Business

Hedge funds want to control your local newsbut democracy is getting in the way

Wall Street has grown accustomed to getting its way in Washington. So when a pair of Wall Street funds, Standard General and Apollo Global Management, proposed taking over TEGNA, the nations second-largest local broadcast station owner, they thought it would be smooth sailing.

However, the Federal Communications Commission, under the leadership of Chairwoman Jessica Rosenworcel, takes its responsibility to protect the public interest very seriously. And after reviewing the transaction, the FCCs Media Bureau decided this deal deserved a closer look.

Standard Generals leadership reacted with outrage. They put together an opinion piece asserting that the FCCs careful scrutiny of the takeovers impact on local journalism and jobs is an unprecedented overreach of authority. The hedge fund then pushed duplicates of the piece to six local outletsthe New York Daily News, Boston Herald, Chicago Tribune, St. Paul Pioneer Press, Hartford Courant, and The Virginian-Pilotall owned by fellow Wall Street hedge fund Alden Global Capital, which has gutted several local newspapers. This is no coincidence. This is one hedge fund executive working with another to attack the FCC.

The op-ed, based on an egregious misreading of the FCCs ruling, is an assault on our countrys democratic institutions and, ironically, reflects just what the FCC was trying to prevent: hedge funds and wealthy Wall Street executives dominating our countrys local news.

Meanwhile, this $8.6 billion deal is being funded in part by the countrys largest private equity firm, Apollo Global Management, which already controls another vast local TV chain, Cox Media Group. Behind the scenes, Standard General is going even further, taking its case to federal court to reverse the FCC decision and even question the constitutionality of the FCCs merger review process. The court rejected Standard Generals appealand also rejected the hedge funds demand that the court instruct the FCC to approve the deal.

The FCC has a duty to consider proposed media acquisitions in the context of the reality of local news in America, where newspapers are being bought and stripped by hedge funds like Standard General, leaving local communities with news deserts and at greater risk of falling victim to the misinformation campaigns that threaten our democracy.

Thats why the FCC is taking a thorough look at this buyout and seeking to hold a hearing to understand the potential impact of this acquisition on local news, including cuts to local jobs and news programming. Its refusal to rubber-stamp Standard Generals proposed TEGNA takeover was the result of repeated failures by the Wall Street funds to prove that their deal served the public interest. Standard Generals attempt to undermine the authority of the FCC in response is dangerous, but its really nothing new.

This is exactly what private equity and hedge funds do: challenge the independent institutions that raise questions about the consequences of their relentless drive to extract profits. Wall Street and telecom companies have been emboldened by the success of their shameful campaign to misrepresent Gigi Sohns record and derail her nomination to the FCC. This is all part of a larger attempt by Wall Street to weaken and discredit the agencies that do their job by protecting workers, consumers, and our communities.

These attacks are dangerous. We shouldnt be undermining the constitutionality of our countrys democratic institutions, and our elected leaders shouldnt be taken in by misinformation campaigns and giving in to corporate bullying.

Standard Generals op-ed touts the power of local news. Local news is powerful. Its the most trusted news source in America, and we need to keep it that way. The FCC has taken an important step towards doing just that by closely reviewing Standard Generals TEGNA takeover.

Chris Shelton is the president of Communications Workers of America.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.

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Walter Isaacsons Elon Musk biography will hit the streets September 12

Walter Isaacson, who has written critically acclaimed biographies of Steve Jobs, Benjamin Franklin and more, will release his next tome, focused on Elon Musk on September 12.

Simon & Schuster has started taking preorders for the 688-page book that, based on the preview the publisher offered, seems to offer a sympathetic look at the controversial owner of Twitter, Tesla and SpaceX.

When Elon Musk was a kid in South Africa, he was regularly beaten by bullies, the books Website reads. One day a group pushed him down some concrete steps and kicked him until his face was a swollen ball of flesh. He was in the hospital for a week. But the physical scars were minor compared to the emotional ones inflicted by his father, an engineer, rogue, and charismatic fantasist.

That childhood, the publisher says, left a lasting impact on Musks psyche, turning him into a tough yet vulnerable man-child, prone to abrupt Jekyll-and-Hyde mood swings, with an exceedingly high tolerance for risk, a craving for drama, an epic sense of mission, and a maniacal intensity that was callous and at times destructive.

Musk and Isaacson agreed to work together on the bio in 2021and Musk Tweeted news of the book roughly 20 minutes after they had spoken, before Isaacsons agent was even aware. (In that same thread, Musk did not rule out writing his own autobiography one day.)

Isaacson spent the next two years attending meetings with Musk, speaking with his friends, family and rivals, and shadowing him as he went about his day.

