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North American Edition
15th May 2026
 
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THE HOT STORY

AI layoff anxiety spreads

Recent layoffs, especially in technology, are increasingly being linked to artificial intelligence, leaving workers uneasy about future job prospects. Companies often cite broader restructuring or economic pressures rather than AI alone, but several have mentioned shifting resources toward automation, AI tools or AI-focused roles. Cisco plans to cut under 4,000 jobs while prioritising AI-era investment, with chief executive Chuck Robbins saying winning companies will need “focus, urgency, and the discipline to continuously shift investment.” Block, Dow, Pinterest and Lufthansa have also tied job reductions to AI, digitalisation or streamlined operations. Meanwhile, Meta, Microsoft, and Amazon are cutting roles while committing major spending to AI, raising questions over whether new technology will create enough future jobs to offset current losses.
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WORKFORCE

New jobless claims rise modestly but remain historically low

U.S. jobless claims increased by 12,000 to 211,000 in the week ending May 9th, slightly above economists’ expectations of 205,000, according to Labor Department data released on Thursday. Despite the increase, claims remained relatively low, suggesting employers are still avoiding widespread layoffs. The four-week moving average inched up 750 to 203,750, while continuing claims, reported with a one-week lag, grew 24,000 to 1.78m.

Union workers dodge strike with deal

The University of California's 40,000 unionized workers, represented by AFSCME Local 3299, reached a tentative agreement early Thursday, averting a planned strike that would have disrupted medical services and campus operations. The deal includes significant raises, with the lowest-paid workers set to earn $30.10 per hour by 2029, and a one-time payment of $1,500. “It means UC's most vulnerable workers will no longer have to choose between paying for healthcare and paying for groceries,” said Michael Avant, President of AFSCME Local 3299. The agreement also caps healthcare premium increases and expands leave and break options. UC Associate Vice President Missy Matella noted that the contract “delivers meaningful pay increases” and addresses affordability pressures. Members will vote on the agreement from May 19 to 21, with the contract effective through November 2029.
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ECONOMY

Americans remain financially stable despite inflation pressures

A Federal Reserve survey found that 73% of Americans said they were either “doing OK” or “living comfortably” financially in 2025, unchanged from the previous year, despite continued concerns over inflation and the broader economy. The Survey of Household Economics and Decisionmaking showed households generally remained resilient, with 63% of adults able to cover a $400 emergency expense using cash or its equivalent. However, concerns over jobs and living costs increased, while lower-income, younger, and Black Americans reported growing financial pressure. Around 58% of respondents said rising prices had worsened their financial situation, and 77% said they had changed spending habits, including switching to cheaper products or delaying major purchases. The findings come as rising energy costs linked to the Iran conflict continue to fuel inflation concerns and complicate the Federal Reserve’s outlook for interest rates.
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DIVERSITY, EQUITY & INCLUSION

Justice Department targets Yale admissions

The U.S. Justice Department has accused Yale University's medical school of biased admissions practices favoring Black and Hispanic applicants, stating that these groups were admitted with lower academic qualifications compared to their White and Asian peers. The department aims to establish a voluntary resolution agreement with Yale, which has denied any discrimination. This investigation follows a similar probe into the University of California, Los Angeles' medical school. The Justice Department's findings come amid the Trump administration's broader efforts to dismantle diversity policies in education, with Trump labeling such initiatives as anti-merit. Civil rights advocates argue that diversity practices are essential for addressing historical inequities.

Women at the sharp end as AI takes over administrative roles

Experts warn that many professions with the least adaptability to AI are heavily female dominated, and fear an erosion of women-dominated roles could increase gender inequality as progress already reverses. 
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LEGAL

EEOC sues Chick-fil-A franchisee

The U.S. government is suing Hatch Trick, a Chick-fil-A franchisee in the Austin, Texas, area, alleging it denied a manager’s request to avoid Saturday work for religious reasons. The employee, a member of the United Church of God, observed the sabbath on Saturdays. According to the EEOC, Hatch Trick initially accommodated her request but later scheduled her for Saturday shifts, then offered to continue the accommodation only if she accepted a lower-paying role with fewer hours and benefits. The agency said she was fired after declining. The case comes as EEOC Chair Andrea Lucas prioritizes religious discrimination enforcement, saying: “Religious liberty is a first freedom, not a second-class right.” The dispute contrasts with Chick-fil-A’s long-standing practice of closing on Sundays.

