Key Takeaways
- Federal shutdown enters second week; back pay for furloughed workers questioned.
- Wall Street data indicates a cooling U.S. job market and rising unemployment.
- U.S. soybean farmers face losses due to China's purchase halt amid trade tensions.
- Milan, Italy, is attracting the wealthy with tax breaks and urban renewal.
- ABB sold its robotics unit to SoftBank for over $5 billion.
Deep Dive
- The federal government shutdown has entered its second week.
- A Trump administration memo questions back pay for furloughed workers.
- The aviation system is experiencing disruption due to sick leave from air traffic control and TSA staff.
- With federal data unavailable, Wall Street numbers suggest a cooling U.S. job market and rising unemployment.
- Bank of America and Goldman Sachs data show slowing job growth.
- American soybean farmers face losses as China halted purchases, prompting consideration of $10 billion to $14 billion in aid.
- Milan, Italy, is transforming into a hub for the wealthy, driven by urban renewal projects like new skyscrapers and improved public spaces.
- Enticing tax breaks, including a flat tax on foreign income and minimal inheritance tax, have contributed to an estimated 5,000 individuals relocating under the new policy.
- Lifestyle factors like Milan's global feel, manageable size, and proximity to getaway destinations enhance its appeal.
- Swiss tech company ABB is selling its robotics division to Japan's SoftBank for over $5 billion, a move SoftBank states will bolster its AI and robotics operations.
- French President Emmanuel Macron faces political isolation after his fourth prime minister resigned within a year, struggling to govern without a parliamentary majority.