What we’re reading (4/24)
“Groups Sue To Block FTC’s New Rule Barring Noncompete Agreements” (Washington Post). “The lawsuit, filed in federal court in the Eastern District of Texas, comes a day after the FTC voted 3-2 to issue a rule that bans noncompete agreements, which restrict workers from switching employers within their industry. The agency estimates that 30 million workers are bound by the agreements, and proponents of the ban say it will raise wages, bolster innovation, foster new businesses and reduce health-care costs.”
“Mortgage Rates Reach New High For 2024” (Axios). “Mortgage rates touched 7.5% in April, the highest they've been since last fall, per Mortgage News Daily data…Experts were optimistic late last year that mortgage rates would drop in early 2024 and lure sellers and buyers off of the sidelines in time for spring.”
“TSMC’s Debacle In The American Desert” (Rest of World). “TSMC’s work culture is notoriously rigorous, even by Taiwanese standards. Former executives have hailed the Confucian culture, which promotes diligence and respect for authority, as well as Taiwan’s strict work ethic as key to the company’s success. [TSMC founder Morris] Chang, speaking last year about Taiwan’s competitiveness compared to the U.S., said that ‘if [a machine] breaks down at one in the morning, in the U.S. it will be fixed in the next morning. But in Taiwan, it will be fixed at 2 a.m.’”
“Why Panama Dollarized” (Caribbean Progress Studies Institute). “It is usually assumed that the United States government forced the Republic of Panama to make the United States dollar legal tender. The populace, academics, and literati in Panama also generally believe this. But that’s not what happened. The initial request to make dollars legal tender in Panama actually came from the Panamanians.”
“Crypto Mixer Samourai Wallet’s Co-founders Arrested For Money Laundering” (Wall Street Journal). “U.S. prosecutors on Wednesday targeted another so-called cryptocurrency mixer, accusing the two co-founders of Samourai Wallet of money laundering and of operating an unlicensed money-transmitting business. Keonne Rodriguez, Samourai’s chief executive, and William Lonergan Hill, its chief technology officer, were arrested and charged for developing and operating Samourai.”