At the beginning of last year, Simon & Schuster says, as he was secretly buying shares of Twitter, Musk told Isaacson: I need to shift my mindset away from being in crisis mode, which it has been for about fourteen years now, or arguably most of my life.

Isaacson previously previewed the book in an interview with Kara Swisher and indicated Musks childhood would be an overriding them in his exploration of the entrepreneur.

We start the book with this astonishingly difficult childhood in South Africa with a father who is Darth Vader and who still is still alive, but haunts Elon every day, he said.

He also indicated he was braced for criticism about how Musk is portrayed.

[Hes] the most interesting person on the planet right now doing the most interesting things and driving people crazy in the process, said Isaacson. And Im just there to tell a narrative story that helps you understand it. It explains why things happened. And therell be people who say, Oh, you explained it, so you are justifying this or that or the other. Im gonna get a lot of that.

Russian flights to Georgia are starting again despite opposition from protesters and the country's own president

Direct flights resumed on Friday between Russia and Georgia amid protests and sharp criticism from the South Caucasus nations president, just over a week after the Kremlin unexpectedly lifted a four-year-old ban despite rocky relations.

Georgian police on Friday afternoon dispersed protesters who had gathered at Tbilisi airport to meet an Azimuth Airlines flight from Moscow, the first to arrive from Russia since July 2019, with signs and slogans criticizing the Kremlin and what they described as the current Georgian governments pro-Russia course.

Georgias pro-Western president, Salome Zourabichvili, who has previously clashed with the government over mending ties with Moscow, also voiced her opposition in a tweet posted on Friday.

Despite the opposition of the Georgian people, Russia has landed its unwelcome flight in Tbilisi. No to flights to Russia!, Zourabichvili said.

Russian President Vladimir Putin last Wednesday unexpectedly abolished visas for Georgian nationals and lifted the flight ban Moscow unilaterally imposed in 2019 after a wave of anti-Kremlin protests in Georgia.

Putins decrees came a day after leaders of several Central Asian and South Caucasus states stood beside him at a military parade marking the anniversary of Nazi Germanys defeat in World War II, in what looked like the Kremlin seeking to show that Russia still had allies and wasnt completely isolated.

Following Putins decrees, Russias Foreign Ministry issued a statement lifting its 2019 recommendation for Russian citizens to avoid traveling to Georgia.

Russia-Georgia relations have been complicated since the Soviet Unions collapse in the early 1990s. The two countries fought a short war in 2008 that ended with Georgia losing control of two Russia-friendly separatist regions.

In the aftermath, Tbilisi severed diplomatic ties with Moscow, and the issue of the regions status remains a key irritant, even as relations have somewhat improved.

After Russia invaded Ukraine last year, Georgia joined international resolutions condemning the war, provided Kyiv with humanitarian aid and took in thousands of refugees. However, its authorities stopped short of supplying Ukraine with weapons, citing the need to maintain neutrality.

At the same time, the Black Sea country of 3.7 million people became one of the main destinations for Russians fleeing the crackdown and the partial mobilization into the military that Putin announced in September 2022.

Zourabichvili last week responded to Putins decrees with a tweet calling them another Russian provocation.

Resuming direct flights and lifting visa ban with Georgia is unacceptable as long as Russia continues its aggression on Ukraine and occupies our territory!, she said.

Opposition lawmaker Giorgi Vashadze told reporters that Georgias pro-Western political parties planned to hold a rally outside the parliament building on Friday evening.

The current authorities want rapprochement with Russia, but the population is against this and is committed to the Euro-Atlantic course, Vashadze said, referencing Tbilisis stalled European Union membership bid and decades-long aspirations to join NATO.

By contrast, Georgian Prime Minister Irakli Garibashvili on Friday said at a media briefing that restoring direct flights from Russia was the right thing to do. Garibashvili stressed that Tbilisi wouldnt allow flights by Russian airlines sanctioned by the West, but said that stopping trade and economic relations with Moscow would harm the interests of the Georgian people.

The Georgian aviation authority this week authorized two smaller Russian airlines, Azimuth Airlines and Red Wings, to launch flights to Tbilisi and Georgias second city of Kutaisi.

Vazha Siradze, a Georgian interior ministry official, said in a statement Friday that six people were detained during the demonstration at Tbilisi airport after allegedly throwing eggs and shouting insults at police.

How I sailed away from the college-at-all-costs trackand found my dream career

When I was a senior in high school, I spent three months sailing aboard SSV Harvey Gamage, a 131 gaff-rigged schooner, up the East Coast from Florida to Maine. It was a magnificent tall ship but the conditions were rough, with someone sleeping a foot above and below me and no running water or electricity! I felt miserable at first and struggled to adapt, but it was worth it. The experience was part of a hands-on, paid internship I did in high school, affirming that I wanted to pursue a career in marine engineering, which I have.

