Sections Local news About Axios Sign up Economy & Business Why it matters: After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like. Media Stock market Jobs Transportation Retail Trade war All economy & business stories Dan Primack, author of Pro Rata 36 mins ago - Economy & Business Ozy Media strikes severance deal with ex-employees Illustration: Megan Robinson/Axios Ozy Media, which recently imploded amid investigations into alleged fraud, has reached a severance settlement with most of its former full-time employees, Axios has learned. Behind the scenes: Silicon Valley investor Ron Conway, who surrendered his Ozy shares, quietly hired law firm Wilson Sonsini to represent the ex-employees, with a final deal signed just before Thanksgiving. It included final paychecks, requested reimbursements, accrued but unused PTO and other owed wages (e.g., commissions). Go deeper (<1 min. read)Arrow Dan Primack, author of Pro Rata 2 hours ago - Economy & Business Blue Prism agrees to SS&C takeover, withdraws support for Vista bid Illustration: Sarah Grillo/Axios Blue Prism (LSE: PRSM), a British robotic process automation company, agreed to a £1.24 billion takeover offer from SS&C Technologies (Nasdaq: SSNC) and withdrew its support for a slightly lower bid from Vista Equity Partners. Why it matters: Vista has a reputation for winning deals with its wallet, not for getting beat out on price. Go deeper (<1 min. read)Arrow Ina Fried, author of Login 3 hours ago - Economy & Business CEO Cristiano Amon reflects on a changing Qualcomm Photo illustration: Axios Visuals. Photos: Microsoft, David Paul Morris/Bloomberg via Getty Images Cristiano Amon, who took over as Qualcomm CEO earlier this year, says the company will look much different in three years' time, with PC chips finally making up a more meaningful part of its revenue and Apple's business little more than a blip. Why it matters: Qualcomm helped create the modern cellphone industry and is the largest remaining U.S.-based force in setting cellular standards, in addition to being the largest maker of mobile chips. Go deeper (1 min. read)Arrow Ben Geman, author of Generate 3 hours ago - Energy & Environment Exxon sets new emissions goals for 2030 An Exxon Mobil Corp. gas station in Falls Church, Virginia. Photo: Andrew Harrer/Bloomberg via Getty Images Exxon on Wednesday unveiled 2030 greenhouse gas targets as it faces investor and activist pressure to do more on climate. Driving the news: They include a 20%-30% cut in corporate emissions intensity — that is, emissions per unit of output — and a 40%-50% intensity cut in oil-and-gas exploration and production. Go deeper (1 min. read)Arrow Andrew Freedman, Dan Primack 3 hours ago - Economy & Business Flood of money pours into climate tech Illustration: Aïda Amer/Axios Funds are making moves to achieve climate solutions breakthroughs, as well as investing in companies that seek to help communities better manage the climate risks they already face today. Driving the news: StormSensor, a company that monitors watersheds in real time, including providing flood data, announced on Wednesday that it has closed a $10 million funding round. The funding is co-led by Orbia Ventures and Buoyant Ventures, with participation from other funds and individuals. Go deeper (1 min. read)Arrow Rebecca Falconer, Laurin-Whitney Gottbrath Updated 4 hours ago - Health Omicron variant detected in more countries The Galeao International airport in Rio de Janeiro, Brazi. Photo: Mauro Pimentel/AFP via Getty Images Nigeria, Saudi Arabia and South Korea on Wednesday became the latest countries to report cases of the Omicron variant of COVID-19. They followed similar announcements made in Brazil and Japan on Tuesday. Why it matters: The arrival of the "variant of concern" in more countries underscores the difficulties governments are facing as they seek to reopen economies stalled by nearly two years of pandemic restrictions in the era of global air travel. Go deeper (1 min. read)Arrow Felix Salmon, author of Capital 4 hours ago - Economy & Business How to meme a painting Illustration: Megan Robinson/Axios How can a physical artwork become an NFT? One new company has just spent $12.9 million on a Banksy in an attempt to try out a new way of converting the real into the virtual. Why it matters: The art market globally sees volume of about $60 billion per year, almost all of which is trade in physical objects. Art-world insiders including former Christie's c0-chair Loïc Gouzer are on the lookout for ways to monetize physical paintings without necessarily giving up physical