New York | October 22, 2021
Hedge funds make millions as shares in Trump media Spac jump
New York | October 22, 2021
A group of 11 hedge funds including DE Shaw and Saba Capital earned millions of dollars in potential gains in a single day after a special purpose acquisition company that merged with Donald Trump’s new social media group rose as much as 421 per cent on Thursday. The former US president this week launched a social media outlet called Truth Social that aims to compete against the likes of Facebook and Twitter, creating a platform for his rightwing supporters ahead of a potential run for office in 2024. Shares in the Spac climbed from $9.96 to as much as $51.90. They eventually closed at $45.50, up by 357 per cent compared to the previous day…. (Excerpts from the Financial Times)
California | October 18, 2021
Facebook to Hire 10,000 Workers in EU to Build Up ‘Metaverse’
California | October 18, 2021
Facebook Inc. FB -1.15% is planning to create 10,000 jobs in the European Union over the next five years to build a virtual realm it sees as a key component of its future and a major driver of new technology investment.
The U.S. social-media giant said Sunday it would embark on a recruiting drive for highly skilled workers in the region to help build a “metaverse,” an online realm where users engage with one another using technologies including virtual and augmented reality. The company said it would focus on hiring in Germany, France, Italy, Spain, Poland, the Netherlands and Ireland.
Facebook said in a blog post that the investment “is a vote of confidence in the strength of the European tech industry and the potential of European tech talent.”
“As we begin the journey of bringing the metaverse to life, the need for highly specialized engineers is one of Facebook’s most pressing priorities,” it said…. (Excerpts from the Wall Street Journal)
New York | October 1, 2021
NYC Restauranteurs: Business Down 40 to 60 Percent Due to Vaccine Mandate
New York | October 1, 2021
New York City restauranteurs are complaining that their business has been slashed severely by the COVID-19 vaccine mandate, which requires people 12 and older to show vaccination proof for indoor dining, indoor fitness, and indoor entertainment.
Pre-pandemic, O’Donoghue’s Pub and Restaurant was a successful business that has been open for 10 years in Times Square, Manhattan.
Fergal Burke, the owner of O’Donoghue’s noticed that his business has seen “a massive drop,” since the vaccine mandate came into effect.
“We don’t have the money here to survive without the help of our landlord, [who] has been very supportive and has been giving us breaks on the rent, but without our landlord, we would not be in business,” Burke told The Epoch Times.
He said that he needed to hire another person to be at the door checking for vaccination proof, which increased his expenses…. (Excerpts from the Epoch Times)
District of Columbia | September 6, 2021
Four-day workweek gains traction despite pushback
District of Columbia | September 6, 2021
The long Labor Day weekend could become standard if the four-day workweek catches on. Many U.S. companies are experimenting with a shortened workweek because of pandemic-related concerns, and legislation calling for a 32-hour workweek has been introduced in Congress. August job postings mentioning four-day workweeks climbed about 75% — 1,162 per 1 million compared with 657 per 1 million — from the same month in 2016, according to data from employment website Indeed. The number of jobs with four-day workweeks posted last month was 16% higher than the 1,003 jobs per 1 million a year earlier. In late July, Rep. Mark Takano, California Democrat, introduced legislation that would reduce the standard workweek from 40 hours to 32 hours and allow nonexempt employees to clock in overtime for any hours they work beyond that limit… (Excerpts from the Washington Times)
District of Columbia | September 6, 2021
On Labor Day 2021, the end of enhanced unemployment benefits bring hope to US small businesses
District of Columbia | September 6, 2021
This Labor Day, it’s small businesses that are celebrating. That’s because this Labor Day coincides with the end of enhanced federal unemployment benefits that were paying people not to work. These payouts have contributed to a record labor shortage that prevents small businesses from bringing the economy back. Oxford Economics estimates that roughly 11.2 million Americans will lose some form of federal unemployment benefits this week. This will help fill the 10.1 million available jobs nationwide. There are still 5.3 million fewer people working than before the pandemic. On Thursday, the Labor Department announced its weekly jobless claims numbers, which suggest that overly generous unemployment benefits are to blame for this labor market slack. They show that about 60 percent more Americans filed continued unemployment claims in late August than in early 2020…..(Excerpts from Fox Business)
District of Columbia | August 13, 2021
Passing the Baton on Data and Evidence
District of Columbia | August 13, 2021
Since the founding of the United States Agency for International Development (USAID) in 1961, scholars, practitioners, and politicians have debated how much, if any, foreign assistance the United States should provide in low- and middle-income countries. While we do not claim to have a definitive answer, we do believe there is a straightforward, bipartisan consensus that the foreign aid the United States provides should be spent in the most effective way possible. Regardless of political stripe, everyone can agree that, for the good of the taxpayer— and the world’s most vulnerable people the Agency strives to help— USAID should focus on maximizing the impact per dollar of its funding.[1]
We firmly believe that better use of data and evidence, in every sector, is the key to making foreign aid as effective as possible. We were pleased, therefore, to hear Administrator Samantha Power emphasize this idea in her confirmation hearing before the U.S. Senate, “I will work tirelessly with Members on both sides of the aisle to ensure that taxpayer dollars are well spent. Guided by evidence, I will work with you to adapt or replace programs that are not delivering.” This clear commitment to evidence and effectiveness echoes similar statements from former USAID Administrators on both sides of the aisle: Mark Green[2], Gayle Smith[3], and Raj Shah[4]. The Foundations for Evidence-Based Policymaking Act of 2018, the result of a bipartisan commission on the use of evidence, and the Foreign Aid Transparency and Accountability Act of 2016 put wind in the sails of efforts to use data and evidence to improve the value for money of U.S. foreign-assistance spending. While it is clear therefore that maximizing the value for money of foreign assistance is a bipartisan, even a non-partisan aim, it is also clear that much work remains to translate these pledges into reality. .. (Excerpts from the Wilson Center)