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  • Silicon Valley layoffs go from bad to worse | CNN Business

    Silicon Valley layoffs go from bad to worse | CNN Business

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    CNN
     — 

    Shortly before Thanksgiving, Amazon CEO Andy Jassy confirmed rumors that layoffs had begun in multiple departments at the e-commerce giant and said it would review staffing needs into the new year.

    On Wednesday, Jassy provided a sobering update on that review: Amazon is cutting more than 18,000 jobs, nearly double the 10,000 that had previously been reported and marking the highest absolute number of layoffs of any tech company in the recent downturn.

    At Amazon and other tech companies, the second half of last year was marked by hiring freezes, layoffs and other cost-cutting measures at a number of household names in Silicon Valley. But if 2022 was the year the good times ended for these tech companies, 2023 is already shaping up to be a year when people at those companies brace for how much worse things can get.

    On the same day Amazon announced layoffs, cloud-computing company Salesforce said it was axing about 10% of its staff – a figure that easily amounts to thousands of workers – and video-sharing outlet Vimeo said it was cutting 11% of its workforce. The following day, digital fashion platform Stitch Fix said it planned to cut 20% of its salaried staff, after having cut 15% of its salaried staff last year.

    The continued fallout in the industry comes as tech firms grapple with a seemingly perfect storm of factors. After initially seeing a boom in demand for digital services amid the onset of the pandemic, many companies aggressively hired. Then came a whiplash in demand as Covid-19 restrictions receded and people returned to their offline lives. Rising interest rates also dried up the easy money tech companies relied on to fuel big bets on future innovations, and cut into their sky-high valuations.

    Heading into 2023, recession fears and economic uncertainties are still weighing heavily on consumers and policymakers’ minds, and interest rate hikes are expected to continue. Beyond that, the growing number of layoffs may also give certain tech companies some cover to take more severe steps to trim costs now than they may have otherwise done.

    While there have been some layoffs recently in the consumer goods sector and hints of more to come elsewhere, the situation in Silicon Valley remains in stark contrast to the economy as a whole.

    The Labor Department’s latest employment report on Friday pointed to a year of extraordinary job growth in 2022, marking the second-best year for the labor market in records that go back to 1939. Meanwhile, a separate report from outplacement firm Challenger, Gray & Christmas found tech layoffs were up 649% in 2022 compared to the previous year, versus just a 13% uptick in job cuts in the overall economy during the same period.

    In his note to employees this month, Jassy chalked up the need for significant cost cutting at Amazon to “the uncertain economy and that we’ve hired rapidly over the last several years.” Others across the industry have echoed those points, with varying degrees of atonement.

    In a series of apologies that are beginning to sound the same, Silicon Valley business leaders from Meta’s Mark Zuckerberg to Salesforce’ Marc Benioff have blamed the wave of job cuts on their own misreading of how pandemic-fueled demand for tech products would play out.

    Benioff began a memo to the employees of Salesforce last week by invoking, as he so often does, the Hawaiian word for family. “As one ‘Ohana,” he wrote, “we have never been more mission-critical to our customers.” But the economic environment was “challenging,” Benioff wrote. “With this in mind, we’ve made the very difficult decision to reduce our workforce by about 10 percent, mostly over the coming weeks.”

    “As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we’re now facing, and I take responsibility for that,” Benioff went on to say. Like other tech leaders, however, it’s unclear if Benioff will face any repercussions to his title or compensation.

    Patricia Campos-Medina, the executive director of the Worker Institute at Cornell University’s School of Industrial and Labor Relations, slammed this spate of mea culpas as “empty apologies” to the workers now paying for their miscalculations.

    While there will be a lot of near-term uncertainty for these tech workers, as well “a big economic hit on their lives,” Campos-Medina added, “I do think that this is a very skilled workforce that will find a way to engage back in the economy.” She predicts many of the laid-off tech workers will likely be able to find jobs and “we will see more stability in the mid-to-long term.”

    But the end may still not be in sight. Dan Ives, an analyst at Wedbush Securities said last week that the Salesforce and Amazon layoffs “add to the trend we expect to continue in 2023 as the tech sector adjusts to a softer demand environment.” The industry is now being forced to cut costs after “spending money like 1980’s Rock Stars to keep up with demand,” he added.

    And despite the robust overall labor market, there are growing concerns that tech layoffs could spread elsewhere.

    “I think we’re seeing an inflection point; the rate of jobs growth is slowing and a lot of these tech layoffs that we’re hearing about, I think are going to start materializing across the broader economy by the end of the first quarter,” John Leer, chief economist at Morning Consult told CNN’s Chief Business Correspondent Christine Romans in an interview Friday.

    In that sense, at least, Silicon Valley may once again be ahead of the curve, but not in the way it wants.

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  • What to expect at work this year | CNN Business

    What to expect at work this year | CNN Business

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    New York
    CNN
     — 

    The pandemic has transformed work over the past three years in ways few expected. It normalized remote work, created a shortage of critical workers and drove home to organizations that employees’ mental health and need for a sane work-life balance are critical to retention and engagement.

    So what does 2023 likely hold for you at your job, regardless of your industry?

    There are welcome and unwelcome developments on tap, along with some potentially confusing ones, too.

    Let’s get the bad news out of the way first.

    Regardless of whether the United States slips into a recession, there will be more widespread job cuts than what we’ve seen happening so far in industries like tech, media and finance.

    “We’re starting to see more layoffs pick up in other industries. I do anticipate rising layoffs in most sectors,” said Andrew Challenger, senior vice president of outplacement firm Challenger, Gray & Christmas.

    But that shouldn’t be surprising, given that layoffs in 2021 and 2022 were at their lowest levels since 1993.

    That said, the job market has cooled a bit — but it’s still running hot, with a high level of job openings per job seeker.

    The overall slowdown in hiring is likely to continue, with employers more likely to reinstate performance-improvement plans for underperforming employees and performance-related layoffs, Challenger predicts.

    And, of course, should there be a real recession, the layoffs would cut much deeper.

    While there is still tension between executives and employees about how many days people should be physically present at work, hybrid work and work flexibility isn’t going away.

    “Today, the majority of employers (66%) are permitting hybrid working and an additional 9% give employees the option to work from home every day,” according to benefits consulting firm Mercer.

    Nevertheless, this may be the year employers start to actually enforce their minimum-days-in-the-office mandates, Challenger said.

    Just this week, for example, Disney CEO Bob Iger ordered employees to return to corporate offices four days a week beginning March 1.

    Front-line employees like retail workers, health care aides and security guards, whose jobs require them always to be on site, may be offered other forms of flexibility, said Emily Rose McRae, senior director of research at Gartner, a workplace consulting firm.

    That could include being given a regular schedule, as opposed to working “on demand,” where they don’t know their schedule in advance, McRae said. It also could mean getting more paid leave, or that front-line workers could opt out of working certain shifts or certain days.

    McRae said she sees more employers offering what she calls “proactive rest” options this year.

    The idea is to actively help people recover before becoming fully depleted not only by work, but by the upending of their lives from the pandemic and the social and political upheaval of the past few years.

    “The big shift is in recognizing our work force is in trouble,” McRae said.

    Proactive rest can take many forms. Some employers may offer days off — whether it’s a whole week or just one day a week for a set period of time. Or it could simply mean branding a given workday as a no-meeting day.

    Information technology professionals will continue to win the day at work when it comes to who gets the biggest raises and bonuses.

    “Most organizations are anticipating the talent market to remain as competitive, or more competitive, at least in the first half of this year,” said Tony Guadagni, a senior principal in Gartner’s HR practice. “They will do what they have to to attract that critical talent.”

    Employers’ projected increases for this year in terms of merit increases (3.9%) and total pay (4.3%) are the highest they’ve been in 15 years, according to workplace consulting firm Mercer. But given that inflation is still pacing higher than those levels, you may not feel the raise you get is making a huge difference in what you can afford — unless your skills are in high demand.

    It used to be difficult to figure out whether you were being paid competitively for your talents, since companies weren’t open about what they paid others and colleagues wouldn’t discuss their pay.

    But now that New York City, the state of California, and a handful of other states and localities have implemented pay transparency rules for job postings, it will be easier in 2023 to confirm you’re being paid fairly relative to your teammates, and to determine the salary range on offer if you’re looking for a new job.

    Still, these laws are very new, and companies have not been uniform in how they’re handling the new rules. Some recent job postings, for instance, have advertised unhelpfully wide pay ranges — think $50,000 to $200,000.

    Beyond the big benefits employers typically offer full-time staffers (e.g., subsidized health insurance, a 401(k) match, etc.), they also offer a range of secondary benefits or perks, such as tuition reimbursement, supplemental life insurance, a stipend for home office supplies or financial coaching.

    Gartner and Mercer are seeing more companies let employees decide how best to spend these perk dollars by letting them direct a fixed amount of money across the secondary benefits that are most important to them.

    Your organization may engage in “quiet hiring” this year, if it hasn’t already.

    It’s a misleading term, in that it is neither quiet nor does it involve actual hiring.

    Rather, your company will want to repurpose existing employees — possibly you, if you have relevant skills — for the employer’s highest priority projects this year.

    That could be a great opportunity if you hate being limited to the same tasks of your official job, or if you want to develop new skills and work with new people in your company.

    It also could be highly frustrating, especially if a company is simply putting everyone on rotation to make sure understaffed, critical tasks get done by anyone with the adequate skills to do so.

