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.
Russia's economy is effectively at a standstill after it was slapped with extensive western sanctions, and now it has to make the first of four monthly interest payments on dollar bonds. It's likely the country will not be able to pay — so what happens next? Major credit ratings agencies have downgraded Russian sovereign debt, with Fitch issuing a 'C' rating and S&P Global Ratings issuing a 'CCC-' rating. Caleb Silver, Editor in Chief of Investopedia, joins Closing Bell to discuss what a Russian debt default could mean for Russia's economy, U.S. consumers who have pensions with exposure to Russian assets, and whether this could create a global financial crisis.
Image-sharing social media platform Pinterest is marking Women's History Month through its Pinterest Elevates program, designed to help grow 10 underrepresented businesses with monetary and strategic support. Alise Marshall, senior global lead for public affairs at Pinterest, joined Cheddar News to explain how the program is helping to uplift women and women of color with businesses of their own. “This was in response to issues that we saw happening in the community, and ways that we thought that we were uniquely positioned to respond," she said.
As the Federal Reserve kicks off a two-day meeting, analysts expect that a rate hike to help curb rising inflation will finally be announced. Greg McBride, the chief financial analyst at Bankrate, joined Cheddar News to explain what this could mean for your wallet. "This is the beginning. This is not a one-and-done. This is the start of a series of interest rate hikes that we're going to see over the course of the next year or two, and there's a cumulative effect here as it pertains to the pocketbook," he said.
A new report from the Motion Picture Association highlights how the popularity of streaming services has helped the film industry recover from the pandemic. Matthew Belloni, the host of "The Town" podcast and founding partner of Puck News, joined Cheddar News to discuss the impact of streaming on Hollywood. "For all but the largest tent-pole style blockbuster movies, the future probably is streaming," he said.
Erika Nardini, CEO of Barstool Sports, joined Cheddar News senior reporter, Michelle Castillo at South by Southwest to talk about Barstool Sportsbook and the NCAA March Madness tournaments. "What we really believe is that there's going to be the next generation of sports bettor, [who] will follow sports the way Barstool Sports follow sports," she said. "They'll like winners. They'll like losers. They'll like the storylines. They'll like the drama with the fans.”
The movie theater chain and meme stock, AMC, bought a major share of Hycroft Mining Holding. The transaction makes AMC a 22 percent owner of the gold and silver mining company.
