Biden's 1st veto

Biden uses 1st veto to block anti-ESG bill, Amazon announces it will cut another 9,000 jobs, and more [What makes a subscription to The Week so valuable now? Click here.]( [The Week Logo]( [Subscribe to The Week magazine]( [Subscribe to The Week magazine]( Daily business briefing 1. [Biden's 1st veto blocks anti-ESG bill]( President Biden on Monday used his veto power for the first time, blocking a bill that aimed to reverse a rule allowing pension managers to consider environmental, social, and corporate governance (ESG) factors when making investment decisions. "Retirement plan fiduciaries should be able to consider any factor that maximizes financial returns for retirees across the country. That's not controversial — that's common sense," Biden said in his veto message. The move sends the bill back to Congress, where opponents do not have the two-thirds of votes needed in both the House and the Senate to override the veto. Unless opponents come up with more votes, the rule will stand. [[NPR]( [Bloomberg]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Biden's+1st+veto+blocks+anti-ESG+bill&body=Read the story here: utm_campaign=business_briefing_newsletter_20230321&utm_source=business_briefing_newsletter) 2. [Amazon to cut 9,000 more jobs in 2nd mass layoff]( Amazon said Monday it would slash 9,000 more corporate jobs in a second round of mass layoffs. Chief Executive Andy Jassy said the cuts were necessary after the online retail giant had added large numbers of workers in recent years. Much of the tech industry went on a hiring binge to meet surging demand for online services during lockdowns early in the pandemic, and now Amazon and other large tech firms are cutting costs as demand weakens. Amazon previously said it was eliminating 18,000 jobs. "Given the uncertain economy in which we reside, and the uncertainty that exists in the near future, we have chosen to be more streamlined in our costs and head count," Jassy said. [[The Wall Street Journal]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Amazon+to+cut+9,000+more+jobs+in+2nd+mass+layoff&body=Read the story here: utm_campaign=business_briefing_newsletter_20230321&utm_source=business_briefing_newsletter) Advertisement by Enbridge [Discover how we're investing in low-carbon solutions for tomorrow.]( [Advertisement by Enbridge]( 3. [Union strikes over pay demand, forcing L.A. schools to shut down]( Tens of thousands of Los Angeles school employees are going on strike Tuesday after last-minute efforts to avert a walkout failed. Leaders of the union representing 30,000 support workers, seeking a 30-percent pay increase and $2 more per hour for the lowest paid workers, said the three-day strike in the nation's second-largest school system was unfortunate but necessary. The Los Angeles teachers' union urged its 35,000 members to walk out in a show of solidarity. L.A. schools Superintendent Alberto Carvalho said the walkout would disrupt the lives of students' families, and set back learning for the district's 420,000 children, compounding losses from the coronavirus pandemic. [[The Wall Street Journal]( [The New York Times]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Union+strikes+over+pay+demand,+forcing+L.A.+schools+to+shut+down&body=Read the story here: utm_campaign=business_briefing_newsletter_20230321&utm_source=business_briefing_newsletter) 4. [First Republic shares struggle but fresh rescue talks offer hope]( First Republic Bank's shares plummeted Monday by 47 percent even as many other midsize bank stocks stabilized, although it regained some of the lost ground in pre-market trading Tuesday on news that JPMorgan Chase CEO Jamie Dimon is leading talks about fresh investments to boost First Republic's capital. First Republic closed nearly 90 percent below its share price on March 8, the day Silicon Valley Bank's unraveling triggered a panic among investors and depositors in regional banks. First Republic's continuing troubles came despite an infusion of $30 billion in cash deposits from some of Wall Street's biggest banks intended as a show of confidence. The bank reportedly is in the early stages of considering potential buyout offers. [[The New York Times]( [The Wall Street Journal]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=First+Republic+shares+struggle+but+fresh+rescue+talks+offer+hope&body=Read the story here: utm_campaign=business_briefing_newsletter_20230321&utm_source=business_briefing_newsletter) 5. [Stock futures point to more gains as regional banks rise]( U.S. stock futures rose early Tuesday after hope of an end to turmoil for banks fueled solid gains on Monday ahead of the start of this week's Federal Reserve meeting. Futures tied to the Dow Jones Industrial Average and the S&P 500 were up 0.8 percent and 0.6 percent, respectively, at 7 a.m. ET. Nasdaq futures were up 0.3 percent. The Dow and the S&P 500 rose 1.2 percent and 0.9 percent, respectively, on Monday. The tech-heavy Nasdaq gained 0.4 percent. Regional banks surged ahead of the opening bell on Tuesday, with the SPDR Regional Banking ETF rising 3 percent. "Bank selling appears exhausted," Adam Crisafulli, founder of Vital Knowledge, said in a note. [[CNBC]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Stock+futures+point+to+more+gains+as+regional+banks+rise&body=Read the story here: utm_campaign=business_briefing_newsletter_20230321&utm_source=business_briefing_newsletter) [Read more business stories at theweek.com]( MOST POPULAR [Related image]( [Global happiness has been 'remarkably resilient' over the past three years]( Devika Rao [Related image]( [Military pilots have 24 percent higher rates of cancer than the public, study finds]( Justin Klawans [Related image]( [Nearly 200 banks at risk of SVB-type collapse, study finds]( Brigid Kennedy [Related image]( [Is France 'on the edge of civil unrest'?]( Peter Weber [Related image]( [Adam Gopnik recommends 6 classic books for literature fans]( The Week Staff [Speed reads banner] [Article image]( [Biden to create 2 national monuments in Texas and Nevada honoring Army veterans, Native Americans]( March 21, 2023 [Article image]( [Ukraine hints it destroyed Russian missile shipment in Crimea as China's Xi visits Moscow]( March 21, 2023 [Article image]( [Fox News seeks gag order for producer who claims she was coerced to mislead in Dominion deposition]( March 21, 2023 [Article image]( [6 more Oath Keepers, associates convicted in far-right militia's 3rd Jan. 6 trial]( March 21, 2023 [Read more of today's best articles at theweek.com]( [What makes a subscription to The Week so valuable now? 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