UK sanctions Russia’s biggest bank
The UK has added Russian financial major Sber to its sanctions list in connection with Moscow’s ongoing military operation in Ukraine, blocking the bank’s access to the British pound.As stated in the document published by Britain's Treasury on Tuesday, sanctions were imposed against correspondent accounts of Sber, and the bank is also prohibited from clearing operations in sterling.“PJSC Sberbank participates in the acquisition of benefits from the Russian government or supports it,” the document states. It also emphasizes that Sber, being the largest Russian bank in terms of assets, is “an exceptionally significant player in the Russian financial services sector, which is of strategic importance to the Russian government.” … [READ MORE...]
On TikTok, Election Misinformation Thrives Ahead of Midterms
TikTok’s design makes it a breeding ground for misinformation, the researchers found. They wrote that videos could easily be manipulated and republished on the platform and showcased alongside stolen or original content. Pseudonyms are common; parody and comedy videos are easily misinterpreted as fact; popularity affects the visibility of comments; and data about publication time and other details are not clearly displayed on the mobile app.(The Shorenstein Center researchers noted, however, that TikTok is less vulnerable to so-called brigading, in which groups coordinate to make a post spread widely, than platforms like Twitter or Facebook.)During the first quarter of 2022, more than 60 percent of videos with harmful misinformation were viewed by users before being removed, TikTok said. … [READ MORE...]
The Boy Bosses of Silicon Valley Are on Their Way Out
Leaving as billionaires, they have emanated Silicon Valley’s relentless positivity. Pinterest “is just getting started,” Airbnb “is in the best hands it’s ever been in” and Instacart has a “enormous opportunity ahead,” the founders wrote. Both Mr. Mehta and Mr. Gebbia said they had plans for new projects.Investors say they anticipate more of these resignations from founders who are realizing they now have to work harder for less (relatively speaking). “Now, they can let some executives step up, take over and grow it with different incentives,” Mr. Cohen said.Last week, Brad Hargreaves, the founder of Common, a start-up that operates communal living spaces, announced he would step down as chief executive, becoming chief creative officer. The company’s head of property, Karlene Holloman, a … [READ MORE...]
Latest News
If the Job Market Is So Good, Why Is Gig Work Thriving?
Under this approach, while offering the flexibility of gig work, the staffing agencies usually serve as the employer and administer benefits. Workers are paid as W-2 employees, not independent contractors, which means that they’re still protected by federal labor laws and elements of the social safety net, including workers' compensation in the event of an injury.Snagajob, an hourly work platform, says that those shifts tripled from 2020 to 2021, and that they will probably quintuple in 2022 — … [Read More...]
Estonia Never Needed to Import Gas by Ship. Until It Did.
Still, like the other former Soviet republics Lithuania and Latvia, as well as former Communist bloc countries like Poland, Estonia was always more wary of Russia’s power plays.Two days before the war started, the Estonian prime minister chided “countries which don’t border Russia” for not thinking through the risks of depending on Russian energy.By contrast, Poland moved to quit itself of Russian natural gas and began work in 2013 on a pipeline that will deliver supplies from Norway. It is … [Read More...]
Inflation Cooled in July, Welcome News for White House and Fed
“On the surface, this is good news for the Fed,” said Omair Sharif, founder of Inflation Insights. “This is the first baby step toward the moderation they want to see on a regular basis.”Card 1 of 5What is inflation? Inflation is a loss of purchasing power over time, meaning your dollar will not go as far tomorrow as it did today. It is typically expressed as the annual change in prices for everyday goods and services such as food, furniture, apparel, transportation and toys.Is inflation bad? It … [Read More...]
Biden Signs Industrial Policy Bill Aimed at Bolstering Competition With China
“We will bring these jobs back to our shores and end our dependence on foreign chips,” said Senator Chuck Schumer, Democrat of New York and the majority leader, who pumped his fists as he stepped toward the lectern. <!-- Behind the Journalism --> How Times reporters cover politics. We rely on our journalists to be independent observers. So while Times staff members may vote, they are not allowed to endorse or campaign for … [Read More...]
Previous news
- In an Unequal Economy, the Poor Face Inflation Now and Job Loss Later
- How a New Corporate Minimum Tax Could Reshape Business Investments
- How This Economic Moment Rewrites the Rules
- The Carried Interest Loophole Survives Another Political Battle
- Congress Is Giving Billions to the Chip Industry. Strings Are Attached.
Small Business
The Boy Bosses of Silicon Valley Are on Their Way Out
Leaving as billionaires, they have emanated Silicon Valley’s relentless positivity. Pinterest “is just getting started,” Airbnb “is in the best hands it’s ever been in” and Instacart has a “enormous opportunity ahead,” the founders wrote. Both Mr. Mehta and Mr. Gebbia said they had plans for new projects.Investors say they anticipate more of these resignations from founders who are realizing they … [Read More...]
How Marvina Robinson Built Her Stuyvesant Champagne Business
Has there ever been a point when you wanted to give up?I go through this all the time. Even building this new space, I was nervous. I was scared because it’s so expensive to build out a beautiful space. Sometimes when business is slow, I get a little nervous, “Oh my gosh, it’s slowing down.” Every business has a cycle.I go through those emotions. But then I look at people celebrating with the … [Read More...]
Your Money
Where Money Meets Feelings: Financial Therapy Finds Its Footing
“The financial therapy program trains people to recognize when an issue is outside of their expertise, and how to make a referral to someone else when necessary,” she said. Many financial planners deal with clients when they are facing major life events, such as marriage, divorce, career changes, retirement or a death in the family, and it’s normal for them to suggest a lawyer or an accountant. … [Read More...]
What to Know as the Pause on Student Loans Is Set to Expire
Mark Kantrowitz, a financial-aid expert, advises students to borrow “only as much as you need, not as much as you can.” Your total debt at graduation should be less than your anticipated annual starting salary, he said — ideally, “a lot less.”Abby Shafroth, a lawyer with the National Consumer Law Center, said students rightfully worried about borrowing too much but should also be wary of borrowing … [Read More...]