American work culture is having an identity crisis. Are we a #riseandgrind people or are we #QuietQuitting? Are we, as Elon Musk and Sam Bankman-Fried have modeled, going so “extremely hardcore” that we’re willing to sleep at the office? Or are we evolving, recognizing the toxicity of hustle culture and finally setting boundaries? READ MORE
US could skirt recession, former Fed economist says
While the potential risks of a coming economic downturn are “very high,” factors such as the strong labor market and loosening pressure on supply chains could see the U.S. economy narrowly missing a recession, Julia Coronado, president and founder of economic research firm MacroPolicy Perspectives said during a panel discussion Tuesday. READ MORE
US scientists make major breakthrough in ‘limitless, zero-carbon’ fusion energy
U.S. government scientists at a California laboratory have reportedly made a monumental breakthrough in harnessing the power of fusion energy.
The scientists, working at Lawrence Livermore National Laboratory, recently achieved a net energy gain in a fusion reaction, the Financial Times reported, citing three people with knowledge of the experiment. READ MORE
Global 4-day week pilot was a huge success, organizers say
The verdict is in: A four-day work week is good for business.
After six months, most of the 33 companies and 903 workers trialing the schedule, with no reduction in pay, are unlikely ever to go back to a standard working week, according to the organizers of the global pilot program.
None of the 27 participating companies who responded to a survey by 4 Day Week Global said they were leaning towards or planning on returning to their former five-day routine. About 97% of the 495 employees who responded said they wanted to continue with a four-day week. READ MORE
How To Do Well by Doing Good
"Protecting people and the planet is at the heart of who we are." "Being a responsible corporate citizen is part of our DNA."
Sound familiar? Probably if you've read a corporate environmental, social and governance (ESG) or sustainability report in the past decade.
But what does it really mean for a business to integrate ESG into its operations? READ MORE
CEO predicts two years of pain ahead in the housing market
The CEO of one of the nation’s largest banks is preparing for an economic downturn in 2023. But he’s also hopeful that the likely recession will be brief and “mild.”
Bank of America CEO Brian Moynihan said in an exclusive interview with Poppy Harlow on “CNN This Morning” Tuesday that there is a lot of uncertainty in the global economy due to the potential US freight railroad strike, Russia’s war with Ukraine and Covid shutdowns in China. READ MORE
What Founders Need to Know Before Selling Their Startup
The vast majority of startup exits occur via acquisition. And while the internet is full of advice for pre-exit founders, remarkably little content exists to help guide them through post-acquisition life — even though they and the employees they recruited will often spend two-to-three years toiling away with the acquirer. An acquisition is an exciting occasion, to be sure, but it is hardly the happily-ever-after ending that the “founder’s journey” story might suggest. READ MORE
Google has avoided mass layoffs so far, but employees worry their time may be coming
As industry-wide layoffs hit bigger tech names, some Google workers worry they’re next.
While Google has so far avoided the widespread job cuts that have hit tech companies, particularly those supported by a slumping ad market, internal anxiety is on the rise, according to documents viewed by CNBC and employees who spoke on the condition of anonymity. READ MORE
Elon Musk has upended Twitter’s business. Here’s how he could fix it
Much of Twitter’s ad sales team has been fired or pushed out. Large companies from General Mills to Macy’s have paused advertising on the platform, with more potentially following suit after new owner Elon Musk’s decision to restore the account of former President Donald Trump and other controversial figures. And any cursory scroll of the platform will likely show you fewer big brand ads. READ MORE
The food revolution will be lab-grown
For the first time, the FDA has approved a startup to sell (gulp) lab-grown meat for human consumption. Upside Foods, which makes cell-cultured chicken, can sell its products once they are approved by the U.S. Department of Agriculture. READ MORE
Remote work options are still surging among high-paying jobs
Positions that allow remote work continue their upward incline: According to data from Ladders, a career site for positions that pay $100,000 or more, 36% of all professional jobs are now remote. That’s a huge jump over the past couple of years. Prior to the pandemic, only about 4% of high-paying jobs were available remotely. By the end of 2021, that jumped to 18% and now, at the end of 2022, that number has doubled. READ MORE
Companies Brace for Onslaught of New Activists After Change in Proxy-Voting Rules
Sinking stock prices and a change in proxy-voting rules are emboldening many first-time shareholder activists to seek changes at some of the biggest names in American corporations.
Companies, always wary of activist advances, are feeling particularly vulnerable as a result of new rules imposed by U.S. regulators in September requiring the use of a so-called universal proxy card in corporate-director elections, bankers and lawyers say. READ MORE
Was This $100 Billion Deal the Worst Merger Ever?
Soon after a sweeping courtroom victory in 2018 cleared the way for AT&T’s $100 billion takeover of Time Warner, John Stankey, AT&T’s chief operating officer and the newly anointed chief executive of Warner Media, summoned his top Warner Media executives to a meeting at the Time Warner Center off Columbus Circle. READ MORE
Tech Industry Layoffs Are Accelerating. What Does That Mean?
U.S. tech industry layoffs have accelerated over the last couple of months, but the industry is still in a strong position to weather a recession.
During the first week of November, at least 6,473 tech workers in the U.S. were laid off, by our tally — a more than 600% increase from the 910 who lost their jobs the week before. Last week, there were more than 7,000 reported U.S. tech sector layoffs. READ MORE
Layoffs mount, and Main Street still can’t find any workers to hire for open jobs
Higher wages get harder for business owners to offer as inflation increases as a margin pressure amid a lower sales outlook, but there are other work benefits and perks that can be used to attract talent. READ MORE
The four-day workweek is new standard for 40% of companies, EY survey finds
A cooling economy, rising mortgage rates and mass layoffs have done little to dampen executive demand for expanded office presence and increased flexibility for office workers, a new report from Ernst and Young found. READ MORE
U.S. retail sales rise solidly; fourth-quarter GDP estimates raised
U.S. retail sales increased more than expected in October as households stepped up purchases of motor vehicles and a range of other goods, suggesting consumer spending picked up early in the fourth quarter, which could help to support the economy. READ MORE
C.E.O.s Are Talking More About Recession
Despite a surprisingly resilient labor market, talk of an economic downturn is on the lips of corporate leaders.
James S. Tisch, the chief executive of the hotel, insurance and industrial conglomerate Loews Corporation, said on an earnings call with analysts last week that his “fearless forecast” was for recession, but not one that would be as “cataclysmic as ’08 or ’09.” READ MORE
Most executives see possible GOP midterm win as business boost
Over half of executives surveyed said U.S. House and Senate control flipping to Republicans would have positive effects on the business environment. READ MORE
Mixed bag for jobs: Employers keep hiring, but unemployment rises
The US economy added 261,000 jobs in October and the unemployment rate rose to 3.7%, according to the latest monthly employment snapshot from the Bureau of Labor Statistics released Friday morning. READ MORE