Daily Dozen | Forbes: Double Poutine; The metal mining boom; LA Subway Corruption

PepsiCo is the latest major food and drink company to halt production in Russia to oppose the country’s invasion of Ukraine. President Joe Biden’s choice to lead the Federal Aviation Authority has come under fire over allegations of corruption since he led the Los Angeles metro. Hundreds of new mines could be needed to satisfy growing demand for lithium-ion batteries in the push for electric vehicles.

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In the news today

  • Russian President Vladimir Putin has declared a “partial mobilization” of his country’s army reserves, calling on 300,000 people who are currently part of the Russian military reserve or have previously served in the armed forces to fight in Ukraine. This is a major escalation of the invasion as existing Russian forces on the ground face major setbacks. The Russian president also renewed threats to use nuclear weapons.
  • Hurricane Fiona reached Category 4 intensity Wednesday morning within hours of several Democratic lawmakers calling for increased federal aid to Puerto Rico to help the island recover from storm damage. About 89% of the United States remains without electricity two days after the passage of the hurricane, and more than 66% of residents do not have access to drinking water.

Best takeaways

PepsiCo has stopped manufacturing its soda brands, including Pepsi-Cola and Mountain Dew in Russia, making the beverage leader the last food giant to leave the country due to its invasion of Ukraine. The company suspended beverage sales in Russia in March, along with all capital investment and advertising, although some of its products like milk, baby formula and baby food are still available.

Italy’s far-right Brotherhood party is the favorite to win the country’s parliamentary election on Sunday, even after a fresh wave of controversy was sparked by redone social media posts by one of the candidates party. which showed him praising Adolf Hitler as a “great statesman” in addition to expressing his support for Russian President Vladimir Putin.

Former President Donald Trump’s legal team has told an appeals court it should reject the Justice Department’s request to keep about 100 classified documents seized from the billionaire’s Mar-A-Lago resort during the summer while a third-party special master examines the documents. Lawyers have accused the government of failing to prove that the documents are indeed classified despite their own refusing to disclose whether Trump actually declassified them.

Sixteen years and tens of billions of dollars of manufacturing, China’s large passenger plane awaits regulatory approval. The C919 single-aisle aircraft seeks to compete with the Boeing 737 MAX and Airbus A320neo and claim its own place in the hottest part of the commercial aircraft market. But some aviation experts say the effort is a failure, largely because foreign suppliers were reluctant to share their cutting-edge technology for fear the Chinese Communist Party would rip off their products.

Denver International Airport CEO Phillip Washington, President Joe Biden’s nominee for Federal Aviation Authority Administrator, was named in a search warrant linking him to corruption allegations at the Los Angeles Metro, where he served as CEO from 2015 to 2021. The document claims that Washington continued to funnel nearly $900,000 in funding to a nonprofit run by a close friend of his boss from the Los Angeles County Supervisor Sheila Kuehl at the time to stay in his good graces despite the organization’s poor performance.

Walgreens Boots Alliance, parent company of the pharmaceutical giant, will pay $1.37 billion to acquire the remaining 30% of specialty pharmacy company Shields Health Solutions, with the deal expected to close by the end of 2022. The retailer’s full acquisition of Shields comes as specialty pharmacies are becoming an increasingly sought-after commodity due to the influx of expensive drugs into the market that require specialty manufacture, storage and administration.

Must read today

Meet the investor ready to put his money in Ponzi schemes. His fund is up 593%

Harris Kupperman’s Praetorian Capital seeks hysteria in every corner of the market, from bitcoin to natural gas.

In case you missed it

Continued shift from fossil fuels to electric vehicles predicted by industry experts demand for lithium-ion batteries will increase sixfold over the next decade, which means an additional 384 mines of graphite, lithium, nickel and cobalt could be needed by 2035. These resources will be used to make tens of millions more batteries per year in the years to come. to come, but create a financial conundrum for the booming sector in the near term.

Advice you can trust

  • A showdown could be brewing between workers and employers, new data suggests employees return more and more painfully to the office, with in-person workplace presence covering nearly 50% in 10 major metropolitan areas in the first week after Labor Day. Nevertheless, numerous recent surveys indicate that employees are adamant about retaining the privileges of working from home, and many say they would rather quit than commute again.
  • IRS extends tax deadlines for residents of Puerto Rico affected by Hurricane Fiona. Storm victims in all 78 municipalities across the U.S. now have until February 15 to file various personal and business tax returns or make payments that were due as of September 17. Here are all the dates and details you need to know.

Must-see video

Goldman Sachs, Snap among firms cutting jobs ahead of recession

Goldman Sachs is expected to lay off hundreds of employees as early as this month, ending the pandemic-era hiatus on its annual “up or out” cuts of 1% to 5% of underperforming workers. The investment banking firm joins the ranks of other big names that have also downsized in recent times, including Carvana (laying 2,500 people), Tesla (229 workers), JPMorgan Chase (1,000 employees laid off or reassigned ) and Ford (3,000 clerical and contract employees).

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