Compared to my peers, however, I am the exception. According to the education nonprofit, American Student Assistance (ASA), only 47% of Gen Z participants said they had enough information to decide what path was best for them after high school.

From ninth to 11th grade, I attended a traditional school where I was pushed to prepare for getting into a good college. That meant taking as many AP classes as possible, getting the best grades, and studying for the SAT/ACTs. This was especially the case for kids like me who came from low-income families. College was the default, even though student debt has doubled over the past two decades.

Test and try careers in high school

I transferred to Big Picture Learnings The Met High School in Providence, RI, during my senior year. This was not your average high school! It was created to give students hands-on experiences and skills training so they could make informed decisions about their lives. Depending on their interests, they could get training to become an electrician, cosmetologist, automotive mechanic, aviation engineer, etc.

Most of the students at my first high school didnt have this opportunity. They went directly to college with a majority enrolled as undecided. Even today, facing thousands in tuition and loan debt, they still have no idea what they want to be.

Eliminate the stigma surrounding community college and trade school

In light of college costs and student debt, community colleges and trade schools are making positive headlines, yet both are tainted by stigma. Students dont understand that these options can lead them to what they want to do after high school.

Too often, this college expectation is reinforced by guidance counselors who often assume every student is planning to go to a four-year college right after high school. What does that say to students who want to consider other options?

Lets help Gen Zers make informed, confident decisions about life after high school

Here are tips to help Gen Zers find careers that reflect who they are and contribute to the world, meaningfully and successfully:

Pursue your passion. Growing up in Rhode Island, I was fascinated by the ocean but didnt know anything about the maritime industry until my senior year in high school, which is why career exploration was so important to me. When I transferred to The Met, I took a marine engineering class and completed multiple internships on seagoing vessels. But the internship wasnt handed to me; I had to find the courage to email the captain who taught an adult workforce program and ask if I could join, even though I was in high school. He agreed!

Say yes. The experience taught me that if theres something you want to do, dont ask for permissiondo it. If youre offered something and youre not sure its exactly what you want or that youre capable of doing it, say yes anyway. Look for mentors and tap them for what they knowand mentor others. Regardless of how old you are or your experience, there are people who can benefit from your interests and examples.

College doesnt have to be either/or. When I was a senior, I applied to colleges and was accepted into many. I didnt know exactly what I wanted from the experience, so I decided to follow my maritime dream first. I love the sea, I love sailing, but I also have a passion for innovating in education.

Now I know Id like to find a way to combine all my interests which may mean pursuing a degree. But Ill do it with more intention and focusand make every hour and dollar count.

We have to do betterand we can

I know we can do better to help students prepare for what comes after high school. I had the benefit of learning about free career exploration tools offered by ASA along with other resources that dont come with price tags.

We need to expose kids beginning in middle school to a world of career possibilities that match their interests and passions. High schoolers should be encouraged to do internships that provide work-based learning opportunities before graduation. We need to celebrate students who decide to go to a trade school or a community college, get rid of the stigma, and help them figure out what they want to do before its too late.

Maddie Gillissie works as a program coordinator for B-Unbound, a Big Picture Learning initiative, with support from American Student Assistance, which connects youth to supportive adults who share their interests and is building a community of peers learning to navigate their way together. Her goal is to obtain a degree in educational psychology and a captains license. To date, shes logged 190 days at sea, sailing the U.S. East Coast and in the Narragansett Bay.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.

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Americans are cutting back on saving for retirement thanks to inflation

Many Americans are feeling the pressure of a red-hot inflation rate, which stands at 4.93% as of April. Some have had to cut back on their regular spending or rely more on debt to get by, while others have put major financial goals on the back burnerincluding retirement.

How inflation has impacted retirement savings

The latest TIAA Institute-GFLEC Personal Finance Index (the P-Fin Index for short) finds that 25% of employed adults cut their retirement savings because of financial pressures created by inflation, and almost half of that group (12% of workers) stopped saving entirely.

Certain segments of the American population have been hit especially hard by the financial challenges caused by inflation.

Approximately 40% of Black and Hispanic adults, as well as members of Generation Z, find it difficult to make ends meet in a typical month, compared to 30% of the adult population as a whole. Plus, about 50% of each of these groups lack enough non-retirement savings to cover one month of living expenses vs. 39% of all adults. For women (who already have less s a v e d f o r retirement than men, on average), the report shows that 1 in 4 cut their retirement savings and approximately 13% stopped saving for retirement altogether due to inflation.

This steep of a dropon top of a crisis where 40% of Americans already dont have enough saved for retirementmeans many families will have to work even harder to achieve a secure retirement, stated Surya Kolluri, head of the TIAA Institute, in a press release. There are no simple solutions to this challenge, but we need to take a holistic approach, because health and wealth are two sides of the same coin. Its just as important to know about someones medical condition as it is to know about the health of their retirement savings accounts, and employers need to engage workers on both fronts.

