To The Moon

News and my muse 

• <NYPost> The Minneapolis-based Target said its profit will be squeezed by “$500 million more than what we saw last year” – when the company lost as much as $800 million from “inventory shrink.”

• <Business Insider> Cloud major Oracle reportedly sacked over 3,000 employees at the electronic healthcare records firm Cerner which it acquired for $28.4 billion.

• <The Verge> After last November layoffs, Meta announced job cuts affecting an additional 10,000 workers by May. Meta slashed an additional 4,000 jobs in April. This latest round of layoffs is expected to affect workers in business-focused positions.

• <Wion News> The job cuts in the technology sector neared 90,000 in January 2023 & came down to 39,471 in February, 37,662 in March, 19,807 in April & 11,491 in the month of May so far, according to layoffs tracking platform 

• <Yahoo Finance> TransUnion recorded nearly 20% year-over-year growth in credit card balances, while the NY Fed report put the annual increase at 18%. Both have total outstanding balances just below $1 trillion at the end of the first quarter.

• <WSJ> Ocean Freight Rates Slump as Apparel, Electronics Demand Weakens. Los Angeles & Long Beach, Calif., handled about 1.74 million import containers in the first quarter of 2023, a 32% decline from last year’s record volumes.

• "There's never enough currency to pay the debt. There is always more debt in the system than there is currency in existence to pay the debt." - Mike Maloney

• Spend within your means and you will not have a debt ceiling.

  It may be delayed, but the debt ceiling will be raised. I do not give good appraisals to those who could not spend within budget and fail to address the situation in a timely fashion.

• <Yahoo Finance> ZIM Integrated Shipping Services (ZIM) reported a quarterly loss of $0.50 per share versus an estimated loss of $0.18. Revenues were $1.37 billion for the quarter, missing the Estimate by 11.91% (revenues of $3.72 billion 1 year ago).

• <WSJ> Big retailers are signaling they are nearly done paring back their excess inventories and are preparing to fill their shelves with new merchandise this fall.

• <CNN> Disney begins third round of expected layoffs, cutting more than 2,500 additional jobs

• <Washington Post> Amazon hiring freezes follow mass layoffs amid a looming potential recession. At Meta, morale has plummeted as top bosses received big bonuses while layoffs continue. At Google, staffers are bracing themselves for more job eliminations.

US - deal or no deal

• US government has overspent. They need to raise the debt ceiling to raise more money. And now, Biden and McCarthy enters to play "deal or no deal" as global market goes through duress & uncertainty.

• There will be many other applications ~ for good and some, for manipulations, distortions & fabrications. AI is amoral ~ only as good or evil as the user.

  What is reality to you?

• Fitch Ratings - London - 24 May 2023: Fitch Ratings has placed the United States' 'AAA' Long-Term Foreign-Currency Issuer Default Rating (IDR) on Rating Watch Negative.

• <Reuters> JP Morgan job cuts

@TigerStars

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