Why oil and gas have a (job) pipeline problem...
August 08, 2023 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( TOGETHER WITH [Miso]( Good morning. Today is International Cat Day, the one day itâs socially acceptable to make anything into a bed, avoid all eye contact, and push something important over. Make the most of it . âCassandra Cassidy, Abby Rubenstein, Matty Merritt, Neal Freyman [CLICK]( THIS TO REMAIN A SUBSCRIBER Clicking on newsletter links is the only way for us to know you are reading (and enjoying) Morning Brew. If you don't click by next month, you will stop receiving this newsletter. [Click here]( to let us know that youâre still an active subscriber. Thanks! MARKETS Nasdaq 13,994.40 +0.61% S&P 4,518.44 +0.90% Dow 35,473.13 +1.16% 10-Year 4.066% -2.5 bps Bitcoin $29,114.56 +0.03% Berkshire Hathaway $551,920.00 +3.41% *Stock data as of market close, cryptocurrency data as of 4:00am ET. [Here's what these numbers mean.]( - Markets: Stocks brought their Jackie Wilson energy today, climbing [higher and higher]( with the Dow notching its best day since June and the S&P 500 and Nasdaq both snapping losing streaks as investors wait for inflation data later this week. Berkshire Hathaway soared to a record high after Warren Buffett revealed over the weekend that it had a quarterly profit of more than $10 billion for the first time. Â FINANCE [You can now pay your friends in PayPal USD](
[Artistic rendering of the PayPal logo on a coin]( Francis Scialabba This news is for anyone who has long assumed the little âCryptoâ icon at the bottom of their Venmo screen was just there to be ignored. Yesterday, PayPal debuted its stablecoin, PayPal USD (PYUSD), the first issued by a global financial platform. Soâ¦what is a stablecoin? Itâs a cryptocurrency pegged to a stable asset, in this case, the US dollar, which is meant to make it less volatile and safer than other digital tokens. Stablecoins have been around for decades but havenât taken off in the consumer payment spaceâmainly because regulators arenât sold on that stability promise. PayPal asserts that PYUSD will âreduce friction for in-experience payments in virtual environmentsâ and allow faster and cheaper transfers between countries. - PYUSD works for peer-to-peer payments, both for checking out online and transferring value among digital wallets.
- The currency is redeemable for dollars and is convertible to or from other digital currencies that PayPal supports.
- And soon, youâll be able to send your tokens between PayPal and Venmo, making it even more convenient to send Karl $50 for dinner and drinks. The future of digital payments Regulatory smackdowns have cast a shadow over crypto, stabelcoins included, for the last year. PYUSD is issued on PayPalâs behalf by Paxos Trust Co., which previously issued the Binance stablecoin, BUSD, until that one was shut down by regulators earlier this year forâ¦being involved with Binance. But with PayPalâa mainstream fintech companyâentering the scene, Paxos sees a âwatershed momentâ in stablecoin regulation coming. Congress is also currently sitting on two bills (one about the broader crypto industry and one specific to stablecoins) that could have a huge impact on what happens next in the space. Whatâs in it for PayPal? Besides keeping it at the cutting edge of payment tech, thereâs a profit potential. Tether, the largest stablecoin issuer, could be on track to bring in $6 billion in revenue this year.âCC   TOGETHER WITH MISO [Can I get AI with that?](
[Miso]( One of fast foodâs greatest innovations is here. Weâre not talking about the dollar menu, either. Itâs Miso Roboticsâ AI-powered restaurant robotics. [And you can join them as a shareholder for a limited time](. [Miso Roboticsâ]( tech can fill the 3.7m fast-food jobs projected to go unfilled over the coming decade. Thatâs why their flagship robot, Flippy, is already automating frying stations for the biggest brands in fast food, including White Castle, Chipotle, Jack in the Box, and more. An opportunity to invest in the company automating the $675b fast-food industry? That hits the spot. Misoâs current investment round is open to all Morning Brew readers. Less than 50% of available shares are left. [Secure yours by investing today](. WORLD [Tour de headlines](#)
