Summary of random news
How Big Tech won the pandemic
“Definitely there is a sense that it’s a recession that happened to be good for companies that were already doing well,” – New York Time.
8 out of 10 richest people in US are owners of tech companies. Jeff Bezos alone networth is equivalent to one and a half Goldman Sach. Why is that? These companies like Google and Amazon actually not only play important roles in the pandemic such as providing services crucial to fight the pandemic and people staying home meaning they generally have more money to spend on web services and shoppings. Many people start Youtube for examples spike youtube ads and membership revenues and at the same time providing a platform for business owners impacted to continue making a living/
Global coronavirus cases are surging
Daily Corona Virus cases urges to 800k a day. India is accountable for 400K of them. India has enacted the restrictions too late triggering the same wave without enough equipments such as oxygen tank and ventilators. Over 3000-4000 death a day in India there were cremations happening continuously. The sites for the cremations were all overloaded that the equipments start melting from the constant burning. On the other hand, South American countries such as Brazil has really high per capital daily infections and death daily. It faces a new deadlier variant which the current vaccines won’t protect us from it. Similar to Indian, the government actions are too slow in response to various urgencies regarding the pandemics.
Banking on change
I didn’t quite change some of the authors’ points. However, the sense I got was that if banks don’t stop funding bonds that give government money to support private prisons and police departments, banks should be penalties in some ways similar to civil right movements occurred before. The author also criticized about banks that promising not to involve funding bonds got caught indirectly signing deals that helped raising the fund used for funding private prisons and police. The overall tune of the articles are that banks should be reformed to reflect the desires and goals to achieve true racial equity and get rid of all white supremacy social norms.
‘We’re Suffering’: How Remote Work Is Killing Manhattan’s Storefronts
This article discussed how Manhattan business owners handling store rents. Some big name landlords can afford to provide more options for retail owners such as waiving rents for months and allowing them to pay only 10~15% of their total sales. For stores depending on employees such as law firms will still strive without tourists since their types of businesses don’t depend on walk in traffics. Restaurants and clothing stores perhaps plunged the most and some can’t even make 30% of the sales before the pandemic which mostly are not even enough to cover all business expenses. To most it is indeed a slow death for many but some owners are optimistic that once the pandemic is over they will strive again. “The stores are a crucial contributor to New York’s economy and employment. While the city is home to some of the largest companies in the world, small businesses employed about 900,000 people and made up 98 percent of all businesses before the pandemic.” – New York Times
How did Atlanta become a top breeding ground for billion-dollar startups in the Southeast?
Atlanta consists half of the nation’s black tech professionals populations and black African America consists of 25% of the Atlanta’s tech workers. The diversity in Atlanta is considered the most vibrant in US and it attracts even more talents from different backgrounds over the world to start migrating to the South Eastern region of United States. After all the financial crisis and tech scandals happened over the past decades, all the resources such as the ventures capitals, talents, and government supports seems to be flowing back to the region allowing many start ups to prosper. Some experts are optimistic that the region will soon be another tech hub similar to silicon valley. Many venture capitals helped to establish communities for tech professionals to gather to host events and etcs harnessing an early ideal ecosystems similar to Silicon Valley in order to nurture this yet to be another new tech hub of the world along side of Silicon Valley and New York for examples. In short, the potential of the South East region can not be overlooked and it certainly is heading to an bright future. 🙂
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