Business Contents Archive

In the almost eight years that the Bloomberg Billionaires Index has tracked the 100 richest people in America, their combined assets have grown by more than $1 trillion. Over half that flowed to only 10: Jeff Bezos, Elon Musk, and eight others whose primary sources of wealth exploded in value during the pandemic rally. Now tech stocks are crashing to Earth and bringing the fortunes of the megabillionaires down with them. Since November the 100 wealthiest people in the US have lost $622 billion, the biggest sustained loss in the history of the index. Tap the link in our bio for charts that reveal that changing face of American wealth. (via businessweek) 📷: jckieferrentino for Bloomberg Businessweek

A widespread fear of making bad hires has led to bloated, bureaucratic hiring processes. Here's how companies can streamline their processes and gain an edge by hiring employees that are overlooked by competitors: 🚫 Reduce the number of interviewers. The costs associated with including 4-5 interviewers are likely not worth the benefits they produce. ✔️ Be explicit about who owns the decision. Steer away from a consensus-oriented approach. Instead, make it explicit who will make the final hiring decision and who else might have veto power. 🔢 Ask interviewers to use numerical ratings to evaluate candidates. Doing this helps hiring committees focus on the holistic view rather than on one-off negative comments. ⭐ Reward interviewers who spot great hires. Emphasize the difference between good decisions and good outcomes. Sometimes a fully logical bet will result in a poor outcome. Adapted from the article, "It’s Time to Streamline the Hiring Process," by Atta Tarki et al.

STRUCK A DEAL: The budget airline will make JetBlue the nation’s fifth-largest carrier upon completion of the move. Link in bio.

Welcome MAIA Biotechnology, Inc. to the #NYSECommunity! 🏛🎉 MAIA Biotech's mission is “to research, develop, and deliver innovative medicines to improve and extend people’s lives with cancer.” Congratulations to Vlad Vitoc and the entire team. 👏 (NYSE American: MAIA)

"What scares me about that is that many of our best practices were built for a world that does not exist anymore," Adam Grant explains. "And as the landscape of work becomes more dynamic, more unstable and more unpredictable, instead of sticking to our old best practices, we need to be constantly searching for better practices."⁠ ⁠ Best practices may be ingrained in your organization, but they may also be limiting your company's potential. Link in bio for why it’s time to rethink “best practices." (Reporting by spiritofmanassas / 📸: Getty)

FINANCIAL FORECAST: The move threatens to slow U.S. economic growth and exacerbate financial pressure on Americans. Link in bio.

After four world championships and 53 wins, Sebastian Vettel is hanging up his helmet. The 35-year-old says he will retire from Formula One after the season-ending Abu Dhabi Grand Prix, which will mark his 300th race. "It is very clear to me that, being a father, I want to spend more time with my family," he said. "But today is not about saying goodbye. Rather, it is about saying thank you – to everyone – not least to the fans." Tap the link in our bio for the story.

BREAKING: Raging inflation and higher interest rates forced consumers and businesses to pull back on spending. Link in bio.

Supporters of Iraqi Shi'ite cleric Moqtada al-Sadr climb the blast walls surrounding the highly fortified Green Zone during a protest against corruption in Baghdad, Iraq, July 27, 2022.  📷 Thaier Al-Sudani #iraq #baghdad #protest #reuters #reutersphotos

● New data from the World Travel and Tourism Council, collected in partnership with ForwardKeys, shows that airline bookings to the US spiked by 93% since Biden lifted a Covid testing requirement for international travel. ● But there’s a catch: Visitor spending is taking longer to recover than visitor arrivals. ● At the current rate, tourism spending isn’t expected to make a full recovery until 2025. ● Read more through the link in our bio. (📸: VIEW press/Corbis News)

As Big Tech companies lay off employees and freeze new hirings, Meta Founder and CEO Mark Zuckerberg has said that the company's plan is to steadily reduce headcount growth over the next year. #meta #facebook #zuckerberg

BREAKING: The US economy shrank for a second straight quarter, raising the chances of recession, as soaring inflation undercut consumer spending and interest-rate hikes slowed business investment and housing demand. GDP fell at a 0.9% annualized rate after a 1.6% decline in the first three months of the year, throwing fuel on an already heated debate about if or when the US enters a recession. While the common rule of thumb for recessions is two consecutive quarterly declines in GDP, the official determination is made by a group of academics at the National Bureau of Economic Research. Tap the link in our bio to read in full.

● Written into the Dodd-Frank financial reform law of 2010, the tip line was created to make sure tips about financial wrongdoing aren’t ignored as they were before Madoff’s $64.8 billion Ponzi scheme. ● But the review of all 561 SEC final orders revealed a program operating in secrecy far beyond its legislative mandate to protect whistleblowers’ identities. ● That makes it nearly impossible for Congress and the public to gauge what crimes are uncovered, the criteria used to determine which cases it takes and whether individual payments that can top $100 million are justified. ● Tap the link in our bio for more. (📸: Jin Lee/Bloomberg via Getty Images)

'NO SURPRISE': The president's comments come after the U.S. economy shrank in the spring for the second consecutive quarter. Link in bio.

After a month of brutal street and artillery combat, Russia withdrew from the Ukrainian city of Irpin in late March – leaving the residents to pick up the pieces. Once a leafy suburb, it has become a byword for the $105.5bn in infrastructural damage caused by Russia’s invasion. Tap the link in our bio to follow our visual story through one street in the city as people try to rebuild their homes, communities and lives. #FT #financialtimes #Ukraine #Russia #Irpin #Zelensky #Putin #visualjournalism #digitaljournalism