Latest news with #HallamBullock
Business Insider
23-06-2025
- Business
- Business Insider
The US bombed Iran. Now, the whole world is watching the Strait of Hormuz.
Good morning. Hallam Bullock here, filling in for Dan for the summer while he finishes his parental leave. In today's big story, US warplanes bombed three of Iran's nuclear sites. Now, all eyes are on the Strait of Hormuz, a 90-mile strip critical to global oil prices. What's on deck Markets: How young people are turning to day trading as an escape route from the usual 9-to-5. Business: Husbands are quitting their jobs to work with their Etsy-famous wives. But first, global investors are on alert. If this was forwarded to you, sign up here. The big story All eyes on Hormuz After US President Donald Trump announced the US had " totally obliterated" three of Iran's nuclear sites over the weekend, oil prices initially surged to a five-month high on fears of widespread disruption to trade. Prices cooled just hours later. Where oil prices go from here depends on Iran's response. Iran's parliament voted to close the Strait of Hormuz — a critical global transit chokepoint for about a quarter of global seaborne oil and one-fifth of the world's liquified natural gas trade. If the Strait of Hormuz were closed, the impact would be felt across the globe, especially at the gas station. You could also expect higher inflation, slower growth, and higher interest rates, Kyle Rodda, a senior financial markets analyst, told BI. Goldman Sachs, meanwhile, said closing the Strait of Hormuz could push oil prices to $110 per barrel. It would also do significant economic harm to Iran itself, which uses the passage for its energy exports. China, the world's largest buyer of Iranian oil, would suffer too. This isn't the first time Iran has threatened to close the Strait of Hormuz. So far, it's never delivered on that threat. We've been working around the clock to bring you full coverage of this critical moment. We've got details from a rare Pentagon press briefing, during which officials revealed the deception tactics behind the mission. We took a closer look at the B-2 Spirit stealth bombers used to drop 14 GBU-57s — 30,000-pound bunker-buster bombs capable of penetrating 200 feet into the earth before exploding. It marks the first time these formidable weapons have been used in combat. New satellite imagery revealed the extent of the damage at Iran's Fordow nuclear facility. We've also gathered business leaders' reactions to the strike, from Bill Ackman to Dustin Moskovitz. 3 things in markets 1. Broke: the usual 9-to-5. Bespoke: stock trading all day. For some Gen Zers and millennials, trading stocks full- time offers an escape from the monotonous grind of a typical job. Three day traders told BI the ups and downs of the trade and how much money they've made from it. 2. Why a top market strategist maintains a bearish outlook. While many on Wall Street have eased their economic outlooks, Peter Berezin of BCA Research said his base case is a 60% chance of a recession this year and a 25% stock drop. A weakening consumer, a growing deficit, and trade uncertainty are some of Berezin's concerns. 3. Citadel's not-so-average internship. A five-star hotel. Beach yoga. Company-themed lattes. Citadel's exclusive summer internship, which has a 0.4% acceptance rate, kicked things off with a unique off-site trip in Florida. BI's Emmalyse Brownstein got a first-hand view of it all. 3 things in tech 1. First Tesla robotaxis launched, with Tesla employees in the passenger seat. Musk said he tentatively planned to launch the service on June 22 earlier this month, after more than a decade of hype. Tesla invited a small group of users in Austin to try the self-driving cars for a flat fee of $4.20 on Sunday. The catch? A Tesla employee sitting in the passenger seat. 2. This AI can catch shoplifting before it happens. Paris-based AI startup Veesion uses its gesture recognition algorithm to flag suspicious movements — rather than individual tracking — to a retailer. Veesion aims to predict retail theft and said its tech has been able to cut one store's missing inventory rates from the health and beauty section in half. 3. Where are the workers? Cities across the US are betting big on AI data centers, luring tech companies with millions in tax breaks and promising their communities more jobs. The problem is, these AI data centers aren't producing many permanent full-time positions, a BI investigation found. 3 things in business 1. Goodbye, Instagram boyfriend. Enter the Etsy husband. Women are finding enough success on their Etsy shop to quit their jobs and pursue their side hustle full-time. They're hiring their husbands to help, too. It's a new take on the family-run business, dominated by women. 2. Five things people don't get about consulting. Former consultant AJ Eckstein worked for a Fortune 500 management consultant firm for three years, before leaving to start his own business when he became disillusioned with the industry. He told BI what people don't understand about working in consulting and shared his own experience, from a lack of autonomy, to his career growth stagnating. 3. Show some personality in your next job interview. Hiring managers from McKinsey, Verizon, Exelon, and Kraft Heinz shared with BI their tips on how to stand out among thousands of job applicants. Candidates who show traits like leadership, humor, and genuine interest may improve their chances. In other news Russia's former president says countries are lining up to give Iran their nukes. Analysts are calling his bluff. OpenAI scrubs news of Jony Ive deal amid trademark dispute. Why defense and Airbus dominated this year's Paris Air Show. Eight manager jobs you can get without a bachelor's degree, and how much they typically pay. A former Disney exec says peak TV is over, and there's only so much AI can do to help. Teenage podcaster shares four life lessons from Steve Cohen, Howard Marks, and other Wall Street giants. I'm a retiree living in Mexico who owns a BYD and a Tesla. Here's why I prefer the Chinese car. What's happening today President Donald Trump meets the National Security team. NATO Secretary-General Mark Rutte holds a press conference ahead of this week's NATO Summit. WHO publishes Global Tobacco Epidemic report. Dan DeFrancesco, deputy editor and anchor, in New York (on parental leave). Hallam Bullock, senior editor, in London. Meghan Morris, bureau chief, in Singapore. Grace Lett, editor, in Chicago. Amanda Yen, associate editor, in New York. Lisa Ryan, executive editor, in New York. Akin Oyedele, deputy editor, in New York. Ella Hopkins, associate editor, in London.