How to boost your retirement savings

General rules of thumb suggest that you should aim to save about 12%15% of your annual salary each year as soon as you start working and have the means to save. But any amount youre able to save will make a difference. And experts say that pumping the breaks altogether on saving for retirement may provide some short-term relief to tight cash flow, but it will cost you in the long run.

The problem is that the current benefit of reducing retirement saving will always be more attractive, as it enables you to better deal with the present impact of inflation, says Clint McCalla, a certified financial planner and senior wealth advisor at LourdMurray in San Diego, CA. You dont yet feel the future impact of insufficient retirement savings, but it is important to think about what retirement will look like if you have not saved enough.

One result of not saving adequately, McCalla says, is that retirement may not be an option if you want to maintain your standard of living. That could mean less time with those that you care about, including family and friends, he explains. More than anything, it is the risk of not being able to do what you want to do, when you want to do it.

The good news: there are ways to grow your retirement savings, even with costs on the rise.

Ask for a raise. If you havent been given a raise in a while, it could be time to chat with your boss. Many companies have not provided cost of living increases in line with broader inflation, says McCalla. Dont be afraid to ask for a raisethe worst thing they can say is no. He explains that you should make your case, be respectful, and consider your options if the outcome isnt what you had hoped, including looking for other job opportunities.
Take advantage of employer contributions. Many employers offer a match your retirement contributions, usually up to a certain percentage. So even if you arent in a position to contribute a significant percentage of your income toward your retirement account, contributing enough to take advantage of a match could help you boost your savings.
Look for opportunities to reduce your most expensive monthly expenses. This will look different for everyone, but reviewing your biggest monthly expenses and finding ways to trim them down could help free up some monthly income to put toward your retirement account. For example, you could downsize to a more affordable vehicle with a smaller monthly payment, or negotiate lower rates with your service providers.

The takeaway

Saving for retirement is a goal youll be working toward for the majority of your adult life. And while its okay to adjust your savings as your circumstances change, reducing the amount youre saving for an extended amount of time, or pausing your contributions altogether, will only make it harder to get by in the future. So prioritize your retirement savings today, even if that means making some (temporary) sacrifices.

The GOP's top debt limit negotiator says it's time to 'press pause' on talks despite the looming deadline

A top debt ceiling negotiator for House Speaker Kevin McCarthy said Friday its time to press pause on talks as negotiations with the White House came to an abrupt standstill at the Capitol.

Rep. Garret Graves, R-La., tapped by McCarthy, R-Calif., to lead the talks, emerged from an hourlong session and said gaps remained between House Republicans and the Democratic administration.

Its time to press pause because its just not productive, Graves told reporters.

Graves said the negotiations are just unreasonable and that it was unclear when talks would resume.

President Joe Bidens administration is racing to strike a deal with Republicans led by McCarthy as the nation careens toward a potentially catastrophic debt default if the government fails to increase the borrowing limit to keep paying the nations bills.

Negotiators met for a third day behind closed doors at the Capitol with hopes of settling on an agreement this weekend before possible House votes next week. They face a looming deadline as soon as June 1 when the Treasury Department has said it will run out of cash to pay the governments incurred debt.

Republicans want to extract steep spending cuts that Biden has so far refused to accept. Any deal would need support of both Republicans and Democrats to find approval in the divided Congress and be passed into law.

Target warns people to stop using Threshold Glass Jar candles 'immediately'

The retailer has recalled nearly 5 million candles after learning the glass jar that contains them can crack or break during use, resulting in possible lacerations or burns to consumers.

The Consumer Product Safety Commission says Target has received 137 reports of jars breaking in various Threshold Glass Jar 5.5 ounce 1-Wick, 14 ounce 3-Wick and 20 ounce 3-Wick candles.

Six injuries have been reported so far.

Consumers are advised to immediately stop using the candles and return them to their nearest Target for a full refund. Shoppers can also request a pre-paid return label to handle the matter via mail.

The candles were sold from August 2019 through March of this year, for prices ranging from $3 to $20. More than 35 varieties of the candle were included in the recall. The jars feature an older skeleton key on their label and include both traditional and wood wick candles.

It has been a busy year for recalls. The auto industry has been especially affected, with the government calling for the recall of 67 million airbag inflators earlier this month, as well as safety actions on the part of Ford and BMW.

Among consumer goods, EzriCare eye drops were recalled in February after being linked to 55 bacterial cases in 12 states. And in January, Fisher Price warned parents to stop using its Rock n Play Sleeper after it was linked to over 100 baby deaths.