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Aug. 25, 2021 04:56AM EST
In photos: Race to evacuate Afghanistan
The U.S. and allied countries are "working around the clock" to evacuate people from Afghanistan ahead of next week's scheduled full United States military withdrawal from the country, per the New York Times.
The big picture: President Biden said Tuesday that over 70,000 people had been evacuated since the airlift began on Aug. 14 and that the U.S. and its allies were on pace to pull out from Afghanistan by the deadline. He's suggested that U.S. troops may remain beyond Aug. 31 to continue to help in evacuation efforts.
Afghan refugees are greeted by family living in the U.S. as they depart from a processing center for refugees evacuated from Afghanistan at the Dulles Expo Center on Aug. 24, 2021 in Chantilly, Virginia. Photo: Joshua Roberts/Getty Images
Refugees disembark from an evacuation flight after being airlifted from Kabul, at the Torrejon de Ardoz air base, near Madrid, Spain on Aug. 24. Photo: Pierre-Philippe Marcou/AFP via Getty Images
Indian and Afghan evacuees from Kabul are escorted by members police to a bus bound for a quarantine center upon arrival at Indira Gandhi International Airport in New Delhi, India, on Aug. 24. Photo: T. Narayan/Bloomberg via Getty Images
A plane takes off from Hamid Karzai International Airport in Kabul, Afghanistan, on Aug. 24. Photo: Haroon Sabawoon/Anadolu Agency via Getty Images
People who want to flee the country continue to wait around Kabul's airport on Aug. 24. Photo: Haroon Sabawoon/Anadolu Agency via Getty Images
A satellite image of packed scenes at Kabul's airport on Aug. 23 Photo: Maxar Technologies
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Jul. 08, 2021 01:26PM EST
Venture capitalists invested a record $288 billion in the first half of 2021
Venture capitalists invested $288 billion in the first half of 2021, an all-time record, per Crunchbase.
By the numbers: Venture capitalists invested $140 billion into U.S.-based startups in the first half of 2021, anall-time record, per Ernst & Young. At that pace, the 2020 total should be surpassed in a matter of days.
- Venture capitalists sold $232 billion worth of tech startups in the first half of 2021, an all-time record, according to 451 Research (a unit of S&P Global Market Intelligence).
- 410 companies went public on the Nasdaq in the first half of 2021, an all-time record, partially driven by an all-time record number of SPAC listings.
- Buyout activity in the first half of 2021 hit an all-time record, including a whopping $126 billion for North American deals in Q2 alone, per Preqin.
- Global M&A in the first half of 2021 topped $2.82 trillion, as we previously discussed, an all-time record.
All of this feeds on itself. For example, lots of VC exits lead to lots of VC deals, both because of animal spirits and structural reasons like fund recycling provisions.
- Plus, Preqin reports that there was an all-time record 5,248 private equity and venture capital funds in market at the start of July, targeting $900 billion. That would be on top of an all-time record amount of existing dry powder in PE/VC funds.
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Jul. 06, 2021 09:30AM EST
Corporate media backlash fuels new upstarts
New media personalities have gained enormous traction over the past year by catering to individuals who feel disillusioned by the mainstream press.
Why it matters: A convergence of trends over the past year has made it easier for writers to launch new entities that can rival mainstream outlets and it's given these creators the freedom to criticize big media institutions.
- Trust in the mainstream media is at a record low, and the remote nature of the pandemic, sped up by digital innovation, is making it much easier for creators to self-publish and distribute their work online.
- "People are hungry for information, just not the information that the corporate media is trained to give people," Saagar Enjeti, co-host of the new YouTube show "Breaking Points," tells Axios.
Driving the news: Enjeti and former MSNBC anchor and political candidate Krystal Ball recently left The Hill newspaper to start their own franchise on YouTube and via podcasts.
- "Breaking Points" has gained nearly half a million subscribers in one month. It ranks in the top 10 news podcasts on Apple Podcasts in the U.S., ahead of popular shows like NPR News Now and Pod Save America.
- It's the second-most popular podcast currently, behind Premiere Networks' Clay Travis and Buck Sexton, who replaced Rush Limbaugh earlier this year.
The duo routinely takes aim at the mainstream media, sometimes using terms similar to those popularized during the Trump era, like the "fake news New York Times."
- "People weren't coming to it because it said 'The Hill' on the top," Enjeti recently noted, referring to their former show. "They were coming to it because they trusted us. And that is the thing — that's the keystone of the entire new media ecosystem."
State of play: Pundits that have recently launched their own media ventures are running a similar playbook, selling their digital platforms — mostly newsletters, podcasts and YouTube shows — as antidotes to the institutional media.
- Glenn Greenwald, formerly of The Guardian, the Washington Post and the co-founding editor of The Intercept, is a key example, as well as fellow Substack writers Matthew Yglesias, formerly of Vox Media, and Matt Taibbi.