    Either way, “quiet hiring” may offer an initial taste of a broader trend likely to unfold over the next several years that could spell the end of “jobs” — and specifically job descriptions as we know them, according to consulting firm Deloitte.

    That’s because many employers want to transition away from being a jobs-based organization to a skills-based one so they can quickly adapt to change, address talent shortages and provide their workforce with opportunities to develop professionally, said Arthur Mazor, a principal global leader at Deloitte’s Human Capital Practice.

    So instead of viewing you as a holder of Job X, your company is likely to view you as a person with an array of skills that can be deployed in many ways.

    Early adopters this year can be found across various industries, Mazor said — from software makers to auto manufacturers to financial services to health care.

    Even at companies that have not formalized a shift to being a skills-based organization, the change is happening anyway. Roughly 70% of workers say they’re already doing work outside of their job, according to Deloitte.

    One recent example, cited in Deloitte’s latest work report, comes from M&T Bank, a leading Small Business Administration lender. Its chief talent officer told the firm, “when the Paycheck Protection Program was rolled out during the pandemic, we had to stop thinking about jobs and start thinking about skills. … By focusing on skills versus jobs — and rapidly mobilizing talent in an agile way — we outperformed our peers.”

    It’s too early to determine exactly how this will play out for employees, in terms of incentives offered for switching to a new project or pinch-hitting for another department, how an employee’s work will be assessed and rewarded, and how much say they will get in the projects assigned.

    But done right, Mazor said, employees should have the opportunity to share on an internal database their skills and what areas they wish to develop before being matched with a new assignment.

    “This isn’t a clandestine effort. It involves worker input.”

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  • Disney names Nike executive Mark Parker as new chairman | CNN Business

    Disney names Nike executive Mark Parker as new chairman | CNN Business

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    New York
    CNN
     — 

    The Walt Disney Company has named Nike executive chairman Mark Parker as its new board chair, replacing longtime director Susan Arnold, whose term limit is expiring.

    Parker, a Disney board member since 2016, takes over Disney’s board at a time of transition for America’s largest media company. Bob Iger recently returned as CEO after a brief hiatus.

    “Mark Parker’s vision, incredible depth of experience and wise counsel have been invaluable to Disney, and I look forward to continuing working with him in his new role, along with our other directors, as we chart the future course for this amazing company,” said Iger in a statement. “On behalf of my fellow Board members and the entire Disney management team, I also want to thank Susan for her superb leadership as Chairman and for her tireless work over the past 15 years as an exemplary steward of the Disney brand.”

    In 2019, Parker stepped down as Nike’s CEO after 13 years at the helm. Disney said among Parker’s qualifications as board chair is that he navigated a successful CEO transition at Nike. Disney announced Wednesday the formation of a CEO succession committee to replace Iger, who said in November he would return as chief executive for only a two-year stint.

    “It is the top priority of mine and the Board’s to identify and prepare a successful CEO successor, and that process has already begun,” Parker said in a statement Wednesday.

    Iger’s return shocked the media industry. Disney ousted Bob Chapek, who replaced Iger in 2020 as CEO.

    Among the problems facing Disney: Its streaming business lost $1.5 billion in the fourth quarter. And Disney’s media networks are struggling as cord cutting accelerates and once lucrative outlets like ESPN lose viewership. Dan Loeb, the activist investor and Third Point CEO, made headlines in August when he suggested “a strong case can be made that the ESPN business should be spun off to shareholders with an appropriate debt load.”

    Another activist shareholder group, Trian Partners, nominated its leader Nelson Peltz as a director. Disney said Wednesday it will work with Peltz but opposed his appointment to the board.

    “Mr. Iger’s mandate is to use his two-year term and depth of experience in the industry to adapt the business model for the shifting media landscape, rebalancing investment with revenue opportunity while bringing a renewed focus on the creative talent that has made The Walt Disney Company the envy of the industry,” the company said in its opposition of Peltz.

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  • 5 reasons why the Republican claim about 87,000 new IRS agents is an exaggeration | CNN Politics

    5 reasons why the Republican claim about 87,000 new IRS agents is an exaggeration | CNN Politics

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    Washington
    CNN
     — 

    In its first vote on legislation, the new Republican-controlled House approved a bill Monday that would rescind nearly $80 billion for the Internal Revenue Service – with key GOP lawmakers making the exaggerated claim that the money would be used to hire 87,000 auditors who will target hardworking Americans.

    “House Republicans just voted unanimously to repeal the Democrats’ army of 87,000 IRS agents,” tweeted speaker Kevin McCarthy after the vote.

    “This was our very first act of the new Congress, because government should work for you, not against you,” he added.

    But Democrats approved the $80 billion in funding last year as part of the sweeping Inflation Reduction Act, intending to support the troubled IRS crack down on tax cheats and provide better service to taxpayers.

    The bill to rescind the funding, which passed along party lines, has little chance of becoming law, given the Democratic majority in the Senate and a pledge from President Joe Biden to veto the bill if it ever reaches his desk.

    But the vote highlights how funding for the IRS has become a political football. The issue is sure to come up when Daniel Werfel, Biden’s nominee for IRS commissioner, gets a confirmation hearing.

    Here’s why the Republicans’ oft-repeated claim about new IRS agents is exaggerated:

    The 87,000 figure comes from a 2021 Treasury report that estimated the IRS could hire 86,852 full-time employees over the course of a decade with a nearly $80 billion investment – not solely enforcement agents.

    And all those new employees can’t be hired overnight. The money will flow to the IRS over a 10-year period.

    “The reality is the $80 billion boost would be spread throughout the agency, with money flowing to enforcement, taxpayer services, operations, and modernization,” wrote Janet Holtzblatt, a senior fellow at the Urban-Brookings Tax Policy Center.

    The Inflation Reduction Act dictates that about $45.6 billion will go toward strengthening enforcement activities – including collecting taxes owed, providing legal support, conducting criminal investigations and providing digital asset monitoring. But the IRS has not specified how many auditors will be hired.

    More than $25 billion is allocated to support IRS operations, including expenses like rent payments, printing, postage and telecommunications.

    Nearly $4.8 billion can be used for modernizing the agency’s customer service technology, like developing a callback service.

    Roughly $3 billion is allocated for taxpayer assistance, filing and account services.

    Many of the new hires will be replacing staff that the IRS has already lost or is expected to lose through attrition in coming years.

    Last year, then-IRS Commissioner Charles Rettig told lawmakers that staffing has shrunk to 1970s levels and that the IRS would need to hire 52,000 people over the next six years just to maintain current staffing levels to replace those who retire or otherwise leave.

    The IRS is already using the new funds to ramp up hiring for work outside of its audit operations.

    In October, the IRS announced it had hired 4,000 customer service representatives to answer phones and provide other taxpayer assistance. At the time, the agency said it intended to hire another 1,000 staffers by the end of 2022.

    Many of the new staff will be in place at the start of the 2023 tax season, and nearly all are expected to be trained by Presidents’ Day in February, which is traditionally when the agency sees the highest call volumes.

    National Taxpayer Advocate Erin Collins expects IRS services for taxpayers to improve this year – in part due to the funding increase.

    Taxpayer service, like answering the phones and processing returns in a timely manner, has suffered as the IRS’ budget has shrunk by more than 15% over the last decade. Collins, who heads the independent watchdog organization within the IRS, last year called the IRS service “horrendous.”

    Only about one in eight calls from taxpayers got through to an IRS employee last year, according to her annual report released Wednesday.

    The IRS struggled significantly during the Covid-19 pandemic, allowing backlogs of millions of tax returns to pile up in the past two years.

    “The majority of new hires the IRS makes will be those who answer the phones, work on processing individual tax returns or go after high-end taxpayers or corporations who are avoiding their taxes,” wrote Rettig in an op-ed published by Yahoo!Finance in August.

    A Trump appointee, Rettig called the claim that the IRS is hiring 87,000 agents to harass taxpayers “absolutely false.”

    While audit rates are expected to go up for some taxpayers as the new funding flows to the IRS, the rates have also been declining for some time.

    Audit rates of individual income tax returns decreased for all income levels between tax years 2010 to 2019, according to the Government Accountability Office. They decreased the most for taxpayers with incomes of $200,000 and above, which are generally more complex.

    The Inflation Reduction Act says that the new investment in the IRS is not “intended to increase taxes on any taxpayer or small business with a taxable income below $400,000.”

    Still, there is some uncertainty about how exactly the IRS will decide how to ramp up audits.

    In an effort to shed some clarity, Treasury Secretary Janet Yellen affirmed the Biden administration’s commitment to not target low- and middle-income taxpayers.

    “I direct that any additional resources – including any new personnel or auditors that are hired – shall not be used to increase the share of small business or households below the $400,000 threshold that are audited relative to historical levels,” she wrote in a six to Rettig in August.

    Yellen also directed the IRS to produce an operational plan within six months to detail how the new funding will be spent.

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  • House Oversight chairman seeks Biden family financial transaction data | CNN Politics

    House Oversight chairman seeks Biden family financial transaction data | CNN Politics

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    CNN
     — 

    Rep. James Comer, in one of his first moves as House Oversight Chairman, is seeking information from the Treasury Department about the Biden family’s financial transactions and calling on a handful of former Twitter executives to testify at a public hearing.

