Inflation and interest rate hikes are causing companies in many sectors to lay off employees. To illustrate the employment trends and the socioeconomic implications, each week we will list job losses.
Category: 6 June 2023
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FDIC ASSETS SHRINKING AS RISK OF BANK FAILURES REMAINS HIGHER
The U.S. Federal Deposit Insurance Corp. (FDIC), which guarantees the safety of bank deposits up to $250,000, has seen its reserve shrink from $128 billion on 1 January to $116 billion now, according to the Financial Times.
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BANKS MAKING IT HARDER FOR SMALL BUSINESSES TO BORROW
Small businesses, especially startups, are finding it harder to get new loans, while some existing businesses are seeing their credit lines cut, The Wall Street Journal reported.
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EMPLOYERS ADDED 339,000 NEW WORKERS IN MAY
The U.S. jobs market refused to slow last month, with employers adding 339,000 non-farm workers across a range of economic sectors, according to the labor department’s initial estimate.
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CORPORATIONS FIND IT HARDER TO BORROW
The availability of loans to corporations, and the criteria to qualify for them, are at their most stringent since the depths of the COVID War, according to a Wall Street Journal investigation.
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INSIDERS SOLD BILLIONS IN SPAC STOCKS BEFORE COMPANIES CRASHED
The SPAC bust on Wall Street last year wiped billions of dollars from speculators’ accounts but made billions for SPACs’ executives and early investors, a Wall Street Journal investigation of more than 460 SPAC-related companies found.
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CRYPTO WALLETS FOR NFTS MIGHT BE COMING WITH A FUTURE ETHEREUM UPGRADE
NFTs (Non-fungible Tokens) might have built-in crypto wallets, if a new development proposal is incorporated into the Ethereum network protocol.
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TRAD FOR DAD: FINANCIAL TIMES PROMOTES TRAD-FI FIRMS AS “SAFER” FOR CRYPTO EXPOSURE
Firms like Charles Schwab and Nomura are promoting new crypto services as a safer way to gain exposure to assets like Bitcoin and Ethereum, according to a recent Financial Times report. (“Traditional finance firms set to challenge digital pioneers,” 31 May 2023.)
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THIS WEEK IN SURVEILLANCE
The whole world needs a digital ID now more than ever, right?
With AI susceptible to use by “bad actors” to create video and voice prints that can realistically mimic anyone from celebrities like Joe Rogan, to AI visionaries like…well, Sam Altman of OpenAI, many are now saying that the case for digital IDs is getting more urgent.
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DEGROWTH: HOW ‘CLIMATE-CORP’ IS PUTTING SMALL FARMERS OUT OF BUSINESS AND DESIGNING FOODS TO MEET RADICAL CLIMATE GOALS
From cars to food: many have noticed a distinct shift in attention of radical climate activists lately.
Food is squarely on the table as a subject of “unsustainable” so-called greenhouse gas emissions such as carbon and methane.