Business Insider
16-06-2025
- Business
- Business Insider
Workers who stayed put are finally starting to see their efforts pay off
Welcome back! A programming note: This will be my last week at the helm of the newsletter for a bit. Next week I start the second half of my paternity leave. Luckily for you, my fantastic colleague Hallam Bullock is back to run the show. Just don't mind the Britishisms. In today's big story, workers who stuck with their employer are finally seeing the benefit of their loyalty. Meanwhile, one generation is getting left out in the cold. What's on deck Tech: Recruiters told us the most sought-after qualities they're looking for when hunting AI researchers and engineers. Business: Some advice for switching up your job search if you feel it's stalling out. But first, I'm sticking around. If this was forwarded to you, sign up here. The big story You should stay and not go After years of job hoppers being rewarded for their mercenary approach to work, the employees willing to stick around are starting to come out on top, writes BI's Juliana Kaplan and Madison Hoff. An analysis by the Federal Reserve Bank of Atlanta shows that year-over-year median wage growth for job stayers has been outpacing growth for job switchers since February. It's the first time that's happened for a sustained period since 2009. Granted, the difference between the two sides isn't massive (4.3% growth for job stayers versus 4.1% growth for job switchers). But keep in mind the massive lead job hoppers once had. In July 2022, job switchers enjoyed 8.5% in wage growth while those staying put experienced 5.9% growth. The flip-flop is also another example of how economic uncertainty affects the labor market. With so many question marks giving companies pause, shelling out big for new hires isn't high on the priority list. The workforce's youngest generation finds the current job environment particularly challenging, writes BI's Allie Kelly. Beyond what I've mentioned, several factors have specifically put Gen Z in a tough spot. Artificial intelligence is starting to prove sufficient at handling the type of responsibilities found in entry-level jobs. Government work, once viewed as a stable alternative to the volatile private sector, isn't promising due to the ongoing budget cuts. It's a stark reality, especially considering how quickly the tides have turned. It wasn't too long ago that Gen Z was leading the job-hopping charge. Until this year, Gen Z was entering a labor market that had the best conditions for young workers since the 1990s, writes Allie. In many ways, a brutal job market can be a rite of passage for a young worker. From boomers' stagflation to millennials' 2008 financial crisis, an economic slump can serve as battle scars that generations eventually proudly show off. When I was entering the job market, things were BAD! But while many of the past economic issues were solvable, some of the current issues (the impact of AI, specifically) seem likely to upend the fundamental way the economy works. And how Gen Z fits in after that remains to be seen. 3 things in markets 1. A YOLO stock bet and a frugal lifestyle. Corey Forsythe is 35 years old, and he's already reached Coast FIRE status. That means he's saved enough for retirement and can now let his investments grow independently. From "living like a college student" to a risky investment, here's how Forsythe did it. 2. Top economic experts are sounding the alarm. The Treasury Department saw solid demand for its auction of 30-year government bonds, soothing investors' concerns. But Ray Dalio, Ken Rogoff, and Niall Ferguson told Goldman Sachs they're still concerned about an impending US debt crisis. Here's what they said. 3. When Jamie Dimon spoke, private equity listened. Early last week, the JPMorgan CEO blasted the practice of PE firms hiring junior bankers for future-dated jobs. Days later, buyout shops Apollo Global Management and General Atlantic announced they'd stop the recruiting practice this year. Here's why they took Dimon's warnings to heart. 3 things in tech 1. The AI hiring scramble is on. AI researchers and engineers are some of the hottest roles across industries right now, and companies are fighting for the best talent. For those who have an advanced degree, years of experience, and soft skills, recruiters and headhunters told BI it's a dream come true. 2. The next wearable tech? Digital face tattoos. That's the goal for researchers at the University of Texas at Austin, where they're developing an electronic "tattoo" that measures mental stress. It's meant for workers with high-risk jobs like air traffic controllers. 