Plus, Florida to remove $2B of its assets from BlackRock over ESG.
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In an 80 to 15 vote, the Senate passed legislation that would force a tentative agreement between labor unions and railway companies. Both parties had until Dec. 9 to reach an agreement before workers promised to strike. President Biden had urged Congress to intervene to prevent a nationwide railroad strike that he noted would devastate the economy. More: - The House approved two measures on Wednesday, one that would enforce a previously negotiated deal and one that would grant union workers seven more paid sick days.
- The Senate only passed the measure to implement a previously negotiated deal but not the inclusion of seven additional sick days.
- The vote for the sick days was 52-43, falling short of the 60 needed to pass it.
- President Biden said he was reluctant to override the union ratification process but noted that the impact of a nationwide railroad shutdown would be too much for working families.
- President Biden said he would sign the bill into law as soon as it is sent to his desk.
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Neuralink held a show-and-tell event on Wednesday evening where the company shared updates on its brain-implant technology. Founder and CEO Elon Musk said the company should be ready to test its brain implants on humans in six months. Musk added that the company had submitted most of its paperwork to the FDA. More: - Neuralink said it is working to address some concerns from the FDA regarding the impact of overheating or toxic chemicals from the device leaking into the brain.
- Musk joked that he could have a Neuralink device implanted in his brain right now, and people wouldn’t know.
- He added that he would eventually have one implanted for a demonstration.
- Neuralink hopes the implants will one day help restore vision and enable people with severe disabilities to move and communicate.
- Musk noted that as miraculous as it may sound, Neuralink is confident that restoring full-body functionality to someone with a severed spinal cord is possible.
- The company also previewed its surgical robots, which can thread brain-signal recording wires into the brain.
- Musk showed a video of a monkey with a Neuralink brain implant moving a cursor with his mind to images of letters.
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Blackstone said it would limit withdrawal requests from its Real Estate Income Trust (BREIT). The private equity firm said it had received withdrawal requests from its $69B BREIT fund that exceed its quarterly limit. On news of the withdrawal pause, Blackstone shares fell more than 7% on Thursday. More: - BREIT was formed in 2017, growing rapidly as the firm bought up suburban homes, apartment complexes, and student dormitories across the U.S.
- A Blackstone spokesperson noted that the company’s business is built on performance, not fund flows, and the firm’s performance is rock solid.
- Separately, the company has agreed to sell its 49.9% stake in the MGM Grand Las Vegas and the Mandalay Bay to Vici Properties.
- Vici Properties owns the other 51.1% of the two Las Vegas hotels.
- The deal valued the two properties at $5.5B.
- As part of the agreement, Blackstone would receive $1.27B in cash, and Vici would take on Blackstone’s share of $3B in debt.
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Airbnb announced a listing service for rental apartments on Wednesday. The company is working with Equity Residential, Greystar Real Estate Partners, and 10 other property managers and landlords across the country. Airbnb aims to increase offerings on its platform and ease restrictions building owners often have against tenants listing their apartments on Airbnb. More: - The new program will have over 175 buildings in more than 25 markets across the U.S.
- Greystar is putting more than 100 buildings on the platform.
- The company manages more than 700,000 apartments in the U.S. and plans to add more buildings on Airbnb.
- Property managers would get up to a 20% cut of total booking revenue from Airbnb, and they would get access to a dashboard to show which apartment has an Airbnb guest.
- Apartment listings account for just 14% of Airbnb’s total listings in October.
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According to sources, Netflix plans to open its content feedback group to tens of thousands of users across the globe. Netflix launched the program dubbed the Netflix Preview Club in May 2021. The streaming platform offered a small group of subscribers an opportunity to preview its original content and provide feedback before a wider public release. More: - A limited preview of content before a wider release has been a long tradition in Hollywood.
- According to sources, Netflix aims to strike a balance where it can provide feedback to creators while still giving them artistic freedom over their work.
- Netflix has used this feedback to make certain changes to its content.
- Last year, Netflix lightened up its movie “Don’t Look Up” after feedback from its preview club said the original version was too serious.
- Don’t Look Up went us to break Netflix’s record for weekly viewing hours for a film.
- Other streaming platforms with similar preview programs include Amazon and Disney’s Hulu.
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Honda and Volkswagen have halted production in some plants in China due to the country's strict zero-COVID policies. Toyota has also adjusted its output at some of its factories in China. Protests have broken out across the country as residents voice their frustration with local governments' handling of the resurgence of COVID-19 infections. More: - Volkswagen has suspended production at its Chengdu plant in southwestern China and two of five production lines at its plant in the northeastern city of Changchun.
- Honda had to shut down its car factory in Wuhan after many workers were locked down.
- A Honda factory in Chongqing that produces lawnmowers and generator engines has paused production since Nov. 10 due to a COVID-19 outbreak.
- Due to the repeated factory lockdowns due to the country's zero-COVID policy, factory output has decreased.
- Apple recently announced that due to the ongoing COVID-19 policies in China, some of its iPhone 14 Pro models would be delayed.
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- Florida plans to remove $2B worth of state assets from BlackRock over the firm’s stance on environmental, social, and corporate governance. Florida Chief Financial Officer Jimmy Patronis said BlackRock’s stance on climate change and other issues has nothing to do with maximizing returns and needs partners within the financial services industry who are as committed to the bottom line as we are.
- Delta is increasing the price for access to its Sky Club airport lounges and adding other restrictions starting next year, citing too much demand for the lounges.
- Tyson Foods CFO John R. Tyson has pleaded not guilty to criminal trespass and public intoxication charges. Tyson, the great-grandson of the company’s founder John W. Tyson, was arrested last month when he was found asleep in the wrong house.
- Pocket Naloxone, a startup aiming to provide over-the-counter overdose treatment medications, has submitted results from its naloxone treatment drug to the FDA. Naloxone is used in treating fentanyl overdose.
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 |  | Vanessa Omeokachie is a writer for Inside.com; she writes the daily Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, traveling, and exploring. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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