The U.S. economy added 263,000 jobs in November, and the unemployment rate held at 3.7%. Job growth has slowed compared to earlier this year, but the job market has remained strong. Economists had predicted November job growth of 200,000. The economy added 284,000 jobs in October. More: - Hourly wages rose 0.6% in November and 5.1% YoY.
- The leisure and hospitality sector led job growth, adding 88,000 positions in November.
- Healthcare added 45,000, and government added 42,000.
- Retail lost 30,000 jobs, and Transportation and warehousing lost 15,000.
- Construction added 20,000 jobs, and manufacturing added 14,000 positions.
- Stocks ended their trading sessions slightly down on Friday.
- The Dow lost 34.87 points or 0.1%, the S&P 500 fell 0.1%, and the Nasdaq fell 0.2%.
| |
The EU has agreed to put a $60 price ceiling on international purchases of Russian oil. The move comes after Poland dropped its objections, wanting a lower price ceiling on Russian oil. The $60 cap would go into effect before Dec. 5, when a ban on Russian oil imports into the EU goes into effect. More: - G7 countries and other allies are expected to adopt the price cap.
- The price ceiling is expected to have a global impact as Russian oil importers depend on shipping and insurance services from companies in the EU and other G7 countries.
- Russia has said it would not sell oil to any country participating in the price ceiling.
- Russia is expected to use shipping and insurance services based outside the West.
- Countries like India and China would still be able to purchase Russian oil but at a lower price.
- Brent crude was trading at ~$86 on Friday.
| |
 A message from OUTSYSTEMS Discover How the Future Develops with Low-Code IT teams are investing in low-code platforms to accelerate their digital journey and evolve legacy applications to a modern stack. But, ‘regular’ low-code is not enough. You need high-performance low-code: powerful, innovative, and future-proof. Access the OutSystems Low-Code Academy today to discover: -
Strategy. How do I build a high-performance development team? -
Direction. What can we accomplish with high-performance low-code? -
Validation. Which low-code platform is right for my team? Access the low-code academy today. Start Learning
| |
Coinbase has removed NFT transactions from its Wallet iOS application, citing Apple's App Store policy. The crypto exchange said Apple blocked its latest app release until the company removed the NFT trading feature. More: - Coinbase added that Apple claimed that the gas fees required to send NFTs must be paid through their In-App Purchase system so that the iPhone maker could collect 30% of the gas fee.
- Apple charges a 30% commission on all in-app purchases on its App Store.
- Coinbase likened the NFT policy to Apple attempting to take a cut of fees for every email that gets sent over open Internet protocols.
- Coinbase said Apple's new policies are geared to protect their profits at the expense of consumer investment in NFTs and developer innovation across the crypto ecosystem.
- Coinbase joins a growing number of tech companies that have called out the iPhone maker over its anti-competitive policies around its App Store.
| |
Defense tech startup Anduril has raised nearly $1.5B in VC funding at a $7B valuation. Anduril was founded five years ago by Palmer Luckey. Luckey sold his previous startup, the VR company Oculus, to Facebook in 2014 for $2B. Anduril develops defense technologies, including AI, drones, and advanced sensors, for military agencies and border surveillance. More: - Anduril’s $1.5B raise is the second-largest VC round this year.
- SpaceX’s $1.7B round in June is the largest.
- Valor Equity Partners led the round; other investors in Anduril include Lightspeed Venture Partners, Andreessen Horowitz, Founders Fund, and 8VC.
- Anduril has raised $2.2B in total funding.
- Earlier this year, Anduril won a contract with the U.S. Special Operations Command worth nearly $1B to act as a systems integrator on a counter-drone project.
- In an interview with the Financial Times, Luckey said Anduril also works with six NATO allies and generates hundreds of millions of dollars in annual revenue.
- Anduril is known for its drones and Lattice software which pulls together data from various surveillance and weapons systems.
| |
 A message from REALPHA This Startup Is Leading A Real Estate Investing Revolution Short-term real estate has 70% higher revenue potential than long-term, but massive barriers to entry have kept the everyday investor out. Too expensive. Too stressful. Too inaccessible. That’s all changing thanks to reAlpha. They’re using AI and machine learning to deliver a platform where users can part-own vacation rental properties like they would a stock. But there’s an even better opportunity for investors today: you can become a shareholder in the entire company for a limited time. With a new $200M financing facility and a $40.8 Million equity deal, reAlpha’s on track to build a seriously massive portfolio given the pending housing price dip. Join reAlpha at the cutting edge of real estate disruption for as little as $1,000. The opportunity ends December 8th. Invest Here
| |
The U.S. Commerce Department said four leading Chinese solar manufacturers have avoided paying U.S. tariffs by routing their operations through Southeast Asia. The Commerce Department launched an investigation in March into the operations of Chinese solar manufacturers exporting goods to the U.S. More: - The probe led to a lot of uncertainty in the solar import sector, leading many firms to cancel solar projects across the U.S.
- In June, President Biden intervened to help calm the solar market by implementing a two-year tariff suspension to give solar panel importers time to make adjustments.
- Malaysia, Vietnam, Thailand, and South Korea account for about 80% of all U.S. solar panel imports.
- The Commerce Department found that Chinese solar companies operating in Vietnam, Thailand, Cambodia, and Malaysia circumvent U.S. tariffs by exporting their solar products from China to be assembled and shipped from these countries to the U.S.
| |
According to sources, United Airlines and Boeing are close to finalizing a deal worth billions for an order of dozens of 787 Dreamliners. The deal is expected to be completed before the end of this month. More: - Boeing resumed deliveries of its 787 Dreamliner in August 2022 after pausing it in May 2021.
- The FAA had raised concerns about the airplane maker’s inspection process.
- In September 2020, the FAA investigated manufacturing flaws in some of Boeing’s 787 jets.
- Demand for the Dreamliners has increased recently due to the jet’s fuel efficiency, making new direct routes profitable for airlines.
- Boeings 787 Dreamliner has a list price of about $300M.
- On news of the potential order, Boeing shares closed up nearly 4% on Friday.
| |
Quick Hits - Great ideas are recession-proof. See how innovators in every industry are turning their ideas into code faster and cheaper with Crowdbotics.*
- General Motors and LG Energy Solution plan to invest an additional $275M in their joint venture battery plant in Tennessee to boost output by 40%. The two firms announced the Ultium Cells LLC joint venture in April 2021. The new plant is scheduled to begin production in late 2023.
- Wall Street banks are considering cutting bonuses for their investment bankers by as much as 30%. According to sources, some firms are planning to give underperformers no bonuses at all. The five largest banks in the U.S. saw their investment-banking revenue fall nearly $19B in the first nine months of the year.
- Jeff Blackburn, Amazon’s senior vice president of Global Media & Entertainment, is retiring. Blackburn joined the e-commerce giant in 1998 and has held various leadership roles in the company.
- Carnival’s Princess Cruises brand is returning to Japan in March 2023, nearly three years after it suspended operation due to the COVID-19 pandemic. The announcement comes weeks after Japan lifted its COVID ban on international cruise lines.
- Learn how consumers act, think, and what they expect in this special report covering purchasing habits, social media, and more. Get the free report.*
*This is a sponsored post.
| |
 |  | Vanessa Omeokachie is a writer for Inside.com; she writes the daily Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, traveling, and exploring. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
Powerful. Proven. Built for Devs. See how high-performance low-code is different. | |
| |
