THE HOT STORY

Record number of employees to miss work today, poll suggests

An estimated 26.2m U.S. employees will miss work the day after the Super Bowl and about 4.9m workers plan to arrive late to work without giving their managers advance notice, according to UKG's annual Super Bowl Absenteeism Survey. The absences could cost upwards of $5.2bn in lost work and productivity, UKG said. "From a productivity perspective I think it's a great moment for employers to understand work is human and perhaps we give a little bit more leniency to those employees who are really into the Super Bowl," said Julie Develin, Senior Partner, Human Insights at UKG, a global AI platform for HR, pay, and workforce management.

Reuters

LEGAL

Arguments to begin today in landmark social media addiction trial

Arguments are set to begin today in a landmark U.S. trial that could establish a legal precedent on whether social media companies deliberately designed their platforms to lead to addiction in children. Instagram's parent company Meta and Google's YouTube will face claims; TikTok and Snap, which were originally named in the lawsuit, settled for undisclosed sums. Executives, including Meta CEO Mark Zuckerberg, are expected to testify at the trial, which will last six to eight weeks. Google spokesperson José Castañeda said the claims against YouTube are “simply not true.” He said: “Providing young people with a safer, healthier experience has always been core to our work.”

U.S. News

ECONOMY

U.S. consumer sentiment climbs to six-month high

U.S. consumer sentiment unexpectedly rose in early February to its highest level in six months, driven largely by confidence among wealthier Americans who have benefited from strong stock market performance. The University of Michigan’s preliminary sentiment index increased to 57.3 from 56.4 in January, beating economists’ expectations. Confidence improved sharply among households with stock holdings, while sentiment remained weak for those without, highlighting a widening gap tied to asset ownership. “These trends are consistent with the fact that asset values have soared, which benefits asset owners but not others,” said Joanne Hsu, director of the University of Michigan survey. Despite the overall rise in sentiment, concerns persist about the labor market. Respondents reported the highest perceived risk of job loss since July 2020, reflecting recent data showing slowing job growth, falling vacancies and a spike in announced layoffs. Current economic conditions improved to a four-month high, while expectations softened slightly.

Bloomberg

WORKFORCE

USW deal averts refinery strike

The United Steelworkers has approved a national pay and benefits agreement, avoiding a strike that could have hit about 30,000 workers at 26 companies running U.S. refineries and petrochemical plants. Marathon Petroleum negotiated the pattern deal for refiners and chemical producers. Marathon spokesperson Jamal Kheiry said: “We are pleased that Marathon and the USW have successfully negotiated a pattern agreement,” as locals move toward ratification. The four-year pact raises hourly pay 15% total, with annual increases of 4%, 3.5%, 3.5%, and 4%, plus a $2,500 signing bonus. Local disputes could still trigger site-specific stoppages, including at BP’s Whiting refinery, where BP said it is not obligated to follow the pattern.

Reuters

SF teachers poised to strike

San Francisco public school teachers plan to strike today, the first walkout in about 50 years, unless a last-minute tentative agreement is signed. Talks stalled after an eight-hour Saturday session reached agreement on sanctuary district policies but not wages. The union wants 4.5% annual raises for two years, while the district is offering 2%, citing budget strain; a fact-finding report recommends 3%. Mayor Daniel Lurie said: “I’m disappointed . . . and frankly, I’m frustrated.” The district says bargaining will resume Monday at noon.

ABC 7 News

San Francisco Chronicle

HSBC to cull underperformers

HSBC is set to implement significant bonus cuts for some bankers, aligning with a more aggressive pay strategy similar to Wall Street firms. Chief executive officer Georges Elhedery aims to encourage underperforming staff in investment banking and wealth management to leave following upcoming bonus payouts. “We are committed to ensuring our employees are rewarded competitively, with a focus on differentiation determined by performance, to attract and retain talent,” a representative for the bank said.

Business Times SG

STRATEGY

Washington Post publisher steps down amid layoffs

Will Lewis, the publisher of the Washington Post, has resigned following layoffs that affected a third of the company's workforce. In a message to staff, he said it was the right time to leave, citing "difficult decisions" made for the paper's future. The cuts, which included the entire Middle East staff and the Kyiv correspondent, sparked protests and criticism of owner Jeff Bezos. Executive editor Matt Murray claimed the layoffs would provide "stability." Lewis, who took the role in 2023, faced backlash over financial losses and controversial editorial choices.

Los Angeles Times

U.S. News

REMOTE WORK

‘They want their pound of flesh’: why bank bosses are pushing strict return-to-office mandates

Companies in sectors from tech to manufacturing are stepping up their return-to-office policies: culture, pay and expensive offices are cited as among the reasons for ending remote work.

Financial Times

LEADERSHIP

Kroger taps former Walmart exec Greg Foran as next CEO

Kroger is reportedly planning to appoint Greg Foran, a former senior Walmart executive, as its next chief executive following a near year-long search triggered by the departure of longtime CEO Rodney McMullen over an ethics issue. The appointment is expected to be announced imminently. Mr Foran previously led Walmart’s U.S. business from 2014 to 2019, where he was credited with improving store operations, strengthening fresh food offerings and driving online grocery growth. More recently, he served as chief executive of Air New Zealand, steering the airline through the pandemic before stepping down in October 2025. His arrival comes at a challenging time for Kroger, which is grappling with cash-strapped consumers, rising competition from discount grocers such as Aldi and Walmart, and the collapse of its proposed $20bn merger with Albertsons in 2024.

INTERNATIONAL

Spanish train drivers begin nationwide strike

Train drivers in Spain have begun a three-day nationwide strike to protest what they say is a lack of safety guarantees on the country's rail system. The action follows two fatal train crashes in January. Semaf, the train drivers' union, is demanding the hiring of more staff and increased investment and maintenance in what it has described as "the constant deterioration of the rail network."

BBC News

Uber to expand its robotaxi services

Uber is to launch its robotaxi services in Hong Kong, Madrid, Houston and Zurich. Hong Kong will be Uber’s first robotaxi market in Asia. The company didn’t disclose specific details on when the services would launch or the technology providers with which it will partner. The company's partners include China’s Baidu, which has a license to run small-scale driverless trials in Hong Kong, and WeRide, which has an autonomous-driving license in parts of Switzerland.

Bloomberg

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