1. U.S. Unemployment Rate Exceeds 4%
2. ByteDance May Be Forced to Sell TikTok
3. New York Approves $10 Billion for New Train Station
4. Uber Launches First Self-Driving Car Service
5. Palantir Partners with Shield AI
6. Botswana’s Diamond Exports Plummet
7. ExodusPoint to Claw Back Bonuses from Resigning Employees
1. U.S. Unemployment Rate Exceeds 4%
The U.S. Bureau of Labor Statistics released data today showing that non-farm payrolls increased by 227,000 in November, with a three-month average of 173,000—slightly lower than the beginning of the year.
However, the unemployment rate rose to 4.2%, indicating reduced demand for workers and an increase in long-term unemployment. Traders believe the rising unemployment rate could increase the likelihood of another Federal Reserve rate cut this month.
The job market was particularly weak in October due to two major hurricanes, which left over 500,000 people unable to work.
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2. ByteDance May Be Forced to Sell TikTok
Today, a panel of three U.S. federal court judges unanimously ruled that banning TikTok in the U.S. does not violate the First Amendment or free speech rights. This means that if ByteDance fails to sell TikTok to a U.S. company by the January 19 deadline, the platform—used by 170 million Americans—will be banned in the U.S.
A Pew Research survey in September found that 17% of Americans get their daily news from TikTok, five times higher than in 2020.
The potential TikTok ban has faced widespread opposition, with only 32% of respondents supporting it.
Bloomberg analysts suggest that if TikTok is banned, the biggest beneficiaries would be social platforms owned by Google, Meta, and Snap.
Former President Donald Trump has publicly opposed the TikTok ban, despite having pressured ByteDance to sell TikTok during his first term.
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3. New York Approves $10 Billion for New Train Station
The Port Authority of New York and New Jersey has secured $10 billion in funding to renovate and expand the world’s busiest bus terminal, located in Midtown Manhattan.
Port Authority Executive Director Rick Cotton stated that all necessary approvals have been obtained, and the project will proceed to provide Manhattan with a station worthy of its global stature.
The new structure will fully replace the old terminal and expand its footprint by 2.1 million square feet, including additional storage space.
Funding comes from the Port Authority’s capital fund and federal grants. Earlier this year, New York officials committed $2 billion in future tax revenue over the next 40 years to support the project.
A temporary station is set to be completed by 2028, while the main terminal is expected to be finished by 2032.
Source：Bloomberg – NYC’s Run-Down Bus Terminal Gets Approval for $10 Billion Revamp
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4. Uber Launches First Self-Driving Car Service
Uber announced that it has launched its first self-driving car service in select areas of Abu Dhabi, allowing users to book autonomous UberX and Uber Comfort rides through the platform.
Initially, the autonomous vehicles will have safety operators on board to prevent potential accidents, but Uber aims to achieve full automation by 2025.
Since June, Uber has partnered with at least seven companies developing autonomous driving technology, including Google’s Waymo and startup WeRide.
Investors remain skeptical about Uber’s autonomous ride-hailing business due to slow matching speeds and intense industry competition.
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5. Palantir Partners with Shield AI
Defense companies Palantir and Shield AI have announced a new strategic partnership to develop AI-powered autonomous aircraft. The two firms will share select proprietary software to accelerate technological advancements in modern warfare.
On Thursday afternoon, Palantir CEO Alex Karp stated that reaching this partnership was a challenging process, with dozens of executives involved in contract negotiations.
By integrating Palantir’s intelligence systems with Shield AI’s autonomous flight system, Hivemind, the collaboration aims to enhance battlefield efficiency.
The announcement comes just one day after OpenAI partnered with defense company Anduril.
Source：Bloomberg – Palantir Teams Up With Shield AI on AI-Powered Autonomous Aircraft
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6. Botswana’s Diamond Exports Plummet
The diamond industry has been struggling due to declining demand in recent years, and Botswana—a country heavily reliant on diamond exports—could see its economy shrink by 1.7% this year.
On Thursday evening, Botswana’s finance minister warned that the country also faces additional challenges, including droughts, floods, tornadoes, and power plant failures. The economic downturn could be worse than the COVID-19 recession in 2020.
In February, Botswana projected 4.2% GDP growth for this year, with an estimated growth rate of 4% to 5% in 2025.
One-third of Botswana’s government revenue comes from diamond exports.
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7. ExodusPoint to Claw Back Bonuses from Resigning Employees
Sources revealed that hedge fund ExodusPoint will require employees who resign before the end of 2025 to return up to 40% of their 2024 bonuses. The policy applies to both investment and non-investment staff.
Founded in 2018, ExodusPoint has consistently underperformed its peers. From January to November this year, the fund returned only 8.6%, while competitors such as Millennium posted double-digit gains.
In September, ExodusPoint announced that if its annual returns remain below the three-month U.S. Treasury yield for an entire year, it will cancel performance fees.
ExodusPoint currently manages $11 billion in assets and employs over 600 people worldwide.
Source：Bloomberg – Hedge Fund ExodusPoint to Claw Back Bonuses From More Employees Who Quit
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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.