    The new round of letters from the committee come as House Republicans are looking to flex their investigative might and make good on promises to delve into the Biden family finances and alleged political influence over technology companies after Twitter temporarily suppressed a 2020 story about Hunter Biden and his laptop.

    “Now that Democrats no longer have one-party rule in Washington, oversight and accountability are coming,” Comer said of his panel’s investigation into Hunter Biden and the Biden family’s business dealings. “This investigation is a top priority for House Republicans during the 118th Congress.”

    Comer requested Treasury Secretary Janet Yellen provide his panel with bank activity reports for Hunter Biden, President Biden’s brother James Biden and several Biden family associates and their related companies.

    “The Committee on Oversight and Accountability is investigating President Biden’s involvement in his family’s foreign business practices and international influence peddling schemes,” Comer wrote to Yellen.

    Comer tried to acquire these bank activity reports, known as Suspicious Activity Reports, repeatedly when Republicans were in the minority but was largely unsuccessful. Comer has said he has only seen two and did not reveal the source of those reports.

    Comer has previously pointed to the bank activity reports – known as Suspicious Activity Reports – as evidence of potential wrongdoing by Joe Biden’s family members. But such reports are not conclusive and do not necessarily indicate wrongdoing. Each year, financial institutions file millions of suspicious activity reports and few lead to law enforcement inquiries.

    The White House accused Republicans of engaging in “political stunts” following Comer’s request Wednesday.

    “In their first week as a governing majority, House Republicans have not taken any meaningful action to address inflation and lower Americans’ costs, yet they’re jumping out of the gate with political stunts driven by the most extreme MAGA members of their caucus in an effort to get attention on Fox News,” Ian Sams, a spokesman for the White House Counsel’s office, said in a statement. “The President is going to continue focusing on the important issues the American people want their leaders to work together on, and we hope House Republicans will join him.”

    Comer also is seeking communications within the Treasury Department, its financial crimes enforcement division and the White House regarding those family members and related businesses and associates, all of which he wants to be returned by January 25.

    The letters to former Twitter officials offer a path to Comer’s investigative schedule ahead. The letters to former head of legal, policy and trust Vijaya Gadde; former head of trust and safety Yoel Roth; and former deputy general counsel James Baker call on the trio to appear in a public hearing the week of February 6. They come after Comer sent an earlier round of letters in December requesting their testimony.

    “Your attendance is necessary because of your role in suppressing Americans’ access to information about the Biden family on Twitter shortly before the 2020 election,” each of the letters to the former Twitter employees states.

    Republicans have seized on the so-called Twitter files as evidence of government censorship, although none of the messages released so far show the FBI explicitly telling Twitter to suppress a story that included material from a laptop belonging to Hunter Biden. An FBI agent at the heart of the controversy as well as several federal officials and tech executives have all denied there was any such order, CNN previously reported.

    Roth, meantime, has said publicly that the Hunter Biden story appeared as though it could be the product of a hack-and-leak operation, but he has denied that he personally tried to censor the story.

    “It’s widely reported that I personally directed the suppression of the Hunter Biden story. That is not true. It is absolutely, unequivocally untrue,” Roth told tech journalist Kara Swisher in a podcast interview last year.

    Comer’s demands come as both he and Judiciary Chairman Jim Jordan have vowed to investigate the federal government’s influence over tech companies.

    In an interview with CNN earlier this week, Comer suggested that Judiciary staff could sit in on some of his committee’s interviews if there are common areas of interest, like with Twitter.

    “There is some overlap but that won’t be a problem for Jim and I,” Comer said in the interview. “He knows who we’re bringing in. We know who he’s bringing in.”

    This story has been updated with additional developments Wednesday.

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  • From color-changing cars to self-driving strollers, here’s some of the coolest tech from CES 2023 | CNN Business

    From color-changing cars to self-driving strollers, here’s some of the coolest tech from CES 2023 | CNN Business

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    CNN
     — 

    A long list of companies once again showed off an assortment of cutting edge technology and oddball gadgets at the Consumer Electronics Show in Las Vegas last week.

    There were new twists on foldable devices, cars that changed colors and smart ovens that live streamed dinners. There was a self-driving stroller, a pillow that pulsates to reduce anxiety and a locker from LG that claims to deodorize smelly sneakers in less than 40 minutes. At the event, some people gathered in groups, sitting in silence, to test out the latest virtual reality products.

    While some of these devices may never find their way into households, the products on display offer a glimpse at some of the biggest tech trends companies are anticipating this year and in the years ahead.

    Here’s a look at some of the buzziest products announced last week:

    BMW unveiled a wild color-changing concept car with 260 e-panels that can change up to 32 colors. During a demo, different parts of the car, including the wheel covers, flashed in varying hues and swirls of colors. The technology, which relies on panels that receive electrical impulses, isn’t ready for production. (Breaks between panels and what looked like wiring could be seen on the outside of the car.) But just imagine being able to drive a sporty red car on the weekends and then a conservative gray model when you go to work.

    If you think snapping photos of your meal for Instagram is overdone, now you can livestream your dinner as it cooks in real time and post it to your social feeds. Samsung’s new AI Wall oven features an internal camera that can capture footage of your baking food or allow you to keep tabs on it without ever leaving the couch. The oven, which uses an algorithm to recognize dishes and suggest cooking times and temperatures, also pushes notifications to your phone to prevent you from burning meals. The oven will launch in North America later this year; a price has not yet been announced.

    The self-driving stroller allows for hands-free strolling but only when a child is not inside

    Canadian-based baby gear startup Gluxkind was showed off its Ella AI Powered Smart Stroller. It offers much of the same tech seen in autonomous cars and delivery robots, including a dual-motor system for uphill walks and automatic downhill brake assist. It’s meant to serve as an “extra pairs of eyes and an extra set of hands,” according to the company’s website – not a replacement for a caregiver. The Ella stroller is able to drive itself for hands-free strolling – but only when a child is not inside.

    The Shiftall Mutalk mouthpiece puts a Bluetooth microphone over the mouth to quiet a user's voice

    No gadget at CES this year was as striking as the Mutalk mouthpiece from startup Shiftall. The device, which looks like a muzzle, features a soundproof Bluetooth microphone that makes it difficult for others in the room to hear your voice when you’re on calls. The company thinks the $200 gadget will come in handy for everything from voice chats and playing online games to shouting in VR when you don’t want to disturb anyone else nearby. Instead of hearing you, they will simply see your new mouthpiece; you can decide which is worse.

    If you ever wanted to hit 15 miles per hour on roller skates, this electric pair from French startup AtmosGear promises to help get you there. With a battery pack that holds an hour charge and the ability to travel over 12 miles, the skates can clip onto any existing roller skates, turning them into motor-propelled footwear. The skates are currently available for pre-order for $525.

    JBL Tour 2 Pro earbuds and case with smartphone-like abilities

    You’ve probably heard of smartphones that come with headphones, but what about headphones that come with a screen? The JBL Tour Pro 2 earbuds adds a touchscreen to the case to bring smartwatch-like capabilities by allowing users to control its settings, answer calls, set alarms, manage music and check battery life. No launch date has been announced, but the new buds will cost $250 when they eventually go on sale.

    Samsung's Flex Hybrid Display concept folds and slides

    Some companies offered a new twist on the foldable phone concept. For example, Samsung Display’s Flex Hybrid prototype features a foldable and slidable display (the right side slides to offer more screen space). Meanwhile, the Asus $3500 Zenbook 17 Fold OLED – the world’s first foldable 17-inch laptop – picked up significant buzz on the show floor, acting almost like a large tablet that can be folded in half when on the go.

    Dubbed “the world’s first awareable,” the $500 Nowatch is a watch… with no clock. The Amsterdam-based startup of the same name launched the device to help users monitor stress, body temperature, heart rate, movement and sleep. But unlike other smartwatches, there’s no watchface – instead, a gemstone sits where the touchscreen display typically goes. “We’ve replaced the traditional watch face with ancient stones, celebrating the belief that time is NOW,” the company said on its website.

    Representative Director, Chairman and CEO of Sony Honda Mobility Yasuhide Mizuno in front of a Afeela concept vehicle during a press event at CES 2023 at the Mandalay Bay Convention Center on January 04, 2023 in Las Vegas, Nevada.

    Honda and Sony have joined forces to create tech-filled electric cars that, they say, will be both fun to drive and filled with the latest entertainment innovation. According to the CEO of Sony Honda Mobility, its cars will recognize your moods and be highly communicative and sensitive to your needs. The car will have screens on the outside so it can “express itself” and share information and will be able to “detect and understand people and society by utilizing sensing and [artificial intelligence] technologies,” according to the company. That’s why the company named its first joint car brand Afeela, in that it just has to “feel” right. But it’s unclear if we’re afeeling that name.

    Withings U-Scan attaches to the toilet to collect data from urine

    While it typically requires a blood panel and a visit to the doctor’s office to learn more about vitamin deficiencies, Withins says its new $500 U-Scan device can tell you similar information right from the comfort of your own toilet. The device attaches to existing toilets and collects data from your urine stream to detect vitamin deficiencies, check hydration and monitor metabolism, according to the company. An additional device called the U-Scan Cycle Sync tracks periods and ovulation cycles.

