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 International Energy Agency’s 31 member countries have agreed to release 60 million barrels of oil from their strategic reserves “to send a strong message to oil markets” that supplies won’t fall short after the Russian invasion of Ukraine.
As companies struggle to recruit and retain employees, major retailers are raising wages. According to Atlanta Federal Reserve Bank data, the country's youngest workers are seeing the fastest wage growth of any group, even outpacing inflation. Daniel Altman, chief economist at staffing firm Instawork, breaks down the impact of inflation on the labor market, the power shift from employer to employee, and how the Russia-Ukraine crisis might impact jobs and salaries moving forward. "There's a feeling that the wage increases have been postponed for quite a long time and with prices going up, there's just a little more urgency right now," he said.
TikTok is extending the maximum length of its platform's clips to 10 minutes in length, a big leap from its three-minute cap, in order to keep up with competitors such as YouTube and Instagram Reels.
JPMorgan Chase celebrates black culture and our communities every day as we continue to celebrate Black History Month. Cheddar News is highlighting prominent Black Americans who are carving their own historic paths and trailblazing in their industries. Today we turn our focus to one leader helping shift the culture of amateur sports across the U.S through esports. CEO and Founder of PlayVS, Delane parnell, joined Cheddar to discuss more.
