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North American Edition
23rd April 2025
 
THE HOT STORY
Tesla settles lawsuit which alleged widespread racism at Fremont
Tesla has reached a confidential settlement in a lawsuit filed by Raina Pierce, a former worker at its Fremont factory, who alleged racial harassment and discrimination. Pierce claimed her manager referred to the facility as “the plantation” and that she faced racial slurs from supervisors. The lawsuit, which highlighted systemic anti-Black racism at the California plant, was part of a broader pattern of legal actions against Tesla regarding workplace discrimination. Pierce's attorney, Hunter Pyle, confirmed the settlement followed court-ordered arbitration and mediation. Tesla continues to face multiple lawsuits alleging it has failed to adequately address racial harassment. California's Department of Fair Employment and Housing has also filed a suit against the company.
LEGAL
Racial disparities plague petrochemical jobs
A study from Tulane University highlights significant racial disparities in the U.S. petrochemical workforce. The research indicates that communities of color face disproportionate pollution while being underrepresented in both high- and low-paying jobs within the industry. “It was really surprising how consistently people of color didn't get their fair share of jobs in the petrochemical industry,” said Kimberly Terrell, a research scientist with the Tulane Environmental Law Clinic. “No matter how you slice or dice the data by states, metro areas or parishes, the data's consistent.” The study, published in Ecological Economics, suggests that the industry's claims of addressing equity through educational initiatives are insufficient.
STRATEGY
ConocoPhillips layoff plans announced
U.S. oil and gas producer ConocoPhillips is set to implement layoffs as part of a major restructuring effort dubbed "Competitive Edge" following its $23bn acquisition of Marathon Oil. The company, which is advised by Boston Consulting Group, has begun reorganizing its operations and plans to streamline corporate and support functions, with job cuts expected in the fourth quarter, though the scale remains undecided. A ConocoPhillips spokesperson said: "We have informed employees that workforce reductions are anticipated."
FDIC plans job cuts
The Federal Deposit Insurance Corporation (FDIC) plans to reduce its workforce by around 20% and has outlined several initiatives, including early retirement options and incentives for resigning. While the bank regulator hopes to reduce its headcount by about 1,250 people without forced exits, it may reject offers to depart from some staff, including those who examine and help resolve failed banks and those charged with keeping sensitive bank information safe. The planned job cuts come as part of President Donald Trump's wider efforts to drastically shrink the size of the federal government. 
Intel to cut over 20% of workforce
Intel is to unveil plans this week to cut more than 20% of its workforce in a move to streamline operations and reduce bureaucratic inefficiencies. The layoffs are part of a broader strategy to refocus on an engineering-driven culture.
LEADERSHIP
Trump says he has 'no intention of firing' Fed Chair
President Donald Trump said on Tuesday that he has "no intention" of firing Federal Reserve Chair Jerome Powell, just a day after calling him a "major loser" and suggesting that he be removed from the post. Speaking at an event swearing in new SEC chair Paul Atkins, who previously served as a member of the agency during the George W. Bush presidency, Mr. Trump said: “I would like to see him (Powell) be a little more active in terms of his idea to lower interest rates. It is a perfect time to lower interest rates." The issue of how to respond to the Fed’s caution on cutting rates has appeared to create divisions within the Trump administration. Last week, Treasury Secretary Scott Bessent said Fed independence was a “jewel box that has got to be preserved.” Even if Mr. Trump doesn’t ultimately oust Mr. Powell, his efforts to discredit him could do lasting harm to an institution that has long sought to remain apolitical and technocratic, according to Peter Conti-Brown, a Fed historian at the University of Pennsylvania. He added: “The very integrity and buy-in on a bipartisan basis that the Federal Reserve is going to be a straight shooter is what gives the Fed its authority, its maneuverability.”
