Executive Leadership Briefing Turbine Labs

Portugal became the latest country to formally position itself as a haven for remote workers, introducing a “digital nomad” visa that will become available at the end of the month. Portugal’s tourism numbers have increased since 2020 but still remain low compared to pre-pandemic levels. Croatia, Iceland and Greece are among those already offering this style of visa in Europe and some countries in Southeast Asia have also launched similar incentives. The offers come as more U.S. companies push employees back into the office despite resistance from workers.
The New Zealand government confirmed plans to tax agricultural long-lived gasses and biogenic methane that mainly comes from cow and sheep burps separately as part of its pledge to cut methane emissions 10% by 2030. The farm levy, which would be a world first, has angered some farmers and prompted opposing lawmakers to suspect the plan may actually increase global emissions by moving farming to other, less efficient countries. New Zealand is the world’s biggest dairy exporter, with agriculture not only playing a major role in the economy but also accounting for half the country’s total greenhouse gas emissions.
Lawsuits, harassment, calls to change balloting procedures and demands for election records are adding pressure on U.S. election officials ahead of midterm elections. While providing information to the public is a part of the job of an election worker, election skeptics and deniers have occasionally become threatening and demanding. A new poll found four in 10 Republicans and one in four Democrats say they will blame election fraud if their party doesn’t win control of Congress in November. A deluge of threats and intimidating behavior, in battleground states particularly, has prompted increased security outside polling centers and election offices.
Late-night talk shows, once a decades-long successful franchise for network television, have taken a hit amid the rise in streaming services. Some executives have concluded that the cost to produce some late-night talk shows, particularly at 12:30 a.m., is no longer feasible in the era of sinking ratings. Streaming continues to hold the most-watched TV format – a welcome sign for the companies that have launched direct-to-consumer platforms in recent years and are vying to attract subscribers in a crowded market.
New Mexico’s governor voided four pre-statehood proclamations that targeted Native Americans Monday in a move meant to strengthen bonds with Native American communities. Many states and localities now observe the second Monday in October as Indigenous Peoples Day instead of – or in addition to – Columbus Day. A poll found support for Columbus is waning and recognition of Indigenous Peoples Day is more widespread, with 23% of U.S. adults preferring to use that designation.
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The majority of CEOs are preparing for a recession according to a new survey with 91% of CEOs reporting they think a recession will happen in the next year. While most CEOs reported optimism in their companies’ ability to handle the economic downturn, a number of businesses announced layoffs and rollbacks of ESG programs to soften expected financial losses. KPMG CEO Paul Knopp noted a recession will not hit all industries evenly, with companies in the tech and mortgage industries likely to suffer the most. The report warned that companies attempting to recover from the COVID-19 pandemic also run the risk of suffering disproportionately from a large economic setback such as a recession.
The U.S. murder rate increased at a slower pace in 2021 compared to the previous year according to data released by the FBI. Economic pressure and labor shortages within law enforcement were highlighted by some experts as major contributing factors to crime in the U.S. The new crime report is notable for including more details about crimes than before, however observers noted the amount of law enforcement agencies contributing to the report was significantly lower than past reports and consequently painted a less clear picture of crime in the U.S. Moreover, some reporters pointed out the country’s most populous metropolitan areas, Los Angeles and New York City, had their numbers estimated by the agency because some police departments in the cities did not report their statistics.
Mortgage rates surged to their highest point since the peak of the 2000s housing bubble with the average rate for a 30-year mortgage at 6.75%. Applications for home loans and refinancing plummeted as a result of steadily increasing mortgage rates. Hurricane Ian added to the falling demand, with applications from Florida dropping by roughly 31%. Wall Street firms warned the housing market is likely headed toward a significant slowdown as home prices dip from record highs and are likely to decline more as the Federal Reserve combats inflation.
Space billboards could turn a profit for companies even as their projected costs reach as high as $65 million according to new research. Russian scientists proposed a constellation of roughly 50 satellites that could arrange themselves into shapes and graphics to advertise various products and services while orbiting Earth for about three months. Observers estimate the net income of the project could reach about $111 million if 24 ads are displayed over three months at $4.6 million per ad, less than the cost of a Super Bowl ad. While some argued the paper highlights the viability of advertising in space, critics called the idea of space billboards “dystopian” and unnecessary.
