What we’re reading (6/11)
“Slow Jobs Growth May Not Be A Bad Sign For America’s Recovery” (The Economist). “A prolonged period of elevated involuntary unemployment undoubtedly carries risks. But sub-million monthly payroll reports are not for the moment cause for much worry. America remains on track to eliminate remaining pandemic unemployment within two years. And in the meantime, the churning of workers into new, different jobs could leave the economy more productive than before, and better equipped for a post-pandemic world.”
“How ESG Stocks Perform Depends On Who Ranks Them” (Wall Street Journal). “Money is pouring into stocks that get good grades on issues like building a diverse workforce and reducing carbon emissions. But figuring out how high- and low-rated companies perform is nearly impossible because of inconsistencies in the way they are rated. A close look at the ratings and performance of stocks ranked by the three major providers of data on environmental, social and governance criteria shows that companies can have widely different ratings. Depending on the time period and the provider, top-ranked ESG stocks either beat the market or lag behind it. Low-ranked stocks, which are generally deemed to pollute more and treat their workers less well, can outperform top-ranked ESG stocks, and the market overall.”
“Apple Hires BMW Veteran In Latest Sign Of Electric Car Push” (CNBC). “Apple has hired Ulrich Kranz, a former senior executive at BMW who focused on electric cars, Apple confirmed to CNBC’s Phil LeBeau on Thursday. The hire is the latest sign that Apple is serious about building an electric car to compete with automakers such as Tesla. Hyundai said earlier this year it was in talks with Apple to manufacture its car before walking its comments back and confirming it was no longer in discussions.”
“Retail Investor Base Doubles In Europe As U.S. ‘Meme’ Stock Mania Spreads - Euronext” (Reuters). “The number of retail investors in Europe has doubled since the start of last year as stay-at-home rules and high savings rates during the pandemic triggered a surge in stock investing by non-professionals, according to data from Euronext. The trend is still less prevalent in Europe than in the United States, where retail investor participation in stock markets soared last summer before hitting extreme levels in January.”
“Behold The Highest-Paid C.E.O.s” (DealBook). “Six of the 10 largest executive pay packages of all time were awarded last year. This and other findings come from a new survey of the 200 highest paid C.E.O.s at public companies conducted for The Times by Equilar, a consulting firm. ‘Even in a gilded age for executive pay, 2020 was a blowout year,’ writes The Times’s Peter Eavis.”