ECONOMY
IMF downgrades global, U.S. growth predictions
The International Monetary Fund has significantly downgraded its growth forecasts for both the U.S. and global economies, citing the impact of President Donald Trump's tariffs. The IMF now predicts global growth will be just 2.8% this year, down from 3.3% in January, with U.S. growth expected to slow to 1.8%, a drop from 2.7%. Pierre-Olivier Gourinchas, the IMF's chief economist, observed: “We are entering a new era. This global economic system that has operated for the last eighty years is being reset.” The IMF has raised the odds of a U.S. recession from 25% to 37%, while economists at JPMorgan estimate a 60% chance. Inflation in the U.S. is projected to rise to about 3% by year-end, exacerbated by the tariffs. Meanwhile, China's growth is also expected to slow to 4% due to reduced demand from U.S. imports.
RISK
Sensitive documents improperly shared with thousands
Officials serving both under former U.S. President Joe Biden and U.S. President Donald Trump erroneously publicized classified information to thousands of federal employees. The information was shared in a Google Drive folder by General Services Administration (GSA) employees with the whole GSA workforce. Among the data made privy to the over 11,200 staff were potentially confidential White House floor plans and particulars for a proposed armored door for the White House visitor center.
TECHNOLOGY
AI economic gains 'likely to outweigh emissions cost'
The International Monetary Fund has said that the economic gains from artificial intelligence - global output is expected to be boosted by around 0.5% a year between 2025 and 2030 - will outweigh the costs of rising carbon emissions by the data centres that are needed to run AI models. "Despite challenges related to higher electricity prices and greenhouse gas emissions, the gains to global GDP from AI are likely to outweigh the cost of the additional emissions," the IMF said. "The social cost of these extra emissions is minor compared with the expected economic gains from AI, yet it still adds to the worrisome build-up of emissions," the group said in its report titled "Power Hungry: How AI Will Drive Energy Demand."
INTERNATIONAL
Scheme helps Singaporeans who have lost their jobs due to retrenchment
In Singapore, the new SkillsFuture Jobseeker Support scheme offers vital assistance to those who have lost their jobs due to retrenchment or other uncontrollable circumstances. The scheme, announced by Prime Minister Lawrence Wong, provides temporary financial relief, with payouts of up to $6,000 over six months for eligible job seekers. To qualify, individuals must be aged 21 and above, unemployed for at least one month, and have earned $5,000 or less monthly. The scheme encourages proactive job searching through various activities, allowing participants to earn points for financial support.  National Trades Union Congress secretary-general Ng Chee Meng said the scheme is a significant first step in providing temporary financial relief to those who are involuntarily unemployed. “We hope this will provide workers with relief, especially in times of increasing uncertainty,” he said.
One in three German companies plans job cuts this year
More than one in three German companies plan to cut jobs this year, according to a survey by the German Economic Institute (IW). Employers in the industrial and construction sectors remain particularly pessimistic, the survey of more than 2,000 companies showed. "Donald Trump's whims come at an inopportune time and are a severe test for the German economy," IW's head of macroeconomics, Michael Groemling, said about the tariffs recently announced by the U.S. President.
OTHER
Eight artificial dyes to be phased out of U.S. food supply
The Health and Human Services Department and Food and Drug Administration (FDA) unveiled measures on Tuesday to eliminate petroleum-based synthetic dyes, including Red 40, Yellow 5 and 6, Green 3, and Blue 1 and 2, from U.S. food products by the end of next year. The FDA added that it is authorizing four new natural color additives over the coming weeks, and will accelerate the review and approval of others. “Kids have been living in a toxic soup of synthetic chemicals,” commented FDA Commissioner Marty Makary at a press conference, alongside HHS Secretary Robert F. Kennedy Jr. “For companies using red dye, try watermelon juice, or beet juice. For companies combining yellow and red dyes together, try carrot juice”. Mr. Kennedy lamented that government agencies recommend “a huge amount of sugar” for children, “and it’s hurting them, and it’s addicting them, and it’s changing their taste buds”.
 


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