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For the first time in a long time, tech workers are in a funk. This rare combination of generous compensation and a reasonable work-life balance kept tech workers happier than employees in other industries. Economy wide, there were on average 6.6 front-line workers per manager in 2018 and 2019, but post-pandemic, the ratio dropped to 6 to 1. It's possible that as tech companies have grown into more complex organizations, more management layers are necessary. Fundamentally, it's about listening to and elevating the voices of front-line employees.
Persons: , Kristi Coulter, Aaron Terrazas Organizations: Linkedin, Tech, Wall Street, Federal Reserve, Microsoft, Amazon, California Bay, Austin , Texas —, Ford Motor Company, Intel Locations: Wall, California, California Bay Area, Austin , Texas, neckties
The heightened sensitivity around Israel and Palestine hit home last week at Two Sigma, the $60 billion New York-based quant fund manager. The firm's leadership faced internal criticism last week following its regular companywide Wednesday email, according to sources familiar with the situation. The company is also backdating donations to these organizations to October 7, the date of the deadly attacks. "We are horrified by the recent terrorist attacks in Israel and devastated by the loss of innocent civilian lives in the region. In response, last week we launched a 2:1 company match for employee donations made to organizations providing critical support and humanitarian relief," a statement from a Two Sigma spokesperson said.
Persons: Bill Ackman, Marc Rowan, maters — Organizations: Sigma, Google, USA, Committee, United, Finance, Pershing, maters — Harvard, University of Pennsylvania Locations: Israel, Palestine, York, Gaza, United Nations
Charlie Javice says JP Morgan is withholding thousands of documents that could help her case. Javice is facing federal charges after JP Morgan claimed she defrauded them out of $175 million. Now, the 31-year-old claims JP Morgan has failed to produce "likely thousands" of documents that could help her defense. In April, the federal prosecutors charged Javice with making false claims and submitting false data to JP Morgan after the bank acquired Frank for $175 million. AdvertisementAdvertisementProsecutors said Javice lied to JP Morgan about the number of people relying on her company.
Persons: Charlie Javice, Morgan, Javice, JP Morgan, , Frank, Slack, Damian Williams, Prosecutors, Mark Kantrowitz, Kantrowitz Organizations: Service, Department of Justice, JP, Federal Student Aid, Justice
Elon Musk's X has been accused of breaking federal law for firing an employee who complained about return-to-office mandates. Five days later she was fired for breaking an unspecified company policy. AdvertisementAdvertisementTwitter illegally fired an employee who complained about Elon Musk's return-to-office mandates, the National Labor Relations Board said. AdvertisementAdvertisementThe complaint says that Yao Yue, a principal software engineer, criticized Musk's policy, tweeting "don't resign, let him fire you," and posting "don't be fired. Yue was then fired five days later in November, with the only explanation given was that she'd violated an unspecified company policy.
Persons: Elon Musk's, Yao Yue, , didn't, Musk, Slack, Yue, I’m, witter Organizations: Service, Twitter, National Labor Relations Board, NLRB, X, CNBC, ue 岳 峣, EO Locations: usk
The NLRB alleged that X fired Yu after she attempted to organize other Twitter workers who were upset about Musk's sudden change to the company's work requirements. Five days later, Yue was fired and told that she was violating an unspecified company policy, the legal document said. The NLRB alleges that X has "been interfering with, restraining, and coercing employees in the exercise of the rights guaranteed" under national labor law. "After 12 amazing years and 3 weeks of chaos, I'm officially fired by Twitter," Yue said in a tweet on Nov. 15. WATCH: Elon Musk has "cut off the good guys, empowered the bad guys" on X
Persons: Elon Musk, Recep Tayyip Erdogan, Fatih Aktas, Elon Musk's X, management's, Yao Yue, Musk, X, Yu, Yue, Slack, Yue's, Twitter, X didn't, I'm Organizations: United Nations, UN, Anadolu Agency, Getty Images, National Labor Relations Board, Twitter, San, National Labor Relations, NLRB, CNBC Locations: New York, United States, San Francisco
The employee was illegally terminated for their actions, according to the complaint. The NLRB protects workers’ legal right to engage in “concerted activity,” which is when two or more coworkers band together to address workplace issues. However, this is not Musk’s first run-in with the labor agency. The NLRB has repeatedly cited Tesla and Musk for illegal or improper anti-union activities, such as interrogating or discriminating against employees who support unionizing. Musk has also been vocal about his opposition to labor organizing, and the NLRB once directed Musk to delete a 2018 tweet saying Tesla employees would lose their stock options if they formed a union.
