ICYMI: 03.28.23
Roughly One-Third of Job Postings Are Inactive "Ghost Jobs"
A survey of more than 1,000 hiring managers revealed that 27% stated they had “ghost jobs,” job postings up for more than four months that they weren't actively trying to fill. Nearly half of the hiring managers said they wanted to give the impression that the company is growing, while one-third said they did it to appease overworked employees.
Starbucks C.E.O. Will Work as Barista Once a Month
New Starbucks C.E.O. Laxman Narasimhan pledged to work as a barista for half a day every month. Narasimhan expressed his commitment to the company's culture and customers by working on the front lines with baristas.
Jobless Claims Show Strong Labor Market
Initial unemployment claims remained roughly steady, with the four-week average of weekly claims declining slightly last week to 196,250.
Fed Hikes Rate 0.25%, Signaled That Increases Are Near End
The Federal Reserve increased interest rates by 0.25 percentage points, its ninth rate hike since March 2022. The central bank signaled that its aggressive rate hike policy is nearing its end. Fed Chair Jerome Powell stated that the U.S. banking system is “sound and resilient.”
TikTok C.E.O. Faces Tough Questions from Lawmakers
TikTok C.E.O. Shou Zi Chew faced tough questions from House Energy and Commerce Committee members about its ties to the Chinese government in a grueling 5-hour hearing.
Justice Dept Investigates TikTok Parent Over Unlawful Data-Gathering
The U.S. Justice Department and Federal Bureau of Investigation are investigating whether TikTok parent Byte Dance unlawfully gathered user data. In December, ByteDance fired four employees after discovering that they pulled the I.P. addresses of two journalists.
Social Media Companies Sued Over Youth Mental Health Crisis
School districts nationwide are suing social media companies, claiming that their algorithms and artificial intelligence cause addictive behavior. Administrators are overwhelmed by mental health crises, impacting resources allocated for education.
UBS Buys Credit Suisse for $3.2B
Zurich-based bank UBS purchased Credit Suisse for 3 billion Swiss francs ($3.2 billion.)
Google Opens Access to Bard
Google opened access to its AI-powered chatbot, Bard, to a limited number of U.S. and U.K. users.
Crypto Experts Predict Mass Adoption of Stablecoins in Africa
At the recent Blockchain Africa Conference in Johannesburg, industry experts forecasted a trend of African countries embracing bitcoin and stablecoins as legitimate forms of currency. Stablecoins are a type of cryptocurrency designed to maintain a stable value relative to another asset, such as a national currency, commodity, or basket of assets. Approximately one-third of adults in Sub-Saharan Africa use a “mobile money” account. This service allows users to send payments through their cell phones using a virtual wallet without going through a centralized banking institution.
Lil Yachty and Jake Paul Among Celebrities Charged By S.E.C. for Promoting Crypto
Lil Yachty, Jake Paul, Ne-Yo, and Lindsay Lohan are among eight celebrities the Securities and Exchange Commission charged for promoting cryptocurrencies without disclosing their compensation.
Court Documents Reveal F.T.X.’s Spending Spree
Court documents for defunct crypto company F.T.X. and its sister company Alameda reveal the company’s wild spending sprees that led to its implosion, which include the following:
Bahamian real estate holdings valued at $256.3 million
A $2.5 million yacht for Alameda Co-CEO John Samuel Trabucco
An outstanding bill for Jimmy Buffet’s Margaritaville resort to the tune of $599,409 for suites for their staff and a shuttle bus took them to company offices.
Air carriers to fly their Amazon orders from Miami for $3.9 million.
Crypto Rises Following Fed Rate Hike
The price of Bitcoin rose above $28,000 following the Fed’s interest rate hike, while ether rose above $1,800.
Ford Reveals Explorer E.V. for European Market
Ford Motor introduced its first fully-new electric vehicle designed solely for the European market on Tuesday as part of its plans to make its European lineup fully electric by 2030.
