This Week in Layoffs: Disney, EA, Lucid Motors Cut Jobs

This Week in Layoffs: Disney, EA, Lucid Motors Cut Jobs

More shake-ups and layoffs this week across corporate America.

Job Cuts at Richard Branson's Virgin Orbit Take Most of Its Workforce

Job Cuts at Richard Branson's Virgin Orbit Take Most of Its Workforce

Richard Branson's Virgin Orbit is letting go of almost its entire work force as the satellite launch company has found it difficult to secure funding three months after a failed mission.

Tech Leaders Voice Concerns Amid Rapid AI Development

Tech Leaders Voice Concerns Amid Rapid AI Development

New developments in artificial intelligence are fueling new major concerns from Washington to Wall Street, Main Street — Silicon Valley, and beyond.

More Americans file for jobless claims; layoffs remain low

More Americans file for jobless claims; layoffs remain low

U.S. applications for jobless benefits rose last week but remain at historically low levels despite the Federal Reserve’s efforts to cool the economy and job market in its fight against inflation.

Starbucks leader grilled by Senate over anti-union actions

Starbucks leader grilled by Senate over anti-union actions

Longtime Starbucks CEO Howard Schultz will face sharp questioning Wednesday when he appears before the Senate Health, Education, Labor and Pensions Committee to defend the company’s actions during an ongoing unionizing campaign.

City of St. Louis Sues Hyundai, Kia Amid Theft Surge

City of St. Louis Sues Hyundai, Kia Amid Theft Surge

The City of St. Louis is joining a growing list of cities across the country that are filing lawsuits against Hyundai and Kia.

Macy's Gennette to retire; Bloomingdale's Spring is new CEO

Macy's Gennette to retire; Bloomingdale's Spring is new CEO

Macy’s says Chairman and CEO Jeff Gennette plans to retire and will be succeeded by Bloomingdale’s Chairman and CEO Tony Spring in February.

Former Starbucks CEO Howard Schultz to Address Union Busting Allegations

Former Starbucks CEO Howard Schultz to Address Union Busting Allegations

Former Starbucks CEO Howard Schultz will be on Capitol Hill Wednesday to testify amid allegations that the company regularly violated labor laws during his tenure at the company.

Push For $20 Minimum Wage Picks Up As Inflation Persists

Push For $20 Minimum Wage Picks Up As Inflation Persists

A few years after labor activists persuaded a handful of states to raise their minimum wages to $15 per hour, workers are seeing those gains erased by inflation.

Renewable Electricity Use Surpassed Coal Use in 2022

Renewable Electricity Use Surpassed Coal Use in 2022

Electricity generated from renewables surpassed that from coal in the United States for the first time in 2022, the U.S. Energy Information Administration reported Monday.

Fed official: Bank rules under review in wake of SVB failure

Fed official: Bank rules under review in wake of SVB failure

The nation’s top financial regulator is asserting that Silicon Valley Bank’s own management was largely to blame for the bank’s failure earlier this month and says the Federal Reserve will review whether a 2018 law that weakened stricter bank rules also contributed to its collapse.

FTX's Bankman-Fried Charged With Paying $40M Bribe to China

FTX's Bankman-Fried Charged With Paying $40M Bribe to China

FTX founder Sam Bankman-Fried was charged with directing $40 million in bribes to one or more Chinese officials to unfreeze assets relating to his cryptocurrency business.

Twitter Turmoil Continues with Verification Changes, Code Leak

Twitter Turmoil Continues with Verification Changes, Code Leak

It comes amid reports that the social media lost $24 billion in value since Elon Musk took over

Disney Co. Announces Three Rounds of Layoffs

Disney Co. Announces Three Rounds of Layoffs

The Walt Disney Co. has announced that 7,000 workers will be laid off during the next few months, as part of a cost-cutting initiative across the company.

Fed official: SVB itself was main cause of bank's failure

Fed official: SVB itself was main cause of bank's failure

The nation’s top financial regulator pledged that the Federal Reserve and other agencies will take whatever steps they deem necessary to protect depositors and the banking system two weeks after two large bank collapses triggered financial turmoil in the United States and Europe.