WASHINGTON—The number of Americans seeking unemployment aid fell last week to 444,000, a new pandemic low and a sign that the job market keeps strengthening as consumers spend freely again, viral infections drop and business restrictions ease. Thursday’s report from the Labor Department coincides with moves by nearly all the nation’s Republican governors to cut…
‘I’m Not Very Social’: ByteDance Founder to Hand CEO Reins to College Roommate
May 20, 2021
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Asia & PacificBusinessCEO of TikTok，owner ByteDanceChinaChina Business & EconomyCompaniesInternationalWorldZhang Yiming
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Zhang Yiming announced he will step down as CEO of TikTok-owner ByteDance, saying he lacked the social skills to be an ideal manager and naming his college roommate Liang Rubo as his successor to navigate a rising tide of Big Tech regulations. In a surprise announcement to employees on Thursday, first reported by Reuters and…
Number of States Dropping Federal Jobless Boost Rises to 22
May 20, 2021
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BusinessEconomieseconomyFeatured Topicsfederal unemployment benefitFederal-State RelationsPoliticsRepublicansUSUS News
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This week, Indiana, Oklahoma, and Texas joined 19 other Republican-led states moving to drop the $300 weekly federal jobless benefit boost in a bid to encourage the unemployed to get back to work amid sky-high levels of job openings and business hiring woes. The move by the three states to opt out of the $300…
Chip Crunch Drives Ford to Cut Production, Including of F-150 and Bronco Sport SUV
Ford will pause or reduce production of vehicles including the F-150 pickup and Bronco Sport SUV at eight North American plants in June due to the semiconductor chip shortage that is putting a squeeze on carmakers. Following reports of an internal Ford memo noting the chip-driven production rollbacks or stoppages, the company confirmed the news…
Chip Crunch Drives Ford to Cut Production, Including F-150 and Bronco Sport SUV
Ford will pause or slash production of vehicles that include its F-150 pickup and Bronco Sport SUV at eight North American plants in June as a result of the semiconductor chip shortage that is putting a squeeze on carmakers. The company confirmed the news in a statement to media outlets, in response to reports of…
Canada’s 2050 Net-Zero Climate Goal Means Big Spending and Risks, Say Industry, Analysts
To reach ambitious emissions reductions goals, analysts say Canada will have to undergo a tumultuous transition fraught with economic and societal risks, and investment in the energy space can’t afford to dry up.
Explainer: What Beijing’s New Crackdown Means for Crypto in China
May 19, 2021
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bitcoinBusinessChinaChina Business & EconomyChinese RegimecryptocurrenciesEconomiesInternationalInvestmenttradingWorld
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SHANGHAI—Chinese regulators have tightened restrictions that ban financial institutions and payment companies from providing services related to cryptocurrencies, marking a fresh crackdown on digital money. Compared with a previous ban issued in 2017, the new rules greatly expanded the scope of prohibited services, and judged that “virtual currencies are not supported by any real value.”…
New Hampshire Gov. Drops Federal Unemployment Boost: ‘Let’s Get Back to Work’
New Hampshire’s Republican Gov. Chris Sununu said Tuesday that his state will soon be ending the $300 weekly federal jobless supplement that business groups and others have blamed for discouraging people from taking jobs and fueling a hiring crunch. Sununu said in a statement that New Hampshire would be ending the federal $300 unemployment boost,…
Uniqlo Shirts Blocked at US Border in January on China Forced Labor Concern
May 19, 2021
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borderBusinessChinaChina Human RightsChina-US NewsChinese RegimeCompaniesforcedLabourShirtsUniqloUSUS News
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TOKYO—Fast Retailing’s Uniqlo brand shirts were blocked at the United States border in January on concerns they violated a ban on cotton products produced in the Xinjiang region of China, where there have been reports of forced labor. A U.S. Customs document dated May 10 said a shipment of Uniqlo men’s shirts was impounded on…
Singapore Airlines Posts Record $3.2 Billion Annual Loss, to Issue Convertible Bonds
Singapore Airlines Ltd on Wednesday posted its second-consecutive annual loss, which widened to a record S$4.27 billion ($3.20 billion), and said it would issue S$6.2 billion ($4.66 billion) of convertible bonds to help weather the coronavirus crisis. The loss for the 12 months ended March 31 was worse than the average S$3.27 billion ($2.46 billion)…
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