Bloomberg Businessweek December 20, 2021

● Global coronavirus cases have topped 272 million, 5.3m have died, and almost 8.6 billion vaccine doses have been given. Pfizer said its experimental Covid-19 pill has been found to be highly effective at keeping people infected with the omicron variant out of the hospital. ● The U.S. Federal Reserve said it would move more quickly to fight inflation. After meeting on Dec. 15, central bank officials said they would end their bond-buying program sooner than planned and signaled they favor raising interest rates in 2022 at a faster pace than expected. ▷ 26 ● Israel Prime Minister Naftali Bennett met with Sheikh Mohammed bin Zayed Al Nahyan of the UAE on Dec. 13 in Abu Dhabi. This first-ever formal visit of an Israeli leader to the country may pave the way to…

The Federal Reserve has recognized an important reality: Sometime soon, it might actually have to raise interest rates significantly to curb inflation. Officials are right to put themselves in a position to act if necessary, even if markets might not like it. For most of this year, the Fed has predicated its monetary policy on projections that, in hindsight, contained an element of magical thinking. Officials expected inflation to remain within control even as they kept providing monetary stimulus to an economy running beyond capacity. As of September, the Fed’s median forecast assumed that annual consumer price increases would subside to 2.1% by the end of 2024, while the unemployment rate would plunge to 3.5% and short-term interest rates would remain very low, reaching a mere 1.8%. Economic developments have rendered that…

▶ The James Webb Space Telescope heads into orbit on Dec. 22, where it will take several weeks to unfurl its giant mirrors. The Webb is the successor to the Hubble Space Telescope. ▶ Watch for a verdict in Elizabeth Holmes’s trial in the week of Dec. 20. She’ll face prison time if she’s convicted of deceiving investors about the Theranos blood-testing machines. ▶ The World Health Organization holds a briefing on Dec. 23 to discuss the progress of the rollout of coronavirus vaccines in Africa and the impact of the omicron variant there. ▶ Nike releases its fiscal second-quarter earnings on Dec. 20. The company has been dogged by supply-chain disruptions following factory closures in Asia. ▶ Micron Technology reports fiscal first-quarter earnings on Dec. 20. The numbers will give investors the latest…

If you’re squinting a bit to read this—whether on a screen or on paper—you’re not alone. The pandemic has taken a terrible toll on our eyesight. Almost a third of Britons told the College of Optometrists their vision had deteriorated during lockdowns. In China shortsightedness tripled among 6- to 8-year-olds, and some 80% of high school students there now suffer from myopia. Eyewear maker Warby Parker Inc. told prospective investors in its September initial public offering that increased screen time was fostering more demand for its products. But what’s a bummer for you and the three-fourths of Americans who use corrective vision is a big opportunity for the tech industry, which has its eye on those precious inches around the bridge of your nose. The Silicon Valley companies working on smart…

Consumer brands have long used everything from catchy advertising to product placement to burnish their image. But faced with a series of public-relations and branding crises in China, Tesla Inc. is resorting to an unconventional strategy: suing its critics. In the past six months, Elon Musk’s electric vehicle giant has filed defamation claims against at least two Chinese citizens who raised concerns about the safety and quality of its vehicles. Tesla alleges the individuals groundlessly damaged its reputation and is asking for steep compensation. Meanwhile, the company’s in-house lawyers have taken to threatening social media personalities who publish similar views with legal action, demanding they retract the posts and apologize publicly. Tesla’s legal maneuvers, detailed by people familiar with the situation, who asked not to be identified discussing internal decision-making, and in…

When the chief executive officer of Swiss luxury brand Bally looked at online revenue during the depths of the pandemic, he noticed something curious. Internet sales were robust in U.S. cities that hadn’t been on his radar. “These are cities that naturally a European brand will not think of first,” Nicolas Girotto says. “You will think about New York, Los Angeles, Miami. But there are big opportunities in Austin and Houston.” Bally, known for its hand-crafted leather shoes, is looking at opening stores soon in Houston and Charlotte. The expansion is part of Girotto’s twoyear plan to increase the number of stores Bally has in the U.S. to as many as 25, from 15, while also investing in its online platform. After surprisingly solid sales during the pandemic, European and U.S. luxury…