    Schlage’s new smart lock is one of the first to work with Apple’s Home Key functionality, which allows users to upload their keys to their Apple Wallet and unlock their deadbolted front door directly from their phone or Apple Watch. The lock also works with Amazon Alexa and Google Assistant for voice controlled, hands-free locking. Available in two finishes, the deadbolt can manage access codes, view lock history and handle multiple locks at once. The lock, which will cost $300, will be available for purchase late this spring, according to a company press release.

    – CNN’s Peter Valdes-Depena contributed to this report

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  • Lovie Smith said the NFL had ‘a problem’ about Black coaches. A year later he was fired and the league is being criticized yet again about its lack of diversity | CNN

    Lovie Smith said the NFL had ‘a problem’ about Black coaches. A year later he was fired and the league is being criticized yet again about its lack of diversity | CNN

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    CNN
     — 

    When Lovie Smith was hired by the Houston Texans in February 2022 as the team’s new head coach, he said the NFL had “a problem” with hiring Black coaches and diversity.

    “I realize the amount of Black head coaches there are in the National Football League,” Smith told reporters just under a year ago.

    “There’s Mike Tomlin and I think there’s me, I don’t know of many more. So there’s a problem, and it’s obvious for us. And after there’s a problem, what are you going to do about it?”

    Smith was fired Monday at the end of his one and only season at the helm of the Texans, finishing with a record of 3-13-1.

    Smith is the second Black coach in two years to be relieved of his duties by the Texans, which fired David Culley at the end of the 2021 season.

    Smith’s time in charge wasn’t full of wins and high points – though his parting gift to the organization was a last-minute Hail Mary victory over the Indianapolis Colts, which saw them relinquish the No. 1 pick in the 2023 NFL draft to the Chicago Bears. But his Texans team showed togetherness and competence, traits often desired by outfits undergoing a rebuild.

    Houston general manager Nick Caserio said Smith’s firing was the best decision for the team right now.

    “On behalf of the entire organization, I would like to thank Lovie Smith for everything he has contributed to our team over the last two seasons as a coach and a leader,” Caserio said in a statement.

    “I’m constantly evaluating our football operation and believe this is the best decision for us at this time. It is my responsibility to build a comprehensive and competitive program that can sustain success over a long period of time. We aren’t there right now, however, with the support of the McNair family and the resources available to us, I’m confident in the direction of our football program moving forward.”

    But the firing of the 64-year-old coach, the Texans organization as a whole, and the measures implemented by the league to promote diversity have been heavily criticized by former players and TV pundits.

    “The Houston Texans have fired Lovie Smith after 1 year. Using 2 Black Head Coaches to tank and then firing them after 1 year shouldn’t sit right with anyone,” former NFL quarterback Robert Griffin III tweeted Sunday, when news of Smith’s firing broke.

    On ESPN, Stephen A. Smith and NFL Hall of Famer Michael Irvin also condemned the decision. Smith called the Texans organization an “atrocity.”

    “They are an embarrassment. And as far as I’m concerned, if you’re an African American, and you aspire to be a head coach in the National Football League, there are 31 teams you should hope for. You should hope beyond God that the Houston Texans never call you,” Smith said.

    Irvin said Black coaches are being used as “scapegoats” by the Texans.

    “It’s a mess in Houston and they bring these guys in and they use them as scapegoats. And this is what African American coaches have been yelling about for a while and it’s blatant, right in our face,” he said.

    When CNN contacted the Texans for comment, the team highlighted the moment at Monday’s news conference when Caserio was asked why any Black coach would consider working for the team, and his response was that individual candidates would have to make their own choices.

    “In the end it’s not about race. It’s about finding quality coaches,” the general manager said. “There’s a lot of quality coaches. David (Culley) is a quality coach. Lovie (Smith) is a quality coach.

    “In the end, each coach has their own beliefs. Each coach has their own philosophy. Each coach has their comfort level about what we’re doing. That’s all I can do is just be honest and forthright, which I’ve done from the day that I took this job, and I’m going to continue to do that and try to find a coach that we feel makes the most sense for this organization. That’s the simplest way I can answer it, and that’s my commitment.

    “That’s what I’m hired to do, and that’s what I’m in the position to do. At some point, if somebody feels that that’s not the right decision for this organization, then I have to respect that, and I have to accept it.”

    CNN has reached out to Lovie Smith for comment.

    At the beginning of the 2022 season, NFL.com reported Smith was one one of just six minority head coaches in the NFL, a low number in a league where nearly 70% of the players are Black.

    Since Art Shell was hired by the Los Angeles Raiders in 1989 as the first Black head coach in modern history, there have been 191 people hired as head coaches, but just 24 have been Black.

    However, the NFL has taken steps to increase diversity in the coaching ranks.

    Notably, in 2003, the NFL introduced the Rooney Rule to improve hiring practices in a bid to “increase the number of minorities hired in head coach, general manager, and executive positions.”

    But the Rooney Rule hasn’t been an unqualified success.

    In 2003, the Detroit Lions were fined $200,000 for not interviewing any minority coaches before hiring Steve Mariucci as their new head coach.

    In response to criticism, the NFL announced it was setting up a diversity advisory committee of outside experts to review its hiring practices last March. Teams would also be required to hire minority coaches as offensive assistants.

    Despite changes to the rule being implemented in recent years to strengthen it, a 2022 lawsuit alleges that some teams have implemented “sham” interviews to fulfill the league’s diversity requirements.

    Last February, former Miami Dolphins head coach Brian Flores filed a federal civil lawsuit against the NFL, the New York Giants, the Denver Broncos and the Miami Dolphins organizations alleging racial discrimination.

    Flores, who is Black, said in his lawsuit that the Giants interviewed him for their vacant head coaching job under disingenuous circumstances.

    Two months after submitting the initial lawsuit, Flores added the Texans to it, alleging the organization declined to hire him this offseason as head coach “due to his decision to file this action and speak publicly about systemic discrimination in the NFL.”

    In response to the lawsuit, the Texans said their “search for our head coach was very thorough and inclusive.”

    The NFL called Flores’ allegations meritless.

    “The NFL and our clubs are deeply committed to ensuring equitable employment practices and continue to make progress in providing equitable opportunities throughout our organizations,” the league said in response to the lawsuit.

    “Diversity is core to everything we do, and there are few issues on which our clubs and our internal leadership team spend more time. We will defend against these claims, which are without merit.”

    But 12 months after firing their last Black head coach, the Texans have fired another one.

    “How do you hire two African Americans, leave them one year and then get rid them?” questioned NFL Hall of Famer Irvin.

    “You know the mess that Houston is,” Irvin added. “We get the worst jobs and we don’t get the opportunity to fix the worst jobs, just like this.

    “I don’t know any great White coach that would take the (Texans) job unless you give them some guarantees. ‘You’re going to have to guarantee me four years to turn this place around.’ But the African American coaches can’t come in with that power because Lovie wouldn’t have got another job.

    “This was his last chance to get back into the NFL and you have to take what’s on the table to try to change that.”

    The Texans are now searching for a new head coach under general manager Caserio. The new appointment will be Caserio’s third coach in the role: It is almost unprecedented for a general manager to get the opportunity to hire a third head coach with the same team.

    Texans chairman and CEO Cal McNair said he would take on a more active role in the hiring process. The next head coach will be the organization’s fourth in three years.

    According to the NFL, the Texans have requested to speak to five candidates already about filling Smith’s position, a list that includes two Black coaches.

    After Smith was hired in March 2021, McNair said: “I’ve never seen a more thorough, inclusive, and in-depth process than what Nick (Caserio) just went through with our coaching search.”

    At that introductory news conference, Smith spoke candidly about how to bring greater diversity to the NFL coaching ranks.

    “People in positions of authority throughout – head coaches, general managers – you’ve got to be deliberate about trying to get more Black athletes in some of the quality control positions just throughout your program. If you get that, they can move up, that’s one way to get more.”

    Smith continued: “It’s not just an interview, if you’re interviewing a Black guy. It’s about having a whole lot of guys to choose from that look like me. And it’s just not about talk. You look at my staff, that’s what I believe in. And letting those guys show you who they are. That’s how we can increase it, then it’s left up to people to choose. We all have an opportunity to choose, and that’s how I think we’ll get it done.”

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  • A galactic merger brought a pair of supermassive black holes together | CNN

    A galactic merger brought a pair of supermassive black holes together | CNN

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    Sign up for CNN’s Wonder Theory science newsletter. Explore the universe with news on fascinating discoveries, scientific advancements and more.



    CNN
     — 

    Two supermassive black holes have been spotted feasting on cosmic materials as two galaxies in distant space merge — and are the closest to colliding black holes astronomers have ever observed.

    Astronomers spotted the pair while using the Atacama Large Millimeter/Submillimeter Array of telescopes, or ALMA, in northern Chile’s Atacama Desert, to observe two merging galaxies about 500 million light-years from Earth.

    The two black holes were growing in tandem near the center of the coalescing galaxy resulting from the merger. They met when their host galaxies, known as UGC 4211, collided.

    One is 200 million times the mass of our sun, while the other is 125 million times the mass of our sun.

    While the black holes themselves aren’t directly visible, both were surrounded by bright clusters of stars and warm, glowing gas — all of which is being tugged by the holes’ gravitational pull.

    Over time, they will start circling one another in orbit, eventually crashing into one another and creating one black hole.

    After observing them across multiple wavelengths of light, the black holes are located the closest together scientists have ever seen — only about 750 light-years apart, which is relatively close, astronomically speaking.

