Activist Investors Call on Apple to Address Youth Phone Addiction
Apple under fire after two Apple investors urged the company to step up and play a bigger role in managing smartphone overuse and addiction. David Benoit, Activism Reporter at The Wall Street Journal, was with us to discuss why Jana Partners has decided to push Apple to develop tools and research the effects of smartphone overuse by young people.
Benoit says the investors aren’t saying its necessarily Apple’s responsibility to monitor phone usage. Instead, he thinks they believe that Apple could play an important role in acknowledging that they aren’t sure what the impact of all this phone usage will be, but could score points by giving parents the option to monitor usage.
Activist investors typically focus on things like buybacks and acquisitions. Benoit says this move by Jana Partners to take a stance on corporate responsibility is very different. He thinks following Jana's advice could help protect Apple from potential backlash on teen iPhone usage. In addition, Benoit says goodwill could help drive future sales if consumers feel Apple made a phone that is safe for kids.
The UK has launched the largest pilot program of a four-day workweek to research measures of productivity. The trial includes more than 3,000 workers and spans more than 70 companies. The entire project runs for six months. Odessa Jenkins, the president of the e-learning and analytics company Emtrain, joined Cheddar News to break down the logistics of the test. “We are in a time of a wellness revolution, and I think we're all looking for how to make our employees more well and more balanced," she said. "And that's really, I think, the point of this study."
The SEC is taking aim at retail investors. The financial watchdog has released a new game show-themed public service campaign to help investors make informed decisions and do their due diligence before investing, but retail traders say they feel attacked. Tyrone Ross, Founder of 401, breaks down the battle between the two groups, and what can be done to mend their relationship.
New York State passes the country's first 'right to repair' bill covering electronics. The Fair Repair Act would require all manufacturers who sell digital electronic products within state borders to make tools, parts, and instructions for repair available to both consumers and independent shops. Experts believe the new measure could have a drastic impact on the overall cost of repairing devices and products. Gay Gordon-Byrne, Executive Director of The Repair Association joins Cheddar to discuss.
Here are your Need2Know stories for Tuesday June 7, 2022:
Today, voters head to the polls for primary elections in California, Iowa, Mississippi, Montana, New Jersey, New Mexico, and South Dakota.
Senator Joe Manchin said he would support raising age requirements for gun purchases to 21. Manchin told CNN he also "wouldn't have a problem looking at" a ban on AR-15 assault rifles.
Meanwhile, five players on the Tampa Bay Rays roster opted not to wear a patch added to its uniforms intended to celebrate pride month.