Self-report fraud and walk free, New York prosecutors tell Wall Street

Federal prosecutors in Manhattan are promoting a more lenient approach to corporate fraud enforcement, encouraging Wall Street firms to voluntarily disclose wrongdoing in exchange for avoiding criminal charges, fines, and public disclosure of settlements. The U.S. Attorney’s Office for the Southern District of New York, historically known for aggressive prosecutions of firms such as Drexel Burnham Lambert and SAC Capital, has been meeting with law firms and corporate advisers to explain its revised self-reporting policy under U.S. Attorney Jay Clayton, the former chair of Apollo Global Management. Under the new framework, companies that self-report fraud could receive private non-prosecution agreements, even in cases involving widespread misconduct, senior executives, significant harm, or prior media exposure. Prosecutors may still pursue individuals involved, but corporations themselves could avoid charges and financial penalties if they cooperate and attempt to compensate victims. 

Spirit Airlines faces class-action lawsuit

A class-action lawsuit has been filed against Spirit Airlines after the airline abruptly ceased operations and laid off approximately 17,000 employees. The lawsuit, initiated in the Southern District of New York, alleges that Spirit violated labor laws by failing to provide the required 60 days' notice under the Worker Adjustment and Retraining Notification Act (WARN Act). Former employees claim they lost their jobs and benefits without receiving their final paychecks or compensation for unused vacation and sick time. The lawsuit seeks damages equivalent to 60 days of wages and benefits. The sudden shutdown is expected to significantly impact New Jersey airports, particularly Atlantic City International Airport and Newark Liberty International Airport, where Spirit had a major presence.

OhioHealth fights back against DOJ lawsuit

OhioHealth has filed a request for dismissal in the U.S. Southern District Court of Ohio, arguing that the Department of Justice (DOJ) lawsuit lacks evidence of anti-competitive practices. The lawsuit, initiated by the DOJ and Ohio Attorney General Dave Yost, claims OhioHealth holds "dominant" market power in Columbus, leading to higher healthcare costs. OhioHealth contends that the complaint is too vague and does not meet the legal standards for an antitrust violation, stating: "The act does not restrict a private business's right to choose with whom it will deal." The health system also argues that its 35% market share does not constitute sufficient power to restrict insurers. Despite the allegations, OhioHealth maintains that it provides competitive care without demonstrating higher quality to justify its rates.
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REMOTE WORK

Dropbox's bold remote work strategy

Many companies are ending remote work arrangements established during the coronavirus pandemic, despite employee resistance. Dropbox, however, is committed to a "virtual-first" model, which has allowed the company to meet its financial goals. Chief people officer Melanie Rosenwasser said: "The pandemic tested our assumption that we have to be in person in order to be productive." The model emphasizes flexibility, asynchronous communication, and intentional meeting practices to enhance productivity and employee well-being. Dropbox also focuses on building community through quarterly off-sites and structured onboarding processes. The company aims to maintain transparency and clarity in its operations, allowing employees to work according to their preferences while achieving set goals.
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TAX

Tax cuts and inflation shape voter views ahead of midterms

Republicans are betting that President Donald Trump’s tax cuts for working Americans will outweigh concerns about rising prices as voters assess the economy ahead of the midterm elections, but many voters say inflation and affordability remain major concerns. At the center of the debate is Trump’s 2025 tax law, which includes provisions such as reduced taxes on tips, overtime pay, and Social Security income, while also cutting funding for programs including Medicaid. Republicans, including North Carolina Senate candidate Michael Whatley, have framed the legislation as a tax cut for working families, arguing that Americans should keep more of their earnings. Democrats, led in North Carolina by former Governor Roy Cooper, have focused instead on what they describe as an affordability crisis, citing rising costs for housing, food, fuel, healthcare, and goods affected by tariffs and the war with Iran.
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HEALTH & WELLBEING

