Microsoft has announced that it will lay off 10,000 employees over the next eight months as part of cost-cutting measures in response to the global economic slowdown. The affected employees will receive 60 days' notice, health care coverage, stock vesting, and severance pay. Microsoft CEO Satya Nadella said the company is taking steps to weather any economic conditions while investing in its future. The layoffs come as Microsoft continues to invest in new technologies.
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The U.S. Treasury Department is expected to hit the debt ceiling next Thursday, prompting Secretary Janet Yellen to warn of "certain extraordinary measures" to avoid a catastrophic default. In response, House Speaker Kevin McCarthy said Republicans will protect Medicare and Social Security, while looking to balance the federal budget. Congress must now find a solution to the issue, as the Treasury Department's measures can only buy a limited amount of time.
Treasury Secretary Janet Yellen has warned Congress that the US will reach its debt limit on January 19th, and urged them to raise the limit to avoid a potential default. This sets up a major battle on Capitol Hill, as the government must take “extraordinary measures” to avoid a default. Yellen has warned of serious economic consequences if the debt limit is not raised in time.
Federal Reserve Chairman Jerome Powell has emphasized the importance of central bank independence and his commitment to bringing down inflation during his first public appearance…
The Biden administration has announced a new proposal that would lower student loan payments for millions of Americans, while also pausing payments for those making…
According to the U.N. Food and Agriculture Organization, global prices for food commodities like grain and vegetable oils were the highest on record in 2020…
Coinbase, a popular cryptocurrency exchange, has agreed to pay $50 million to settle a New York investigation into its anti-money laundering and know-your-customer practices. The…
Salesforce, a tech giant, announced Wednesday that it will be cutting its global workforce by 10%, or 7,350 employees. This is the latest round of…