier this year and hit the ground 16,000 feet below without scratch, WSJ’s Joanna Stern decided to investigate. She used a drone to send Apple and Samsung phones plummeting to the ground to determine their durability. In protective cases, they can land unharmed thanks to terminal velocity—the speed an object hits when the gravitational force equals the air resistance force.
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“It’s the same house it was in the fall, and now we have two buyers bidding everyone up close to asking…The doom loop thing is overblown, San Francisco is OK.”
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—Real estate agent Nina Hatvany, explaining why luxury homebuyers still on the fence are missing out on the Bay Area housing market recovery. The high-end home sales revival stems from interest-rate shock finally wearing off and stock-market gains.
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Egypt Sends Negotiators to Israel, Fearing Time Is Running Out for Rafah (Read)
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Haiti’s Police, Outgunned and Outmanned, Struggle to Thwart Gangs (Read)
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King Charles to Resume Royal Work After Cancer Diagnosis (Read)
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Essay: I Used to Judge Women Who Got Boob Jobs. Then I Got One. (Read)
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Look Who’s Chatty: Bill Belichick, Breakout Star of the NFL Draft (Read)
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While the allure of shore excursions can be irresistible to certain cruise travelers, there can be benefits to staying on a ship when it pulls into port.
ILLUSTRATION: DAN PAGE
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Cruise travelers might want to stay on their ships during port days.
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Every port call forces you to consider whether to brave the crowds on shore or take advantage of their absence on board. Figure out how much walking you can handle and what accessibility challenges you might face, cruise experts advise. Dry-land enthusiasts should get off the ship early and skip group activities if many large cruise ships are at the port. Otherwise, turn your time on board into a spa day or spend it enjoying usually-in-demand ship activities such as roller coasters and waterslides.
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WSJ Work & Life columnist Rachel Feintzeig’s beat didn’t exist in 1889 when the WSJ was founded. (Can you imagine a headline back then? “Drawing Room, Not Boardroom: Keep Quiet About Eiffel's New Tower at Work.”) In recent years, however, the balance between one’s professional and personal lives has become a vital part of most conversations about workplaces. It informs everything from retirement and mental health to remote-work distractions and
bosses who ping 24/7. We talked to Rachel about how she embraces her own workplace advice and how she decides what to write about. Email her at rachel.feintz...@wsj.com.
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Earlier this month, you returned from a 4.5-month sabbatical. First, I'm insanely jealous. Second, what was your biggest takeaway from that experience?
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I'm jealous of myself too, looking back. When I'd mention in conversation that I was on a sabbatical, everyone's first question would be: “Where are you going?,” as if expecting I was embarking on an around-the-world trip. I was surprised to find that I really didn't need to go anywhere at all. It was a total joy just to be in my everyday life—with my kids, with my old hobbies, wandering the grocery store, chatting with the mailman.
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A lot of it is just remembering that this whole thing is built to be a rollercoaster. It can't just be win after win after win—for anyone. Just ask Taylor Swift about the reviews on her latest album. You also have to define your wins by your own goals and expectations and sense of good work, as opposed to looping it to external praise. You can't control that stuff.
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How do you come up with ideas for your column?
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I keep a massive stream-of-consciousness list of tidbits I'm constantly gathering—a line from a novel that struck me, a link to a research study, a thought that occurred to me on a walk. Sometimes it'll take coming back to a theme two or three times before I convince myself it's time. For example, that's what happened with this piece about how we should stop being so obsessed with telling everyone what our jobs are. I love the idea of helping readers feel less alone; in my toughest moments, it's the thing I always want most.
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I think about what serves the story and what could help people really understand, and see themselves in it. I also talk a lot with my husband about what we're comfortable sharing about our children, and what we're not. Now that my kids are getting older, I'll run stuff by them as well. It is a fine line to walk, and one that gives me pause. I hope, in the end, that it makes me a better writer.
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The new most dreaded word at work is “hey.”
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