THE HOT STORY

Epic Games lays off 1,000 employees

Epic Games, the developer of “Fortnite,” is laying off over 1,000 employees and cutting costs by $500m. Chief Executive Tim Sweeney announced the layoffs, attributing them to a decline in “Fortnite” engagement last year. “Despite Fortnite remaining one of the most successful games in the world, we've had challenges delivering consistent Fortnite magic with every season,” he said. The company has faced industry-wide challenges, including slower growth and tougher cost economics. The State of the Game Industry Report from the Game Developers Conference revealed that about one-third of U.S. video game industry workers were laid off in the past two years. Sweeney aims to focus on enhancing “awesome Fortnite experiences” and improving developer tools moving forward.

The Baltimore Sun

Los Angeles Times

U.S. News

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LEGAL

Taco Bell and Dunkin franchisee to pay $1.5m over NYC labor law breaches

Salz Management, a franchisee operating Taco Bell and Dunkin restaurants, has agreed to pay more than $1.5m to settle allegations from New York City that it violated fair scheduling laws across around two dozen locations, including failing to provide advance notice of shifts, compensate workers for “clopening” shifts, and prioritize existing staff for additional hours. Clopening is a practice in which an employee works a closing shift directly followed by an opening shift. The case forms part of a broader crackdown on labor practices in the fast food sector under the city’s strengthened enforcement agenda, with authorities also filing a lawsuit against another Dunkin franchisee accused of similar violations affecting roughly 1,000 workers, following previous high-profile settlements such as Starbucks’ $38.9m payout.

Reuters

Trump administration wants Supreme Court to halt DOGE inquiry

The Trump administration is calling on the Supreme Court to block Citizens for Responsibility and Ethics in Washington (CREW), a government watchdog group, from questioning a senior official and obtaining internal records about the self-styled Department of Government Efficiency (DOGE) project. CREW is demanding government records about DOGE under the federal Freedom of Information Act in its bid to uncover information about the department’s efforts last year to cut federal spending and fire thousands of government workers. The Trump administration says DOGE is not an “agency” covered by the transparency law.

Bloomberg

ECONOMY

Q4 productivity growth revised lower but underlying trend remains resilient

U.S. worker productivity growth was revised down more sharply than expected to an annualized 1.8% in the fourth quarter, from an initial estimate of 2.8%, reflecting weaker economic output following a downgrade to GDP growth. Despite the softer quarterly reading, the broader trend remains solid, with productivity rising 2.5% year-on-year and averaging around 2.1% since 2019, suggesting underlying efficiency gains in the economy. However, the revision was accompanied by a significant increase in unit labor costs, which rose at a 4.4% rate, as stronger-than-expected hourly wage growth, up 6.3%, outpaced productivity gains. The rise in labor costs has raised concerns about inflation, with economists noting that sustained increases at this pace would be inconsistent with the Federal Reserve’s 2% target, though some expect the pressure to ease as the labor market softens.

Reuters

U.S. business activity hits 11-month low as Iran war fuels inflation pressures

U.S. business activity has slowed to its lowest level in 11 months, with the S&P Global Composite PMI falling to 51.4 in March from 51.9 in February, as rising energy costs and heightened uncertainty linked to the Iran conflict weighed on demand. The slowdown was driven primarily by the services sector, where activity weakened more than expected, while manufacturing showed a modest improvement, partly due to easing tariff pressures. At the same time, private-sector employment contracted for the first time in over a year, reflecting companies cutting costs and reducing hiring amid a more uncertain economic outlook. Inflationary pressures intensified sharply, with input prices rising to 63.2 and output prices also increasing, as businesses passed on higher costs driven largely by a more than 30% surge in oil prices and a near $1 increase in gasoline prices. The data suggests consumer inflation could accelerate toward 4%, complicating the Federal Reserve’s policy path.

Reuters

DIVERSITY, EQUITY & INCLUSION

Black law interns in decline

The share of Black summer associates at U.S. law firms fell to its lowest level in more than a decade in 2025, according to an annual study by the National Association for Law Placement (NALP), an industry association focused on supporting legal careers. The study found that the proportion of summer associates of color fell by 5.5 percentage points, to about 38%, the lowest share since 2020. Bloomberg notes the backdrop of a conservative push to end race- and gender-based preferences in school admissions and hiring, including a specific effort against legal internships. “People are overly cautious and it’s causing them to over correct,” said NALP executive director Nikia Gray, who added: “It’s the summer associate pool that tells you what’s to come, and predicts what’s going to happen.”

Bloomberg

INTERNATIONAL

AI will not lead to staff cuts at Norway's wealth fund, CEO says

The use of artificial intelligence at Norway's $2.1trn wealth fund, which is improving investment decisions and saving "billions of kroner" in trading costs, will not lead to job cuts, its chief executive officer Nicolai Tangen has said. “You should introduce AI in society to increase your production and value creation rather than cutting people out,” he said, describing such cuts to staff as “destructive.” Bloomberg notes that more than half of the fund’s 650 employees currently write code as part of a drive to boost efficiency by 20% across the organization.

Bloomberg

ABC could use Middle East crisis to order striking staff back

Hugh Marks, the managing director of Australian broadcaster ABC, has said a potential escalation in the Middle East conflict could justify staff being called to return to work during a strike which started at 11am on Wednesday, after he widened the definition of “emergency broadcasting” at the public media corporation. Under the broadcaster's pay agreement with staff, emergency broadcasting is excluded from industrial action, but that had hitherto referred to natural disasters in Australia rather than major news events overseas.

Sydney Morning Herald

Iran-linked hackers step up cyberattacks on Israel

Iran-linked hackers have destroyed the data of over 50 small Israeli companies in the past few weeks and compromised dozens of security cameras, according to Yossi Karadi, the director-general of the Israel National Cyber Directorate. He said most of the targeted companies had existing cybersecurity vulnerabilities, and companies with stronger cybersecurity protections weren’t affected. The near-total internet blackout in Iran has not impacted the pace of attacks. “Some of them are using satellite capabilities, but there are also other ways that they can use to continue doing cyberattacks,” Karadi explained.

Bloomberg

Brazil's new law to protect minors online

Brazil has launched a new law aimed at enhancing online safety for children and teenagers. The Digital Statute of Children and Adolescents requires users under 16 to link their social media accounts to a legal guardian. The legislation prohibits addictive features and mandates robust age verification mechanisms. President Luiz Inácio Lula da Silva said: “Enough of tolerating exploitation, sexual abuse, child pornography, bullying, incitement to violence and self-harm just because it happens in the digital environment.” Guilherme Klafke, a law professor at Getulio Vargas Foundation, a think-tank and university, said the new framework “places more responsibility on those who offer digital products and services that may be accessed by children and adolescents.”

U.S. News

OTHER

Easter spending set to hit record $25bn

U.S. consumers are expected to spend a record $24.9bn on Easter in 2026, according to a new report from the National Retail Federation (NRF), up 5.5% year-on-year, with average spending per person reaching $195.59 as households continue to prioritize holiday celebrations despite ongoing economic uncertainty. Food is set to account for the largest share of spending at $7.5bn, followed by candy at $3.5bn and gifts, reflecting the holiday’s strong focus on traditional gatherings and family occasions. Industry data suggests demand remains resilient even among non-celebrants, with over half planning to take advantage of Easter-related promotions, while the NRF noted that holidays continue to drive consumer spending as families seek opportunities to connect and celebrate.

USA Today

Reuters

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