    The results were shared at the 241st meeting of the American Astronomical Society being held this week in Seattle, and published Monday in The Astrophysical Journal Letters.

    The distance between the black holes “is fairly close to the limit of what we can detect, which is why this is so exciting,” said study coauthor Chiara Mingarelli, an associate research scientist at the Flatiron Institute’s Center for Computational Astrophysics in New York City, in a statement.

    Galactic mergers are more common in the distant universe, which makes them harder to see using Earth-based telescopes. But ALMA’s sensitivity was able to observe even their active galactic nuclei — the bright, compact regions in galaxies where matter swirls around black holes. Astronomers were surprised to find a binary pair of black holes, rather than a single black hole, dining on the gas and dust stirred up by the galactic merger.

    “Our study has identified one of the closest pairs of black holes in a galaxy merger, and because we know that galaxy mergers are much more common in the distant Universe, these black hole binaries too may be much more common than previously thought,” said lead study author Michael Koss, a senior research scientist at the Eureka Scientific research institute in Oakland, California, in a statement.

    “What we’ve just studied is a source in the very final stage of collision, so what we’re seeing presages that merger and also gives us insight into the connection between black holes merging and growing and eventually producing gravitational waves,” Koss said.

    If pairs of black holes — as well as merging galaxies that lead to their creation — are more common in the universe than previously thought, they could have implications for future gravitational wave research. Gravitational waves, or ripples in space time, are created when black holes collide.

    It will still take a few hundred million years for this particular pair of black holes to collide, but the insights gained from this observation could help scientists better estimate how many pairs of black holes are close to colliding in the universe.

    “​​There might be many pairs of growing supermassive black holes in the centers of galaxies that we have not been able to identify so far,” said study coauthor Ezequiel Treister, an astronomer at Universidad Católica de Chile in Santiago, Chile, in a statement. “If this is the case, in the near future we will be observing frequent gravitational wave events caused by the mergers of these objects across the Universe.”

    Space-based telescopes like Hubble and the Chandra X-ray Observatory and ground-based telescopes like the European Southern Observatory’s Very Large Telescope, also in the Atacama Desert, and the W.M. Keck telescope in Hawaii have also observed UGC 4211 across different wavelengths of light to provide a more detailed overview and differentiate between the two black holes.

    “Each wavelength tells a different part of the story,” Treister said. “All of these data together have given us a clearer picture of how galaxies such as our own turned out to be the way they are, and what they will become in the future.”

    Understanding more about the end stages of galaxy mergers could provide more insight about what will happen when our Milky Way galaxy collides with the Andromeda galaxy in about 4.5 billion years.

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  • Chinese rocket startup Galactic Energy sends five satellites into space | CNN Business

    Chinese rocket startup Galactic Energy sends five satellites into space | CNN Business

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    Hong Kong
    CNN
     — 

    Galactic Energy, a rocket startup in China, launched five satellites into orbit on Monday, boosting the private company’s ambition to become the Chinese rival to SpaceX.

    Galactic Energy’s Ceres-1 rocket lifted off Monday from the Jiuquan Satellite Launch Center in northwestern China, sending five commercial satellites into their intended orbits, the Beijing-based company said in a statement on the same day.

    The five satellites will be used for telecommunication, weather forecasts and scientific research for government agencies in the country, the company added.

    The mission marks the fifth launch of the Ceres-1 rocket — a small solid fuel orbital rocket designed by the company, Galactic Energy said. So far, it has successfully put 19 commercial satellites into space, setting a record for a private Chinese firm.

    “It sounds the trumpet for us to start a high-density orbital launch in 2023,” it said, adding that it plans to complete 8 to 10 missions for this year.

    Galactic Energy conducted the first Ceres-1 launch on November 7, 2020, which makes it the second Chinese private company to launch a satellite into low Earth orbit. A Beijing-based startup, i-Space, was the first to do so in 2019.

    Many Chinese commercial satellite launch providers are currently using small solid-propellant rockets like Ceres. But some firms are developing or testing reusable liquid-propellant rocket engines, which allow precise control of the thrust after ignition.

    Last year, Galactic Energy successfully tested its liquid-propellant Welkin engine for its next-generation rockets. Its founder Liu Baiqi said that they want to build the Chinese version of the Merlin engine, which was developed by SpaceX.

    Founded in 2018, Galactic Energy has received several rounds of financing from private equity investors and venture capitalists, worth more than $250 million in total. Major investors include the investment arm of Aviation Industry Corporation of China, a state-owned aerospace and defense conglomerate.

    China’s commercial space industry has expanded rapidly since 2015, when the government began encouraging private companies to enter the space sector. Before that, launching rockets and satellites had been the monopoly of state-owned aerospace companies.

    Over the past few years, more than 170 private companies have entered the space industry, according to a 2020 research report by Future Space Research, a research institute based in Beijing.

    The successful launch by the Chinese startup came on the same day that Virgin Orbit suffered failure on its first rocket launch from the United Kingdom.

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  • Fed Chair Powell: Bringing down inflation requires ‘measures that are not popular’ | CNN Business

    Fed Chair Powell: Bringing down inflation requires ‘measures that are not popular’ | CNN Business

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    New York
    CNN
     — 

    Investors shifted their focus Tuesday from the stock market to Stockholm as Federal Reserve Chairman Jerome Powell made his first public appearance of the year.

    Powell participated in a panel discussion on central bank independence at an event hosted by Sweden’s central bank, the Sveriges Riksbank.

    The painful rate hikes the Fed is implementing to try to bring down inflation don’t make officials particularly popular, Powell admitted.

    “Restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy,” he said, before adding that it’s important not to succumb to the need to liked.

    “We should ‘stick to our knitting’ and not wander off to pursue perceived social benefits that are not tightly linked to our statutory goals and authorities,” Powell said.

    He highlighted climate change as a prime example of this.

    “Today, some analysts ask whether incorporating into bank supervision the perceived risks associated with climate change is appropriate, wise, and consistent with our existing mandates,” he said. “in my view, the Fed does have narrow, but important, responsibilities regarding climate-related financial risks. These responsibilities are tightly linked to our responsibilities for bank supervision. The public reasonably expects supervisors to require that banks understand, and appropriately manage, their material risks, including the financial risks of climate change.”

    US inflation rates (as measured by the Labor Department’s Consumer Price Index) have been steadily falling for the past five months. That has enabled the Fed to start easing back on the size of its historically high rate hikes meant to cool the economy and fight rising prices.

    Inflation in the Eurozone, meanwhile, remains at an eye-popping 9.2% — though it eased between November and December. ECB president Christine Lagarde said last month she expects interest rate hikes to rise “significantly further, because inflation remains far too high and is projected to stay above our target for too long.”

    “If you compare with the Fed, we have more ground to cover. We have longer to go,” she added.

    The Bank of England, meanwhile, has also warned that inflation, still at its highest level since the 1980s, isn’t going anywhere. The BoE’s chief economist Huw Pill said this week that inflation could persist for longer than expected despite recent falls in wholesale energy prices and an economy on the brink of recession.

    These three central banks are fighting in different conditions, but they share a similar battle strategy: Keep tightening.

    The central bankers defended the importance of independence and credibility for their institutions, which has come under fire as policymakers are accused of having let surging inflation go unchecked for too long.

    December meeting minutes from the Fed, released last week, noted that the policymaking committee would “continue to make decisions meeting by meeting,” leaving options open for the size of rate hikes at the next monetary policy decision on February 1. No policymakers have forecast that it would be appropriate to reduce the bank’s benchmark borrowing rate this year. And while officials welcomed the recent softening in inflation, they stressed that “substantially more evidence” was required for a Fed “pivot.”

    Last week’s jobs report further muddied the picture, showing that employment remained strong while wage growth eased.

    Thursday’s CPI for December — which will be the new year’s first check on inflation — will also provide helpful clues to investors about whether US price hikes are sufficiently cooling.

    Encouraging data could bolster consensus estimates that call for a quarter-percentage point interest rate hike in February, a shift lower from December’s half-point hike and the four prior three-quarter-point hikes.

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  • Fisher-Price reminds consumers of 2019 recall of Rock ‘n Play Sleepers after more deaths | CNN Business

    Fisher-Price reminds consumers of 2019 recall of Rock ‘n Play Sleepers after more deaths | CNN Business

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    New York
    CNN
     — 

    Fisher-Price has reannounced its 2019 recall of the Rock ‘n Play Sleepers on Monday after at least eight infant deaths occurred after the initial recall, according to the Consumer Product Safety Commission.

    “On April 12, 2019, at the time the original recall was announced, over 30 fatalities were reported to have occurred in the Rock ‘n Play Sleepers after the infants rolled from their back to their stomach or side while unrestrained, or under other circumstances,” the commission said in a statement. “Since the recall, approximately 70 additional fatalities have been reported, which includes at least 8 fatalities that were reported to have occurred after the initial recall announcement.”

    “Approximately 100 deaths have reportedly occurred while infants were in the products,” the CPSC indicated. “Fisher-Price notes that in some of the reports, it has been unable to confirm the circumstances of the incidents or that the product was a Rock ‘n Play Sleeper.”

    The CPSC indicated that “consumers should stop using the Rock ‘n Play immediately and contact Fisher-Price for a refund or voucher. It is illegal to sell or distribute the recalled sleepers.”