CDC says hantavirus risk to public remains low

A U.S. Centers for Disease Control and Prevention official says the risk from hantavirus to the general public remains very low, even as more than 100 agency staff work on the outbreak response. Dr. David Fitter, incident manager for the CDC’s hantavirus response, said: “To the American public, please know we are here to protect your health.” The CDC is carrying out public health assessments in Nebraska, where 16 of 18 cruise ship passengers linked to an Andes virus outbreak were taken for quarantine. The passengers had been aboard the MV Hondius, and all are being monitored at U.S. medical facilities.
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INTERNATIONAL

Singapore to help workers transition to 'resilient' occupations

Singapore plans to introduce "career bridges" to assist workers affected by artificial intelligence (AI) disruption. The Economic Strategy Review (ESR) committee's recommendations aim to provide structured pathways, including training and job-matching services, to help workers transition into more resilient occupations. The move will “proactively develop workforce transition plans before large-scale displacement happens,” the ESR secretariat said. “We could prioritize areas with more acute disruption pressures, and where there are ready industry partners and trade Associations and chambers we can work with to support the effort.” Deputy Prime Minister Gan Kim Yong said Singaporeans should be prepared for career transitions to become more common. He said: “Some workers will need to move into adjacent occupations. Others may require deeper reskilling. Some PMEs may face longer periods of adjustment . . . We must strengthen support for workers in transition. Our support systems must become more integrated and more anticipatory.”

JP Morgan could reconsider London HQ

JP Morgan chief executive Jamie Dimon has warned the bank could reconsider plans for its proposed £3bn ($4bn) London headquarters if a future Labour leader adopted a more hostile stance towards the banking sector. While praising prime minister Sir Keir Starmer and finance minister Rachel Reeves for maintaining a supportive business environment, Dimon said further tax burdens on lenders could prompt the U.S. banking giant to rethink the development at Canary Wharf in east London, which is intended to house more than half of its 23,000 UK employees.

Takeda to cut about 4,500 jobs

Japan's Takeda Pharmaceutical has said it plans to ​cut about 4,500 jobs in fiscal year 2026, as part of ‌a restructuring to centralize corporate functions and reduce costs. The company expects annual savings of more than ¥200bn ($1.27bn) by fiscal 2028, with about ¥100bn ​expected in fiscal 2026. A company spokesperson said Takeda currently has about 2,200 open roles and expects to create new ​jobs during the year. Internal candidates will be prioritized, the spokesperson said.

Citadel tells key researchers to relocate from Hong Kong or quit

U.S. hedge fund giant Citadel has moved some of its crucial global quantitative strategies team out of Hong Kong. People familiar with the moves cited concerns over data security.
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OTHER

‘Gold Card’ visa struggles to attract wealthy applicants

President Donald Trump’s “Gold Card” visa program, which promised fast-track U.S. residency in exchange for a $1m payment, has seen limited uptake amid legal uncertainty and confusion over processing times. According to a recent Department of Homeland Security court filing, only 338 people have submitted requests for the program so far, and just 165 applicants have paid the required $15,000 processing fee. The figures fall far short of earlier projections from Commerce Secretary Howard Lutnick, who predicted the program could issue 80,000 visas and raise more than $100bn. The filing also contradicted earlier White House claims that applicants would receive residency approvals within weeks. DHS stated that Gold Card applicants “will not necessarily have their petitions adjudicated faster” than applicants using traditional visa pathways. The program has faced legal challenges because immigration law is generally controlled by Congress, not the executive branch. Trump created the Gold Card through executive order by linking it to existing EB-1 and EB-2 visa categories, which are normally reserved for individuals with extraordinary abilities or national interest qualifications. Under the Gold Card program, a $1m payment automatically qualifies applicants for consideration. 
 
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