>>Private Sector Adds 145K Jobs In March
(Undated) -- Private sector employment went up by 145-thousand jobs in March, which is below the 200-thousand analysts were expecting. Today's numbers from the ADP National Employment Report are a sign the economy is slowing, as employers pull back on hiring. Annual pay was up six-point-nine percent year-over-year.
>>Elon Musk Drops To No. 2 On Forbes World's Richest List
(New York, NY) -- The new Forbes list of the world's richest people puts Elon Musk at number two this year. The annual ranking came out Tuesday and showed over 26-hundred billionaires in the world, with the richest one being French fashion mogul Bernard Arnault of Louis Vuitton fame. Arnault is worth 211-billion dollars. Former world's richest Elon Musk has dropped to second place this year with a fortune worth 180-billion dollars. Amazon founder Jeff Bezos is third with 114-billion. Rounding out the top five are Oracle chairman Larry Ellison with 107-billion dollars, and investing guru Warren Buffett with 106-billion.
>>Tech Start-Up CEO Charged With Fraud
(Washington, DC) -- A tech start-up CEO who was once named one of Forbes' "30 Under 30" is being charged with fraud. The Department of Justice says Charlie Javice was arrested Tuesday for allegedly lying to JP Morgan Chase about how many customers her company had. Her company, called Frank, claimed it would simplify the student loan application process. Javice is accused of embellishing how many customers were using the service so she could sell the company for 175-million dollars. She's being charged with several counts of fraud, and is facing up to 30 years in prison for each count. Javice denies the allegations.
>>Apple Cutting Jobs In Some Corporate Retail Teams
(Cupertino, CA) -- Apple is handing out pink slips to some of its employees. The tech giant is eliminating roles within its corporate retail teams. The groups are responsible for the construction and maintenance of Apple retail stores and other facilities around the world. It's currently not clear how many workers will be affected, but Bloomberg reports the number is "likely very small." The company says the cuts are a way to improve operations rather than a cost cutting measure.
>>Job Openings Drop Below 10 Million In February
(Washington, DC) -- The number of job openings fell below ten-million in February -- the first time in nearly two years. The Labor Department says there were nine-point-nine million available positions for the month. Economists say it's a sign the Federal Reserve's campaign to raise rates and slow the labor market to curb inflation is having an effect. The reading reflects a drop of 632-thousand from January's downwardly revised figure.
>>Virgin Orbit Files For Chapter 11 Bankruptcy
(Long Beach, CA) -- Virgin Orbit is filing for Chapter 11 bankruptcy. The California-based satellite company founded by Richard Branson filed for bankruptcy protection after failing to secure a funding lifeline. Virgin Orbit is looking for a buyer just days after laying off nearly all of its workers. The company had a market value of about 65 million dollars as of close of business Monday.
>>Volkswagen Recalls SUVs Over Front Passenger Seat Glitch
(Herndon, VA) -- Volkswagen is recalling more than 143-thousand Atlas SUVs over a airbag-related issue. According to the automaker, the wiring in some of the vehicles' front passenger detection system could be faulty, causing in the airbag not deploying in a crash. The recall affects the 2018 through 2021 Atlas and 2020 Atlas Cross Sport vehicles. Volkswagen warned owners not to allow anyone in the front passenger seat until a free repair is done.