[Teslas charging]Maurizio Fabbroni/Getty Images Teslaâs CFO stepped down. Teslaâs Chief Financial Officer Zach Kirkhorn unexpectedly [resigned]( after working with Elon Musk at the electric vehicle maker for 13 years, which one asset manager told Bloomberg âis like working 50 years for anyone else.â Kirkhorn, who plans to stay at the company until the end of the year to ensure a smooth transition, has been replaced by Teslaâs chief accounting officer. Still, the unexpected departure spooked investors, raising concerns about volatility in the companyâs executive ranks and the succession plan for one day replacing Musk at the top. Paramount found a new buyer for Simon & Schuster. Private equity firm KKR has [agreed to buy]( the publisher for $1.62 billion. The deal comes less than a year after a federal judge kiboshed a plan to sell Simon & Schuster to Penguin Random House for ~$2.2 billion on antitrust grounds, ruling that deal would financially harm authors after a trial in which Stephen King testified against it. Rather than appeal, Paramount decided to search for a new buyer and received a $200 million fee from Random House since the deal failed to go through. Yellowâs bankruptcy might cost taxpayers. The 99-year-old trucking company made it official on Sunday, filing for bankruptcy and ending the employment of its 30,000 workers following years of financial struggle and a labor battle with the Teamsters. But for most outside the trucking industry, the big question looming now is whether the companyâs plan to sell off its assets will enable it to pay back the controversial $700 million [pandemic-era loan]( it got from the government or whether other creditors like Apollo Global Management will get whatever is left from the freight company. LABOR [City of Angels? More like City of Strikes](
[Los Angeles]( VCG/Getty Images Freeway traffic wonât be the only thing grinding to a halt in Los Angeles today. More than 11,000 [city workers]( plan to walk off the job this morning for 24 hours. Sanitation and airport workers fed up with a lack of resources and unfilled vacancies will be among those participating, according to the SEIU Local 721, which represents many city workers. Hot Strike Summer has already been extra scorching in LA. The city workers will be joining: - 170,000 Hollywood actors and 12,500 screenwriters picketing there and in NYC.
- Thousands of local hotel workers staging rolling strikes (who even tried to get Taylor Swift to postpone her LA tour dates). Nationwide, strikes have spiked this summer, putting July among the busiest months for labor action in decades, according to the Washington Post. Butâ¦unless UPSâs 350,000 workers reject the contract their union secured for them, this year is [not on track]( to have more strikers than 2018 or 2019âwhich in turn had fewer strikers than many years in the 1950s through 1970s, per Bloomberg columnist Justin Fox. Thereâs another big strike looming, though: With the auto workers union demanding a 40% raise for 150,000 hourly workers at General Motors, Ford, and Stellantis, Detroit may soon look like LA with less green juice.âAR   SPONSORED BY HEAR.COM
[Hear.com]( The ultimate conversation starter. The worldâs first-ever hearing aid with dual processing just hit the market, and itâs a game changer for anyone looking to hear more clearly in conversation. Itâs called [Horizon by hear.com](. See why audiologists are raving about this powerful German technology and [start your no-risk trial today](. ENERGY [Students leave the oil and gas pipeline](
[Oil derrick with cobwebs and help wanted sign.]( Illustration: Francis Scialabba, Photo: Getty Images Turns out classics majors and petroleum-engineering students have more in common than we thought: Both their programs are shrinking. College students arenât interested in [entering]( the oil and gas industry like they used to be, no matter how much money they could make when they graduate, the Wall Street Journal reports. The number of undergrads studying petroleum engineeringâonce a practical, popular major that would make Boomer parents proudâhas seen a 75% decline since 2014, Texas Tech professor Lloyd Heinze told the WSJ. In the past, enrollment in oil- and gas-related majors followed the market, but despite oil prices popping off between 2016 and 2021, the number grads entering the field still fell, according to the US Dept. of Education. It probably didnât help that the pandemic highlighted how volatile the oil and gas industry could be as companies laid off over [100,000]( employees between March and August 2020. Itâs not just about business. Petroleum engineers can earn 40% more post-graduation than computer science grads, but Gen Zers are opting for more environmentally conscious companies and positions. Current students are nervous about the fossil fuel industryâs role in climate change and question whether these high-paying jobs will even exist in the future as the country moves toward clean energy.âMM Â Â GRAB BAG [Key performance indicators](#)
