News

Open Society Foundations (OSF), founded by billionaire philanthropist George Soros, is planning to significantly reduce its work in Europe and lay off a large portion of its staff in the continent. The strategic change, which includes withdrawing support for human rights and civil society initiatives in the European Union, has caused confusion and concern among OSF employees and grantees.

The decision comes after Alex Soros, George Soros’ son, announced a new operating model for OSF. The lack of communication about the changes and uncertainty surrounding the organization’s future direction has raised doubts about OSF’s commitment to its founding principles. The proposed cuts have sparked worries that philanthropies supporting conservative social movements may gain more ground in Europe.

Federal Reserve Chair Jerome Powell has stated that the central bank may need to raise interest rates further to ensure that inflation remains limited. While the US economy has been performing better than expected, and inflation has decreased, Powell emphasized that the Fed has not yet determined if its benchmark interest rate is sufficiently high to achieve the target inflation rate of 2%.

Powell also expressed concern over signs that the economy may not be cooling as expected, particularly noting robust consumer spending and a possible rebound in the housing sector. The Fed is committed to decreasing inflation to the target rate and will raise rates further if necessary. Powell’s remarks showed the Fed’s challenges regarding conflicting signals from the economy and the need to strike the right balance in monetary policy.

The major freight railroads are at odds over whether they should be allowed to discipline workers who report safety concerns through a government hotline. This disagreement has prevented them from fulfilling their promise to join the program, which was prompted by a fiery derailment in Ohio. Unions and workplace safety experts argue that the ability to discipline workers for reporting safety issues undermines the purpose of the hotline, as it deters employees from using it due to fear of retribution.

The railroads, however, express concern about potential abuse of the system and argue for the right to discipline workers in certain situations. The ongoing dispute highlights the long-standing issue of workers being fired for reporting safety violations within the railroad industry. Despite the resistance from major freight railroads, some smaller railroads and Amtrak have already joined the government reporting program. The matter is being addressed by a committee composed of labor groups, railroads, and safety regulators, aiming to find a solution.

The Federal Railroad Administration stresses the importance of the program in improving rail safety, and the Transportation Trades Department coalition urges the railroads to follow through on their commitment to join the hotline.

The National Highway Traffic Safety Administration (NHTSA) is set to reach a resolution on its two-year investigation into Tesla’s Autopilot system, according to the agency’s acting head. While not disclosing details, the NHTSA administrator emphasized the importance of driver awareness and cautioned against over-reliance on advanced driver assistance systems. The investigation focuses on Autopilot’s performance, including cases where Tesla vehicles hit stationary emergency vehicles, as well as driver monitoring systems. NHTSA has raised questions about Tesla’s alert strategy and previously closed an investigation into Autopilot in 2017. The National Transportation Safety Board has criticized Tesla’s system safeguards and NHTSA’s oversight.

The US Treasury Department has proposed a new rule that would require cryptocurrency brokers, including exchanges and payment processors, to report users’ sales and exchanges of digital assets to the Internal Revenue Service (IRS). The rule aims to crack down on crypto users who may be evading taxes. A new tax reporting form called Form 1099-DA would be introduced to help taxpayers determine if they owe taxes and simplify the calculation of gains for crypto users. The rule would subject digital asset brokers to the same information reporting rules as brokers for other financial instruments. The definition of a “broker” would include both centralized and decentralized digital asset trading platforms, crypto payment processors, and certain online wallets. The proposed rules are part of the broader effort to address tax evasion risks and close the tax gap. The public has until October 30 to provide feedback on the proposal, and public hearings will be held on November 7-8.

General Motors’ Ultium Cells, in partnership with LG Energy Solution, has reached an agreement with the United Auto Workers (UAW) union to raise worker pay at its battery plant in Ohio by an average of 25%. The wage increase is a significant development, as it marks the first major organized battery plant in the United States.

The UAW and Ultium have been engaged in labor negotiations for around 1,100 workers at the plant since last year. The agreement addresses worker pay but does not encompass other aspects. If ratified, workers will receive retroactive pay ranging from $3,000 to $7,000. The UAW membership ratification vote is expected to conclude by August 27.

Brooklyn-based fintech startup, Teamshares, aims to address the lack of succession plans in small businesses by acquiring retiring owners’ companies and promoting employee ownership. Teamshares installs a new president, trains them, and grants employees 10% of the business’s stock, with a promise to increase ownership to 80% within 20 years.

The company generates revenue from various fintech products, such as insurance and credit cards, that it sells exclusively to the acquired businesses. Teamshares aims to eventually expand its offerings to other small businesses and plans to stay independent, with a potential future IPO.