By Allison Morrow, CNN Enterprise
Editor’s Word: A model of this story appeared in CNN Enterprise’ Nightcap e-newsletter. To get it in your inbox, join free, here.
In right this moment’s enterprise information: Sure, your cereal packing containers are shrinking; a $30 billion insurance coverage merger will get known as off; and Philip Morris needs to ban cigarettes within the UK.
Neglect intermittent fasting and keto. Shrinkflation is right here that will help you shed your quarantine weight.
Right here’s the way it works: You don’t should do something, simply hold shopping for the identical groceries and let the meals producers do the portion management for you. As a result of when you’ll nonetheless be spending the identical quantity, you’ll be getting only a bit lower than earlier than.
Shrinkflation, after all, just isn’t a fad food regimen — it’s a sneaky little tactic utilized by corporations when their manufacturing prices go up (and the latest inflation surge has achieved simply that). Quite than change the worth of a field of Cocoa Puffs, Basic Mills can merely cut back the variety of puffs within the field by an oz or so. You pay the identical worth, due to course, after which the corporate can offset the rise of their bills.
Sure, that is authorized, and no, I don’t know why — it’s capitalism, child, simply roll with it. My colleague Nathaniel Meyersohn has more on the current shrinkflation.
NUMBER OF THE DAY
A proposed $30 billion insurance coverage trade merger has been called off only a month after the Justice Division’s antitrust regulators sued to dam it. The deal between Aon and Willis Towers Watson would have created an trade behemoth, and the DOJ argued that the merger would result in larger costs and fewer innovation. Its dissolution is a significant win for the Biden administration, which has taken a much more aggressive stance towards antitrust instances than its predecessors.
TALES FROM CRYPTO
Cryptocurrency buzz has gone from a low hum to a 2021-style cicada swarm. The rationale why has much less to do with the viability of cryptos as mainstream tender however reasonably the truth that Amazon is, apparently, paying consideration.
Amazon listed a job opening for a “digital foreign money and blockchain product lead.” The posting, which went up Friday, says the corporate is on the lookout for somebody with a “deep understanding” of the “cryptocurrency ecosystem and associated applied sciences.” (Translation: We’ve heard loads about this crypto factor and we’re truthfully so confused, so please come work right here and ensure we don’t appear to be dum-dums.)
The position can be a part of Amazon’s cost acceptance and expertise group, in keeping with the job description, maybe implying Amazon needs to just accept cryptocurrencies as cost. That will take the nascent market digital foreign money sector deeper into mainstream commerce and provides it the legitimacy that its advocates say is overdue.
Bitcoin climbed to a six-week excessive of almost $39,043. As of Monday afternoon, each bitcoin and dogecoin had soared greater than 14% over the earlier 24 hours, in keeping with Coinbase. Ethereum went up almost 12% over that interval.
QUOTE OF THE DAY
“With the correct measures in place, [Philip Morris] can cease promoting cigarettes within the UK in 10 years’ time.”
— Moira Gilchrist, head of strategic and scientific communications at Philip Morris Worldwide
Philip Morris Worldwide — sure, that Philip Morris — needs the UK to deal with cigarettes like gasoline-powered automobiles, the sale of which is because of be banned from 2030. The corporate, which makes Marlboro cigarettes and whose identify was as soon as synonymous with Massive Tobacco, added on Monday that it “can see a world with out cigarettes.” CNN Business’ Hanna Ziady has more.
WHAT ELSE IS GOING ON
- Tesla reported a record net income of $1.1 billion within the second quarter, up greater than 10 occasions what it made a 12 months in the past.
- Simply 17 million individuals in america watched the Olympics opening ceremony on TV — down 36% from the Rio Video games. However streaming figures have been up 72%.
- Chip large Nvidia is the ninth-most useful firm within the S&P 500. Now there’s a robust argument that it should join the Dow.
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