I really don’t get WeWork. It’s a membership to go into an office? You want me to pay for a membership to do something I hate? So, it was no surprise to me to hear that WeWork has announced it will seek to renegotiate nearly all of its leases as it struggles to remain a going concern. I mean, there are desks at the library that they let you use for free.

The lowdown

• 🤝 WeWork will seek to renegotiate nearly all of its leases around the world.

• ✍️ Apple and Arm sign long term deal to keep chip technology in iPhones and Macs.

• 💸 Wilson tennis racket maker Amer Sports files for IPO, with a valuation of around $10 billion likely.

Flex your finance muscle 💪

Friendshoring

Friendshoring encourages businesses to shift production from geopolitical rivals to friendlier nations, aiming to bolster trade security. The idea has gained traction due to heightened global tensions e.g. the US recently banned investments in Chinese tech.

Despite its appeal, friendshoring isn't straightforward. While the US imports less from China, they remain interdependent, with US suppliers still leaning on Chinese components. Studies warn that friendshoring could dent GDPs and global expenditure. While it may offer greater supply-chain security, the economic price tag is steep ($).

Featured story

Qantas CEO’s send-off from hell

Earlier this week, Australian flag carrier Qantas announced that CEO Alan Joyce would retire earlier than initially scheduled. This is mainly due to a publicity backlash ($) over allegations of illegal ticket sales.

The Australian consumer watchdog recently sued Qantas, alleging the airline sold tickets for roughly 8,000 flights after the flights had already been canceled. The airline has also been criticized for lobbying the Australian government to prevent competitor Qatar Airways from increasing flights to Australia.

Qantas has experienced a loss of more than $1 billion in company value this past month because of these scandals. Talk has now turned to Joyce’s bonuses and how much the board will ‘let him get away with’ ($).

The content we're consuming today

• Acquired podcast: The Dawn of the AI Era.

• NBER: A Welfare Analysis of Tax Audits Across the Income Distribution.

• FT Alphaville: The $44bn bank bailout bonanza ($).

Off-balance sheet items

• You should probably rest more. We have all heard that memory consolidation occurs during sleep but apparently rest can help with this too, just 15 minutes of quiet contemplation after you read something can help you retain it.

The bottom line