What we’re reading (12/3)
“Construction Industry Braces For One-Two Punch: Tariffs And Deportations” (Wall Street Journal). “In Texas, California, New Jersey and the District of Columbia, immigrants make up more than half of construction trade workers, according to Riordan Frost, a senior research analyst at the Harvard Joint Center for Housing Studies. Undocumented workers make up an estimated 13% of the construction industry—more than twice that of the overall workforce, according to a recent estimate from Pew Research Center.”
“Intel Shares Slide As Gelsinger Exit Leaves Chipmaker Without A ‘Quick Fix’” (CNBC). “Intel shares fell 6% on Tuesday, a day after the embattled chipmaker announced the ouster of CEO Pat Gelsinger, whose four-year tenure was marred by market share losses and a major miss in artificial intelligence.”
“South Korea To Lift Martial Law Hours After Shock Announcement” (News.com.au). “Chaos has broken out in South Korea after the nation’s president issued a shock declaration of martial law, sparking widespread protests, before withdrawing it while the country slept. President Yoon Suk Yeol had announced martial law was “critical for defending the country’s constitutional order” in a late-night emergency TV address. He accused the country’s opposition of controlling the parliament, sympathising with North Korea and paralysing the government with anti-state activities.”
“Wells Fargo To Sell San Francisco Headquarters” (Wall Street Journal). “Wells Fargo is set to sell its San Francisco headquarters, part of a broader shift in the bank’s power base to the East Coast. The office at 420 Montgomery St. in San Francisco’s Financial District could be put on the market as soon as this month, people familiar with the matter said.”
“Former Celsius CEO Alex Mashinsky Pleads Guilty, Agrees To 30 years In Prison” (CryptoSlate). “Alex Mashinsky, the former CEO of crypto lender Celsius, has pleaded guilty to two charges related to fraud and market manipulation, agreeing to a sentencing guideline of 30 years in prison. Mashinsky was indicted in July 2023 on seven counts, including fraud, conspiracy, and manipulation of the market for Celsius’ token, CEL. Under the terms of the agreement, Mashinsky has waived his right to appeal any sentence below 360 months in prison.”
