Business and Tech News - 3.11.24

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Skool Projekt Staff
March 11, 2024

Unemployment Rate Highest in Two Years

In the United States, the unemployment rate unexpectedly rose to 3.9%, marking the highest in two years, despite the economy adding 275,000 jobs last month, surpassing expectations. The Labor Department's report, a crucial indicator of the economic impact of increased borrowing costs since 2022, offered mixed signals about the economy's direction. While the job growth was driven by sectors like health care, government, and hospitality, revisions showed job gains in January and December were lower than initially thought. Despite the uptick in unemployment, the rate remains historically low, with more individuals entering the workforce. 

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Biden Says He'll Sign Bill Banning TikTok If Passed

President Joe Biden's reelection campaign made a strategic move to join TikTok, aiming to connect with younger voters, amidst legislative actions to potentially ban the app due to security concerns linked to its Chinese ownership by ByteDance. The decision underscores the dilemma of leveraging TikTok's vast young audience against the backdrop of bipartisan efforts to address national security risks. The House Select Committee on the Chinese Communist Party recently voted to advance a bill requiring ByteDance to divest TikTok or face a U.S. ban. Despite the political and security controversies surrounding TikTok, Biden's campaign has successfully garnered significant engagement on the platform, highlighting the app's critical role in modern political strategy and the ongoing debate over its presence in the U.S.

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A Year After The Collapse of Silicon Valley Bank

The collapse of Silicon Valley Bank is being recalled by many due to alarming developments from New York Community Bank (NYCB), which has revealed a "material weakness" in its lending practices. This revelation, followed by a drastic, more than 40% drop in NYCB's stock, has reignited fears of a potential repeat of a banking crisis. Nevertheless, the overall performance of regional banks and measures taken to resolve NYCB's issues, such as a considerable investment and a revamp in management, indicate a banking sector that is finding its footing. The downfall of these banks has been attributed to their swift expansion and inadequate risk management. Moreover, the sector continues to face hurdles, notably with commercial real estate loans, underscoring the need for banks to be resilient and strategically adapt while carefully maneuvering through economic uncertainties.

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DOJ Investigating Boeing

The Justice Department has initiated a criminal investigation into an incident involving a Boeing 737 MAX on an Alaska Airlines flight, where a fuselage panel detached mid-flight, necessitating an emergency landing in Portland, Oregon, on January 5. This investigation aims to determine Boeing's compliance with a prior settlement from a federal probe into two fatal 737 MAX crashes in 2018 and 2019. The investigation involves interviewing passengers, crew, and FAA officials overseeing Boeing's manufacturing, highlighting ongoing scrutiny of Boeing's safety and regulatory compliance practices.

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And The Winner Is (The Oscars)…

At the 2024 Oscars, "Oppenheimer" emerged as the evening's standout, claiming the prestigious Best Picture award and securing a total of seven Oscars. Christopher Nolan received the Best Director accolade, with Cillian Murphy recognized as Best Actor and Robert Downey Jr. winning Best Supporting Actor. Additional honors included Best Cinematography, Best Original Score, and Best Film Editing. Emma Stone captured the Best Actress award for her role in "Poor Things," which also garnered accolades in three craft categories: Best Costume Design, Production Design, and Makeup and Hairstyling, outpacing Lily Gladstone, a favorite for her performance in "Killers of the Flower Moon." Other notable winners included Da’Vine Joy Randolph as Best Supporting Actress for "The Holdovers," "The Boy and the Heron" for Best Animated Feature, "The Zone of Interest" for Best International Feature, and "20 Days in Mariupol" for Best Documentary. The Best Original Song went to Billie Eilish and Finneas O’Connell for their work in "Barbie," while "Anatomy of a Fall" and "American Fiction" received awards for Best Original Screenplay and Best Adapted Screenplay, respectively.

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Here’s how the markets closed on Friday:

 

 

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Disclaimer: This content is not intended as financial guidance. The purpose of this newsletter is purely educational, and it should not be interpreted as an encouragement to engage in buying, selling, or making any financial decisions regarding assets. Exercise caution and conduct your own research before making any investment choices. an11