Crypto News: A postmortem of the pandemic murder wave

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The pandemic was murder — literally.
This restaurant chain's hedge fund food fight is tastier than its noodles.
Employers, hang on to your workers by offering more perks.
Telecom CEOs make bad fund managers.

The US endures many, many more homicides than any other wealthy nation in the world. Sure, people kill people; but the proliferation of firearms certainly doesn't help. The bad news is that almost a third more murders were committed last year than in 2019. The good news is that the shocking rise that began in the summer of 2020 "looks as if it may have played out," writes Justin Fox.

The country's three biggest cities report crime statistics weekly, and are experiencing continued declines in homicides in 2023. New York saw a 16.9% drop as of late February, with murders down by 24% in Los Angeles and 18% in Chicago. That's making Justin optimistic that the US isn't poised for a return to the "awful conditions" that prevailed from the 1970s through to the 1990s.

"Explaining why murders went up in 2020 and why they're going down now is something I don't think anyone should do with great confidence at this point," Justin argues. "But the 2022 decline does lend credence to the argument that the pandemic, and all the disruption that accompanied it, was a leading cause."

I'm partial to ginger chicken udon from Wagamama, though I'd rather have it delivered to my home than endure the school canteen-style bench seating at its restaurants. But as a Brit, maybe my taste buds are being deceived. "If you're a British company selling Asian noodles and investors from Hong Kong tell you you're doing it wrong, maybe it's worth lending them an ear," argues Matthew Brooker.

Wagamama's owner, the Restaurant Group Plc, is in a spat with Hong Kong hedge fund Oasis Management Co. Oasis, the second-largest shareholder in TRG with a 6.5% stake, reckons the company has poor oversight of its stable of brands, which include the Frankie & Benny's chain of American-Italian restaurants and Brunning & Price, a portfolio of mostly rural pubs. TRG's share price seems to confirm the lack of focus, notes Matthew.

Oasis, which is demanding a seat on the board, says TRG needs to communicate better, including reporting how its various divisions are performing. TRG, which is scheduled to report full-year earnings on March 8, responded by citing the lack of any ideas for strategic change from its investor.

"A blowout set of results would be the best revenge for the company's current management," Matthew argues. "Wagamama, let's not forget, also does cold dishes."

In these inflationary times, companies seeking to retain workers without increasing wages should consider expanding the perks and benefits available to employees, including "adding a less common benefit like paid parental leave, paid mental health days, on-site child care or a sabbatical program," argues Sarah Green Carmichael.

UK telecoms firm BT Group Plc has badly underperformed its peers in recent years. No wonder Deutsche Telekom AG boss Tim Hoettges says his biggest mistake was a 2015 deal to take a stake in the company, writes Chris Hughes.

Bridgewater's post-Dalio overhaul reflects the new reality for hedge funds. — Aaron Brown

Letting the ESG genie out of the bottle is giving investors headaches. — John Authers

President Biden can still stop Tunisia's descent into dictatorship. — Bobby Ghosh

The UK-EU pact on Northern Ireland May Actually Be Progress. — Bloomberg's editorial board

Who owns train cars? (Hint: usually not the railroad...) — Brooke Sutherland

How US Democrats got away from "Third Way" politics. — David Hopkins

Rishi Sunak is breaking the Tory Party's triple habit of failure. — Adrian Wooldridge

What Wall Street gets wrong about Xi Jinping's new money men.

The EU postponed a vote on phasing out combustion engine cars as it tries reach a compromise with Germany.

Shell's new boss says cutting oil and gas output would be bad for consumers.

A billionaire close to oligarch Roman Abramovich has become the first person to challenge the UK's Russian sanctions regime in a London court.

The presidential Pixar page you never knew you needed. (h/t Elaine He)

Want to avoid an early death? A brisk 11-minute walk every day may help.

A giant prehistoric insect was rediscovered at a Walmart in Fayetteville, Arkansas.

This fashion designer has produced looks that are "meant to 'evolve' as they're hit with sunlight, a nod to the biological diversity on this planet, and fade and return to their original form within three minutes."

Yosemite National Park is closed indefinitely as snow depth rises to a 54-year high.

Notes: Please send mismatched footwear and complaints to Mark Gilbert at magilbert@bloomberg.net.

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