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Financial Times Profile picture
@FinancialTimes
Jul 5, 2021 • 6 tweets • 3 min read • Read on X
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Teenagers in the US have been filling the void left by adults who still haven't returned to work since the pandemic started.

Some are being promoted to general managers, earning a $50,000 salary, demanding weekends off and tuition reimbursement ft.com/content/ee8db3…
Teens accounted for 36% of new hires in June, compared to an average of 10% during the same period from 2017 to 2019, according to an analysis by the small business payroll provider Gusto ft.com/content/ee8db3…
But not all teenagers have equally benefited from the trend. Young people of colour still have a relatively high unemployment rate compared with white teens ft.com/content/ee8db3…
Why are some adults not returning to the workforce?
👉Ongoing fears of the Covid-19 crisis
👉Lack of childcare
👉Temporary expansion of unemployment insurance

ft.com/content/ee8db3…
Those who are willing to return to work are leveraging the competition to demand higher wages and better working conditions.

Companies that traditionally shied away from hiring minors because of state laws are starting to embrace them ft.com/content/ee8db3…
For those who have cashed in, their windfall may be limited. Adult workers are expected to re-enter the labour force en masse in September as expanded unemployment benefits expire and in-person schooling resumes ft.com/content/ee8db3…

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More from @FinancialTimes

Financial Times Profile picture
Jun 16, 2023
Four FT pieces were recognised at the 2023 Awards for Editorial Excellence by the Society of Publishers in Asia. Read the winning works 👇 (1/5) Image
A shortage of heirs jeopardises Japan's family enterprises and threatens its economy. This engaging read by @Urbandirt, @SugiuraEri and @slodek earned an award for excellence in arts and culture reporting (2/5) ft.com/content/dc5c19…
@Urbandirt's commentary on rising resentment among Japan's young workers towards unproductive older colleagues received an honourable mention (3/5) ft.com/content/4012c8…
Read 5 tweets
Financial Times Profile picture
Jun 8, 2023
New investigation: thirteen women who worked for Odey Asset Management or had dealings with its founder Crispin Odey told the FT that he abused or harassed them.

Eight alleged he sexually assaulted them.

Nine of them are telling their stories for the first time… twitter.com/i/web/status/1…
The incidents, which occurred between 1998 and 2021, included masturbating on a female entrepreneur after a business meeting and forcing a friend’s hand on to his penis ft.com/content/e5d143… twitter.com/i/web/status/1… Image
The FT once described Crispin Odey as ‘a large puppy in a pinstripe suit’. F​​or three decades he has reigned over London’s hedge fund scene.

At his firm, once one of Europe’s largest hedge fund companies, he found many of his targets ft.com/content/e5d143… Image
Read 7 tweets
Financial Times Profile picture
Mar 31, 2023
🧵'Dare to fight' — Xi Jinping used the phrase recently to sum up China's new foreign policy. We break down Beijing's bid to shape the world around its own interests 👇(1/7) on.ft.com/42T0VXA
Xi has adopted a more assertive stance on foreign relations in the past decade, militarising artificial islands in the disputed South China Sea and becoming more aggressive towards Taiwan (2/7) on.ft.com/42T0VXA China has adopted a more assertive stance on foreign relatio
Since 2013, China has sent more diplomatic missions to the Middle East than the west. This month, it convinced Iran and Saudi Arabia to resume diplomatic ties after a seven-year rift (3/7) on.ft.com/42T0VXA Beijing achieved a notable diplomatic success recently by me
Read 7 tweets
Financial Times Profile picture
Mar 22, 2023
🧵UBS executives have started trying to sell investors on the benefits of its $3.25bn shotgun marriage with Credit Suisse. Here's what the Swiss bank might look like after it fully takes over its defunct rival 👇 (1/6) on.ft.com/40lq9M8 Chart showing Credit Suisse's tangible book value per share
🏦 After the takeover, UBS would become the second-largest private bank in the world after Morgan Stanley, with $3.4bn of wealth management assets (2/6) on.ft.com/40lq9M8
👥 If UBS holds on to Credit Suisse's most valuable asset, its domestic bank, thousands of jobs could be threatened as branches are closed and duplicate administrative roles removed (3/6) on.ft.com/40lq9M8 Graphic comparing the employees Credit Suisse and UBS respec
Read 6 tweets
Financial Times Profile picture
Mar 15, 2023
🧵 How is China's economy doing? We break down Beijing's first comprehensive overview of economic activity since it ended its zero-Covid rules in three charts 👇 (1/5) on.ft.com/3ZZiEdQ
🛍️ China's retail sales grew 3.5% year on year in the first two months of 2023, compared with declines in the previous three months (2/5) on.ft.com/3ZZiEdQ
🚘 But there were some weak spots in the positive retail figures. China's car sales contracted 9.4% year on year in January and February, compared with growth of 4.6% in December (3/5) on.ft.com/3ZZiEdQ
Read 5 tweets
Financial Times Profile picture
Mar 14, 2023
Silicon Valley Bank imploded last week under the strain of depositors pulling out their money in droves.

How did the chaos unfold? Here is a timeline of what happened 🗓
ft.com/content/56a8df…
Wednesday: Silicon Valley Bank, the US’s 16th-largest lender, said it lost about $1.8bn.

Customers got scared the bank would not be able to pay out their deposits and a bank run started ft.com/content/56a8df…
Thursday:
👉SVB’s share price fell 60%
👉The bank failed to raise capital
👉Customers withdrew $42bn in a single day ft.com/content/56a8df…
Read 7 tweets

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