Plus, French President Emmanuel Macron met with China's President Xi Jinping in Beijing
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The U.S. economy added 236,000 jobs in March, down from 326,000 the prior month. The employment rate fell to 3.5% from 3.6% reported in February, and the Labor force participation rate rose to its highest level since before the COVID-19 pandemic, at 62.6% More: - The Leisure and hospitality sector led job growth in March, adding 72,000 jobs.
- Health care and social assistance added 50,800 jobs, and Government added 47,000 jobs.
- Professional and business services added 39,000 jobs, and Transportation and warehousing added 10,400 jobs.
- The stock market was closed on Friday in observance of Good Friday. However, futures and Treasury yields rose following the report.
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Hedge funds made more than $7B in profits by betting bank shares during the recent crisis in the sector. This is the most significant gain since the 2008 financial crisis. According to data group Ortex, short sellers made an estimated total profit of about $1.3B from short positions against Silicon Valley Bank. More: - SVB collapsed on March 10 after suffering a run on its deposits.
- The bank was shut down by financial regulators and handed over to the FDIC.
- SVB’s sudden collapse triggered concerns about the financial health of regional banks leading to several banks seeing a significant drop in their deposits.
- Global banking giant Credit Suisse had to be rescued by Swiss government officials through a forced sale to rival UBS.
- Investors made $684M from shorting Credit Suisse.
- Profits from short positions across the U.S. and European banking sectors totaled $7.2B.
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Tesla announced new price reductions for its U.S. vehicles on Thursday. The move marks the fifth price cut Tesla has done in the U.S. since the start of the year. The EV maker cut the prices of its Model 3 sedan by $1,000 and its Model Y crossover by $2,000. More: - Tesla also cut the prices of its more expensive Model S and Model X by $5,000 each, to $84,990 and $94,990, respectively.
- Earlier this week, Tesla revealed it delivered nearly 423,000 vehicles in Q1, up 36% YoY and up 4% from the previous quarter.
- The company aims to deliver 1.8 million vehicles this year.
- Tesla has reduced the price of its base Model Y by 20% this year and its base Model 3 by about 11%.
- Several automakers have also reduced their EV prices to boost demand.
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Sweetgreen has renamed its new menu item from ‘Chipotle Chicken Burrito Bowl’ to ‘Chicken + Chipotle Pepper Bowl’ after Chipotle Mexican Grill sued the salad chain for trademark infringement. Chipotle filed the lawsuit in the U.S. District Court for the Southern District of California More: - Chipotle had sent a letter to Sweetgreen before filing the lawsuit with suggestions for a different name.
- Chipotle dropped the lawsuit after Sweetgreen changed the menu item's name.
- A Chipotle spokeswoman said both companies agreed to resolve the pending lawsuit.
- Sweetgreen said it changed the menu item's name to focus on its business and continue serving its customers without distraction.
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Exxon Mobil has shut down its drilling in Brazil after being unable to find oil there. According to sources, the oil giant is moving its geologists and engineers to other countries, including Guyana, Angola, and Canada. More: - Exxon began drilling in Brazil in 2017 and has invested more than $4B in finding commercially viable amounts of crude.
- In 2021, Exxon drilled two wells in Brazil’s Campos and Santos basins, and in 2022 it drilled a third in the Sergipe-Alagoas basin.
- The company did not find enough oil to be commercially viable.
- According to sources, Exxon has not ruled out future projects in the country.
- An Exxon spokeswoman said the company is still engaged in Brazil and pursuing exploration activity in the country.
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Mickey Segal, the owner of celebrity concierge service NKSFB, has sued Goldman Sachs, alleging that the investment bank tricked him into revealing business secrets to secure a $7B buyout deal with a private equity group. More: - Segal said he hired Goldman Sachs to help him sell his business NKSFB which wealth management firm Focus Financial Partners also owns.
- Segal accuses Goldman of secretly dealing behind his back by shopping around a proposed sale of Focus Financial Partners while the bank was meant to be looking for buyers for his company NKSFB.
- Segal sold a majority economic stake in NKSFB to Focus shortly before the latter’s 2018 initial public offering.
- In 2022, Segal and his partners decided they wanted to part ways with Focus and hired Goldman to explore a sale of the business.
- Segal claims that Goldman was simultaneously working on a deal to take Focus private and did not disclose this information.
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- Exxon Mobil has held early talks to buy shale drilling company Pioneer Natural Resources. Pioneer has a market cap of nearly $49B as of market close on Thursday.
- Italy reported its lowest birth level since its unification in 1861. According to the national statistics agency Istat, 393,000 babies were born in Italy in 2022, down from 400,249 births reported in 2021.
- French President Emmanuel Macron met with China’s President Xi Jinping in Beijing this week, hoping the latter would use his influence to persuade Russia to discuss peace with Ukraine.
- The foreign ministers of Saudi Arabia and Iran met in Beijing for the first time on Thursday after the rival countries agreed to restore diplomatic ties after China brokered peace between the two nations.
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 |  | Vanessa Omeokachie 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 | Christopher Hachey is an editor based in the New York City area. Reach out to him at chris@inside.com | |
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