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Your Daily BriefJune 15th, 2022 |
Good morning, and pat yourself on the back…you made it to Wednesday! Today is World Elder Abuse Awareness Day, and here’s what we have for you:
Today’s Highlights
Companies across different industries announce layoffs
A variety of companies across different industries announced layoffs yesterday, including real estate companies Redfin and Compass, as well as cryptocurrency exchange platform Coinbase.
In an email to employees sent yesterday, Coinbase CEO Brian Armstrong announced plans to cut 18% of the company’s full-time workforce–or about 1,100 people–writing that “We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for an extended period.”
The same day, Redfin CEO Glenn Kelman said in a blog post that the company will lay off about 8% of its workforce, writing: “To all the departing people who put your faith in Redfin, I’m sorry we can’t keep our commitment to you. With May demand 17% below expectations, we don’t have enough work for our agents and support staff, and fewer sales leaves us with less money for headquarters projects.”
All three of the aforementioned companies are publicly traded in the U.S. stock market, and each has seen its market capitalization fall since the start of the year. At the end of trading activity yesterday, Coinbase stock sat at a share price of $51.58, down from $251.05 at the start of the year. Shares of Redfin and Compass ended trading at $8.13 and $4.26, respectively, down from their January 3rd prices of $38.94 and $9.55.
Netflix is turning ‘Squid Game’ into a reality competition show
Netflix has greenlit a reality competition show called Squid Game: The Challenge based on the streaming service’s original series Squid Game.
In an announcement, Netflix VP of Unscripted and Documentary Series Brandon Riegg said: “Squid Game took the world by storm with Director Hwang’s captivating story and iconic imagery. We’re grateful for his support as we turn the fictional world into reality in this massive competition and social experiment.”
The 10-episode competition series will film in the UK, per the announcement, in which contestants will compete in a series of games inspired by the original series, along with new additions. The streaming service is currently holding an open casting call for English-language speakers from any part of the world at SquidGameCasting.com.
Like the fictional series it is based on–which holds the record for Netflix’s most popular series of all time with 1.65 billion viewing hours in the first 28 days after its premiere–the new reality show will feature 456 players competing for the largest cash prize in television history of $4.56 million.
Mortgage rates pass 6% in the United States
Mortgage rates for a 30-year fixed loan have passed 6% in the United States, up from an average rate of 5.55% one week ago.
The rate increase was caused by a selloff in the mortgage securities market yesterday, as some banks forecasted the Federal Reserve may raise rates by 75 basis points in its meeting this week to help fight inflation. Mortgage rates have now doubled since the start of the year, leading to cooling in a housing market that had previously seen record prices and stretched affordability for many first-time homebuyers.
According to a report from the National Association of Realtors, the number of home sales nationwide is falling. Per the report, sales of existing homes “fell for the third consecutive month in April to a seasonally-adjusted annual rate of 5.61 million.” Sales fell 2.4% from March and were down 5.9% from April 2021.
Three months ago, the average rate for a 30-year fixed mortgage was 4.45%. As of yesterday, data from Mortgage News Daily shows the 30-year fixed mortgage rate at 6.28%.
Around the Globe
- Moscow court extends WNBA player Brittney Griner’s pre-trial detention in Russia by another 18 days, per official state news agency TASS
- Unionized truckers in South Korea resume driving after reaching an agreement with the transport ministry to end a strike that created nationwide supply chain issues in ports and industrial hubs
- People in Pakistan–the world’s largest importer of tea–were asked by senior minister Ahsan Iqbal to cut down their tea consumption to help keep the economy afloat
On the Homefront
- Biden administration is weighing lifting some tariffs on Chinese imports to help curb inflation
- A heat wave that caused a water main to break may leave 165,000 Texas residents without water for 48 hours, per local officials
- The House of Representatives passed a bill that the Senate passed a month ago to increase security for Supreme Court justices
Glitz and Games
- The Colorado Avalanche will take on the Tampa Bay Lightning tonight in Game 1 of the Stanley Cup Finals
- K-pop group BTS announces that it’s taking time for members to pursue solo projects, though South Korean entertainment company Hybe maintains the band isn’t taking a hiatus
- The Atlanta Braves attained the longest winning streak in Major League Baseball this season (13 games) after beating the Washington Nationals 10-4 last night
Money Moves
- The Dow Jones Industrial Average and S&P 500 extended losses from yesterday, while the tech-heavy Nasdaq closed slightly above its opening level (Dow -0.50%, Nasdaq +0.18%, S&P 500 -0.38%)
- Binance.com CEO Brian Shroder says the cryptocurrency exchange company is growing “faster than ever” amidst recent rounds of layoffs at crypto firms
- Legislators including Bernie Sanders and Elizabeth Warren proposed a bill to extend Social Security’s solvency past the year 2096
Tip & Tricks
- Bump This: Check out this “Retro Running” playlist on Spotify full of classic throwbacks to keep you moving through hump day
- Nerd Out: Calligraphy website calligraphr.com allows you to upload your handwriting and download it as an original font
- Look Up: The strawberry supermoon reached its closest point to the Earth and its most optimum visibility late last night
- Shut Down: Microsoft made good on its plan to retire Internet Explorer; as of yesterday, the browser is no longer supported
- Say What: “The rumor mill continues as it has from day one—inaccurate, insensitive, and slightly insane,” a representative for Amber Heard said when addressing rumors that the actress had been cut from Aquaman 2
- Hot Goss: Charlie Sheen blames ex-wife Denise Richards for their 18-year-old daughter joining OnlyFans
- Life Hack: Squinting your eyes slightly when taking a picture makes your smile appear more genuine
Question of the day
Do you cut your sandwiches straight down the middle or diagonally? Weigh in on the debate here:
@tipnewsbriefLooking Back…
On June 15th, 1864, Arlington National Cemetery was established when 200 acres of Confederate General Robert E. Lee's estate in Virginia—which the U.S. government had seized—was authorized for a national cemetery.
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