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North American Edition
18th April 2025
 
THE HOT STORY
CFPB plans massive layoffs, 90% cut
The U.S. Consumer Financial Protection Bureau (CFPB) announced plans to lay off up to 90% of its workforce, affecting around 1,500 employees, following a federal court ruling that allows the Trump administration to adjust staff levels. The agency, established to protect consumers from predatory practices, will retain only 200 staff members. This decision comes amid legal challenges from an employee union and consumer advocates who argue that the layoffs are illegal. Senator Elizabeth Warren criticized the administration's actions, commenting: "Donald Trump ran his campaign on lowering costs for working families. Now he and his co-president, Elon Musk, have tried to shut down the agency that has delivered $21bn to hardworking families." The CFPB, created after the 2008 financial crisis, has faced significant scrutiny and changes under the current administration.
WORKFORCE
New jobless claims drop to lowest level since February
U.S. applications for jobless benefits fell again last week, the Labor Department said Thursday, with the jobs market continuing to hold up despite fears of a tariff-induced recession. New claims fell by 9,000 to 215,000 in the seven days to April 12th, the lowest level since February, and well below the 225,000 forecast in a Reuters survey of economists. The four-week moving average fell 2,500 to 220,750, while continuing claims, reported with a one-week lag, grew 41,000 to 1.89m. "The labor market remains resilient," said Michael Pearce, deputy chief U.S. economist at Oxford Economics. "We are most concerned about small businesses, which are responsible for a large share of total employment and job creation and are less able to withstand gyrations and uncertainty in tariff policy."
Census Bureau faces staffing crisis
The Census Bureau is experiencing significant staff departures and budget cuts, raising concerns about its ability to produce reliable statistics. The agency is under pressure from the Trump administration to reduce its workforce while facing a hiring freeze. Recent reports indicate that the bureau has not been effectively recruiting and retaining staff for key surveys, which could impact the upcoming 2030 national head count. Additionally, external factors, such as data-sharing agreements with immigration authorities, may further discourage public participation in surveys.
Staff cuts halt FDA's food testing program
The Food and Drug Administration (FDA) is suspending its proficiency testing program for food safety due to significant staff cuts at the Department of Health and Human Services (HHS). An internal email revealed that the program, which ensures accuracy across approximately 170 labs, will be halted at least until September 30. The suspension affects critical tests for contaminants like Cyclospora in spinach and glyphosate in barley. The cuts, which may involve up to 20,000 HHS employees, have already disrupted public health research and other essential FDA functions.
Mural Oncology slashes workforce by 90%
Mural Oncology has announced significant layoffs, cutting approximately 104 positions, which represents about 90% of its workforce. This decision follows disappointing trial results for its melanoma and ovarian cancer treatments, leading the company to discontinue the clinical development of nemvaleukin alfa, an immunotherapy treatment. The layoffs reflect broader struggles within the life sciences industry, with over 1,000 employees affected by layoffs in Massachusetts alone during the first quarter of the year.
Gen Z faces rising anxiety levels
Gen Z is experiencing higher levels of anxiety and loneliness compared to millennials, largely due to financial insecurity. According to the 2025 Wage Reality Report by Resume Now, only 6% of U.S. workers feel financially secure enough to cover basic expenses and save for the future. Nearly two-thirds of workers lack emergency savings, living paycheck-to-paycheck as costs rise. The report indicates that financial stress can increase suicide risk, with those facing such issues being 20 times more likely to attempt suicide.
DIVERSITY, EQUITY & INCLUSION
Target CEO to meet Rev. Sharpton over DEI policies
Target CEO Brian Cornell is set to meet with civil leader Rev. Al Sharpton in New York as the retailer faces calls for a boycott and a slowdown in foot traffic following its decision to cut back on DEI programs. Sharpton has not yet called for a boycott of Target but has supported efforts from others to stop shopping at the retailer's stores. He said he would consider calling for a Target boycott if the company doesn't confirm its commitment to the Black community and pledge to work with and invest in Black-owned businesses. Target's foot traffic has declined for 10 straight weeks since January 27 compared to the year-ago period. The decline in visits came as some civil rights groups and social media users criticised the DEI decision and urged shoppers to spend their money elsewhere.