    The initial 2019 recall affected about 4.7 million sleepers. The sleepers were sold at stores such as Walmart, Target and Amazon from September 2009 to April 2019.

    At the time of the initial recall, Chuck Scothon, general manager at Fisher-Price, said the company considered the recall the “best course of action” and would continue to stand by the safety of all its products.

    “With these actions, we want parents around the world to know that safety will always be a cornerstone of our mission, that we are committed to these values, and will continue to prioritize the health, safety and well-being of the infants and preschoolers who utilize our products,” Scothon said during the initial recall.

    – CNN’s Nicole Chavez contributed to this report

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  • Why is Wall Street cheery all of a sudden? | CNN Business

    Why is Wall Street cheery all of a sudden? | CNN Business

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    New York
    CNN
     — 

    It’s only early January, but so far in 2023 the pendulum on Wall Street has swung (to paraphrase Billy Joel) from sadness to euphoria.

    Stocks are off to a solid start following last year’s dismal performance. Even though the Dow fell more than 110 points, or 0.3%, to close Monday’s session it is still up more than 1% this year. The S&P 500 ended Monday down 0.1% while the Nasdaq gained 0.6%. But those two indexes are each up about 1.5% since the end of 2022.

    Even the CNN Business Fear and Greed Index, which looks at seven indicators of market sentiment, is now inching closer to Greed territory — after languishing in Fear mode for the better part of the past few weeks.

    But why is there such optimism on Wall Street all of a sudden? The headlines still aren’t necessarily that great.

    Yes, the market cheered Friday’s jobs report because it showed slowing wage growth that could lead to a further reduction in inflation pressures and smaller rate hikes from the Federal Reserve. But it also showed the pace of job growth is slowing — and that could be a precursor to an eventual recession.

    Meanwhile the Institute for Supply Management’s latest data showed the services sector, a big engine of the US economy, contracted last month. And several high-profile companies in the tech, consumer, financial services (and yes, media) industries have announced big layoffs or unveiled plans to hand out pink slips. Retailers such as Macy’s

    (M)     and Lululemon

    (LULU)     are warning about sales and profits.

    Add all this up and it doesn’t sound like cause for celebration.

    But Wall Street is a funny place: Good news is often viewed as a bad sign, and vice versa.

    Sure, it would be a big plus if the Fed is able to pull off a proverbial soft landing, slowing the economy without leading to a full-blown recession and/or significant decline in corporate profits. But that’s a big if.

    There’s another possibility that bulls are clinging to as well: that there will be a recession, but a mild one that also just so happens to be one of the most widely expected and telegraphed downturns in recent memory. This isn’t a proverbial black swan. There is no “Lehman moment” to catch everyone off guard.

    As long as the Fed can get inflation under control, investors might not be too concerned by a recession anyway. At least, that’s the ‘glass is half full’ argument.

    “Any recession will be perceived by investors to be less problematic if inflation is judged to be sufficiently contained, and the Fed is prepared to mount an appropriate monetary response,” said Robert Teeter, managing director of Silvercrest Asset Management, in a report.

    Teeter added that falling inflation levels should boost stocks this year “even as earnings remain lackluster.”

    But others see a problem with that argument.

    “Our concern is that most [investors] are assuming ‘everyone is bearish’ and, therefore, the price downside in a recession is also likely to be mild,” said strategists at Morgan Stanley in a report.

    Instead, the Morgan Stanley strategists think investors might be surprised by just how much lower stocks go if there is a recession. They noted that the market may not be pricing in “much weaker earnings.”

    Investors may also be underestimating how far the Fed is willing to go with rate hikes in order to make sure inflation finally starts to fall.

    “Many investors have been reassured by the strength of the US labor market. Yet…the Federal Reserve is determined to tighten monetary policy until that strength is eradicated — the recession clock is ticking,” said Seema Shah, chief global strategist at Principal Asset Management, in a report.

    And Shah does not believe the recession will be mild. She wrote after Friday’s jobs report that “a hard landing looks to be the most likely outcome this year.”

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  • South Africa’s Eskom says police investigating alleged poisoning of CEO | CNN Business

    South Africa’s Eskom says police investigating alleged poisoning of CEO | CNN Business

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    Cape Town
    Reuters
     — 

    South African power utility Eskom on Sunday said police were investigating whether an attempt was made to poison its outgoing chief executive officer, Andre de Ruyter.

    Public Enterprises Minister Pravin Gordhan also told Reuters on Sunday the alleged incident “will be thoroughly investigated” and anyone responsible charged.

    Without giving any details, Gordhan said an intense battle was taking place “between those who want South Africa to work and thrive and those who want to corruptly enrich themselves”.

    Faced with political pressure, De Ruyter resigned on December 14 after failing to solve a crisis in Eskom that has led to record power cuts in Africa’s most industrialized economy.

    After officially taking charge in January 2020, De Ruyter led a company-wide clampdown on corruption and organized criminal behavior, including sabotage of infrastructure, at Eskom plants. His last day in the post will be March 31.

    “Eskom cannot comment further on the poisoning incident involving the group chief executive, which occurred during December 2022, as the matter is subject to police investigation,” the utility’s head of security said in a statement.

    Reuters could not immediately reach De Ruyter for comment.

    The alleged cyanide poisoning was first reported by specialist energy publication EE Business Intelligence on Saturday.

    Opposition party the Democratic Alliance on Sunday called for decisive action against criminal syndicates that it said were “hell-bent on cementing their stranglehold on Eskom that is destroying the economy.”

    The South African police services did not immediately respond to Reuters’ request for comment. Eskom’s board chairman, Mpho Makwana, was also unavailable.

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  • Bonds are back, but for how long? | CNN Business

    Bonds are back, but for how long? | CNN Business

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    A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link.


    New York
    CNN
     — 

    Stocks soared on Friday to their best day in more than a month. The Dow gained 700 points and the S&P 500 and Nasdaq rose by 2.3% and 2.6% respectively, as traders bet that a slowdown in wage growth could mean that inflation may finally be cooling off.

    But the big turnaround story during the short first week of the year isn’t just about equities, it’s also about bonds.

    What’s happening: US Treasuries recorded their worst year in history in 2022, but investors are suddenly reversing course. They now appear quite optimistic about the bond market. 

    Last year’s bond massacre came as the Fed raised short-term interest rates at the fastest speed in about four decades, lifting the Fed funds rate to its highest level in over a decade. Bonds are particularly sensitive to those increases — as rates are hiked, the price of existing bonds falls as investors prefer the new debt that will soon be issued with those higher interest payouts.

    But now investors are betting that those rate increases are mostly over and that inflationary pressures are on a downswing.

    Treasuries just notched their strongest start to a year since 2001, back when investors eagerly purchased government debt under the (correct) assumption that then-Fed chair Alan Greenspan was about to slash interest rates. This time around, investors are scooping up bonds as they anticipate the pace of Fed interest rate hikes will soon ease.

    That’s great news for Treasuries. Core bonds, or US investment grade debt, tend to perform well during Fed rate hike pauses. Since 1984, core bonds have been able to generate average 6-month and 1-year returns of 8% and 13%, respectively, after the Fed stopped raising rates, according to data from LPL Financial.

    That anticipation could be seen at the end of last week. Treasuries tumbled following strong private jobs data earlier in the week but quickly rebounded when US payroll data showed that wage growth was weakening.

    The gains are in sync with economists’ positive outlooks for falling yields and rising bond prices in 2023.

    The other side: The problem is that there’s no guarantee that interest rates will actually come down, and investors could find themselves blindsided if they don’t.

     “The potential for rates to go high and stay higher for longer would hit bond markets hard, especially considering weaker economies would likely force governments to borrow more,” said Chris Varrone, managing director at Strategas, a Baird Company.

    Former Treasury Secretary Larry Summers issued a warning on Friday to bond investors who assume that inflation is easing and a new era of low interest rates is upon us.

    “I suspect tumult” for bonds in 2023, Summers said on Bloomberg Television. “This is going to be remembered as a ‘V’ year when we recognized that we were headed into a different kind of financial era, with different kinds of interest-rate patterns.”

    Persistently high inflation may have put a damper on holiday shopping.

    Macy’s chair and CEO Jeff Gennette said Friday that lulls during the non-peak weeks of the fourth quarter “were deeper than anticipated” and that consumers will continue to feel pressured into 2023, reports my colleague Ramishah Maruf.

    Macy’s said Friday its net sales from the holiday quarter will likely be at the low-end to mid-point of its previously issued forecast range of $8.16 billion to $8.4 billion. It reported Q4 sales of $8.67 billion in 2021.

    Americans spent more this season to keep up with high prices. US retail sales increased 7.6% during the period between November 1 to December 24 compared to the same time last year, according to the Mastercard Spending Pulse. US retail sales were lower than expected in November, falling 0.6% during the month, which was the weakest performance in nearly a year.

    Gennette warned that consumer sentiment is unlikely to change with the new year.

    “Based on current macro-economic indicators and our proprietary credit card data, we believe the consumer will continue to be pressured in 2023, particularly in the first half, and have planned inventory mix and depth of initial buys accordingly,” the Macy’s CEO said.

    The company expects to report full results for the fourth quarter and fiscal year 2022 in early March 2023.

    China’s heavy-handed crackdown on tech giants is coming to an end and the country’s economic growth is expected to be back on track soon, according to a top central bank official, my colleague Laura He reports.

