Author: News Room

Tesla is eliminating around 12% of its workforce at a factory in Austin, Texas, as part of a broader restructuring the company announced last week.According to a Worker Adjustment and Retraining Notification (WARN) Act letter on Tuesday, the layoffs affect 2,688 employees at the facility in Travis County. In 2021, Tesla CEO Elon Musk moved the company’s corporate headquarters to Austin from Palo Alto, California.Musk said in an internal memo last week that Tesla was cutting more than 10% of its global headcount as the electric vehicle maker reckons with flagging sales and increased competition. He didn’t say which departments…

A growing number of consumers who use buy now, pay later (BNPL) services and are attracted to their ease of access, but they are at risk of becoming overextended, according to a recent survey.  Over a third (34%) of respondents said they liked BNPL services because they allowed them to pay for purchases over time without paying interest, while 22% liked the option because it was easier to access than credit cards, according to the Achieve survey. Additionally, 76% said BNPL helped them improve their overall financial situation.BNPL providers partner with retailers to allow shoppers to split the cost of their…

Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own. During the week of Apr. 8, 2024, average private student loan rates fell for borrowers with credit scores of 720 or higher who used the Credible marketplace to take out 10-year fixed-rate loans and increased for 5-year variable-rate loans. 10-year fixed rate: 9.40%, up from 7.37% the week before, +2.035-year variable…

The unemployment rate decreased marginally in March to 3.8%, the Bureau of Labor Statistics noted in its Employment Situation Report. Last month, the unemployment rate sat at 3.9%. The rate dropped, in part, due to the additional 303,000 jobs added in March. The unemployment rate hasn’t shifted much over the last few months. It’s been ebbing and flowing between 3.7% and 3.9% since August 2023.Currently, there are 6.4 million unemployed people in the U.S. The number of long-term unemployed people — those who have been jobless for at least 27 weeks — reached 1.2 million this month, barely changing since…

The Biden Administration has announced it has adopted new minimum staffing rules for nursing homes. But the regulations appear to give facilities time to meet the requirements. Separately, the Administration also is requiring that home care agencies allocate at least 80 percent of their Medicaid payments to staff compensation. States would have flexibility to adjust the rules for small and rural home care providers. Nursing facilities that receive federal funding through Medicare and Medicaid (effectively all of them) will have to employ enough staff to provide at least 3.48 hours of daily care for each resident. That includes a minimum…

An appeals court in Texas ruled in favor of Sidney Powell last week, upholding a state court judge’s ruling that tossed out an attorney discipline petition against the lawyer for her involvement in former President Donald Trump’s election reversal efforts. Powell stands out as a Trump-aligned attorney who has so far been able to defeat the professional misconduct allegations that have been brought against several others who assisted Trump in his schemes to overturn his 2020 electoral loss. However, Powell did plead guilty in the criminal prosecution brought by the Fulton County district attorney for the election subversion plots in…

A former parliamentary aide accused of spying for China has been charged with espionage offences and will appear at Westminster magistrates court on Friday.Nick Price, head of the special crime and counter terrorism division at the Crown Prosecution Service, said the CPS “has today authorised the Metropolitan Police to charge two men with espionage offences”.He confirmed that Christopher Cash, 29, and Christopher Berry, 32, “will be charged with providing prejudicial information to a foreign state, China”.Cash said in a statement released by his lawyers last September that he was “completely innocent”. Berry could not immediately be reached for comment.The pair were…

Investment Thesis Netflix (NASDAQ:NFLX) announced its first quarter of FY2024 results late last week; the streaming company beat quarterly earnings and revenue estimates, plus it achieved a 16% year-over-year growth in global streaming paid memberships. But, the stock is selling off after the announcement last Thursday, down ~11% over the past month, as shown below. I believe the reason behind the sell-off is investor disappointment with management’s Q2 and FY2024 guidance. Netflix’s management is guiding for 16% year-over-year revenue growth to $9.49B, which trails the consensus expectations that sit at around $49.53B. It’s not a huge miss, and Netflix would…

Last updated: April 22, 2024 12:50 EDT | 2 min read Figure CEO Mike Cagney alleged in a Saturday X post that the FTX estate is set to auction off the next lot of its long-awaited locked Solana tokens.  Just got confirmation that the next round of locked #solana coins from the #FTX estate will be an auction, with exact details coming Monday. If you want in, join us. https://t.co/RuA41vgWAx — Mike Cagney (@mcagney) April 20, 2024The locked batch of Solana coins has generated intense interest from prospective buyers due to the surge in SOL prices.According to Cagney, additional details…

European officials are threatening TikTok with massive fines and a possible forced suspension this week of parts of a new spinoff app, launched this month, that regulators allege contains addictive features. The warnings target TikTok Lite, a less data-intensive version of TikTok’s main app which contains a feature that rewards users with cash for engaging with TikTok content and app features. EU officials fear the feature could be used to turn TikTok Lite users into addicts who can’t stop using the app and described it as an “experiment” on unwitting EU citizens in Spain and France where TikTok Lite has been…