Unlock the Publisher’s Digest for Free
Roula Khalaf, editor of the FT, selects her favorite stories in this weekly newsletter.
Introduction
In this week’s edition of Unlock the Publisher’s Digest for Free, we explore an interesting trend in the U.S. tech industry where software engineers claim to hold multiple full-time jobs simultaneously. We also discuss the concept of working fewer hours and having more free time, as well as other noteworthy stories ranging from financial services sanctions to the conflict in the Middle East and the impact of weight-loss drugs on food companies. So, let’s dive in!
The Curious Trend of Holding Multiple Jobs
– Software engineers in the U.S. tech industry are claiming to work multiple full-time jobs at the same time.
– They share tips on social media on how to trick bosses and compare which job can be completed faster.
– Reddit’s “Overemployed” community refers to these jobs as “J1” and “J2” (job one and job two) when discussing salaries.
The Desire for More Free Time
– The concept of working fewer hours and having more free time has gained popularity.
– The book “The 4-Hour Workweek” by Andrew Barnes promotes the idea of reducing working hours.
– However, the feasibility of this concept varies across industries, with some sectors finding it more difficult to shift working hours.
Experiments with the 4-Day Workweek
– Companies have experimented with implementing a four-day workweek.
– The focus of these experiments has primarily been on marketing, advertising, and professional services.
– Some companies have successfully implemented the four-day workweek, while others have made the mistake of simply reducing a few hours of work instead of an entire day.
Finding Ways to Take Fridays Off
– In the United States, some employees have found a way to take Fridays off without company approval.
– This unconventional approach to work may provide a more relaxing experience compared to juggling multiple employers.
Financial Services Sanctions
– The Financial Conduct Authority (FCA) in the UK has the power to ban individuals from working in financial services.
– This is a rare move, but it can be imposed as a severe sanction.
– Jes Staley, the former Chief of Barclays, was recently barred from holding important roles in the city following an investigation into his relationship with Jeffrey Epstein.
Conflict in the Middle East
– The recent attack by Hamas on Israel has led to escalating tensions in the region.
– Israeli Prime Minister Benjamin Netanyahu has declared war in response to the attack.
– The impact on crude oil prices has been limited so far, with the market hoping that the conflict will not spread to neighboring countries like Iran.
Market Impact of Oil Prices
– High oil prices have allowed companies like Exxon to make significant investments.
– Exxon recently confirmed its purchase of Natural Resources Pioneer, a US-listed shale group, in a $64.5 billion deal.
– The agreement reveals a shift in focus from exploration to cost-cutting measures and distributions to investors.
Challenges in Social Media Content Moderation
– The social media platform X (formerly Twitter) has faced challenges in moderating content since Elon Musk’s acquisition.
– Fake content has become a concern, leading to a tense exchange between EU Commissioner Thierry Breton and Musk.
– Musk has also faced difficulties with the U.S. Securities and Exchange Commission (SEC) regarding his stock purchases on Twitter.
Google’s Dominance in Search Engines
– Alphabet is currently defending Google’s position as the world’s most popular search engine.
– The US Department of Justice is reviewing payments made to secure Google’s position as the default option on devices like iPhones.
– Payments to companies like Apple have contributed to Google’s dominance in the search engine market.
China’s Property Crisis
– China is facing a housing crisis, with approximately 80% of wealth held in property.
– The largest private property developer, Country Garden, has warned of an upcoming default on its debt payment.
– Chinese lenders are experiencing rising bad debts from developers and homeowners’ mortgage boycotts.
– The country’s sovereign wealth fund’s investments in banks raise concerns about support for the property sector.
Impact of Weight-Loss Drugs on Food Companies
– The availability of weight-loss drugs like Wegovy may impact the demand for packaged snacks.
– Walmart has already seen a drop in demand for snacks since the introduction of weight-loss drugs.
– Food companies may experience a decline in their stock prices as a result.
– This could also affect the planned expansion of companies like the UK-listed bakery chain Greggs.
Seeking Growth Opportunities in New Markets
– As online rivals squeeze out front-end sales, companies like Walgreens Boots Alliance need innovative ideas.
– The US drugstore operator may consider selling work boots in the UK as a potential growth opportunity.
– This strategy could help the company refocus on its core healthcare offerings, such as weight-loss drugs.
Conclusion
In this edition of Unlock the Publisher’s Digest for Free, we explored the trend of software engineers holding multiple jobs, the concept of working fewer hours, financial services sanctions, the conflict in the Middle East, challenges in social media content moderation, Google’s dominance in search engines, China’s property crisis, the impact of weight-loss drugs on food companies, and new growth opportunities for businesses. Stay informed with Lex and subscribe to receive the full newsletter directly to your inbox!
Sources:
– The Lex Newsletter
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Unlock the Publisher’s Digest for free
Roula Khalaf, editor of the FT, selects her favorite stories in this weekly newsletter.
This article is an on-site version of The Lex Newsletter. Registration Here to receive the full newsletter directly to your inbox every Wednesday and Friday
Dear reader,
There’s a curious trend in the U.S. tech industry where some software engineers say they hold two or more full-time jobs at the same time. On social media they share tips on how to trick bosses and compare what work can be completed faster. Reddit’s popular “Overemployed” community refers to “J1” and “J2” (job one and job two) when talking about salaries. It all seems exhausting.
What happened to working less and having more free time to have fun? After writing The 4-hour work weekAndrew Barnes was shortlisted for the Business Book Awards with his more realistic style The 4 day week. As always, Lex is skeptical.
