The daily business briefing: December 30, 2021
A Champagne shortage ahead of New Year's Eve, airline woes continue, and more

- 1. Champagne in short supply ahead of New Year's Eve
- 2. Jet stream causing more issues for airlines
- 3. Experts say HBO Max had the 'best 2021' of any streamer
- 4. Futures tick upward in quiet final week of 2021
- 5. Don't forget to include 'income from illegal activities' on your tax forms, says IRS

1. Champagne in short supply ahead of New Year's Eve
New Year's Eve might not be quite as bubbly this year — and not just because fears of the Omicron variant are bringing the mood down. Alison Napjus, the senior editor of Wine Spectator, warned Fox Business that "it could be tough to find some of your favorite labels [of Champagne] this year" as the industry is impacted by ongoing supply chain issues. "The market has fluctuated over the last 18 months, too," Beverage Industry Enthusiast adds. "In 2020, the demand for Champagne dropped 18 percent by volume, according to Comité Interprofessionnel du Vin de Champagne (CIVC), the trade organization for the Champagne region." Then, as demand climbed again in 2021, heat and frost hurt the Champagne region's production. Experts say the shortage is expected "to last several years."
Fox Business Beverage Industry Enthusiast
2. Jet stream causing more issues for airlines
U.S. airlines are already understaffed because of COVID-19, and the weather isn't helping matters. The jet stream winds have been unusually strong for several days, affecting transcontinental flights. Those going eastbound on Wednesday were arriving up to an hour earlier than scheduled, while westbound flights were slowed down, some delayed by as much as 45 minutes. Earlier this week, the headwinds were so strong that a Phoenix-bound American Airlines flight from Boston had to stop in Oklahoma City to refuel, The Wall Street Journal reports. Thousands of flights have been canceled in the last few days, due to snow in the Pacific Northwest and Midwest combined with staffing shortages caused by pilots, flight attendants, and other airline crew members testing positive for COVID-19; as of Wednesday night, more than 500 flights were already canceled for Thursday.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

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.
The Wall Street Journal The Week
3. Experts say HBO Max had the 'best 2021' of any streamer
Which streaming service had the best 2021? According to experts who spoke with Bloomberg's Lucas Shaw for his "Screentime" newsletter, the easy answer was HBO Max. "With roughly 70 million global subs, the service grew its user base substantially and has emerged as a viable challenger to Netflix and Disney," Variety's Brent Lang told Shaw. "It also fielded a number of buzzy hits like Hacks, Mare of Eastown, and The Flight Attendant that, for my money (and I subscribe to all of them), were far more accomplished than anything I watched on Disney Plus, Netflix, Amazon, Paramount Plus." The Ringer's Alison Herman agreed, explaining that HBO's "day-and-date bet for movies paid off in subscribers." Netflix came in second in the expert's informal poll, being credited for its indispensability.
4. Futures tick upward in quiet final week of 2021
Low trading volumes characterized the last week of 2021 on Wall Street, with U.S. futures ticking upward ahead of open on Thursday, "poised to rise … to new all-time highs," Barron's writes. The Dow Jones Industrial Average rose to a new all-time high of 36,488 in its sixth consecutive winning day on Wednesday while the S&P 500 managed its 70th consecutive new high of the year. Investors are likely anticipating Thursday's weekly jobless claims report, with "first-time unemployment filings … expected to tick up slightly from last week's reading but remain near pre-pandemic lows," Yahoo! Finance writes. Added Kevin Philip, a managing director at Bel Air Investment Advisors, "Despite global surges in COVID cases, the markets are reflecting the new reality that COVID is here to stay albeit more on our terms than its."
5. Don't forget to include 'income from illegal activities' on your tax forms, says IRS
The IRS would like to remind taxpayers to include any "income from illegal activities, such as money from dealing illegal drugs," on their forms, noting that "if you steal property, you must report its fair market value" but only if you don't "return it to its rightful owner in the same year." The amusing requests went viral this week on social media, although "the statutes are law and have been on the books for years," NBC News reports. As Gary Schroeder, a Maryland-based tax preparer, explained, "All income, from whatever source, is taxable income, unless excluded by an act of Congress. If you receive $500 to kill your neighbor's annoying rooster, or find $1 on the street, or embezzle from your employer, that's all taxable income, as well as your paycheck from flipping burgers at McDonald's."
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
Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.
-
Book reviews: 'America, América: A New History of the New World' and 'Sister, Sinner: The Miraculous Life and Mysterious Disappearance of Aimee Semple McPherson'
Feature A historian tells a new story of the Americas and the forgotten story of a pioneering preacher
-
Another messaging app used by the White House is in hot water
The Explainer TeleMessage was seen being used by former National Security Adviser Mike Waltz
-
AI hallucinations are getting worse
In the Spotlight And no one knows why it is happening
-
A newly created gasoline giant in the Americas could change the industry landscape
The Explainer Sunoco and Parkland are two of the biggest fuel suppliers in the US and Canada, respectively
-
Discount stores were thriving. How did they stumble?
The Explainer Blame Walmart — and inflation
-
Could a private equity deal be the end of Walgreens?
Today's Big Question The pharmacy chain will be taken private in a $10 billion deal
-
Eggs too pricey? Rent a chicken.
Under the Radar The cost of eggs increased more than 15% in January
-
Crafting emporium Joann is going out of business
Speed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
-
Will Trump's tariffs hurt Walmart?
Today's Big Question The world's biggest retailer 'isn't immune' to trade impacts
-
Store closings could accelerate throughout 2025
Under the Radar Major brands like Macy's and Walgreens are continuing to shutter stores
-
The diamond market is losing its shine
Under the radar Precious gemstones are rapidly dropping in price