Business Update – November 9, 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Oil prices dip in response to China’s Covid containment strategy
As rumors swirled that China would be easing its zero-Covid policy, oil prices began to climb. However, they fell again on Monday when Chinese government officials signaled that the government has no intention of changing directions.
Sweeping changes continue at Twitter
With Elon Musk’s takeover of the social media giant complete, big changes have been in the news all week. From job cuts to privatizing the company, the transition is shaking things up.
Some employees being asked back to Twitter after being let go
In a surprising turn of events, there have been reports of some employees who were fired from Twitter last week being invited back. It’s unclear how their wages or benefits were affected by the rapid firing and rehiring.
Meta prepares for mass layoffs
To address growing losses and to manage heavy development costs for its metaverse business, Facebook’s parent company is reportedly planning to lay off thousands of workers this week.
What do all these layoffs mean for the economy?
It can be tough to keep up with the rapid changes in the tech industry. CNN’s Before the Bell breaks down what all the layoffs really say about the state of the economy here.
VillageMD to acquire Summit Health for $9 billion
Walgreens, which backs VillageMD, said it will invest $3.5 billion through an even mix of debt and equity to support the acquisition. It’s part of the pharmacy’s attempt to expand its healthcare footprint.
Climate change framed as emergency at COP27
The COP27 climate summit got underway this week in Egypt. Leaders from all over the world are meeting for two weeks to discuss how to avert the worst effects of climate change. The head of the United Nations declared that the lack of progress so far had the world speeding down a “highway to hell”.
The top 25 startups powering the economy
CNBC created its first-ever Top Startups for the Enterprise list to round up the companies giving the economy the biggest boost. Find out who made the cut here.
Retirement plan approval program expands
The Treasury Department and the IRS have expanded a program for approving retirement plans. Details can be found here.
Feds seize $3.36 billion in bitcoin stolen a decade ago
The Federal Reserve announced that it has recovered $3.36 billion worth of bitcoin stolen from the now-defunct illegal Silk Road marketplace in 2013 – the second-largest crypto recovery ever.
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