Experiments by companies that allowed employees to cram their work into four days focused largely on marketing, advertising and professional services. Some have been successful.
But those who work in the manufacturing and customer-facing sectors find it difficult to shift working hours at will. Furthermore, it turns out that some British companies involved in four-day-a-week experiments made a mistake. Instead of cutting off an entire day, they freed up employees from a few hours of work.
Breaking out of the status quo is difficult. In the United States, however, some employees have found a way to get around full-time work by actually taking Fridays off, albeit without company approval. It sounds more relaxing than trying to juggle two employers.
Join the forbidden bandwagon
In the UK, the Financial Conduct Authority can end employment altogether. One of the FCA’s most serious sanctions is banning someone from working in financial services. It’s a rare move. This week, ex Barclays Chief Jes Staley was barred from attending most important roles in the city.
Staley resigned nearly a year ago following an investigation into his relationship with Jeffrey Epstein. It’s the right move, even if, as Lex points out, he would hardly have been offered a big job.
Conflict in the Middle East
Hamas’ brutal attack on Israel last Saturday, which killed more than 1,000 people, led Israeli Prime Minister Benjamin Netanyahu to declare war. It is impossible for some concerns to turn into a regional conflict. Looking at the price of crude oil, however, it seems that the market at least believes that this will not be the case. Price on Monday it only increased by 3%. Lex says this is partly due to the hope that the conflict will not attract neighboring countries such as Iran.
High oil prices have left companies like Exxon with money to waste. This week he confirmed that he would purchase Natural resources pioneera US-listed shale group, in an investment of $64.5 billion purchase of all shares. Lex took the opportunity to consider what the agreement says about future exploration. Pioneer has decided to cut capital expenditures and distribute buybacks and dividends to investors. The agreement does not foresee an increase in exploration.
Free speech, costly mistakes
Look for information about the attack on Israel on the social media platform X (formerly Twitter) and you’ll probably come away confused. Since Elon Musk bought the company, it has abandoned some of its previous content moderation tools. You may also have noticed that links to news articles now don’t include headlines, only photos. The flow of fake content has alarmed EU officials, leading to a terse exchange between EU Commissioner Thierry Breton and Musk.
But when did unhappy authorities ever change Musk’s behavior? The U.S. Securities and Exchange Commission certainly isn’t having much luck getting Musk to testify in an investigation into his Buying stocks on Twitter.
The SEC is looking into Musk’s stock purchase ahead of his $44 billion buyout. He submitted the necessary documentation 20 days after his share exceeded 5%. The limit is 10 days. Poor timekeeping accuracy may not be Musk’s priority, but Lex is with the SEC. Markets are most efficient when information is disclosed in the correct order.
Elsewhere in the tech sector, Alphabet is in court defending Google’s position as the world’s most popular search engine. The US Department of Justice is reviewing payments made to make them the default option on devices like iPhones. Estimates range from a few billion each year to $20 billion. Expensive but worth it. These payments have helped make Google the most popular search engine in the world. Companies that receive payments, like Apple, are he will have a difficult time replacing what is essentially no-cost revenue if Alphabet loses the lawsuit.
China is broken
Around a third of British household wealth is held in property. In China the percentage is close to 80%. The national housing crisis will weigh heavily on the economy.
This week, China’s largest private property developer, Country gardenconfirmed that it could not pay the upcoming $60 million debt payment and warned that this would not be possible headed towards default. Country Garden was once seen as a safe bet on China’s real estate sector. His projects extend across the country.
Before the crisis, Chinese lenders were lending to families in spades, improving their earnings. Now, the rise in bad debt from developers is hitting hard. The same goes for homeowners’ boycotts of mortgages. Hopes that investments by the country’s sovereign wealth fund are a sign of support should be tempered by concern on the signals it sends. The asset fund invested in banks even before the 2008 financial crisis.
Weighed down
If weight-loss drugs proliferate, what happens to packaged food companies? make a fortune off the munchies? The waiting list for drugs like Wegovy is long. Walmart says he’s already seeing a drop in demand for snacks. Food consumer groups could lose the high stock price/earnings multiples they have enjoyed for years.
Could this include beloved UK-listed bakery chain Greggs? Growth forecasts are high, but the stock price is falling. High sales are needed to cover the costs of the planned expansion. It currently expects annual free cash flow of £100m to the end of 2026. Net debt is low. However, there is a risk that appetite suppressant drugs will impact future demand. We have reached the peak of the sausage roll?
This is an aspect that pharmaceutical operators must also consider. So-called front-end sales of products like cosmetics and snacks are already being squeezed out by online rivals. Walgreens Boots Alliance needs new ideas to grow. After cutting its full-year profit forecast, Lex believes the US drugstore operator could revive plans to do so sell work boots in the UK. It could help the U.S. company refocus on health care, such as weight-loss drugs.
Other things I liked this week
David Grossman, winner of the Man Booker International Prize in 2017, wrote an article in the Financial Times this week on the issue sense of betrayal felt by Israelis towards their government.
This is where the idea came from for employees to consider Fridays as an unofficial day off great story by Taylor Nicole Rogers. The hiking trails and beaches around the Bay Area are sure to be packed on Fridays.
Paris Fashion Week goers have reported seeing bedbugs on the subway this year. The New York Times does a great job of explaining the horror of a potential infestation.
Enjoy the weekend,
Elena Moore
Deputy head of the Lex
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