Persons: CNN —, Slack, don’t, Kayla Blado, Musk, Tesla Organizations: CNN, CNN — Elon, National Labor Relations Board, NLRB, Workers, Tesla Locations: San Francisco
U.K. gross domestic product grew by 0.2% in August, the Office for National Statistics estimated Thursday, partially recovering from a downwardly revised 0.6% contraction in July. "It does not change the outlook for the Bank of England and confirms that the Bank Rate does not have much upside from here, but will remain at current levels for an extended period." The Bank of England last month ended a run of 14 consecutive interest rate hikes after data showed inflation was running below expectations. "The UK has grown faster than France and Germany since the pandemic and today's data shows the economy is more resilient than expected," U.K. Finance Minister Jeremy Hunt said Thursday. U.K. headline inflation dipped to an annual 6.7% in August, below expectations but still well above the Bank's 2% target.
Persons: Mathieu Savary, Jeremy Hunt, Thiru Organizations: Citibank, HSBC, National Statistics, BCA Research, Bank of England, of England, Bank, Finance, Institute of Chartered Accountants, Wales, Bank of England's Locations: Wharf, London, United Kingdom, U.K, European, France, Germany, England
Flexport employees are bracing for layoffs they believe could come as soon as Friday. Meanwhile on Slack, Flexport CEO and founder Ryan Petersen told employees "Get back to work people!" The comment, which was viewed by Insider, came in response to a set of questions an employee posed about executives' tips for success. Insider first reported that Flexport was planning layoffs on September 7, the day after its former CEO Dave Clark departed. The next day, Petersen hinted at more changes through a series of posts on X, formerly known as Twitter, saying, "Strategic Plan, Day 1: Make better decisions!"
Persons: Slack, Flexport, Ryan Petersen, " Petersen, Dave Clark, Petersen, Clark, Madeline Stone Organizations: Employees, Street, Amazon, Shopify Logistics Locations: Amazon, Flexport, mstone@insider.com
Would you answer a late-night text message from a recruiter after a job interview? The message is a test to help determine whether someone is a good fit for a job or a culture. AdvertisementAdvertisementYou go to a job interview at 1 p.m.Around 10 p.m., you get this text: "Hey, Tim. Text back quickly and it might up your chances of snagging the job, at least at Vanderbloemen's 45-person firm. Trial by text message joins other offbeat quizzes meant to help determine whether a job candidate should get an offer letter.
Persons: William Vanderbloemen, , Tim, Ben, proctor, that's, Vanderbloemen, they're, who'd, it's, It's, Slack Organizations: Service Locations: Vanderbloemen, Houston, New York City
WorkMade is a new startup that lets freelancers keep track of their earnings and pay taxes. Frequent freelancer Nick Simpson founded WorkMade in 2022 and scaled the startup to 12 employees. Now, the startup is launching publicly with $7.5 million in venture capital funding to date. AdvertisementAdvertisementWhen it comes time for a freelancer to pay their taxes, WorkMade manages that process too, including the payment without any forms, mail or extra calculations. According to Statista, there are an estimated 73 million freelancers working in the US this year, and that number is projected to grow to over 90 million by 2028.
Persons: Nick Simpson, WorkMade, , Simpson, Anna Barber's, Gale Wilkinson's, Slack, Statista, I'd, I've Organizations: Service, Venture Capital, WorkMade, Piermont Bank Locations: Wellington, New
Some Americans are secretly working multiple remote jobs. AdvertisementAdvertisementOne of your co-workers could be secretly working multiple remote jobs to boost their finances. But holding two remote jobs could breach some employment contracts and lead to job termination. But it could become more popular as the remote work revolution provides additional opportunities for Americans to take on more work. "Clearly, if people can work multiple jobs at the same time, then I need to redefine their role to be more rigorous," she said.
