Should veterans' preference in federal government jobs be on the chopping block
Allison Jaslow, an Iraq War veteran and CEO of Iraq and Afghanistan Veterans of America, weighs in on how DOGE's spending cuts is hurting military veterans. #military #vets
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4 hours ago
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Roger Federer's Long-Term Deals Make Him a Tennis Billionaire
(Bloomberg) -- Tennis superstar Roger Federer is now one of the few athletes who can count themselves a billionaire. Philadelphia Transit System Votes to Cut Service by 45%, Hike Fares US Renters Face Storm of Rising Costs Squeezed by Crowds, the Roads of Central Park Are Being Reimagined Mapping the Architectural History of New York's Chinatown US State Budget Wounds Intensify From Trump, DOGE Policy Shifts Federer, who won 20 Grand Slams between 2003 and 2018, amassed $130.6 million in prize money during a 24-year playing career that ended in 2022. But the bulk of the Swiss star's wealth has come via a series of bumper sponsorship deals, alongside an astute investment in a local sneaker brand. His net worth is about $1.3 billion, according to the Bloomberg Billionaires Index, putting him in elite company. Michael Jordan's hit an estimated $3.5 billion after the sale of his stake in the Charlotte Hornets in 2023, while last year Bloomberg calculated Tiger Woods' wealth at about $1.36 billion. Federer is worth considerably more than $1 billion, according to people close to him who spoke on condition of anonymity. Bloomberg's valuation takes into account Federer's career earnings, investments and endorsement deals, adjusted for prevailing Swiss tax rates and market performance. Many of his deals have lasted decades, from sponsorships with Credit Suisse bank (now UBS Group AG), watchmaker Rolex, and Swiss chocolatier Chocoladefabriken Lindt & Sprungli AG. Federer has also built a close advice network around him, including through Team8, the management company he co-founded with longtime agent Tony Godsick in 2013, and also Swiss firm Format A AG, which helps manage various investments and his charitable foundation. 'Federer is totally scandal free. He never says the wrong thing,' sports analyst Bob Dorfman said. 'He hasn't been a John McEnroe, feisty personality type. But in terms of marketability, he's been one of tennis's best.' Federer's biggest deals came near the end of his career. By 2018, a rolling contract with Nike Inc. — first signed in 1996 — had come up for renewal. Tennis was not a core market for Nike, allowing Godsick to test the water with other potential partners. Uniqlo, a popular brand owned by Japan's Fast Retailing Co., offered Federer $300 million over 10 years to be one of its flagship sports icons. Federer was 37 and close to retirement and the deal had no strings attached, even if he stopped playing. It was a no-brainer. Still, it wasn't Federer's most successful deal. That was an investment that came via an accidental introduction by his wife, who bought a pair of sneakers from up-and coming Swiss brand On. There are plenty of bankers and lawyers in Switzerland, but not many sports brands. Founded in 2010, On had become known as a high-end jogging shoe. Its distinctive sole, with more empty space than rubber, was based off a prototype made by co-founder Olivier Bernhard — a former pro-Ironman — taping offcuts of garden hose to the base of his trainers. Unlike with Nike, Federer could hunt for a footwear sponsor because Uniqlo doesn't make shoes. A sneaker nut who owns well over 250 pairs of trainers (not including ones he played in), Federer called On's founders for dinner in Zurich. Godsick also had a connection with them via an angel investment in the firm. Eventually, a deal was struck for Federer to buy a roughly 3% stake in On Holding AG and to spend time in its lab designing his own shoe. On is now worth close to $17 billion, making Federer's stake at least $500 million, according to Bloomberg's wealth index. Federer has so far avoided overexposure via commentary roles or dubious sponsorships. He recently waved the French flag to start the Le Mans endurance car race, and launched a new Uniqlo clothing collection in Paris. He'll also likely be at Wimbledon — home to his greatest triumphs — when it begins next week. Sign up to the Business of Sports newsletter to read more about Federer and Wimbledon. America's Top Consumer-Sentiment Economist Is Worried How to Steal a House Inside Gap's Last-Ditch, Tariff-Addled Turnaround Push Apple Test-Drives Big-Screen Movie Strategy With F1 Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
4 hours ago
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Job openings among the largest U.S. federal contractors have plummeted at 25x the rate of all other jobs amid DOGE cuts, report finds
While job openings have broadly remained steady, opportunities in private-sector government contractors have plummeted, according to new data from Indeed. A 15% drop in job listings for the 25 largest U.S. government contractors since Jan. 20 coincides with mass funding cuts facilitated by Elon Musk's Department of Government Efficiency. Elon Musk's mass spending cuts across the government have not just slashed the federal workforce, but may also have axed job opportunities among the largest government contractors in the private sector. Since the beginning of President Donald Trump's second term, job openings for the 25 private-sector companies with the largest government contracts have dropped 15%, according to a report published on Thursday by the Indeed Hiring Lab. Listings for all other jobs dipped only 0.6% in the same period. The precipitous drop in job opportunities at massive government contractors—such as Boeing, Honeywell and Deloitte (though the data does not analyze job openings for the individual companies)—coincides with the Musk-led Department of Government Efficiency's (DOGE) culling of private-sector contracts, part of the advisory's efforts to reduce so-called government waste and abuse. DOGE claims to have saved taxpayers $180 billion in workforce reductions, contract and lease cancellations, and other spending cuts, though experts warn the advisory's calculations are inaccurate and inflated. These cuts have made their mark on the private sector, with tech companies like Oracle and Leidos reportedly having contracts terminated by DOGE as part of the Pentagon's goal to slash $580 million in funding. The cuts have also hit Big Four consulting companies like Deloitte, which saw the elimination of at least 120 contracts totalling more than $1 billion, according to a Fortune analysis from April. Stark disparities in job opportunities available overall compared to the 25 major contractors may indicate these companies are starting to make tough decisions following DOGE cuts, according to Cory Stahle, the report's author and economist at the Hiring Lab. 