ownership of them. Go deeper (2 min. read)Arrow Courtenay Brown 4 hours ago - Economy & Business Charted: Pandemic stock shocks ease Data: S&P Dow Jones Indices; Chart: Will Chase/Axios Pandemic shocks have gotten easier for the stock market to stomach. Driving the news: "Covid-related stock market drops are getting milder and shorter," as DealBook noted earlier this week. Bad pandemic news hasn't prompted nearly as much turmoil as the early days of COVID-19. Go deeper (1 min. read)Arrow Richard Collings 5 hours ago - Economy & Business Department stores pushed to explore less being more Illustration: Aïda Amer/Axios Department stores and their investors are obsessed with one retail trend you won't see on the runway: Spinning off their e-commerce businesses. Driving the news: Macy's is the latest chain to explore such a move. Why it matters: Department stores were further behind other retailers in modernizing and, as a result, were the most cash starved. Go deeper (1 min. read)Arrow Jennifer A. Kingson 7 hours ago - Health Massage, facial, pedicure... intravenous drip? A salon on the Upper East Side of New York that offers IV drip therapies. Photo: Jennifer A. Kingson/Axios IV drips — the kind you might get if you're rushed to the hospital — are trending as a spa treatment, thanks in part to endorsements by celebrities like Kim Kardashian and Madonna. Why it matters: Like other "wellness" trends with a whiff of medical imprimatur, IV nutrient drips can be harmless or mildly restorative — or go awry, particularly in the wrong hands. Go deeper (2 min. read)Arrow Bob Herman 7 hours ago - Health Supreme Court weighs whether hospital drug cuts are valid Photo: Megan Jelinger/AFP via Getty Images The U.S. Supreme Court heard oral arguments Tuesday about whether the federal government had the authority to cut hospitals' payments for outpatient drugs. Why it matters: The controversial case involves billions of dollars for hospitals, pits not-for-profit hospitals against rural and for-profit facilities, and tests the broader legal theory of whether federal agencies can take matters into their own hands when laws are vague. Go deeper (1 min. read)Arrow Julia Sclafani 12 hours ago - Economy & Business UN report: Pandemic set to cost global tourism $2 trillion in 2021 A tourist in front of the Eiffel Tower in Paris on Nov. 25. Photo:Chesnot/Getty Images A new United Nations report warns that global tourism will see only modest revenue gains in 2021 after last year's historic losses amid the COVID-19 pandemic. Why it matters: Tourism revenues in 2020 fell by more than half from the previous year — a significant blow to the global economy, according to an analysis by the UN World Tourism Organization (UNWTO). Go deeper (1 min. read)Arrow Lachlan Markay, Hans Nichols 16 hours ago - Economy & Business Clinton Foundation donations plummet 75% Chelsea, Hillary and Bill Clinton appear at the 2018 Clinton Global Initiative conference, staged by the Clinton Foundation. Photo: Joshua Lott/Getty Images Donations to the Clinton Foundation plummeted to $16 million last year, down nearly 75% from the organization's peak when former secretary of State Hillary Rodham Clinton was running for president, records reviewed by Axios show. Why it matters: The foundation was a financial juggernaut in the years after Bill Clinton served as president and while his wife led her own political career. In the time since, COVID-19 shuttered the sort of public events that had driven millions to the group — although Clinton loyalists expect increased donations this year. Go deeper (2 min. read)Arrow Erica Pandey, author of What's Next 17 hours ago - Economy & Business Food delivery "ghost kitchens" face major obstacles Photo: Jakub Porzycki/NurPhoto via Getty Images The growing popularity of food delivery has given rise to startups that open "ghost kitchens" — kitchens in warehouses or trailers that prepare food solely for delivery and have no option to dine in. But they can come with a whole host of problems. The big picture: The concept of "ghost kitchens" has been dubbed the next big thing in the future of services, with high profile backers like Uber founder Travis Kalanick. But these kitchens can be hard to run or unsafe. Go deeper (<1 min. read)Arrow More economy & business stories Axios gets you smarter, faster with news & information that matters. Copyright Axios Media, 2021 About About Axios Advertise with us Careers Events Axios on HBO Axios HQ Privacy and terms Online tracking choices Contact us Subscribe Axios newsletters Axios app Axios podcasts Courses Earn Axios rewards