    The crackdown on fintech operations of more than a dozen internet companies is “basically” over, said Guo Shuqing, the Communist Party boss at the People’s Bank of China, in an interview with state-run Xinhua news agency on Saturday.

    “Next, we’ll promote healthy development of internet platforms,” said Guo, who is also chairman of China’s Banking and Insurance Regulatory Commission. “We’ll encourage them to come out strong in leading economic growth, creating more jobs, and competing globally.”

    His remarks came on the same day Chinese billionaire Jack Ma gave up control of Ant Group after the fintech giant’s shareholders agreed to restructure the company.

    Chinese tech stocks listed on US exchanges have already enjoyed a dream start to 2023.

    The Nasdaq Golden Dragon China Index — a popular index tracking Chinese firms listed in the United States — soared 13% in the first two trading days of 2023. That was the index’s best yearly start on record, according to data compiled by Refinitiv dating back to 2003.

    US-listed shares of Chinese e-commerce firms Alibaba

    (BABA)    , JD.com

    (JD)    , and Pinduoduo

    (PDD)     added $53 billion to their combined market value last Wednesday alone.

    The sweeping regulatory crackdown since late 2020 had driven investors away. In 2021 and 2022, the Nasdaq Golden Dragon China Index plummeted 46% and 25% respectively.

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  • Samsung estimates quarterly profit sank to 8-year low on demand slump | CNN Business

    Samsung estimates quarterly profit sank to 8-year low on demand slump | CNN Business

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    Seoul
    Reuters
     — 

    Samsung Electronics flagged on Friday its quarterly profit tumbled to an eight-year low as a weakening global economy hammered memory chip prices and curbed demand for electronic devices.

    Profits at the world’s largest memory chip, smartphone and TV maker are expected to shrink again in the current quarter, analysts said, after Samsung announced its October-December operating profit likely fell 69% to 4.3 trillion won ($3.37 billion) from 13.87 trillion won a year earlier.

    It was Samsung

    (SSNLF)    ’s smallest quarterly profit since the third quarter of 2014 and fell short of a 5.9 trillion won Refinitiv SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate.

    “All of Samsung’s businesses had a hard time, but chips and mobile especially,” said Lee Min-hee, analyst at BNK Investment & Securities.

    Quarterly revenue likely fell 9% from the same period a year earlier to 70 trillion won, Samsung said in a short preliminary earnings release. Asia’s fourth-biggest listed company by market value is due to release detailed earnings later this month.

    Rising global interest rates and cost of living have dampened demand for smartphones and other devices that Samsung makes and also for the semiconductors it supplies to rivals including Apple

    (AAPL)    .

    “For the memory business, the decline in fourth-quarter demand was greater than expected as customers adjusted inventories in their effort to further tighten finances,” Samsung said in the statement.

    Its mobile business’ profit declined in the fourth quarter as smartphone sales and revenue decreased due to weak demand resulting from prolonged macroeconomic issues, Samsung added.

    “Memory chip prices fell in the mid-20% during the quarter, and high-end phones such as foldable didn’t sell as well,” said BNK Investment’s Lee.

    Three analysts said they expected Samsung’s profits to dive again in the current quarter, with a likely operating loss for the chips business as a glut drives a further drop in memory chip prices.

    Samsung shares rose 0.3% in Friday morning trade, underperforming a 0.6% rise in the wider market. Shares of rival memory chip maker SK Hynix rose 1%.

    “The reason shares are rising despite the poor earnings result is… investors are hoping Samsung will need to reduce production, like Micron or SK Hynix said they would, which would help the memory industry overall,” said Eo Kyu-jin, an analyst at DB Financial Investment.

    Samsung had said in October that it did not expect much change to its 2023 investments. Analysts said that Samsung has a history of not announcing production cuts in memory chips, but could organically adjust investment by delaying bringing in equipment or through other ways.

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  • Two months after mass Twitter layoffs, affected employees still waiting for severance offers | CNN Business

    Two months after mass Twitter layoffs, affected employees still waiting for severance offers | CNN Business

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    New York
    CNN
     — 

    Two months after Elon Musk laid off half of Twitter’s workforce, some employees affected say they have yet to receive any formal severance offer or separation agreement.

    One former Twitter employee told CNN that they had expected to receive some information from the company by Wednesday, the last official employment date for many workers affected by the first wave of layoffs under Musk based on state and federal notice period regulations.

    As of early Thursday, however, the former employee said they had yet to receive any documents related to a severance agreement or offer. Other laid-off employees tweeted similar remarks this week, including one who said they had “never even seen a severance letter let alone been offered severance.”

    A spokesperson for Shannon Liss-Riordan, the attorney representing hundreds of former Twitter employees, confirmed that her clients who were hit by the Twitter layoffs in early November also had yet to receive any severance information as of Thursday. “There was some anticipation that they would be sent yesterday, but we haven’t seen that,” Kevin Ready, the spokesperson, said of the severance agreements.

    “Yesterday was the official separation date for thousands of Twitter employees, and after months of chaos and uncertainty created by Elon Musk, these workers remain in the lurch,” Liss-Riordan said in a Thursday statement.

    The employee concerns come as Musk scrambles to cut costs at the company he bought in October for $44 billion, including a significant amount of debt. After laying off half the company in early November, Musk continued cutting and pushing out additional employees, including by requiring anyone who remained to sign a pledge committing to “hardcore” work.

    The company was recently sued by a commercial landlord and a private flight company alleging Twitter has failed to pay bills. And The New York Times last month reported that Twitter was considering denying laid off employees their severance as a cost-cutting measure, citing people familiar with the talks among company leadership, adding to the sense of uncertainty for affected workers.

    Twitter, which cut much of its public relations department as part of the layoffs, did not immediately respond to a request for comment regarding the claims it has not offered or paid any severance. At the time of the layoffs, Musk promised that “everyone exited was offered 3 months of severance,” a time period that appears to include the 60-days advanced notice Twitter was obligated to provide.

    A report by Fortune on Thursday afternoon, citing an unnamed source familiar with the situation and screenshots viewed by the publication, said that Twitter planned to send severance agreements to affected employees on Thursday, although it was unclear exactly when they would go out. The severance agreements were set to provide laid off US employees with one month’s base pay and would include a provision requiring employees to waive participation in pending lawsuits against the company, according to the report.

    Liss-Riordan has filed four proposed class action lawsuits against Twitter on behalf of employees affected by layoffs, with claims including that Twitter backtracked on promises to allow remote work and consistent severance benefits, as well as complaints related to alleged disability and gender-based discrimination. She has also filed three claims against Twitter with the National Labor Relations Board on behalf of former employees. Liss-Riordan said Thursday that she has also filed another 100 demands for arbitration against Twitter on behalf of former employees, after filing an initial 100 last month.

    Last month, the employees represented by Liss-Riordan scored an early win in court when a judge ordered Twitter to inform laid-off employees of the pending lawsuits before asking them to sign any separation agreements that include a release of legal claims.

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  • LinkedIn is having a moment thanks to a wave of layoffs | CNN Business

    LinkedIn is having a moment thanks to a wave of layoffs | CNN Business

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    New York
    CNN
     — 

    In a normal year at this time, a typical LinkedIn feed might be full of posts about year-end reflections on leadership and professional goals and suggested lifehacks for the year ahead — possibly with a few posts from CMOs offering tips on brand strategy, for good measure.

    Those posts are still there. But mixed in are many others about job hunts, offers of support for laid off friends and colleagues, and advice for coping with career hurdles in an uncertain economic environment.

    Some LinkedIn users affected by recent layoffs have formed groups on the site aimed at providing assistance, coordinating around signing exit paperwork and aiding with connections for new jobs. One LinkedIn group of employees affected by the November layoffs at Facebook-parent Meta, for example, now has more than 200 members. Even bosses who are doing the laying off have turned to LinkedIn to explain themselves and seek support or advice, as one marketing CEO did in a post alongside a tearful selfie last year (to mixed results).

    If the first year of the pandemic was marked by widespread layoffs in lower paying retail and services jobs, the past few months have been defined by something different: the prospect of a white-collar recession. Even as the overall job market remains strong, there has been a wave of recent layoffs in the tech and media industries — which just so happen to make up a core part of LinkedIn’s user base. Suddenly, the normally staid professional network has become both a vital lifeline for recently laid off workers and a surprisingly lively social platform.

    The LinkedIn mobile app was downloaded an estimated 58.4 million times worldwide in 2022 across the Google Play and Apple app stores, up 10% from the prior year, according to research firm Sensor Tower.

    The number of posts on LinkedIn mentioning “open to work” were up 22% during November compared to the same period in the prior year, according to data provided by the company. LinkedIn says it also saw a steady increase in the rate of users adding connections last year compared to the year prior, a sign that users were more active on the platform.

    The uptick in use appears to have been good for LinkedIn’s business. The platform posted 17% year-over-year revenue growth in the three months ended in September, according to parent company Microsoft’s most recent earnings report. Microsoft CEO Satya Nadella told analysts in the October earnings call that LinkedIn was seeing “record engagement” among its 875 million members, with growth accelerating especially in international markets.

    Some of LinkedIn’s momentum may predate the wave of layoffs. “There’s been an uptick in [LinkedIn use] since the pandemic,” said Jennifer Grygiel, an associate professor and social media expert at Syracuse University. “You had to do social distancing and we were quarantining and people were working remotely so there was a shift in real-life networking possibilities.”

