Lyft announced that it would lay off 26 percent of its staff, becoming the latest company to initiate cuts in its workforce, as concerns over a potentially deep recession rise. The decision, which was filed with the Securities and Exchange Commission on April 27, will affect 1,072 out of the roughly 4,000 employees at the rideshare…
Lyft Slashes Over 1,000 Jobs, 26 Percent of Its Workforce
April 28, 2023
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Small Businesses Attempt to Hire Layoffs From Big Tech
April 27, 2023
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Layoffs at American tech companies have become an opportunity for small businesses, as highly skilled workers look for new work. Small businesses with less than 250 workers employed 58 percent of the total workforce in 2020, according to the U.S. Census. Tech startups have posted far more job offers than Big Tech firms in recent…
House Panel Debates Whether Biden-Era Energy Policies Benefit China
April 26, 2023
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China’s gains and losses from energy policies during Joe Biden’s presidency were a contested topic during an April 26 hearing of the House Energy & Commerce Committee’s Environment, Manufacturing, and Critical Materials Subcommittee. “Until we increase U.S. capacity for critical mineral extraction and refining, increasing our reliance on renewable energy and EVs [electric vehicles] will…
Business Investment Slumps as Orders for Capital Good Falls
Orders for American-made durable goods has fallen as business investments slump—a sign of an economic slowdown. The U.S. industrial sector has been falling into a slump after several years of rapid growth, with many economists viewing it as a prelude to a broader recession. Durable goods orders jumped by 3.2 percent in March but only by…
IN-DEPTH: What Financial Analysts Are Recommending for Investing in a Recession
The recession has become the talk of the town again in the U.S. economy and financial markets, with many leading downturn indicators flashing red. In March, The Conference Board’s Leading Economic Index slumped to its lowest level since November 2020, declining by 1.2 percent and deepening into contraction territory. The spread between the two- and 10-year…
IN-DEPTH: Manchin Vows to Stop Biden’s ‘Radical Climate Agenda’
April 26, 2023
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Sen. Joe Manchin (D-W.Va.) on Tuesday accused the Biden administration of ignoring domestic energy security provisions in the Inflation Reduction Act (IRA) and pledged to do everything in his power to push back against the administration’s “radical climate agenda.” “The Biden administration is breaking its word to the American public by ignoring the text of…
LIVE 5 PM ET: NTD Business (April 25): GM ending production of Chevy bolt EV; First Republic Bank Shares Plummet nearly 50%
April 25, 2023
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Shares of First Republic Bank plummeted today, after it revealed massive withdrawal of deposit in the last quarter, it’s also laying off workers. The cheapest American EV is going away. Stay tuned to find out why GM is ending the production. Manufacturing giant 3M announcing a major layoffs today—how many are they letting go, and…
LIVE 5 PM ET: NTD Business (April 25): GM Ending Production of Chevy Bolt EV; First Republic Bank Shares Plummet Nearly 50 Percent
April 25, 2023
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Shares of First Republic Bank plummeted Tuesday, after it revealed a massive withdrawal of deposits in the last quarter. It’s also laying off workers. The cheapest American EV is going away. Find out why GM is ending the production. Manufacturing giant 3M announced major layoffs Tuesday—how many are they letting go, and why? In its…
Standard Chartered CEO Warns Banking Sector Risks Will ‘Come Home to Roost’
April 25, 2023
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Standard Chartered CEO Bill Winters warned that the U.S. banking sector may face another crisis after avoiding a near collapse last month. He spoke with CNBC’s Joumanna Bercetche on April 24 to discuss the future outlook of the industry. Regulators intervened in March to prevent mass panic after the collapse of Silicon Valley Bank, Signature Bank,…
The Changing Rules of Building Wealth in the Technological Age
Commentary If you are under the age of 40, you likely are actively engaged in building a family and building a career. You are also actively engaged in building up enough wealth so that when you hit the back nine of your life, you can retire and enjoy it. I am in the back nine…
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