☑️ Activist investment hedge fund Elliott Management, led by Wall Street legend Paul Singer, announced that it has taken a $3.2B stake in AT&T and plans to “help” the company double its share price by 2021. Translation: Elliot will impose its will on AT&T management and extract shareholder value at all costs.
☑️ Boris Johnson finally got what he asked for, as UK Parliament will shut down for the next five weeks. The move comes as Johnson looks to give his haters little time to come up with an alternative to the “no-deal” Brexit he is hoping for, as the current deadline is October 31st. BJ has hinted that he may break a law passed by Parliament requiring an extension should no deal be reached by Halloween.
☑️ In other news across the pond, our old friend PM Johnson lost a second bid to hold a snap election. After the first failed attempt last Wednesday, it was widely expected that today’s vote would end in embarrassment. Johnson’s plan only received 293 of the required 434 votes needed to force a new election.
☑️ In preparation for the holiday shopping season, UPS is hiring more than 100k part-time workers in the US. Last year, the company set the same hiring goal and ended up exceeding their projection, as online holiday sales continue to grow. Seasonal hires typically work for two months, with more than 35% remaining on staff as “permanent part-time employees.” The system seems to work pretty well, as one former part-time seasonal employee is none other than the current domestic president of HR, Danelle McCusker Rees. Some dreams really do come true.
☑️ Victoria’s Secret parent company, L Brands, has lost more than one-third of its value this year, seeing its stock price plummet more than 34%. Over the past three years, shares are cumulatively down over 40%. So what now? Well, L Brands is closing more than 50 Victoria’s Secret locations, and replacing the company’s CMO. The firm is also looking into the future of the VS Fashion Show, saying that the event doesn’t “fit” with its current objectives. It’s also desperately looking to distance itself from Jeffrey Epstein’s relationship with CEO Les Wexner.
☑️ More than 900 Amazon employees from across the US are walking out of their jobs on September 20th to protest the e-comm behemoth’s inaction in the face of climate change. Employees have three demands from Jeffrey Greenhouse Gases: zero emissions by 2030, zero AWS contracts with oil and gas companies, and zero funding for lobbyists and politicians that deny climate change. That’s not too much to ask, is it? Amazon said they’re working on it, with a goal of getting 50% of all shipments to carbon net-zero by 2030, which might be feasible if all of its employees quit and the C-suite has to deliver packages on foot.