Persons: , it's, David Barron, Cozen O'Connor, Barron, who've, Aaron De Smet, I'm, Jennifer Moss, De Smet, Xer, Moss, we've, they're, we'll, Nicole Coomber Organizations: Service, McKinsey, University of Maryland Locations: Texas
Eventually, according to Ellison, Bankman-Fried chose the one that omitted a line saying "FTX borrows," hiding $10 billion in borrowed customer money. When asked by Sassoon why she continued with the scheme, Ellison said, "Sam told me to." She said Bankman-Fried told her she should have hedged and, "speaking loudly and strongly," said it was her fault. CEO Sam Bankman-Fried Bloomberg | Bloomberg | Getty ImagesEllison then went into her own emotional state. After all the movement of FTX money, the company only had $4 billion to cover $12 billion in customer holdings, she said.
Persons: Caroline Ellison, Yuki Iwamura, Sam Bankman, Saudi Crown Prince Mohammed bin Salman, Ellison, Fried, Danielle Sassoon, Genesis, Gary Wang, Nishad Singh, Bankman, FTX, Mark Cohen, District Judge Lewis Kaplan, Jane Rosenberg, Sassoon, Sam, Mohammed bin Salman, Jane Street, Slack, she'd, who'd, sloppily Organizations: Alameda Research, Bloomberg, Getty, Saudi Crown, U.S, District, Federal Court, Reuters, Stanford, Bankman, Wall, Alameda, New York Times, MBS, Vox, Forbes, Twitter, Toyota Corolla, Fried Bloomberg Locations: New York, Bankman, Alameda, FTX, New York City, U.S, San Francisco Bay, Saudi, Japan
Nvidia CEO Jensen Huang told employees that an employee in Israel had been kidnapped by Hamas. Huang told affected employees to "delegate critical work to our colleagues all around the world." download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementAn Nvidia employee in Israel was kidnapped by Hamas over the weekend during the attacks by Hamas on Israel. In his email on Sunday, Huang told employees to "stay home" and "prioritize your family."
Persons: Jensen Huang, Huang, Organizations: Nvidia, Service Locations: Israel, Silicon Valley, Gaza, Tel Aviv
In both cases the outcome would push the Fed from that "golden path" onto a far more familiar one: An economy buckling as borrowing costs rise and confidence wanes. "I don't think it is unavoidable" that joblessness will have to rise significantly for inflation to return to target, Dallas Fed President Lorie Logan said on Monday. But the most important thing is that we stay focused on restoring price stability, and I think that will require some rebalancing in the labor market." Her look at past periods of inflation and disinflation makes her think the labor market may still need a shock for the Fed to succeed. "As nice as it is to see a really strong labor market, when you are trying to get inflation down, that's not your friend."
Persons: Lorie Logan, Philip Jefferson, Austan Goolsbee, Jefferson, Christina Romer, Romer, Goolsbee, that's, Howard Schneider, Ann Saphir, Dan Burns, Paul Simao Organizations: DALLAS, Federal, National Association for Business Economics, Dallas, Chicago Fed, Treasury, University of California, White House's Council, Economic Advisers, Fed, Thomson Locations: U.S, Dallas, Israel, Palestinian, Berkeley
Airbnb CEO Brian Chesky made the tough decision to lay off 1,900 staff during the pandemic. Chesky made an alumni directory for laid off Airbnb staff so recruiters could connect with them. Chesky explained to Bartlett that he wanted people to leave with "dignity" and have the chance to get good roles. When describing the layoffs, Chesky said it was like "breaking up with 2,500 people," and said that he had a "deep feeling of love for all of them," referring to his employees. During its pandemic layoffs, Airbnb's severance packages were substantial .
Persons: Brian Chesky, Chesky, , Steven Bartlett, Airbnb, Bartlett, I'm, Elon Musk, Musk, they'd Organizations: Service, Software
It was going to really take me to that next level and lead me to my dream job. So I was like, "Wow, I'm going to work for Amazon. I'm going to put you into a Pivot program." Well of course I'm going to leave because I'm not that stupid. I lost $110,000 that there's no way I'm going to get back.
Persons: , I'm, TAMs, we're, he'd, wasn't, I've, Slack, I'd, that's Organizations: Amazon, Service, Amazon Web Services, LinkedIn, TAM
‘The earlier, the better’Early Intervention was created in 1986 to address developmental delays in children like Alexander as soon as possible. “In a way, Early Intervention is contributing to some social inequity,” she explained. J.B. Pritzker signed a budget in June giving Early Intervention providers a 10% raise. Although Aria started speech therapy promptly, she has been on the waitlist for developmental therapy for more than a year. “I wonder if we would have had the Early Intervention in-person session earlier, if things would have been better by now,” Garcia said.