LEGAL
Judge rules on Musk's privacy lawsuit
A federal judge has decided not to dismiss a lawsuit from labor unions aimed at preventing Elon Musk's Department of Government Efficiency (DOGE) from accessing systems at the Labor Department. The unions argue that this access violates the federal Privacy Act, which protects medical and financial records of millions of Americans. U.S. District Judge John Bates said: “This Court is the first to admit that seeing someone's name and SSN in the 648th row of a spreadsheet is ‘different in kind' from peeping into someone's bedroom window,” emphasizing the importance of privacy. While some claims were allowed to proceed, others related to health care privacy laws were dismissed. The case is expected to evolve significantly as it progresses through the courts.
Trump's order sparks PBM legal battle
President Trump's recent executive order aims to enhance transparency regarding the fees pharmacy benefit managers (PBMs) receive, potentially leading to significant legal challenges. The order directs the Department of Labor (DOL) to propose regulations within 180 days to ensure that employers have clear insights into the compensation PBMs receive from brokers. The move follows the Consolidated Appropriations Act of 2021, which amended the Employee Retirement Income Security Act (ERISA) to require reasonable compensation for third-party service providers. Legal experts anticipate immediate lawsuits from PBMs and consultants if the DOL pursues aggressive regulatory changes.
SCOTUS revives ERISA lawsuit against Cornell University
The U.S. Supreme Court has revived a class action lawsuit by 28,000 Cornell University employees who allege the school’s retirement plans paid excessive fees, violating ERISA. Writing for the unanimous Court, Justice Sonia Sotomayor said plaintiffs need not disprove statutory exemptions in their initial complaint, as such defenses must be raised by fiduciaries. The ruling reversed a 2nd Circuit dismissal and resolved a circuit split. Justice Alito, in a concurrence, warned the decision could increase meritless suits. The case joins a wave of ERISA litigation against universities and will now proceed to discovery and potential trial in Cunningham v. Cornell University.
WORKPLACE
HUD seeks smaller, cheaper HQ
The U.S. Department of Housing and Urban Development (HUD) is seeking a smaller and more affordable headquarters due to over $500m in deferred maintenance on its current building, the Robert C. Weaver Federal Building, which was constructed in 1968. HUD Secretary Scott Turner described the structure as "the ugliest building in D.C." and stressed the need for a workplace that embodies "efficiency, accountability, and purpose." The agency aims to "reduce the burden on the American taxpayer" by relocating, as current staff occupy only half the available space. An internal document indicates that HUD's staff may be cut by half under a cost-cutting initiative led by Elon Musk's team.
ECONOMY
Trump shipping tax plan risks U.S. export pain
The U.S. has unveiled a plan to impose fees on Chinese ships and Chinese-built vessels, aiming to weaken China’s grip on global shipping and revive domestic shipbuilding. Beginning in six months, Chinese-owned ships will face $50-per-ton fees per voyage, rising annually. Non-Chinese operators of Chinese-built ships will pay lower rates. The policy, developed by the USTR following a Biden-era probe, includes incentives for carriers ordering U.S.-built ships and exemptions for certain trade routes. Additional fees and LNG shipping restrictions are planned. The initiative is part of a wider Trump administration effort to bolster the U.S. maritime sector despite concerns over cost impacts. The Wall Street Journal editorial board criticizes the proposed shipping tax, warning it could spike freight costs and cripple U.S. exports.
INTERNATIONAL
Job market challenges for graduates in Singapore
In Singapore, the job market is becoming increasingly challenging for both mature workers and fresh graduates, Manpower Minister Tan See Leng said during the inaugural meeting of the Singapore Economic Resilience Taskforce (Sert). The task force aims to assist affected businesses and workers amid uncertainties caused by U.S. tariffs on Singaporean goods. Dr. Tan said: “We are . . . looking at how we can support the upcoming cohort of young graduates to start their careers on good footing as the situation evolves.” A recent poll revealed that 60% of union leaders believe the tariffs will impact Singapore, with 70% expressing concerns over global trade uncertainties. Dr. Tan urged businesses to leverage government programmes to retain and retrain workers, while also emphasising the importance of hiring and training despite the cautious climate.
‘AI doctors' gain popularity in China
Ant Group has introduced nearly 100 medical artificial intelligence agents on its Alipay app which are designed to emulate renowned physicians from top Chinese hospitals. These AI agents, which specialise in various fields including tumours and chronic diseases, allow users to interact via text or audio and upload medical reports for analysis. They also assist in scheduling offline consultations with real doctors. An Alipay representative said that these “doctors' authenticated AI agents” aim to provide “authoritative and credible” healthcare advice, enabling patients to seek professional help “promptly”. The initiative reflects Ant Group's increasing commitment to the healthcare sector, as it continues to innovate within the industry.
 


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