Good morning readers. The quest to find the next James Bond might come to a close sooner than we think. But then again maybe not. British tabloid ‘The Sun’ recently published a story saying 33-year-old British actor Aaron Taylor-Johnson might be the one to slip into the iconic tux next. They reported the famed actor, known for his roles in Kickass and Nocturnal Animals, has apparently been given a formal offer. But when CNN and BBC reached out for comment, a source with knowledge of the situation told them Johnson hasn’t been cast for the role while a “production insider” noted “there is no truth to those rumors.”

Several other actors have been floated around as potential replacements for Daniel Craig including Cillian Murphy, Henry Cavill and Idris Elba. And let’s not forget the internet’s tantrum a while back on the news a black man could be the next Bond. Personally, we think Idris Elba is by far the best choice.

Let’s jump into today’s storylines.

In today’s digest:

• Unilever is turning its ice cream division into its own company

• Headline Hustle: Supreme Court allows Texas to enforce controversial immigration law, Judge says social media platforms radicalized a mass shooter, China Evergrande Group inflated their sales figures by $78 billion

• Bank of Japan hikes interest rates for first time in 17 years

• Pulse Points: What’s Trending

BUSINESS

Unilever spins off its ice cream division for a leaner menu

After more than 100 years of selling ice cream, the maker of Ben & Jerry’s, Unilever, has lost its taste for the business.

Unilever announced Tuesday that its spinning off its ice cream division into a standalone business, a major pivot for a company that’s dominated the ice cream market for longer than a lifetime.

Beyond the cone

Unilever's decision to separate its ice cream business from its conglomerate cone is a bold step after dominating the freezer aisles for over a century. With brands like Magnum and Ben & Jerry's under its belt, the company has sweetened the world with €7.9 billion ($8.6 billion) in sales last year alone. But facing the melting pressures of seasonal demand and the heat of rising costs, Unilever is now looking to streamline its operations, focusing on core areas poised for growth.

• CEO Hein Schumacher's recipe for success involves a specialized approach to scoop up profitability in the distinct ice cream market.

• By planning to list the new company on the stock market by the end of 2025, Unilever aims to sprinkle shareholder value while simplifying its structure into four main divisions: beauty and wellbeing, personal care, home care, and nutrition.

This strategic refocus comes at a time when the ice cream sector has been licking its wounds from sluggish sales, internal brand conflicts, and the chilling effect of environmental concerns over carbon emissions. Additionally, a growing appetite for weight-loss drugs is reshaping consumer preferences, putting traditional treats on thin ice.

Zoom out: Unilever has started a major productivity program aimed at achieving €800 million ($868 million) in cost savings within the next three years. As part of this initiative, the company plans to streamline operations by adopting more technology solutions, leading to the reduction of 7,500 jobs, primarily in office-based positions.

IN THE KNOW

Headline Hustle

🚨 Supreme Court allows Texas to enforce controversial immigration law. The Supreme Court upheld Texas's controversial SB4 law, granting local police the authority to arrest migrants crossing the border illegally. Despite the Biden administration's objection, the conservative-majority court allowed the law to take effect while lower courts continue to review it. Liberal Justice Sonia Sotomayor expressed dissent, warning of potential disruption to the federal-state power balance. The decision marks the latest clash between the Biden administration and Texas over immigration enforcement. Despite challenges, Texas Attorney General Ken Paxton defends the law, citing the state's right to protect itself from border-related violence.

💻️ Judge says social media platforms helped radicalize a shooter. A New York state judge rejected a motion to dismiss a lawsuit accusing social media giants of contributing to the radicalization of a Buffalo grocery store gunman who killed 10 people in 2022. The ruling allows the lawsuit to proceed, asserting that platforms like Meta, Alphabet, Reddit, and 4chan profit from racist and violent content, allegedly influencing the perpetrator's actions. Social media companies argued they function as message boards but were accused of designing addictive platforms that promoted extremist ideologies. While Meta and Reddit plan to appeal, YouTube expressed sympathy for victims while emphasizing efforts to combat extremist content.

🏠️ China Evergrande Group cooked their books to the tune of $78 billion. China Evergrande Group faces a staggering potential fine, exceeding half a billion dollars, as Chinese regulators uncover fraudulent practices within its core subsidiary. Allegations suggest Evergrande's unit, Hengda Real Estate, significantly inflated financials, leading to misleading bond sales totaling $78.4 billion in 2019 and 2020. Founder Hui Ka Yan and former CEO Xia Haijun now face lifelong bans from financial markets. Evergrande's downfall, marked by a late 2021 default and liquidation order, underscores broader property market concerns in China.

GLOBAL

The era of negative interest rates has come to an end

Japan is finally breaking up with its long-term relationship with negative interest rates.

After 17 years of an ultra-loose monetary stance aimed at wrestling down chronic deflation, the Bank of Japan (BOJ) is taking a bold step forward, nudging its short-term interest rate from minus 0.1% to "around zero to 0.1%."

A new phase of monetary policy

The backdrop of this policy shift is a canvas painted with global inflationary pressures and rising interest rates worldwide. As the BOJ joins the queue of central banks stepping away from aggressive monetary easing, it's clear that the winds of change are blowing.

• With major unions and flagship companies like Toyota leading a march towards substantial wage increases, the central bank's move toward normalization seems both timely and inevitable.

• This departure from negative interest rates closes a chapter on an exceptional era of monetary policy, highlighting the BOJ's distinction as the last major central bank to exit this unconventional territory.

Despite this rate hike, projections remain optimistic for Japan's economy, with growth and inflation expected to surpass benchmarks through fiscal 2024. However, this journey is not without its challenges, as the BOJ remains vigilant of external factors that could sway Japan's economic landscape.

Looking ahead…the BOJ has signaled that it will not head down an aggressive tightening cycle that other major central banks, such as the US, have done in the past. Analysts anticipate that the BOJ is unlikely to raise its policy rate further, anticipating weaker wage growth and inflation not meeting the bank's target by the year's end.

SNIPPETS

Pulse Points

• Chipotle's board has approved a 50-for-1 stock split, described as one of the largest in New York Stock Exchange history.

• An award ceremony honoring Ruth Bader Ginsburg was canceled after her family objected to the selection of honorees, including Elon Musk and Rupert Murdoch, which they saw as an insult to her legacy.

• Alabama lawmakers approved a bill that would ban public schools and universities from supporting diversity, equity, and inclusion initiatives if it becomes law.

• Microsoft hired DeepMind co-founder Mustafa Suleyman to spearhead its Copilot AI initiatives, appointing him as executive vice president and CEO of Microsoft AI under CEO Satya Nadella.[enter text]

• For the first time since 2012, the U.S. dropped out of the top 20 happiest countries, primarily because of decreased happiness in younger adults.

• Coca-Cola is updating its soda bottles to be more eco-friendly, as part of a long-term effort to counteract its reputation as a major plastic polluter.

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