Dec 9, 2022
Welcome back to our Weekly Digest. Read on for the latest updates.
A weak start for stocks as we wait for the Fed's next announcement
Stocks started the week with a tumble on Monday, due to fears that the Federal Reserve may continue tightening until it tips the economy into a recession.
Cryptocurrency exchange founder pledges to testify
Former FTX CEO Sam Bankman-Fried says he would like to testify before the House financial services committee once he has finished learning about the failure of FTX.
The reason why economists are still pessimistic
Foxconn restoring production at its biggest iPhone factory
Apple supplier Foxconn says it is starting to hire more employees and restore production at its campus in Zhengzhou. The supply disruptions there due to Covid-19 restrictions and worker protests are costing Apple $1 billion a week in lost iPhone sales.
165,000 Americans took on a side gig last month
The government reported on Friday that the economy added 263,000 jobs in November, but an overlooked data point showed a huge surge in the number of people holding second jobs.
Oil prices rise as G7 implements cap on Russian crude
The G7 implemented a cap on the price of Russian oil at US$60 a barrel on Monday. However, Russia said it will not accept the price cap and threatened to stop exporting oil to countries adopting the measures.
What to do if you suffer a job loss near retirement
There are some things you can do to reduce the damage caused by a late-career job loss. Learn four ways to avert financial disaster here.
5 ways to save on groceries as the cost of living rises
Inflation has put pressure on many Americans' bank balances, but there are several relatively easy ways to reduce your costs. Learn some tips on how to save in 2023 here.