The daily business briefing: November 30, 2021
Twitter announces Jack Dorsey is resigning as CEO, a federal labor official calls for a new union vote at an Amazon factory, and more
![Jack Dorsey](https://cdn.mos.cms.futurecdn.net/LuXXNPSXxxE7hNLSAKgfHP-415-80.jpg)
- 1. Twitter announces Jack Dorsey's resignation as CEO
- 2. Federal labor official calls for new union vote at Amazon warehouse
- 3. Stock futures fall as concerns over Omicron variant continue
- 4. Eurozone inflation rises to 4.9 percent, highest on record
- 5. U.K. competition regulator tells Meta to sell Giphy
1. Twitter announces Jack Dorsey's resignation as CEO
Twitter announced Monday that CEO Jack Dorsey is stepping down and will be replaced by the social media company's chief technology officer, Parag Agrawal, effective immediately. Dorsey, 45, has been serving as chief executive of both Twitter and his digital payments company Square. He will remain on Twitter's board until his term expires at the 2022 stockholders' meeting, the company said. Salesforce President and COO Bret Taylor will replace former Google executive Patrick Pichette as chairman of the board. Dorsey didn't reveal why he was resigning, but said he had "decided to leave Twitter because I believe the company is ready to move on from its founders." Twitter shares fell by 2.7 percent on Monday.
2. Federal labor official calls for new union vote at Amazon warehouse
A National Labor Relations Board official, Lisa Y. Henderson, has ordered a second union vote at the Amazon warehouse in Bessemer, Alabama, after determining that Amazon improperly pressured workers during the initial vote in the spring. Henderson, the NLRB's Atlanta region director, accused Amazon of "flagrant disregard" for making the union election free and fair, saying its placement of a U.S. Postal Service mailbox in front of the warehouse "essentially hijacked the process and gave a strong impression" the company controlled ballot counting. Amazon, which staunchly opposes unionization, noted that the factory's workers voted more than 2-to-1 against joining the Retail, Wholesale, and Department Store Union. "It's disappointing that the NLRB has now decided that those votes shouldn't count," Amazon spokesperson Kelly Nantel said.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
![https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516-320-80.jpg)
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Stock futures fall as concerns over Omicron variant continue
U.S. stock futures fell early Tuesday after Monday's rebound as concerns continued about the new Omicron coronavirus variant. Futures tied to the Dow Jones Industrial Average and the S&P 500 were down by 1.3 percent and 1.1 percent, respectively, at 6:30 a.m. ET. Futures for the tech-heavy Nasdaq were down by 0.6 percent. The main U.S. indexes made big gains on Monday, bouncing back from Friday's plunge, after President Biden said a new economic lockdown was off the table. Futures fell Tuesday after Moderna CEO Stephane Bancel told the Financial Times that existing vaccines would probably be less effective against the Omicron variant.
4. Eurozone inflation rises to 4.9 percent, highest on record
Inflation hit 4.9 percent across the Eurozone in November, the highest since records began in 1997, according to figures released Tuesday by Eurostat, the European Union's statistics agency. The figure, up from 4.1 percent in October, was higher than the 4.5 percent expected by economists surveyed by Reuters. The surge in consumer prices in the 19 countries that use the European common currency came largely because of a spike in energy costs. Increasing demand and supply-chain bottlenecks due to the recovery from the coronavirus recession also pushed up consumer prices. The data raised questions about how quickly the European Central Bank will tighten its monetary policy as inflation rises but pandemic concerns continue.
5. U.K. competition regulator tells Meta to sell Giphy
British antitrust regulators on Tuesday told Meta to sell Giphy over concerns that the social media giant's recent purchase of the GIF-sharing platform would hurt competition. The U.K. Competition and Markets Authority said Meta's control of Giphy — a search tool for short, looping videos and animations — had already knocked one potential rival out of the advertising market, and concluded that the regulator's "competition concerns can only be addressed by Facebook selling Giphy in its entirety to an approved buyer." Meta, which owns Facebook, Instagram, and WhatsApp, said it disagreed with the decision and was considering "all options, including appeal." "Both consumers and Giphy are better off with the support of our infrastructure, talent, and resources," a Meta spokesperson said.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
Magazine solutions - August 2, 2024
Puzzles and Quizzes Issue - August 2, 2024
By The Week Staff Published
-
Magazine printables - August 2, 2024
Puzzles and Quizzes Issue - August 2, 2024
By The Week Staff Published
-
'In a normal country, their activities wouldn't even be crimes'
Instant Opinion Opinion, comment and editorials of the day
By Justin Klawans, The Week US Published
-
It's not your imagination — restaurant reservations are becoming harder to get
In the Spotlight Bots, scalpers and even credit card companies are making reservations a rare commodity
By Justin Klawans, The Week US Published
-
A massive copper shortage is on the horizon
Under the Radar It is estimated that mines will only meet 80% of copper needs by 2030
By Justin Klawans, The Week US Published
-
Epoch Times CFO charged with money laundering
Speed Read Weidong "Bill" Guan stands accused of laundering $67 million
By Peter Weber, The Week US Published
-
FDIC chair out after toxic work culture report
Speed Read The report revealed a trend of sexual harassment and discrimination at the Federal Deposit Insurance Corporation
By Peter Weber, The Week US Published
-
How did Starbucks 'fall from grace'?
The Explainer The coffee giant faces lower quarterly sales. Is it the economy, or have the drinks grown stale?
By Joel Mathis, The Week US Published
-
How Wall Street and Endless Shrimp may have killed Red Lobster
Under the Radar The company's shrimp deal may have worked a little too well
By Justin Klawans, The Week US Published
-
Downtown St. Louis is in a real estate 'doom loop'
Under the Radar The city is rife with abandoned buildings and vacant lots, with its real estate market in dire straits
By Justin Klawans, The Week US Published
-
How will the FTC's ban on noncompete agreements affect the workforce?
The explainer Short answer: Competition will only get fiercer
By Devika Rao, The Week US Published