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June 16th, 2021

OLIVER CHARLES - The New Yak Times - Business And Financial News Using Memes

Subscribe below for weekly updates on the absurdity of the business and financial world. We spend all day on social media so you don't have to.

It's June 15th, 2021

Dear Readers,

It's hump day again! It's also the Wednesday before Father's Day, a day in which the whole world embraces the dad joke. While I myself am not a father, I'm a big fan of dad jokes. If you're a long-time reader of The New Yak Times you may have noticed.

Let's get into it!

  • The G7 Summit
  • Student loans
  • The end of the millennial subsidy
  • The return of the office
  • Oliver Charles update
OLIVER CHARLES - The New Yak Times - Business And Financial News Using Memes
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A memeable G7 Summit

The 47th G7 Summit was held this weekend at Cornwall in the United Kingdom. As expected, the Coronavirus was a key issue along with Russia, China, and climate change. The conference ended with a confrontational denunciation of Russian and Chinese government behaviors. All in all, it was more memeable than memorable.

Talking Points:

The G7 is shorthand for "Group of Seven", a collaboration between leaders from some of the world's largest economies: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.

The president of the EU was also in attendance, alongside guests from Australia, South Africa, South Korea, and India.

In 2014, Russia was suspended from the group after the annexation of Crimea.

At the end of each summit, the host country releases an official communique laying out the goals and initiatives for the year.

Read this year's communique >>
OLIVER CHARLES - The New Yak Times - Business And Financial News Using Memes
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Student loans are coming back...

This past week we saw thousands of students graduate from higher education and set off into the world only to be shackled by crippling student loan debt. We'll... on the bright side, they'll get at least one last summer vacation before the debt payments come due. On October 1st, the pandemic-era freeze on student loan debt will thaw.

Talking Points:

Americans now owe about $1.7 trillion of student debt, more than twice the size of their credit-card liabilities.

The Federal Bank estimated the freeze covers payments worth as much as $7 billion a month.

Student debt is one reason why record numbers of younger Americans still live with their parents.

Student loans considered in serious delinquency (more than 90 days late) exceeded $135 billion before the freeze — a higher rate than most kinds of debt.

Read more >>
OLIVER CHARLES - The New Yak Times - Business And Financial News Using Memes
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Why is everything suddenly so expensive?

The era of cheap Ubers, and other widely convenient yet inexpensive app-based services, is coming to an end. Companies like Uber, Airbnb, Doordash, and Bird are maturing and looking towards profitability rather than rapid expansion. This shift means these companies need to charge more for their services... Like a lot more.

Talking Points:

From 2012-2020, many of the daily activities of 20 and 30-somethings were being underwritten by Silicon Valley venture capitalists.

Initially, investors were trying to help companies, attract customers and establish a dominant market position. They poured money into these companies, which was passed on to their users in the form of low prices and generous incentives.

During a stretch in 2015, Uber was burning $1 million a week in driver and rider incentives in San Francisco alone, according to reporting by BuzzFeed News.

Adding to the problem, everyone is addicted to these services! Because of their popularity, companies are struggling to profitably meet demand, which drives prices up even further.

Nothing embodies this phenomenon more than the “Doordash and Pizza Arbitrage,” a story about how a pizza shop found it's $24 pizza for $16 on Doordash and took advantage.

Read more >>
OLIVER CHARLES - The New Yak Times - Business And Financial News Using Memes
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People really don't want to go back to the office

Companies are beginning to call employees back to the office after a year plus of fully remote work. Needless to say, people are kind of pissed...

Personally, I'm a fan of remote work. I think there are a lot of benefits. Having said that, it only works if the company is willing to take everyone on exotic quarterly retreats to places like Tulum. Nothing says team building like a 15-mile hike at 7:00am lead by a manager that won't stop talking about the evils of gluten.

Talking Points:

According to a survey by LiveCareer, nearly 30% of working professionals would quit if they had to return to the office.

42% percent of the U.S. workforce had been working from home full-time during the pandemic, according to a Stanford University study.

Wall Street expects 61% of staff to be back in the office by the end of September.

The downsides to remote work do exist, though. In a viral Hackernews thread, one engineer explained how he was working 10 different jobs at the same time and making $1.5 million in yearly salaries.

Read the thread >>
OLIVER CHARLES - The New Yak Times - Business And Financial News Using Memes
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Father's Day is on Sunday

Did you know that Father's day was started in 1909? It was initially meant to celebrate the Civil War veteran William Jackson Smart, who raised 6 kids on his own.

Legend has it that when Mr. Smart would get called dumb, he'd exclaim, "No! I'm Smart, what's your name?" A true inspiration to dad's everywhere...

Jokes aside, it's important to show dad some love this weekend and there's no better way to do that than with an Oliver Charles sweater. As a bonus, all orders between now and Fathers Day will include a dad joke written by yours truly.

That's my update for the week. I hope you've enjoyed this week's installment of The New Yak Times.

Until next time, keep building 🎁.

Best, Tobias
CMO @ Oliver Charles
Connect with me on Linkedin

--

Sent from my iPhone

Thanks for reading, please share. Seriously.

If you found this email funny, we'd appreciate it if you forwarded it to a friend or colleague. If you did not find it funny, we'd appreciate it if you forwarded it to an enemy or colleague.

Meme credit is due to the following accounts. If I missed someone, let me know!

@TheTinderBlog
@oliver.charles.clothing

Finally, please send us memes!

Subscribe below for weekly updates on the absurdity of the business and financial world. We spend all day on social media so you don't have to.