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Year: 2024

Snap Lays Off 10% of Its Work Force

Snap Lays Off 10% of Its Work Force

Snap, the parent of messaging app Snapchat, on Monday said it would lay off more than 500 employees, joining other tech companies in a wave of new cost-cutting measures.The layoffs amount to 10 percent of its global work force; the majority will occur in the first quarter of 2024. “We have made the difficult decision to restructure our team,” the company said in a securities filing, adding that it would take pretax charges of $55 million to $75 million, primarily for severance and related costs.Amazon, Google and Microsoft have announced layoffs this year, following tens of thousands across the sector…
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Fed Chair Powell Says Officials Need More ‘Good’ Data Before Cutting Rates

Fed Chair Powell Says Officials Need More ‘Good’ Data Before Cutting Rates

Jerome H. Powell, the chair of the Federal Reserve, made clear during a “60 Minutes” interview aired on Sunday night that the central bank is moving toward cutting interest rates as inflation recedes, but that policymakers need to see continued progress toward cooler price increases to make the first move.Mr. Powell was interviewed on Thursday, after the Fed’s meeting last week but before Friday’s blockbuster jobs report. He reiterated his message that lower borrowing costs are coming. But he also said that the Fed’s next meeting in March is probably too early for policymakers to feel sure enough that inflation…
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Dozens Dead in Chilean Wildfires

Dozens Dead in Chilean Wildfires

Forest fires ripping through central Chile’s coastal hills since Friday have killed at least 51 people and destroyed more than 1,000 homes, with many more feared dead, according to the national government.The wildfires are encroaching on Viña del Mar and Valparaíso, two cities that form a sprawling region that is home to more than one million people on Chile’s central coastline, about 75 miles northeast of the capital, Santiago.Just after midday, President Gabriel Boric flew over the area in a helicopter and said his government had worked to “secure the greatest resources” in Chile’s history to fight the blazes during…
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When a Spouse Goes to the Nursing Home

When a Spouse Goes to the Nursing Home

Even as the signals of approaching dementia became impossible to ignore, Joseph Drolet dreaded the prospect of moving his partner into a long-term care facility.Mr. Drolet, 79, and his beloved Rebecca, 71, both retired lawyers and prosecutors in Atlanta, had been a couple for 33 years, though they retained separate homes. In 2019, she began getting lost while driving, mishandling her finances and struggling with the television remote. The diagnosis — Alzheimer’s disease — came in 2021.Over time, Mr. Drolet moved Rebecca (whose surname he asked to withhold to protect her privacy) into his home. But serving as her round-the-clock…
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Hey NBA, Knicks’ Jalen Brunson is damn good and proving the naysayers wrong

Hey NBA, Knicks’ Jalen Brunson is damn good and proving the naysayers wrong

After yet another disappointing, early-season loss, Jalen Brunson stood at his locker, ready to speak with the media in Milwaukee.As the point guard turned around, straight-faced as usual following the Knicks’ fourth defeat in six games, he donned a homemade T-shirt, all black and with white lettering on it, that appeared as if it were straight off the Vistaprint presses.Across Brunson’s chest read a familiar idiom: The magic is in the work.“This is a Sandra Brunson production,” Brunson said, referencing his mother, who stamped the family’s longtime motto onto the crewneck. Of course, “The magic is in the work” is…
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Anxiety, Mood Swings and Sleepless Nights: Life Near a Bitcoin Mine

Anxiety, Mood Swings and Sleepless Nights: Life Near a Bitcoin Mine

On a sweltering July evening, the din from thousands of computers mining for Bitcoins pierced the night. Nearby, Matt Brown, a member of the Arkansas legislature, monitored the noise alongside a local magistrate.As the two men investigated complaints about the operation, Mr. Brown said, a security guard for the mine loaded rounds into an AR-15-style assault rifle that had been stored in a car.“He wanted to make sure that we knew he had his gun — that we knew it was loaded,” Mr. Brown, a Republican, said in an interview.The Bitcoin outfit here, 45 minutes north of Little Rock, is…
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What Happens to FTX Clawback Cases if the Company Repays Its Creditors?

What Happens to FTX Clawback Cases if the Company Repays Its Creditors?

When the cryptocurrency exchange FTX declared bankruptcy about 15 months ago, it seemed few customers would recover much money or crypto from the platform. As John Ray III, who took over as chief executive during the bankruptcy, put it, “At the end of the day, we’re not going to be able to recover all the losses here.” He was countering Sam Bankman-Fried’s repeated claims that he could get every customer their money back.Well, it turns out, FTX lawyers told a bankruptcy judge this week that they expected to pay creditors in full, though they said it was not a guarantee…
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