The Week in Enterprise: The Huge Compromise

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Good morning and have a nice first summer Sunday. Here’s what you need to know on the business and technology news for the week ahead.

A bipartisan infrastructure law is advancing. The new legislation is a very scaled-down version of the $ 2 trillion proposal Mr Biden put forward in March, but he hailed it as a starting point. It still contains some of its cornerstone programs, such as funding for broadband expansion, rail projects, public transportation, electric vehicles, road and bridge repairs, and water, sewage, electricity and environmental remediation projects. The total price: $ 579 billion over eight years. To amortize itself, the bill would step up enforcement efforts by the Internal Revenue Service to reduce tax evasion by the corporate and wealthy.

The US Supreme Court ruled unanimously on Monday that the NCAA, which sets the rules for college sports, cannot prevent schools from compensating student athletes as long as the payment is modest and tied to education. So you won’t be seeing college quarterbacks earning an NFL-level salary anytime soon, but they could get monetary perks like graduate school scholarships, internships, or computer equipment. The ruling opens the door to a new era in college sports, which has traditionally generated huge revenues for schools without paying the student athletes for their work.

The cryptocurrency has had a roller coaster year, the price has more than tripled since last fall, but has recently fallen by almost 30 percent of its value. Last week it fell below $ 30,000 for the first time since January, undoing months of explosive growth. The decline follows tough crackdown on Bitcoin by the Chinese government, which views cryptocurrency as a threat to its control over trade in their country. But Bitcoin’s volatility has not discouraged its gradual adoption by mainstream investors and financial institutions, which has made up much of its recent popularity.

Under growing pressure to pursue more sustainable, climate-friendly business practices – which, admittedly, is quite difficult for an oil giant – Exxon Mobil announced it would be hiring its U.S. office workers by up to 10 percent annually for the next three to three months. This follows his plan to cut 14,000 jobs worldwide by 2022. The company is still surging from last month’s general meeting when shareholders rejected existing leadership and replaced a quarter of the board with new members who focus on climate and financial concerns.

Daily business briefing

Updated

June 25, 2021, 5:12 p.m. ET

Six antitrust laws that could curb the power of the tech industry are going – albeit slowly – through Congress. The legislation would make it harder for tech giants like Apple, Amazon, Facebook, and Google to attract potential competitors and prevent them from selling or promoting their own products to the detriment of their competitors. Though the bills are largely Democrat driven, they have received some support from Republicans seeking to restrict social media companies’ control over speech posted on their platforms. The proposals cleared a major hurdle in the House of Representatives Judiciary Committee last week, but are still facing opposition from both parties.

A slim majority of Americans believe it is time to end extended unemployment benefits, according to a new poll. The federal government has been providing unemployed people with an additional $ 300 per week since January on top of the regular unemployment benefits they receive from their state governments. These benefits are slated to last through September, but 26 states – all but one of which are Republicans – have either ended them early or plan to do so in the coming weeks. Critics of the improved benefits say it has deterred workers from taking available jobs, and supporters say the payments are necessary to support the recovering economy while the pandemic risks persist.

John McAfee, the founder of a software company that still bears his name, died in a Spanish prison where he was extradited to the United States for tax evasion. Shareholders in industrial giant Toshiba have ousted its chairman after an investigation found the company partnered with the Japanese government to pressure investors who wanted to shake up management. And Warren Buffett stepped down as trustee of the Bill and Melinda Gates Foundation just weeks after the couple divorced, raising new questions about the foundation’s future.