Americans’ holiday travel plans are expected to change as a result of inflation according to a survey from Bankrate. Respondents said they plan to travel for less time, seek out less expensive accommodations and travel to closer locations to save money. The rising costs of gas and airfare were pointed to as principal reasons for altering holiday travel plans, although the number of Americans changing their travel plans varied heavily by income. Notably, while the cost of air travel and lodging surged in recent months, the cost of rental cars plummeted by roughly 6% compared to last year.
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The number of Americans seeking unemployment dropped to a five-month low despite the Federal Reserve’s efforts to cool the U.S. job market. The dip marked the first time claims fell below 200,000 since May. With unemployment rates dropping, analysts predicted the Fed will not slow down the pace of its rate hikes with some saying the central bank will continue its policies “until something breaks.” Economists noted that the drop could be linked to employers “hoarding” labor after struggling to hire in the fallout of the COVID-19 pandemic.
Toyota Motor Corp. reinforced its dedication to its electric vehicle strategy after being criticized by shareholders and environmental groups for its slow transition. The company’s CEO said the adoption of electric vehicles depends on the consumer, and despite the company’s stated commitment to EVs, warned a transition to exclusively electric vehicles could leave some consumers behind. Toyota is one of roughly 17 companies that have begun manufacturing EVs or announced plans to do so.
Facebook parent company Meta announced a hiring freeze and budget cuts in an end to the company’s long period of rapid growth. The news came as the company suffered losses in the face of global economic setbacks and a hit to its advertising business linked to iOS privacy changes. Meta reported a 1% dip in revenue in the previous quarter, the first reduction since the company went public. Meta CEO Mark Zuckerberg told managers to identify “weak performers” within their departments and reduce their headcounts accordingly.
President Joe Biden’s administration said it has scaled back eligibility for its student debt relief program following criticism and a lawsuit brought by six Republican-led states. The Department of Education’s new guidance affects roughly 700,000 borrowers and prevents those whose loans are not held by the department from seeking relief through the program. The lawsuit argued the program represents a significant overstep of executive powers by the administration and is unrelated to the financial burden borrowers have suffered as a result of the pandemic.
Used cars have grown too expensive for a number of U.S. consumers due to increased prices and rising interest rates. Used car dealer CarMax reported abysmal quarterly earnings Thursday, driving down its own stock as well as competitors’ stocks in a signal to the market of the growing unaffordability of used vehicles. CarMax CEO Bill Nash cited a shift in consumer spending away from large purchases as a primary reason for the dip in earnings while the company’s chief financial officer said they cut costs to align with lower sales.
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Hurricane Ian ripped through Florida’s Gulf Coast on Wednesday, flooding communities and leaving more than 2 million without power. Ian was downgraded to a tropical storm early Thursday after 155-mile-per-hour winds placed it just shy of a Category 5 storm, which would have been only the fifth time a Category 5 hurricane made landfall in the continental U.S. Several environmental factors, including pollution from Florida’s fertilizer mining industry and the state’s skyrocketing population, threatened to make Ian even more costly and destructive.
The rising strength of the U.S. dollar is feeding inflation around the world, wreaking havoc on global economies as the Federal Reserve fights to tame domestic prices. The British pound touched a record low against the dollar following the announcement of a government plan to slash taxes as the country’s new prime minister sought to solve economic woes, spurring emergency action from the Bank of England. Central banks in the 10 largest developed economies have raised rates by a combined 1,965 basis points in this cycle to date.
Mexico has emerged as the world’s deadliest country for environmental activism, according to an annual survey. Mexico saw 54 activists killed in 2021, contributing to more than 1,700 environmental activist deaths worldwide. Many of those who died were indigenous people, often involved in struggles to prevent the exploitation of their lands by mining, oil, logging or hydropower developers. Researchers believe that as the world attempts to compensate for the loss of fossil fuels in the wake of the war in Ukraine, campaigners will come under greater threats.
McDonald’s will offer Happy Meals for adults this fall in an effort to bolster sales by playing on adult nostalgia. Until Oct. 30, adults can purchase a meal box with a classic McDonald's character, underscoring the marketing power of nostalgia particularly for millennials. Many have found major success on social media platforms by drawing on memories from the late ’90s and the early 2000s.