Persons: — Alexander, Hilda Garcia, Alexander, Garcia, couldn't, , , Maureen Greer, Katy Neas, Waitlists —, Sarah Ziemba, , Allison Friedman, Krauss, ” Friedman, Ziemba, ” Ziemba, J.B, Pritzker, Alex Gough, Lindsey Faulkner, Megan Sanders, ” Faulkner, Sanders, “ We’ve, ” Sanders, Aria, Faulkner, St . Louis, Darcy Armbruster, Armbruster, ’ Hilda Garcia’s, Tylenol, he’d, ” Garcia, ___ Savage Organizations: CHICAGO, U.S . Centers for Disease Control, Association, U.S . Department of Education, Service, Illinois Department of Human Services, Research, National Institute for Early Education Research, Illinois Gov, Associated Press, America Statehouse News Initiative, America, Foundation, AP Locations: West Chicago, U.S, Illinois, Chicago, Peoria , Illinois, Peoria, St ., DuPage County
Negotiations between Exxon and Pioneer are advanced but have not yet led to an agreement over the acquisition of the largest oil producer in Permian basin. So far, shareholders profited as the share price more than doubled since early 2021 when activist investors publicly pushed for changes. Big Oil is responsible for the bulk of human-induced greenhouse gas emissions and pressure for action is building. "Investor pressure has decreased; they're backtracking... the big investors are enabling this," said climate investment group Follow This founder Mark van Baal. Privately, investors worried if Exxon bowed out of production, someone else would pick up the slack and nothing would be gained for shareholders or energy transfer.
Persons: Olaf Scholz, Exxon Mobil's, Jim Rossman, that's, Andrew Logan, tussles, Mark van Baal, Charlie Penner, Ceres, Logan, Marguerita Choy Organizations: Environmental, Exxon, Republique, New Global Financial, Big Oil, Energy, Natural Resources, Pioneer, Barclays, Oil, Public, International Energy Agency, Investors, Ancora, Holdings, Algonquin Power & Utilities, Elliott Investment Management, NRG Energy, Smart, Thomson Locations: Paris, France, BOSTON, Ukraine
Workers at Salesforce's Slack have been asked to set aside some regular duties to focus on training. This has caused frustration and creative attempts to speed through sessions, sources told Fortune. A Slack spokesperson said the firm experimented with ways to help workers focus on their priorities. AdvertisementAdvertisementSome workers at Salesforce's Slack have been frustrated at being asked to set aside regular meetings to ensure they complete internal training sessions. This has led to workers "gaming" the company's training platform to speed through the sessions, Fortune reported, citing sources.
Persons: Salesforce's Slack, Fortune, Slack, , Salesforce, Bridgitt Haarsgaard, Haarsgaard Organizations: Salesforce's, Service, Slack
Otherwise, exemptions to the hybrid work policy will "only be granted in rare and exceptional cases" like documented medical reasons. Below is a copy of Tanium's hybrid work policy FAQ:Tanium Return to Office & New Hybrid Work Policy FAQQ: What is Tanium's new hybrid work policy? move to another city, state, county or country) the general expectation is that they will adhere to the hybrid work policy going forward. move to another city, state, county or country) the general expectation is that they will adhere to the hybrid work policy going forward. Additional Policy DetailsQ: Will exemptions from the hybrid work policy be provided?
Persons: Tanium, Dan Streetman, Orion Hindawi Organizations: Employees, Meta, Microsoft, Leadership Team, Team, Google, North, EMEA, Frankfurt, JP, KR, SharePoint Locations: North America, Emeryville , CA, Morrisville , NC, Addison , TX, Kirkland , WA, Bethesda, New York, Denver, Tampa , FL, Vancouver, Reading, Amsterdam, DE, Paris, Krakow, Tokyo, Osaka, Nagoya, Seoul, Singapore, SP
That left the Biden administration’s $24 billion request for fresh military aid, submitted to Congress in the summer, in limbo. While it’s unclear who might succeed him, several potential candidates are skeptical about continuing support for Ukraine at current levels. Let’s be clear, if the US Congress does not pass a funding bill, Ukraine will be in deep trouble. But for Ukraine’s military planners, the uncertainty is an immense challenge as they try to plot any winter offensive or where to place air defenses. Bryan R. Smith/AFP/Getty ImagesBut a senior adviser to Zelensky criticized “Western conservative elites” for suggesting that military aid to Ukraine should be suspended.
