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Intel Stock Plunges as Foundry Struggles and Job Cuts Shake Investor Confidence

Buckle up, folks, because Intel (INTC) is making waves in the market today—and not the good kind! As of this writing, Intel stock is taking a beating, dropping over 8% in premarket trading to around $20.75 after a rough second-quarter earnings report. The chip giant posted a surprise loss, raised red flags about its foundry … Read more

A quarter of Gen X who’ve been laid off in the last decade haven’t found another job since—and 11% have taken pay cuts to escape unemployment

Americans want to work longer to support themselves as the cost of living climbs and 401(k) benefits are further delayed, but many older Gen X workers and young boomers are being forced into retirement after being laid off with no jobs to turn to. Among U.S. citizens between the ages of 50 and 65, 14% … Read more

Weak housing market could deliver rate cuts and rescue the Fed from Trump

The Federal Reserve is keeping a close eye on President Donald Trump’s tariffs and how they will affect inflation, but the housing market may clear the way for lower rates—rescuing central bankers from the White House’s relentless pressure for more easing. The housing market has largely been frozen since the Fed launched an aggressive rate-hiking … Read more

Porsche CEO seeks fresh cost cuts, warning business model ‘no longer works’ in post-Trump, new China world

Once the envy of the entire German auto industry, Porsche is drifting deeper and deeper into its biggest crisis in decades. In a letter to employees, the manufacturer of the iconic 911 sports car informed its 36,700 domestic workforce it would enter negotiations with the IG Metall trade union over a second package of cost … Read more

Fed officials grow more outspoken—and split—over interest rate cuts

Federal Reserve officials are having a hard time agreeing on what lies ahead for the U.S. economy in a time of unprecedented tariffs, a straining debt ceiling, and political upheaval. Throughout the spring, the Fed was mostly in agreement there was no rush to cut interest rates. The central bank was content to wait and … Read more

Scale AI cuts 14% of workforce after Meta investment, hiring of Wang

Facade with logo at headquarters of Scale AI, San Francisco, California, June 2, 2025. Smith Collection | Gado | Archive Photos | Getty Images Weeks after Meta poured $14.3 billion into Scale AI and hired founder Alexandr Wang, the artificial intelligence startup is cutting 200 full-time employees, or 14% of its staff. Scale AI’s interim … Read more

Most Fed officials see rate cuts coming, but opinions vary widely on how many, minutes show

Federal Reserve officials diverged at their June meeting about how aggressively they would be willing to cut interest rates, split between concerns over tariff-fueled inflation and signs of labor market weakness and economic strength. Minutes from the June 17-18 meeting released Wednesday showed that policymakers largely held to a wait-and-see position on future rate moves. … Read more

‘People Are Going to Die’: A Malnutrition Crisis Looms in the Wake of USAID Cuts

Edesia had to lay off 10 percent of its staff in March as USAID was dismantled; Salem says that it took “many, many, many weeks” for the company to receive partial payment owed by the US government, and that it is still owed money for 2024 orders. “I believe Marco Rubio when he said, ‘We … Read more

WPP shares sink 15% as ad agency cuts profit forecast

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. WPP has slashed its forecast for revenues and profits this year, sending shares in one of the world’s biggest advertising agencies down 15 per cent on Wednesday. The group said that like-for-like revenue in 2025 … Read more

Grieving Texans are angrily pointing fingers at cuts to the National Weather Service, which only had five people on duty before the deadly floods hit

WASHINGTON (AP) — Former federal officials and outside experts have warned for months that President Donald Trump’s deep staffing cuts to the National Weather Service could endanger lives. After torrential rains and flash flooding struck Friday in the Texas Hill Country, the weather service came under fire from local officials who criticized what they described as … Read more

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