Bloomberg - Evening Briefing - Wall Street gets nervous

The job crunch has managed to reveal some interesting things about how companies in America work—or don’t. Take Dave Helminski, a driver for United Parcel Service. Next year, he’ll retire after a four decade-career at the company with pension income equal to the $100,000 he makes right now. His employer has been flush of late, with more money tumbling in despite pandemic disruptions. But over at FedEx, the story is less cheery. The shipper has racked up $450 million in extra costs thanks to labor shortages. And while UPS easily beat earnings expectations and predicts even bigger margins, FedEx has signaled that its profits will keep falling. So what’s behind the divergent fortunes of these two U.S. delivery rivals? Bloomberg Businessweek may have the answer. —David E. Rovella 

Bloomberg is tracking the coronavirus pandemic and the progress of global vaccination efforts.

It’s no secret how well Wall Street has done during Jerome Powell’s tenure as chair of the Federal Reserve—which is a big clue as to why investors are getting nervous about why the White House is taking so long to re-nominate him. Speculation about a replacement is growing. 

Lael Brainard, governor of the U.S. Federal Reserve, speaks during the National Association of Business Economics annual meeting in Arlington, Virginia, on Sept. 27. She’s been mentioned as a potential replacement for Fed Chair Jerome Powell. Photographer: Al Drago/Bloomberg

In China and Europe, coronavirus infections are on the rise again, accompanied by new lockdowns. The U.S. government formalized a rule requiring vaccinations or weekly testing for workers at companies with 100 or more employees. That federal mandate is a key pillar of President Joe Biden’s strategy to stamp out the pathogen, but Republicans are expected to challenge it in court. In the U.K., regulators approved Merck’s Covid-19 antiviral pill, describing the treatment as safe and effective following a swift review. Here’s the latest on the pandemic.

COP26 isn’t even over yet and a whiff of backpedaling is already in the air. Just a day after world leaders announced a major pledge to protect the world’s forests, one of the most important signatories said it didn’t actually sign up to end deforestation by the end of the decade. Also in the air? More carbon: levels are rising again after a brief pandemic-related drop. Here’s the latest on the climate summit.

Evergrande Group Chairman Hui Ka Yan’s 60-meter boat dwarfs almost everything around it at Hong Kong’s Gold Coast yacht club. It’s really hard to miss—especially for investors scrutinizing the real estate tycoon’s holdings. They’re looking anywhere for clues as to whether the embattled developer is going to leave them holding a $300 billion bag.

Hui Ka Yan  Photographer: Bloomberg 

AT&T and Verizon will delay their rollout of fast wireless service on some airwaves after U.S. aviation regulators raised concerns that it might interfere with aircraft electronics.

Chipmaker Nvidia rallied to a record on Thursday, the latest example of the chipmaker extending a 2021 gain that’s seen the stock more than double.

India digital payments pioneer Paytm said it would consider using Bitcoin if the nation’s regulators removed uncertainty surrounding adoption of cryptocurrencies. The rules in India remain in a “grey area,” Chief Financial Officer Madhur Deora told Bloomberg TV.

• Tech spurs gains as bond yields fall: Here’s your markets wrap.
• OPEC+ to the world: Your energy crisis isn’t our problem.
• Oxford scientists find gene that doubles risk of dying from Covid-19.
• Your underarm deodorant might cause cancer.
• U.S. milk is getting a lot more expensive—26% more.
• Holiday hiring sprees are good news for wage-earners, not companies.
• Guess what? All those 23andMe spit tests were part of a bigger plan. 

After decades of trying to make substitutes like Sweet’N Low, Splenda and Stevia work for consumers, the sugar-alternative industry is now fielding contenders with a real chance at unseating the ubiquitous, often unhealthy substance. These new formulations are naturally derived and closer in flavor to the original. And while there may still be a few obstacles, the $100 billion industry that makes up Big Sugar is getting concerned.

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