3. AI coding tools are disrupting the "build-versus-buy" equation. Bolt, Replit, and Cursor are some tools threatening the SaaS business model. While building enterprise software in-house was once considered expensive, it's now easier than ever to DIY, writes BI's Alistair Barr. 3 things in business 1. Some advice for frustrated job seekers. Labor-market conditions have you pulling your hair out? It might be time to switch up the types of roles you're going after or talk with friends about how to recalibrate your job search. Here are some of the best ways to do it. 2. All eyes are on the biggest advertising event of the year. Madison Avenue's heading to the south of France for the Cannes Lions ad festival. Agency consolidation, high-profile executive departures, and artificial intelligence (of course) are all top of mind. 3. A $55 billion PE firm has become healthtech's saving grace. New Mountain Capital is making a name for itself among VCs for big bets in the space, multiple investors and bankers told BI. It's a welcome change for an industry where IPOs and acquisitions have been tough to come by. In other news From frustration to elation: What Wall Street thinks about the potential death of the private equity recruiting race. I took a chaotic, surreal robotaxi ride through central London. It left me impressed, but with one big question. Burnout, $1 million income, and retiring early: What we've learned from 29 people who secretly work multiple remote jobs. Trump voters with student loans are having 'buyer's remorse' over his latest debt collection moves. Starting over in paradise: Eight people on what it's like to run a business, find a home, and build a life in Koh Samui. How to quietly search for your next job on LinkedIn. What's happening today President Trump attends G7 Summit day two. IRS quarterly tax filing deadline day. The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Lisa Ryan, executive editor, in New York. Hallam Bullock, senior editor, in London. Grace Lett, editor, in Chicago. Akin Oyedele, deputy editor, in New York. Amanda Yen, associate editor, in New York. Ella Hopkins, associate editor, in London. Elizabeth Casolo, fellow, in Chicago.
Yahoo
17-02-2025
- Business
- Yahoo
They voted for Trump. Now some of their jobs are at risk.
This post originally appeared in the Business Insider Today newsletter. You can sign up for Business Insider's daily newsletter here. Good morning. Hallam Bullock here, writing to you from London. Our US team is observing Presidents' Day, so I'm bringing you a shorter version of the newsletter. In case you missed it, Jamie Dimon's comments on work-from-home last week went viral. In a leaked recording, the JPMorgan CEO explained to staffers why remote work is a detriment to his company — using language that was at times colorful and confrontational. However, copies of the audio obtained by BI suggest that remote work was just a sliver of the conversation. Dimon also addressed a wide range of issues, including the impact of AI, reducing corporate bureaucracy, and the bank's fintech failings. In today's big story, many federal workers have expressed outrage and despair at President Donald Trump's workforce mandates — but what do the ones who voted for him think? BI spoke with four Trump-supporting federal workers to find out."It shouldn't have come to this." That's what one federal worker who voted for Trump told BI amid the president's ongoing efforts to reduce the federal workforce. And no, they haven't changed their stance on supporting Trump. As of last Thursday, about 75,000 federal employees had accepted the president's buyout offer. That's about 3.75% of the federal workforce, inching closer to the White House's goal of reducing the federal staff count by 5 - 10%. It's a strange position to imagine yourself in: voting for a president who, weeks into his new administration, places your livelihood at risk. But this is the exact scenario some federal workers are now facing. Four of those workers spoke to BI's Ana Altchek and Ayelet Sheffey about how they're feeling. "I voted for Trump. I wanted to see some positive change," one federal employee of 17 years said. But they didn't know that change could put their job in jeopardy. Some of the workers BI spoke with are still standing by the overall mission to reduce government waste. "They're uncovering a lot of waste and abuse there," one worker said. "I just can't believe some of the stuff that they're finding which is a total waste of taxpayer money." Elon Musk's DOGE has been targeting federal agencies it deems wasteful to lower government spending. In the weeks since Trump took office for the second time, DOGE has applied Silicon Valley's "slash and burn" mentality to multiple agencies, including USAID. Following a lawsuit from federal employee labor unions, a federal judge partially blocked Musk and Trump's attempted shutdown of USAID — which legal experts had told BI is illegal without approval from Congress. Meanwhile, one of the federal workers who voted for Trump said they supported the president's approach. "I think overall, we're going to end up better off with him as president," the worker said. Read everything the workers said here. Here are the OpenAI employees who are joining Mira Murati's new startup. Hermès will give staffers a $4,700 bonus as sales and revenue jump. A German drone manufacturer backed by Peter Thiel says it will double its production capacity in Ukraine in 2025. Mistral's CEO Arthur Mensch tells BI that DeepSeek is a win for the open-source ecosystem. Trump is escalating the fight over the role parents play in their kids' education. What a weird bug tells you about the relationship between Apple and Netflix. Jack Dorsey says Bluesky's rapid growth is because 'people are running away from X'. Sheryl Crow says goodbye to her Tesla and donates to NPR: 'You have to decide who you are willing to align with' A former Silicon Valley engineer wrote on Substack about why he left behind 'staggering' stock grants to work for DOGE. The Insider Today team: Hallam Bullock, senior editor, in London. Ella Hopkins, associate editor, in London. Elizabeth Casolo, fellow, in Chicago. Lisa Ryan, executive editor, in New York. Read the original article on Business Insider
