Here is a rundown of Cheddar News' top market stories of the day.
TECH LAYOFFS
Multiple outlets are reporting that Microsoft will begin a series of planned layoffs on Wednesday that could cut around 5 percent of its workforce, or 10,000 employees. CEO Satya Nadella warned the cuts were coming, and said the next couple of years were likely to be challenging, as the tech sector contracts after a decade plus of rapid growth. Amazon is also set to move ahead with plans to cut 6 percent of its 350,000 corporate employees.
ADOBE'S DATA DEBACLE
Adobe is facing backlash from customers who are concerned the software company is using personal images and video to train artificial intelligence models such as OpenAI’s Dall-E. Chief Product Officer Scott Belsky denied the accusations in an interview with Bloomberg, saying: "We have never, ever used anything in our storage to train a generative AI model."
UNITED AIRLINES EARNINGS
United Airlines' fourth quarter earnings beat Wall Street estimates on the heels of a rebound in travel demand. The company reported a 31 percent increase from the same period before the pandemic. The gains were made despite the airline flying 9 percent fewer trips and a litany of other challenges, from winter storms to labor shortages to supply chain disruptions.
UNIVERSITY BANS TIKTOK
The University of Texas at Austin is blocking access to TikTok on its Wi-Fi and wired networks. The move is a response to Gov. Greg Abbott's requirement that all state agencies delete the app from government-issued devices. The administration said it is also seeking to eliminate risks to information on the university's networks. University of Texas at Dallas and Texas A&M University System have since implemented similar restrictions.
On this episode of ChedHER, Amira Rasool, CEO and Founder of The Folklore, discusses her $1.7 million pre-seed funding round and why she's being intentional about the investors she's working with; Brittany Merrill-Yeng, co-founder Skrewball Whiskey, reveals the origins of Skrewball Whisky, experiencing a period of rapid growth, and navigating a male-dominated industry; Suz Hernandez, Owner of MamaP, breaks down how her company is combining eco-friendly and sustainable products with a mission to donate to non-profits that help people and the planet.
On this episode of ChedHER: CEO of The Lactation Network breaks down how they are expanding access to lactation support for families nationwide; CEO of Vanta explains the importance of a security team for startups; Midwest Divison Area Manager at JPMorgan Chase discusses the perks of having a business mentor.
The global oil benchmark has crossed the $100 per barrel mark for the first time since 2014. Oil prices have surged nearly 10 percent since Russia's invasion of Ukraine. Russia is the number two oil producer in the world, and it comes at a time when global oil supplies have already been constrained over the course of the past year. Rob Thummel, portfolio manager at Tortoise, joined Cheddar Movers to discuss.
Russia's economy is falling on hard times as businesses throughout the world continue to shut out the country after its invasion of Ukraine. Cheddar News was joined by Christine McDaniel, Senior Research Fellow at the Mercatus Center, to learn more about the situation.
Tech companies such as Google, Apple, and Twitter are the latest to announce back-to-office plans. Google has asked its employees to return starting on April 4th. Heidi Brooks, senior lecturer in organizational behavior at Yale University School of Management, joins Cheddar News to discuss.
Businesses face more challenges for building a positive work environment as offices reopen. Workplace tech platform Envoy's At Work Report showed that hybrid work is currently in vogue, featuring focused work in both the office and at home. Annette Reavis, chief people officer for Envoy, joined Cheddar to discuss how employers can smooth the rough edges for their returning employees. "It is about hybrid though, it's really important for the future that we change our mindset from five days a week," she said. "Those are days of the past to working hybrids. So when you're in the office, you're focused, you're working cross-functionally."
Following the invasion of Ukraine, a multitude of Western companies have paused doing business with Russia. PepsiCo, Coca-Cola, McDonald's, and Starbucks are the most recent companies to temporarily cease operations in Russia. Dean of Miami Herbert Business School at the University of Miami, John Quelch, joined Cheddar News to discuss what message this sends to Russia and the Russian consumer. “I would not underestimate the collective strength of all of these multinational companies, essentially coming together to make their collective statement in support of the political statements that have come out of Washington," he said.