Persons: Kevin McCarthy, McCarthy, Joe Biden, McCarthy “, ” McCarthy, Volodymyr Zelensky, Robert Fico’s, , Michael McCord, McCord, , Max Bergmann, ” Bergmann, Bergmann, , Bergman, Dmytro Kuleba, ” Kuleba, Oksana Markarova, ” Markarova, Bryan R, Smith, Zelensky, Mykhailo Podolyak, Podolyak, ” Podolyak Organizations: CNN, Russia grinds, Kyiv, Biden, Ukraine, Russia, NATO, Congressional, House Democrats, Pentagon, Ukraine Security Assistance Initiative, Center for Strategic, International Studies, , , European Union, Facebook, Embassy of, USA, UN, Assembly, , Congress Locations: Ukraine, Russia, Washington, Slovakia, Poland, Warsaw, Kyiv, Embassy of Ukraine, AFP
If oil prices stay high — and especially, if they breach $100 a barrel — the companies are well positioned. However, should oil prices fall and debt levels continue to rise, some companies have boxed themselves into a corner with very generous dividends and share repurchase programs. At the same time, operating cash flow has been declining. "What we're looking at is companies trying to bridge a little gap while operating cash flow is going down," said Mark Young, senior analyst at Evaluate Energy. "Since the end of 2020, operating cash flow has been able to cover all capital spending, dividend payments and share buybacks by itself.
Persons: Mark Young, Young, Conoco Phillips, Noah Barrett, Warren, Barrett, We're, Matt Smith, Smith, Jason Mountford, Brent, Goldman Sachs, Mike Wirth, Mountford, unprofitably, there's, that's Organizations: Energy, CNBC, Civitas Resources, Chevron, Exxon Mobil, Janus, Federal, Warren Pies, 3Fourteen Research, Investors, Conocophillips, Devon Energy, Exxon, Organization of Petroleum, Kplgr, Bank of America, Citigroup Locations: U.S, Wall, Saudi Arabia, Russia, Chevron
BEIJING (AP) — China's factory activity in September recorded its first expansion in six months, an official survey said Saturday, providing another sign that the world's second-largest economy is gradually improving following its post-pandemic malaise. The composite index rose to 52 from 51.3. Zhao said the improvement indicated by the latest indexes suggest the level of economic activity is rebounding. However, China's economic rebound remained uneven. China's economy grew at a 6.3% annual pace in the second quarter of this year, much slower than the 7%-plus growth that analysts had forecast based on the anemic pace of activity the year before.
Persons: , Zhao Qinghe, Zhao, Hui Ka Yan Organizations: BEIJING, National Bureau of Statistics, China Federation of Logistics, Purchasing, China Evergrande, Investment Locations: China, Hong Kong
Jim Cramer's week ahead: Focus on September jobs report
  + stars: | 2023-09-29 | by ( Julie Coleman | ) www.cnbc.com   time to read: +2 min
CNBC's Jim Cramer said next Friday's nonfarm payrolls — the employment data over the past month — may decide if October will see a market rally. On Tuesday, spice and flavor manufacturer McCormick will report earnings, and beverage company Molson Coors will have an analyst meeting. Cramer said the tech company is coming off the report of a great quarter and forecast, and he thinks the stock could have more room to run. Cramer again emphasized Friday's labor report, saying in order to have a "strong October," the nonfarm payrolls need to show some slack in the workforce. Cramer noted the jobs report will not come out if the government shuts down.
Persons: CNBC's Jim Cramer, Cramer, Kellogg, WK Kellogg, McCormick, Okta, we'd, Jay Powell Organizations: Labor, Molson Coors, Dell, Federal Reserve, Fed
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUnemplyment numbers have to show slack in the labor force, says Jim Cramer'Mad Money' host Jim Cramer takes a look at the week to come including another round of earnings, a speech by Fed Chair Powell, a possible government shutdown and more.
Persons: Jim Cramer, Powell
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