WORKPLACE
Most work from home because they want to, survey finds
A majority of Americans working from home today say they are away by choice, not necessity. That’s one of the key takeaways from a Pew Research Center survey, which found that the reasons for working from home have changed significantly since the first year of the COVID-19 pandemic. Today, 61% of remote workers who have a desk say it’s their choice not to work from there, Pew found, up from about a third in October 2020. Fewer people cite concerns about the virus exposure – 42% now vs. 57% then. The impulse to return to the office has also changed. About a quarter of workers cite more opportunities for advancement. And around a fifth say the main driver of on-site work is a lack of space and resources at home. Among those who are allowed to work anywhere but choose to go to the office at least part of the time, one in 10 respondents say the main reason is pressure from their supervisor or colleagues to be there. But childcare needs continue to be a major barrier to returning to the office for many parents, even as households have adapted. In the latest survey, 32% of respondents with children under 18 cite it as a problem, up from 45% in October 2020. – BLOOMBERG NEWS
HIGHER EDUCATION
Stanford leads Harvard in fundraising
Stanford University raised $1.39 billion in the last fiscal year, the most among US colleges, narrowly edging out Harvard University for the top spot. The perennial fundraising rivals were the only schools to raise more than $1 billion in the 12 months to June 30, as buoyant stock markets helped fuel donations, according to a report released Wednesday. by the Council for Advancement & Support of Education. Harvard, the richest US university with an endowment of $53.2 billion, raised $1.38 billion during the period. Johns Hopkins University in Baltimore ranked third, with $930.9 million, followed by Yale University’s $734.3 million and the University of Washington’s $716.2 million. The 822 schools that responded to the group’s annual survey for two consecutive years collectively collected 7.6% more in fiscal year 2021 than in the previous 12-month period, according to the report. — BLOOMBERG NEWS
SUPERMARKETS
Stop & Shop parent company warns of falling revenue
Shares of Royal Ahold Delhaize fell after the Stop & Shop owner said he expected lower earnings per share this financial year as inflation weighs on consumers and industry is struggling with continued supply chain disruption. The retailer said on Wednesday it expects underlying earnings per share to decline by low to mid-single digits this year. Shares fell 5.8%, the most since March 2020. – BLOOMBERG NEWS
WORKPLACE
Twitter CEO to take paternity leave
Parag Agrawal, 37, is just getting started in one of the tech industry’s most high-profile jobs, having taken over as CEO of Twitter less than three months ago under pressure from investors for a rapid growth. He is also about to take paternity leave. Balancing work and family commitments, Agrawal is preparing to take “a few weeks” of parental leave, Twitter confirmed to The Washington Post. That’s less than the 20 weeks the company gives its employees — regardless of gender — but still remarkable for a CEO of a major tech company at a time when standards for paid time off are being challenged at both nationally and in Silicon Valley. — WASHINGTON POST
WELCOMING RIDE
Uber will let customers see their ratings
Ride-sharing company Uber is giving customers more information about how their average rating is calculated and will for the first time allow riders to see how many five-star ratings they have received from drivers. Starting Wednesday, users will be able to see a breakdown of their personal rating through the app’s privacy center, which will show how many individual ratings they’ve received, not just the decimal score between one and five they previously had access to. The rating is an average of the last 500 trips. However, runners will not be able to see when each rating was awarded, or why it was awarded. Slamming doors, mess, or not wearing a seatbelt are some of the top reasons drivers take stars away from a customer, Uber said. — BLOOMBERG NEWS
INTERNATIONAL
Ericsson may have paid ISIS for access to transport routes in Iraq
Ericsson may have made payments to the terrorist organization ISIS for access to certain transportation routes in Iraq, in a shocking admission after years of regulatory investigations. Shares of the Stockholm-based company were down nearly 11.6% at the close on Wednesday. Ericsson’s admission comes after the company was charged by the US Justice Department in October with breaching a billion-dollar deal it reached with prosecutors in 2019 to end a long-standing corruption investigation. — BLOOMBERG NEWS
AUTOMOTIVE
Volkswagen CEO warns of current chip crisis
Volkswagen Chief Executive Herbert Diess has warned of further production cuts due to the chip crisis at its main plant in Wolfsburg, amid growing tensions over how to adapt the biggest car plant of the world in the electric age. While VW has made progress in dealing with the global component bottleneck, the situation at its German headquarters remains difficult, Diess told a workers’ assembly on Wednesday. Discussions over how to keep Wolfsburg competitive in the switch to battery-powered cars have led to rising tensions between Diess and union leaders. Last year, the CEO hinted at possible job cuts to keep pace with Tesla as the electric car leader plans to ramp up production at its first European factory near Berlin this year. — BLOOMBERG NEWS
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