At least six people were missing in Baltimore yesterday after a container ship lost power and rammed into the Francis Scott Key Bridge, destroying it. The Sri Lanka-bound vessel stayed afloat, but much of the 1.6-mile bridge rapidly collapsed, throwing nighttime construction workers and vehicles into the Patapsco River.

Given the bridge’s location along the path of a major maritime trade route, the disaster could have a sweeping impact on the local economy and international supply chains.

Bridge barrier

Aside from acting as a major transportation artery that carried a section of the I-695 highway, the bridge separated the waters near the Port of Baltimore from the open sea. Until debris is cleared, shipping traffic will have to be rerouted away from the bustling cargo port.

Though it handles less cargo than some other ports on the East Coast, and was only the 17th busiest port in the country as of 2021, per the Bureau of Transportation Statistics, it’s an important trade conduit for specific industries.

• Baltimore has long been the biggest port for car imports and exports in the US; almost 850,000 vehicles passed through its waters last year. Some car companies said they’ll use alternate ports, but delayed parts deliveries could threaten the auto industry’s particularly time-sensitive supply chains.
• The closest East Coast port to the Midwest, it’s also the biggest port for farm machinery and agricultural products in the country, according to Reuters.

The port’s closure could also damage the livelihoods of the 15,000+ people working at its facilities, and endangers the 140,000 jobs in the area indirectly supported by port activity.

Looking forward: The bridge could take years to rebuild—a costly construction effort that President Biden wants the federal government to pay for, he said yesterday.—SK

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The Supreme Court seems likely to preserve access to abortion pills. In oral arguments yesterday, SCOTUS justices appeared skeptical of the efforts of anti-abortion doctors to curb access to the widely used abortion medication mifepristone. Those doctors challenged FDA rulings that expanded access to the drug, claiming that they’ve been harmed by its availability even though the medical community has deemed mifepristone both safe and effective. Justices across the ideological spectrum questioned the challengers’ argument, saying they’re free to object to prescribing mifepristone without imposing a nationwide ban. The ruling, expected in June or July, will be the biggest on abortion since Roe v. Wade was overturned in 2022.

Visa and Mastercard agree to $30 billion deal to cap swipe fees. After a nearly 20-year legal battle, the credit card behemoths said they’ll slightly reduce the 2% fees that they charge retailers every time a consumer uses one of their cards. Retailers will also be able to adjust prices at checkout depending on the type of card used. The banks that issue cards—like JPMorgan Chase, Citigroup, and Bank of America—will likely bear the brunt of the changes, as they typically receive most of the revenue from swipe fees.

Julian Assange’s extradition to the US is on hold. The Australian WikiLeaks founder, who’s being held in the UK while he awaits extradition to the US on espionage charges, will not be handed over immediately, a UK court ruled, giving the US three weeks to make assurances that his First Amendment rights would be protected and he would not face the death penalty. The court said Assange would be permitted to appeal his extradition in May if the US fails to make the assurances. Assange has been fighting his extradition to the US since 2012.

Larry Fink is saying exactly what your friends have been casually tossing into the happy hour chat for years: Younger generations are never going to retire. In his annual investor letter, the billionaire BlackRock co-founder and CEO focused on how the government and corporations need to fix the burgeoning retirement crisis.

Fink, who heads the largest asset manager in the world, criticized his own generation (baby boomers) for focusing on “their own financial well-being to the detriment of who comes next.” He cited the 2022 Census Bureau survey, which said about 50% of people in the US between 55 and 65 reported they didn’t have any money saved for retirement.

Fink’s solution: The businessman encouraged private companies to match employee 401(k) contributions and make it easier for workers to roll over retirement accounts when changing jobs. Fink also questioned the current retirement age of 65, suggesting it should be higher.

Big picture: Conversations around bumping up the retirement age are cropping up more and more as the US approaches 2034, the year when the Social Security Administration says it will not be able to pay out full benefits unless Congress fixes the program. Last year, France raised its retirement age despite massive pushback.—MM

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The world’s largest fast-food chain is making it easier to construct your own donut burger (not that you should). In its latest bid to boost breakfast and snack sales, McDonald’s will soon sell three of Krispy Kreme’s most popular donuts all day at restaurants across the US, the companies announced yesterday.

Following a successful pilot program at some McD’s locations in Kentucky, Krispy Kreme’s original glazed, chocolate iced with sprinkles, and chocolate iced with cream filling will start joining some Golden Arches menus later this year. By the end of 2026…

• McDonald’s plans to offer the donuts at all of its ~13,500 US locations, which could also lift its coffee business.
• The deal will more than double the locations where Krispy Kreme donuts are sold, the company’s CEO said.

Pretty sweet: Krispy Kreme’s stock (aptly named DNUT) soared nearly 40% yesterday, reaching its highest point in two years and doing donuts around the company’s previous single-day gains record. The pastry purveyor had been down 20% this year amid investor concerns that weight-loss drugs might negatively affect the snack space.

Breakfast is in. Wendy’s recently partnered with Cinnabon on a sugary morning menu item, and other fast-food giants like Taco Bell and Burger King are also sprucing up their breakfast offerings.—ML

Stat: If March Madness feels a little less mad this year, that’s probably because the tournament is chock-full of wily vets. Per the WSJ, nine of the tourney’s top 10 scorers are seniors, while 296 players are in their fourth, fifth, or sixth years of school—the most since 2008. Strangest of all, the average age of North Carolina’s starting lineup is 22.2, about the same as that of the NBA’s Oklahoma City Thunder (22.6). Why is a college basketball tournament loaded with borderline decrepit athletes, you ask? Now that they’re allowed to earn NIL (name, image, and likeness) money, many are content to stay in school longer. The NCAA also granted players an extra year of eligibility due to the pandemic, and some, like UNC’s Armando Bacot, are using it.

Quote: “You wouldn’t hire a wiseguy, you wouldn’t hire a made man like a mobster to work in a DA’s office, right? You wouldn’t hire a pickpocket to work as a TSA screener.”

Ronna, we hardly knew ye. Former Republican National Committee Chair and 2020 election denier Ronna McDaniel is reportedly out as an on-air contributor at NBC News after just a few days, following a revolt from numerous current and former employees across the company. One of the mutineers was liberal MSNBC host Rachel Maddow, who essentially compared McDaniel to Joe Pesci in Goodfellas. McDaniel is seeking legal representation, Puck News reported.

Read: Elon Musk’s Starlink terminals are being traded on the black market. (Bloomberg)