'It's clear that these [cuts to government] funding are having an impact on some of these companies—hiring plans and where they see things going in the coming months—especially as they've seen potential pullback to their streams of funding from the government,' Stahle told Fortune. Companies have begun to report the impact of these cuts. Tech consultancy Accenture warned in March the Trump administration's cost-cutting could impact sales and revenue. Federal contracts make up about 8% of its global revenue and 16% of its Americas revenue in fiscal 2024. The company reported a quarterly earnings beat last week, but a 6% decrease in bookings. Chief financial officer Angie Park said the impact of federal funding cuts on the business, though, was 'immaterial.' Booz Allen Hamilton, a consultancy among the top 25 contractors, which derives about 98% of its revenue from government contracts, announced it would lay off about 2,500 employees, primarily staff involved in parts of the company working for non-defense U.S. agencies. 'All presidential transitions create some degree of near-term disruption, followed by opportunity,' Booz Allen CEO Horacio Rozanski said in an earnings call. 'We now see that these dynamics are indeed in play, at a rate and speed that is beyond what we originally expected.' What concerns Indeed's economist Stahle about the data related to job openings is how much government-contractor jobs have been impacted compared to the rest of the labor market. Since February 2024, job listings for positions at government contractors have plummeted 44%, according to the Indeed data, while all other listings have increased 14% since before COVID. While the number of job openings have more broadly stabilized, the recent data indicates the trend of government-contractor job listings 'is not changing the way the rest of the labor market is changing,' Stahle said. 'We're starting to see a break in patterns, which I think is what's most notable about this,' he added. Fewer job listings for these massive private-sector contractors may mean fewer opportunities for fired federal workers seeking news jobs, particularly as applications among this demographic soared in the spring as a result of DOGE's mass workforce cuts. Most of these fired federal employees are knowledge workers looking for white-collar positions usually offered by government contractors, according to Stahle. Not only are fewer job openings available to these federal workers, but also to college students and young professionals entering the workforce. 'The broader labor market impact could be much larger than a 25-company series might indicate,' Stahle said. 'We want to hit that soft landing we've been talking about for a couple years, and hopefully start to see things turn around. We don't want to continue to go down forever.' This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
11 hours ago
Appeals court puts peace institute back in Trump administration hands with stay of lower court
WASHINGTON -- A federal appeals court panel on Friday stayed a lower court ruling that blocked the Trump administration from moving forward with dismantling the U.S. Institute of Peace, an organization taken over in March by the Department of Government Efficiency, then led by Elon Musk. The three-judge panel with the U.S. Appeals Court for the District of Columbia Circuit issued the stay, saying the Trump administration's appeal of U.S. District Court Judge Beryl Howell's opinion would likely succeed on the merits. The stay added that the president would face 'irreparable harm from not being able to fully exercise his executive powers.' In filings with the higher court supporting its request for an appeal and a stay of Howell's order, the government argued that 'as evidenced by its programmatic, grant making and peacebuilding activities, USIP' was exercising 'considerable executive power.' The filings also went on to explain the board members are 'subject to the president's at-will removal authority.' In issuing the stay, the appeals court agreed and said the nonprofit think tank that focuses on peace initiatives is engaged in activities that fall under the purview of the executive branch. 'Today's decision is a great victory for the American taxpayer. As we have said time and again, the President has the right to manage entities within the Executive Branch — including the so-called 'Institute of Peace,' which cost taxpayers over $50 million per year while failing to deliver peace,' said White House spokesperson Anna Kelly. 'The President looks forward to continuing to implement his government efficiency agenda.' The appeal's court action is the latest turn in the government's shutdown of the USIP, which had been turned back over to the organization's board and acting president following Howell's May 19 ruling. It also places the staff's attempt at restarting its operations in limbo. President Donald Trump issued the executive order in February that targeted the institute and three other agencies for closure in an effort to deliver on campaign promises to shrink the size of the federal government. The first attempt by DOGE to take over the headquarters led to a standoff. Members of Musk's DOGE group returned days later with the FBI and Washington, D.C., Metropolitan Police to help them gain entry. The institute and many of its board members sued the Trump administration March 18, seeking to prevent their removal and to prevent DOGE from taking over its operations. The firing of the board was followed by a Friday night mass firing by email on March 28, which threw the workforce into turmoil. DOGE transferred the administrative oversight of the organization's headquarters and assets to the General Services Administration that weekend. Howell, in a lengthy opinion in May, reversed the action when she determined the organization was not part of the executive branch and therefore Trump did not have authority to fire its board and acting president. She ruled that all subsequent actions, including the firing of most of the staff, the cessation of operations and the takeover of its headquarters and assets, were illegal as well. Howell denied a government request for a stay of her opinion while the government appeals, a move that led acting president George Moose and others to reclaim the headquarters and begin trying to ramp USIP's operations back up. Those efforts have been slow going, with much of the staff still furloughed and operations in parts of the world shut down. It was unclear Friday if there would be another change of hands of the headquarters. A press statement from the organization said 'we will continue to fight for USIP's right to fulfill its commitment to our congressional mandate and to control USIP's headquarters, funds, and operations to the fullest extent of the law. We remain confident we will prevail in this case and we look forward to continuing our critical work both at our headquarters in Washington, DC and in conflict zones around the world."