[Mr. Burns from The Simpsons saying ]The Simpsons/20th Television via Giphy Stat: Few things scare billionairesâtheyâre constantly vying to send themselves to space or even fight each other in a cageâbut one thing that probably does strike fear into a titan of industryâs heart is learning that Nate Andersonâs firm, Hindenburg Research, is writing about their companies. According to Bloomberg, the prominent [short-seller]( shaved $99 billion from the combined wealth of Gautam Adani, Jack Dorsey, and Carl Icahn this year and caused the value of public companies they own to plunge by $173 billion, despite all the companies denying his claims against them. Quote: âThis case is about a social media celebrity who believes his fame means that his word does not matter, that the facts do not matter, and that he can renege and breach his contractual obligations without consequence.â The company behind those MrBeast Burgers that the YouTube star deemed âinedibleâ and sued over has now fired back withâ¦its own $100 million lawsuit. This is one potential money giveaway MrBeast definitely doesnât want to be a part of. The ghost kitchen companyâs [suit]( claims MrBeast flaked on his publicity obligations and that he damaged its reputation and relationships with suppliers and vendors by griping about the burgers and his deal with the company to his millions of followers. Read: Youâre probably drinking enough water. ([The Atlantic]( NEWS [What else is brewing](#) - [Severe storms]( swept across the East Coast yesterday, knocking out power to over 1 million households and delaying or canceling thousands of flights.
- [Ukraine]( says it thwarted a plot to assassinate President Volodymyr Zelensky.
- [The former Minneapolis police officer]( who held back the crowd during the killing of George Floyd was sentenced to nearly five years in prison.
- [Campbell Soup]( is buying Sovos Brands, the company behind Raoâs, the fanciest sauce you can plop out of a jar, for $2.3 billion.
- [Elon Musk]( said he may need surgery before he can fight rival tech CEO Mark Zuckerburg.
- [âHank the Tank,â]( a black bear believed to be responsible for 21 home break-ins in California, has been captured (and wonât be harmed). RECS
[Tuesday To Do List] Catch a shooting star: Itâs time to take in a [meteor shower](. Donât blame your tools: Even a toy fishing rod can catch fish ([YouTube](. Godzilla vs. Kong, etc.: Hereâs a [ranking of movie monsters]( to argue with your friends over. Can you name a lot of cities? Then youâll like [this game](. Loyalty is everything: Julie Bornstein turned that motto into millions with Sephoraâs Beauty Insider program. [Hereâs how she did it](. GAMES [The puzzle section](#) Brew Mini: For the competitive crossworders reading this, see if you can beat Nealâs time of 43 seconds on [todayâs Mini]( feel free to [chirp him on Twitter]( (or whatever itâs called now). Lottery logic Todayâs trivia question will require you to use logic to get somewhere in the ballpark of the right answer. Itâs more about the journey than the destination. Okay, here we go: Tonightâs Mega Millions jackpot is $1.55 billion. If you took $1.55 billion worth of dollar bills and stacked them on top of each other, how high would the money tower be? FROM THE CREW [Plan on it](
[A man nodding]( Jeremiah Johnson/Warner Bros. via Giphy Few things feel as good as everything going according to plan. And when those plans bring your business success, victory is that much sweeter. Donât miss our one-week course, Strategic Planning, which kicks off on Monday, August 14. Walk away with actionable plans for the months, quarters, or year ahead. [Snag your seat now](. SHARE THE BREW [Share Morning Brew]( with your friends, acquire free Brew swag, and then acquire more friends as a result of your fresh Brew swag. Weâre saying weâll give you free stuff and more friends if you share a link. One link. Your referral count: 0 [Click to Share]( Or copy & paste your referral link to others:
[morningbrew.com/daily/r/?kid=4904f90a]( ANSWER 105.2 miles (in space) A dollar bill is .0043 inches thick, and you would have 1.55 billion of them. The money tower would be 6,665,000 inches tall, equivalent to 105.2 miles. ⢠A Note From Miso This is a paid advertisement for Miso Robotics Regulation CF offering. Please read the offering circular at [invest.misorobotics.com](. Written by [Neal Freyman]( [Cassandra Cassidy]( [Abigail Rubenstein]( and [Matty Merritt]( Was this email forwarded to you? Sign up [here](. Take The Brew to work - Marketers: [Marketing Brew](
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