The US labour market showed signs of a steady slowdown in October, with job openings increasing moderately and layoffs declining, according to the latest Job Openings and Labor Turnover Survey (JOLTS) report released by the Bureau of Labor Statistics on Tuesday. Job openings, a key indicator of labour demand, rose by 372,000 to 7.744 million at the end of October. However, the September figures were revised downward to 7.372 million from the initially reported 7.443 million. Economists polled by Reuters had anticipated 7.475 million vacancies. Labour Market Dynamics While job openings increased, hires dropped by 269,000 to 5.313 million, and layoffs fell by 169,000 to 1.633 million. These figures suggest a gradual cooling of the labour market rather than a sharp contraction. Hurricanes and strikes also impacted October’s labour market data. Rebuilding efforts in storm-affected regions and the resolution of strikes at Boeing and another aerospace company are expected to contribute to a ...
Billionaire Changpeng Zhao, the co-founder of Binance Holdings Ltd., has vowed to continue investing in blockchain, artificial intelligence, and biotechnology following his release from US custody. In his first public comments since serving a four-month sentence, Zhao took to social media platform X to outline his long-term investment plans, emphasizing his focus on “impact, not returns.”
Zhao's release comes after Binance faced a $4.3 billion penalty under a plea deal to settle charges that allowed criminals and terror groups to use the exchange. As part of the agreement, Zhao personally paid a $50 million fine and stepped down as CEO of Binance, handing leadership over to Richard Teng. Binance will now face years of compliance monitoring by the Justice Department and the US Treasury’s Financial Crimes Enforcement Network.
Zhao, who has a net worth exceeding $30 billion, also announced plans to launch Giggle Academy, a nonprofit online education platform, and pledged to dedicate more time and resources to charity. Despite stepping down from Binance, Zhao's influence in the crypto and tech sectors remains substantial, and he intends to explore new opportunities in these industries moving forward.
Zhao's post hinted at a reflective period, stating, "Let me chill for a bit. Then figure out the next steps."
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