- Greenwald and popular podcaster Joe Rogan have been vocal supporters of Enjeti and Ball, boosting their audience with Twitter support and media appearances.
Support from the likes of Rogan can be a game changer for independent journalists. Rogan's wildly successful podcast can in part be attributed to his rebuke of the principles of mainstream journalism, including the "absence of curation, or any discernible editing," as the New York Times notes.
- "Rogan is the father of the space," Enjeti says. "He created the environment in which we could thrive. I truly believe I wouldn't be here today without him."
Yes, but: Rogan, a comedian and UFC commentator, is the exception, not the rule. Many independent personalities that today criticize the mainstream press were able to build their new brands following lengthy careers in corporate media.
- Bari Weiss, a former New York Times opinion writer, wrote on her Substack blog in April, "The trust I build with you is based on getting things right. Not a fancy brand name."
"There's an intimacy about so-called 'pushed content' — the newsletters and podcasts — that enhances trust in an era where trust is vanishing," says Steve Hayes, CEO and editor of The Dispatch, a center-right digital media company that launched on Substack in 2019.
- The Dispatch has more than 150,000 subscribers, with nearly a third as paying members.
By the numbers: Of the top 50 political podcasts on Apple podcasts today, about 60% come from personalities that don't work at mainstream news companies.
What to watch: Using new platforms to attack media companies may lead to continued polarization of audiences and the nation, Helen Lewis notes in the Atlantic.
- Most troubling, the trend could also lead to an increase in the perception that misinformation runs rampant and that audiences shouldn’t trust anything they see in the news.
The bottom line: If necessity is the mother of invention, then corporate backlash is the mother of new media upstarts.
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Jun. 30, 2021 03:42PM EST
Pacific Northwest heat wave has no historical precedent and is fueling wildfires
Reproduced from Robert Rohde, Lead Scientist at Berkeley Earth; Chart: Axios Visuals
The extreme heat that shattered records across the Pacific Northwest — and still has not abated in many areas — has no precedent in modern record-keeping, data analyses shows. This is also the case in British Columbia, where the temperature soared to an almost unimaginable 121°F in Lytton on Tuesday.
Why it matters: Heat of this magnitude is proving to be deadly, which is consistent with findings that heat waves are typically the deadliest weather phenomena in the U.S. each year.
The big picture: With the heat settling further inland in Washington, Oregon, Idaho, Montana and parts of Canada, it's possible to check the historical record to see how the approximately 60 all-time high temperature records stack up.
- Typically, all-time records are broken by fractions of a degree to one or two degrees most. But during this heat event — caused by an extraordinarily strong area of high pressure aloft, or "heat dome," and aggravated by drought and global warming — temperatures exceeded previous records by more than 10°F in some places.
- Studies getting underway now to examine how big a role climate change has been playing in this event are likely to find that heat of this magnitude, occurring so early in the summer in such a relatively cool region of the country, was virtually impossible without human-caused global warming.
By the numbers: A chart similar to the one above for Portland, except looking at Lytton, shows an even more pronounced temperature spike compared to the historical record, Berkeley Earth scientist Robert Rohde said on Twitter.
Stunning breakout far above all previously measured values to set a new national temperature record for Canada of 49.6 °C (121 °F).
— Dr. Robert Rohde (@RARohde) June 30, 2021
This heatwave has reached further above historical means than any other summer heatwave previously recorded anywhere in North America. pic.twitter.com/aNURI7W8Yh
Between the lines: While computer models accurately captured the likelihood of extreme heat, since they were projecting unprecedented outcomes, forecasters had some trouble mentally processing them. This was visible on social media, as forecasters shared their thinking, but also in official National Weather Service forecast discussions.
- One technical forecast discussion from the NWS office in Seattle on Tuesday evening stated: "As there is no previous occurrence of the event we're experiencing in the local climatological record, it's somewhat disconcerting to have no analogy to work with. Temperature records will fall in impressive fashion. Stay cool, stay hydrated."
What's next: With the Western U.S. in the grips of severe drought and unusually hot conditions, wildfire season has started early.
- In northern California, the Lava Fire grew to nearly 18,000 acres overnight.
- Smoky skies are spreading throughout British Columbia and spilling into Alberta as blazes ignite in that province, which usually features wildfires toward the end of the summer, when conditions are driest.
- On Wednesday, President Biden, together with Vice President Harris, members of the Cabinet and representatives from the private sector, are convening a virtual meeting with Western governors about the threat of a devastating fire season, and how best to prepare for it.
- “I ... know that we are in a different climate, as the president said, on every level than we were even 10 years ago,” Harris said.
Go deeper: Biden moves to raise federal firefighters' pay as wildfire season kicks off
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