May 16, 2022

In a plot twist out of a Die Hard movie, Bruce Willis is tied up in a Russian bank controversy. The Russian Trust Bank, now trying to recover money from UK investors, put his face on hundreds of billboards with the slogan, “Trust is just like me, but a bank.” Well, needless to say, every cent of ours is now in that bank.

― Key Stories

Babies Running on Empty
Overview

• It may take months for manufacturers to resolve a shortage of baby formula
• In February, Abbott Nutrition shut a plant in Michigan after contamination of the plant’s formula was linked to the deaths of 2 toddlers. The FDA found major food safety violations at the plant
• The plant was one of the US’ largest suppliers of formula. The closure and its knock-on effects have left 21%-40% of formula nationwide out of stock
• It's unclear why the plant remains closed: Abbott says it can't reopen the factory; the FDA claims that’s false

10 Dead in Buffalo Shooting
Overview

• A shooting at a supermarket in Buffalo, New York, left 10 people dead and at least 3 injured
• The 18-yo shooter had posted a 180-page manifesto online, in which he declared himself a fascist, white supremacist, and racist. 11 of 13 victims were black
• Two of the shooter’s high school classmates described his behavior over the past year as odd; one classmate said the shooter wore a full hazmat suit to class after Covid restrictions were lifted; “everyone was just staring at him”
• The US government is investigating the shooting as “racial… violent extremism.” Police arrested the shooter

UK Ditches Anti-Obesity Policies
Overview

• UK PM Boris Johnson said that the government would ditch a set of policies meant to reduce obesity
• One policy would have banned junk food advertising before 9 PM; the other would ban “buy-1-get-1” junk food offers
• Johnson had criticized the UK as a “nanny state” before ending up in the ICU with Covid. He blamed his weight, and subsequently pushed for policies to improve health in the UK
• The policies had come under attack within his Conservative party, though, particularly as food prices rose with inflation

Twitter Deal on Hold
Overview

• Elon Musk announced that his acquisition of Twitter is “temporarily on hold”
• A key fixture of the deal is Twitter’s claim that fewer than 11M — 5% of its 229M accounts — are fake/ spam accounts. Musk said this calculation must be confirmed before the deal can move forward
• The announcement caused the company’s stock to immediately drop 20%, despite Musk tweeting that he is “still committed to the acquisition”
• Twitter’s CEO said he “expects the deal to close” but the company needs “to be prepared for all scenarios”

See yesterday's results below the Wrap!

 Popcorn

Culture & Sports

• Buck stops here: The Boston Celtics eliminated last year's champs, the Milwaukee Bucks, in a blowout Game 7 109-81 win
• Just keep swimming: Ellen was reportedly very emotional while filming the star-studded final episodes of Ellen. The finale airs May 26
• NBC-ya later: Drew Brees is out at NBC after one year as a studio and game analyst. Reports suggest the split was mutual

• Once in a red moon: Last night's full lunar eclipse brought a "super blood" moon in the night skies. It was the year's only full lunar eclipse
• Earthquake or Marsquake? Mars experienced a "monster earthquake" on May 4, suggesting the Red Planet is far from inactive
• No hits, no prob: The Reds lost to the Pirates 1-0 despite throwing a no-hitter. It was the 6th time in MLB history a hitless team has won
• The Portugal dream: The number of American citizens living in Portugal jumped 45% last year. Many are drawn to its lifestyle and cost of living

― Roca Wrap

A Newsletter Exclusive

Roca's executive director Jen Flanagan contributed this Wrap from Paris, where she has spent the last 2 weeks working remotely. 

***

Last week, the bus I was trying to take across town was 15 minutes late.

“Are the buses behind schedule?” I asked a man leaning against the bus stop.
 
“Oh yeah, there’s a strike going on,” the man, named Laurent, replied.
 
I should have guessed: It can seem like there is always a strike in France, or that France is always on the brink of one.
 
Some strikes are small, like the one that delayed the bus: Students were marching down one of the main streets of Paris to protest the recent re-election of Emmanuel Macron as President. Others can last weeks, like the 2019 transport strike: Transport workers protested cuts to retirement benefits for 51 days, shutting down trains and public transport across the country.
 
France averages 114 workdays per 1000 employees lost to strikes each year, the second highest rate of unworked days due to strikes in the European Union, behind Cyprus. Strikes have shut down the railroad system every year since at least 1947, when data was first collected.
 
But why do the French strike so much?
 
Many French people say the striking spirit stems from the French Revolution, when a people’s rebellion ousted the French monarchy, installed a republic, and created a tradition of revolt.
 
When I asked Laurent why France always seems to be on strike, he echoed that sentiment: "The revolution gave birth to France," he said. “It’s who we are; our DNA.”
 
His comments reminded me of my first French strike experience in 2016. I was on study abroad living in Tours, a small town in Western France, attending French language school. One day a strike in the town square had delayed my tram, making me late for class.
 
I apologized to my professor for being late and explained the reason. To my surprise, he broke out into a smile. “Not a worry!” he said. “Now you have first-hand experience of the French revolutionary spirit!”
 
The legacy of the French revolution means that in France the right to strike and withhold labor is an individual right, not linked to union membership. While French unions hold significant influence in certain sectors like transit and utilities, only 8% of France’s workforce is unionized, less than in any other EU country.
 
***
 
Later that night, I brought up the French strike culture to my Airbnb hosts, a young French couple. We started talking about one of the most common reasons French people strike: Work requirements and social benefits.
 
Today, French law mandates a 35-hour work week and at least 5 weeks of vacation per year. The government offers free health care and free (or very low cost) education. The full-benefit retirement age is 62.
 
The French government has tried to reform its social system before – often citing economic reasons – but strikes often delay the efforts. In 2020, strikes successfully halted President Macron’s proposal to raise the full-benefit retirement age to 64 from the present 62. Just last week, strikes calling for higher wages turned violent in Paris, shutting down transit for a few hours.
 
“Foreigners think the French are lazy – we work less and retire earlier,” one of my hosts said. “But our rights didn’t drop out of the sky. We earned them, and we keep them, because we are prepared to fight for them if not.” 
 
***
 
The next morning, I saw an alert on my phone: Paris’ metro and buses are expected to be delayed starting next Monday. Public transport employees are staging a 3-day strike.
 
Vive la révolution.

 Games

1. Venus is closer to the sun than Mars. 
2. New York City was the US' first capital following the ratification of the Constitution. 
3. Hinduism originated before Islam. 
4. River Phoenix and Joaquin Phoenix were cousins. 

 Roca Clubhouse
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Yesterday's Question:

Spread the Wave!

― Final Thoughts