    LinkedIn rose to the occasion — and now it may be rising to another one.

    Even apart from the layoffs, the social media landscape has been through a volatile year. Facebook and Instagram have been criticized by users for racing to turn their services into TikTok. TikTok has been criticized over concerns that user data could end up in the hands of the Chinese government. And after Elon Musk’s takeover of Twitter late last year, the platform has been criticized for morphing into a possible haven for its most incendiary users.

    But LinkedIn remains, as ever, LinkedIn — and at this moment, with fears of a looming recession and career concerns top of mind, LinkedIn may be just what the digital world needs.

    Grygiel said many people working in media or academia are likely now looking for somewhere to build and engage in professional communities other than Twitter. And while upstart Twitter alternatives like Mastodon have experienced a surge in growth, they still don’t have the same sort of network effect that comes with a legacy platform’s broad user base.

    LinkedIn in recent years has leaned into courting influencers who regularly post content to the site, potentially giving users more reasons to visit. And the platform has been growing its “learning” section, which provides video courses taught by various industry experts and which the company says experienced a 17% increase in hours spent as of November compared to the year prior. But lately it appears users have more than enough reason to use LinkedIn amid a wave of thousands of layoffs.

    Perhaps the clearest and most public examples of LinkedIn’s new centrality came from rival social networks like Twitter.

    In the wake of Twitter’s November mass layoffs — in which half the company was terminated, followed by additional firings and exits — many former and remaining employees took to LinkedIn, rather than the platform they had built, to seek support, community and new opportunities.

    One group of Twitter employees created a spreadsheet of laid-off workers from the company alongside recruiters hiring for other firms, and used LinkedIn to help facilitate sign-ups. Another pair of former Twitter employees set up a system to connect job hunters with recruitment professionals open to volunteering to provide free resume review and interview prep services, which they promoted through LinkedIn.

    “We completely understand how the job-hunting process can be scary and overwhelming … While we can’t guarantee where your next opportunity will be or when it will come, we can offer guidance, so you will be ready for that opportunity when it arrives,” Darnell Gilet, a former Twitter senior technical recruiter who helped coordinate the effort, said in a LinkedIn post.

    Gilet, who was affected by the mass layoffs at Twitter in November following Elon Musk’s takeover, told CNN last month that around 28 different recruiters and talent acquisition professionals had agreed to participate in the system, and that he himself had spoken to nearly two dozen job seekers since shortly after he was laid off to offer advice and support. He said LinkedIn seemed like the obvious place to promote the service.

    “Chaos creates opportunity for somebody, right?” Gilet said. “People are getting laid off and you have this recession that’s looming, the ideal place … that would have the greatest growth opportunity from that would be a platform that’s focused on careers like LinkedIn. So it makes perfect sense.”

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  • Jack Ma to relinquish control of Ant group | CNN Business

    Jack Ma to relinquish control of Ant group | CNN Business

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    CNN
     — 

    Chinese billionaire Jack Ma will no longer control Ant Group after the fintech giant’s shareholders agreed to reshape its shareholding structure, according to a statement released by the company on Saturday.

    After the adjustment, Ma’s voting rights will fall to 6.2%, according to the statement and CNN calculations.

    Before the restructure, Ma possessed more than 50% of voting rights at Ant via Hangzhou Yunbo and two other entities, according to its IPO prospectus filed with the exchanges in 2020.

    Ant added in the statement that the voting rights adjustment, a move to make the company’s shareholder structure “more transparent and diversified,” will not result in any change to the economic interests of any shareholders.

    Ant said its 10 major shareholders, including Ma, had agreed to no longer act in concert when exercising their voting rights, and would only vote independently, and thus no shareholder would have “sole or joint control over Ant Group.”

    The voting rights overhaul came after Chinese regulators pulled the plug on Ant’s $37 billion IPO in November 2020, and ordered the company to restructure its business.

    As part of the company’s restructuring, Ant’s consumer finance unit applied for an expansion of its registered capital from $1.2 billion to $2.7 billion. The China Banking and Insurance Regulatory Commission recently approved the application, according to a government notice issued late last week.

    After the fund-raising drive, Ant will control half of its key consumer finance unit, while an entity controlled by the Hangzhou city government will own a 10% stake. Hangzhou is where Alibaba and Ant have been headquartered since their inceptions.

    Ant Group is a fintech affiliate of Alibaba, both of which were founded by Ma.

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  • With its advertising business in crisis, Twitter eases ban on political ads | CNN Business

    With its advertising business in crisis, Twitter eases ban on political ads | CNN Business

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    CNN
     — 

    More than three years ago, Twitter prohibited political and issue-based ads amid broader concerns that politicians could pay to target social media users with false or misleading information.

    Now, under its new owner Elon Musk, the company is easing that ban, in a move that could provide Twitter a much-needed sales boost at a time when Musk is urgently searching for new revenue streams. But it comes with some risks: the policy change could expose users to threats the company has previously said it may not be able to address, including spreading AI-created deep fakes and other sophisticated attempts to manipulate the platform.

    On Tuesday, Twitter announced it would relax its ban on issue ads, saying “cause-based advertising can facilitate public conversation around important topics.” Twitter added that it would “expand the political advertising we permit in the coming weeks,” with a pledge to share “more details as this work progresses.” The company said its advertising policies going forward would resemble those of other media, including television.

    Political advertising has never been a significant source of revenue for the company — it made less than $3 million from political ads in 2018, the year before the ban took effect. But Musk needs every little bit of revenue he can find.

    Since his takeover of the company in October, numerous brands have paused their advertising on Twitter amid fears that Musk’s approach to content moderation could lead to ads appearing beside hate speech and other incendiary content. In November, as the company underwent mass layoffs to cut costs, Musk claimed that Twitter was losing $4 million a day.

    Musk, who has previously expressed his dislike of advertising generally, has tried to improve Twitter’s financial position by rushing out a controversial subscription option to pay for a verified account, among other paid perks. But advertising has historically made up nearly all of Twitter’s revenue, and replacing it could take a long time.

    Welcoming paid issue advocacy and political advertising to the platform once more could ease some of the effects of the advertiser revolt. It could also give new political candidates a leg up against established incumbents by allowing them to increase their exposure through paid promotion.

    But it may also lead to some of the unintended consequences former Twitter CEO Jack Dorsey warned about when he first announced the advertising restrictions in 2019.

    At the time, Dorsey said internet advertising is not at all like traditional forms of advertising because it enables new ways to target individuals with specific messages. It also opens up new opportunities for malicious actors to use technology to game the system.

    “Internet political ads present entirely new challenges to civic discourse: machine learning-based optimization of messaging and micro-targeting, unchecked misleading information, and deep fakes. All at increasing velocity, sophistication, and overwhelming scale,” Dorsey said.

    Until now, Twitter’s approach to political advertising diverged from that of Facebook, which has attracted widespread criticism for its policy exempting political ads from fact-checking — effectively allowing politicians to lie in ads. Now Twitter’s change could create an environment that’s more similar to Facebook’s.

    Misinformation and platform manipulation are not unique to social media or to political messaging, Dorsey previously argued, but allowing money into the equation will complicate efforts to limit the impact of those harms.

    Now, after Twitter has laid off big chunks of its staff, including those who handle trust, safety and content moderation, the company may be even less equipped to deal with the potential fallout.

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  • Macy’s says its holiday sales will be lower, citing inflation pressures | CNN Business

    Macy’s says its holiday sales will be lower, citing inflation pressures | CNN Business

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    New York
    CNN
     — 

    Turns out inflation may have put a damper on the holidays.

    Macy’s chair and CEO Jeff Gennette said lulls during the non-peak holiday weeks “were deeper than anticipated” and that consumers will continue to feel pressured into 2023, in a Q4 update Friday.

    Macy’s said Friday its net sales from the holiday quarter will likely be at the low-end to mid-point of its previously issued range of $8.16 billion to $8.4 billion. The retailer said its adjusted diluted earnings per share are expected to be between $1.47 to $1.67.

    In last year’s fourth quarter results, Macy’s earned $8.67 billion, above analysts’ forecasts, and had an adjusted earnings per share of $2.45.

    Total end-of-quarter inventories are on track to fall slightly below last year and down mid-teens relative to 2019.

    Gennette said its Black Friday and Cyber Monday sales met expectations and the week leading up to and following Christmas beat them.

    “Overall, our occasion apparel and gift-giving business were strengths, and inventory composition and price points aligned with customers’ needs,” Gennette said, noting that its high-end Bloomingdale’s stores and cosmetics line Bluemercury continued to outperform forecasts.

    Macy’s warning may provide an early clue to investors wondering if high inflation has hampered shopping demand during the holidays.

    Americans spent more this season to keep up with high prices. US retail sales increased 7.6% during the period between November 1 to December 24 compared to the same time last year, according to the Mastercard Spending Pulse. US retail sales were lower than expected in November, falling 0.6% during the month, which was the weakest performance in nearly a year.

    Gennette warned that consumer sentiment is unlikely to change with the new year.

    “Based on current macro-economic indicators and our proprietary credit card data, we believe the consumer will continue to be pressured in 2023, particularly in the first half, and have planned inventory mix and depth of initial buys accordingly,” the Macy’s CEO said.

    The company expects to report full results for the fourth quarter and fiscal year 2022 in early March 2023.

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