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Lumber prices fell to their lowest level in more than two years, pointing to an anticipated downturn in construction as two-by-fours return to prices last seen before the pandemic. Wood prices exploded in the summer of 2020 as home sales and remodels surged, but have since declined by more than 70% from their peak. The shift to working from home drove more than 60% of the increase in house and rent prices during the pandemic, according to new research from the Federal Reserve. The increase in prices is likely to stick even as more corporations issue return-to-office mandates.
More brands are taking notice of California’s data privacy laws after cosmetics retailer Sephora agreed to pay $1.2 million in penalties for alleged violations of the law, which was expanded and amended as the California Privacy Rights Act to take effect on Jan. 1. Many Big Tech companies have been more focused on the European Union’s General Data Protection Regulation, which has led to major fines for Meta and Amazon. Tik Tok is currently facing the prospect of a $29 million fine in the U.K. for failing to protect children’s privacy.
More than half of principals said in a new survey they felt their schools were understaffed at the start of the current school year, highlighting a lingering shortage after just 20% of principals said their schools were understaffed before the pandemic. The U.S. Department of Education on Tuesday announced more than $60 million to strengthen the teacher pipeline, although some academics argue that many states’ staffing data misrepresents the true turnover rate. They say that hiring has been so difficult largely because of an increase in the number of open positions, spurred by large amounts of federal stimulus during the pandemic.
A U.S. compliance official is calling on companies and their executives to prioritize the end of forced labor in their supply chains after a law passed in June that imposes restrictions on the importation of goods from China’s Xinjiang region, where many Uyghur people are located. The number of people experiencing forced labor has grown by 10 million in the last five years, according to researchers from Geneva, bringing the total number of people in modern slavery – referring to forced labor, forced marriage and human trafficking – to 50 million worldwide.
More companies are turning to machine learning to get customer feedback, analyzing the language used in transcripts of calls and chats with AI rather than relying on customer surveys. While executives say the new solution could offer a richer report of the customer experience, many consumers have shown a reluctance to having their behavior tracked online. In Ohio, a venture operated by Alphabet Inc. that seeks to offer a “tech-enabled” approach to substance abuse through individualized approaches found that the non-technological, traditional care offered to those in the program has been most effective.
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U.S. manufacturing is experiencing a major rebound following a shift away from services during the pandemic and a robust federal stimulus, which funneled resources back into domestic production. The rebound echoes the stretch of automation seen in the 1970s but across a different cross-section of the U.S., with factories for pharmaceuticals, craft beer and ice cream sprouting up in the Mountain West. While manufacturing jobs rebounded, other sectors such as small businesses continue to struggle to find talent.
Far-right leader Giorgia Meloni is poised to become Italy’s first female prime minister, marking the first time since World War II that the country would be governed by a far-right nationalist regime. The European Union watched the election with caution due to the nature of Meloni’s political campaigns, which have been rooted in Euroscepticism and anti-immigration policies. The economic impact of COVID and the war in Ukraine has deeply damaged centrist parties all over Europe, evident in the new far-right-wing coalition that emerged from Sweden’s national election earlier this month.
Officials in Florida are preparing for Tropical Storm Ian, closing Tampa Bay schools and alerting residents ahead of late Wednesday or Thursday, when the storm is projected to hit. If Ian quickly turns into Florida’s west coast on Wednesday, it could remain a Category 3 or higher hurricane. Computer models are divided over whether Ian will come ashore along Florida’s west coast Wednesday into Thursday or nearer the Panhandle Thursday into Friday.
U.S. housing shortages are worsening due to a shortage in available land for development, doubling the price of vacant land in areas such as the Sunbelt. Land-use restrictions and a lack of public investment in roads, rail and other infrastructure have made it harder than ever for developers to find sites near big population centers, further complicating a market hit by higher interest rates and construction costs. The affordable end of the housing market has been squeezed from nearly every side, marking the end of entry-level starter homes.
U.S. health officials are calling for action after a sharp rise in some sexually transmitted diseases. New syphilis infections rose by 26% in 2021, the highest rate since 1991. Prevention efforts had already been hobbled by years of inadequate funding, while delayed diagnosis and treatment contributed to the rise in cases during the pandemic. Officials are working on new solutions such as home-test kits to tackle a situation they say is “out of control.”
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