Business this week | The Economist

Joe Biden held a summit at the White House with the chief executives of America’s biggest tech, financial and infrastructure companies to discuss cyber-security. Those attending included Tim Cook of Apple (pictured), Satya Nadella of Microsoft and Jamie Dimon of JPMorgan Chase. Criminal hackers have attacked several critical infrastructure- and software-systems this year. Mr Biden urged companies to help fill the half a million job vacancies in cyber-security.

Chinese tech stocks had a good few days, in part because robust quarterly earnings from JD.com, one of China’s biggest e-commerce companies, suggested that it was coping well with the government’s regulatory crackdown on the tech industry. China’s internet giants are making sure they are seen to respond to the latest edicts. Pinduoduo and Tencent, two online platforms, said they would donate billions to worthy causes, after President Xi Jinping pressed high-income enterprises to “return more to society”. See article.

The share prices of Uber, Lyft and other gig-economy companies wobbled after a judge in California struck down Proposition 22, a voter-approved measure that allows the firms to continue classifying their drivers as independent contractors rather than workers. The judge found that the measure was unconstitutional and unenforceable, but stayed his decision until appeals can be heard.

Providing a contrast to the image of tech companies as fiendish reprobates, Airbnb offered free temporary housing to 20,000 Afghan refugees around the world. The home-rental platform and its charity have housed 25,000 refugees over the past four years.

South Africa’s official unemployment rate rose to 34.4%, the highest level since the current method of counting joblessness began in 2008. Including those in the labour force who are discouraged from looking for work, the rate rose to 44.4%.

South Korea’s central bank raised its benchmark interest rate by a quarter of a percentage point, to 0.75%. It was the first rate increase in almost three years, and comes amid growing consumer debt in the surging economy.

Lengthening the odds

Britain’s Competition and Markets Authority published its report into the proposed takeover of Arm, a British chip designer, by Nvidia, America’s most valuable semiconductor manufacturer. The CMA concluded that the deal would result in less competition and called for an official investigation. The government has already voiced separate concerns about the takeover on national-security grounds.

Virgin Orbit said it would list on the Nasdaq stockmarket by merging with a special-purpose acquisition company (SPAC) in a deal that includes an investment by Boeing. An offshoot of Virgin Galactic, Virgin Orbit is expanding its satellite-launch business and developing a constellation for internet-of-things services.

Maersk, the world’s biggest container-shipping firm, ordered eight vessels with dual-fuel engines that will be powered mostly by “green” methanol. Maersk is busily decarbonising…