Human Times

North American Edition

18th July 2025

THE HOT STORY

Wells Fargo suspends all travel to China

Wells Fargo has suspended all travel to China after a banker was blocked from leaving the country, Reuters reports. The move follows Chenyue Mao, a Shanghai-born and Atlanta-based managing director at the banking giant, being subjected to an exit ban after she recently entered China. "We are closely tracking this situation and working through the appropriate channels so our employee can return to the United States as soon as possible," Wells Fargo said. A White House official said they could not comment on the reports of Mao being refused permission to leave China.

Reuters

Wall Street Journal

WORKFORCE

Trump executive order creates new classification of non-career federal workers

President Donald Trump has signed an executive order which creates a new classification of non-career federal employees called Schedule G workers to help with political and policy priorities. Schedule G employees will be non-career workers and expected to depart the federal government after the term of the president who appointed them, according to the order signed by Trump. “The Congress has recognized that effective Government administration requires excepting some positions from the competitive service based on their confidential, policy-determining, policymaking, or policy-advocating character,” the order states. “There is, however, no excepted service schedule for noncareer positions of a policymaking or policy-advocating character.”

U.S. News

Washington Examiner

Jobless claims decline for fifth straight week

Applications for US unemployment benefits declined for a fifth straight week to the lowest level since mid-April, the Labor Department reported on Thursday. Initial claims in the seven days to July 12th decreased by 7,000 to 221,000, well below the 234,000 expected among economists polled by the Wall Street Journal. The four-week average of claims fell 6,250 to 229,500, while the the total number of Americans collecting unemployment benefits, reported with a one-week lag, rose 2,000 to 1.96m. Before adjusting for seasonal factors, initial claims rose 19,539 last week to 260,900. New York, Nevada and Texas saw the largest unadjusted increases, while claims fell in Michigan, New Jersey and Tennessee.

Trump executive order to help open up 401(k)s to private markets

President Donald Trump is set to sign an executive order designed to help make private-market investments more available to U.S. retirement plans, the Wall Street Journal reports, citing people familiar with the matter. The order would instruct the U.S. Labor Department and the Securities and Exchange Commission to provide guidance to employers and plan administrators on including investments like private assets in 401(k) plans, according to the report, which notes that it could help pave the way for big managers of private assets such as Apollo Global Management and Blackstone to access the vast sums of retirement savings held by workers who don’t have a traditional pension.

Wall Street Journal

STRATEGY

Amazon Web Services announces job cuts

Amazon has confirmed it will lay off an undisclosed number of employees in its Amazon Web Services (AWS) cloud computing division, a decision that spokesperson Brad Glasser said is "necessary as we continue to invest, hire, and optimize resources to deliver innovation for our customers." The company declined to say which units within Amazon Web Services were impacted, or how many employees will be let go as a result of the job cuts. AWS’ training and certification unit was one of the groups to see cuts, according to a memo sent out by division head Michelle Vaz. AWS sales rose 17% in the first quarter to $29.3bn compared to a year earlier and operating income rose 23% to $11.5bn.

LEGAL

Jane's Addiction bandmates sue each other over onstage fight

Members of Jane's Addiction, including guitarist Dave Navarro, drummer Stephen Perkins, and bassist Eric Avery, have filed lawsuits against singer Perry Farrell in Los Angeles Superior Court following an onstage altercation during a Boston concert, which led to the cancellation of their reunion tour and a planned album. The bandmates are seeking at least £10m, claiming Farrell's behaviour was erratic and culminated in an assault. Their lawsuit states: “With a series of swift blows, [Farrell] single-handedly destroyed the name, reputation, trademark, and viability of the Band.” In response, Farrell and his wife have counter-sued, alleging that Navarro and his bandmates engaged in a bullying campaign against him. Both lawsuits include claims of assault, battery, and emotional distress.

Boston Globe

HEALTH & WELLBEING

Pfizer and Bristol Myers to sell blood thinner Eliquis directly to US patients

Pfizer and Bristol Myers are to sell their blockbuster blood thinner, Eliquis, directly to cash-paying U.S. patients at a discount amid pressure from the White House to lower prices. The program, which would bypass traditional pharmacy benefit managers and insurers, targets the small percentage of patients on Eliquis who are uninsured or underinsured. The Trump administration aims to tackle high U.S. prescription drug prices through a "most-favored-nation" (MFN) policy that seeks to align domestic prices with the lowest levels paid by comparable high-income countries.

Reuters

HIRING

China's hedge funds target U.S. talent

China's quantitative hedge funds are intensifying their recruitment efforts in the U.S., particularly targeting STEM students affected by visa restrictions and funding cuts. According to a Bloomberg report, Mingshi Investment Management has launched a hiring program for Chinese students in the U.S. whose PhD plans have been disrupted. AI-focused firms including Shanghai Goku Technologies are also actively seeking displaced talent, with one fund hiring three AI researchers this year. The recruitment surge is driven by increased U.S. visa scrutiny, especially for Chinese nationals, which has created a strategic opportunity for Chinese hedge funds. Salaries are rising, with some researchers earning over 10m yuan annually.

Hedgeweek

Citi confirms investment banking recruitment goals

Citigroup plans to increase its investment banking workforce in Japan by 10% to 15% over the next year, alongside new hires in Australia, as it aims to capitalise on a surge in cross-border mergers and acquisitions. The bank's investment banking fees in Japan have risen by 140% to $92m, driven by a growing interest in complex geopolitical deals and a shift in corporate governance.

Reuters

ECONOMY

Global economy may do better in second half of year, OPEC says

In a monthly report published on Tuesday, the Organization of the Petroleum Exporting Countries said the world economy may perform better than expected in the second half of the year despite trade conflicts. "India, China, and Brazil are outperforming expectations so far, while the United States and the Eurozone are experiencing a continued rebound from last year," OPEC said in the report. "With this, the second-half 2025 economic growth may turn out better than currently expected."

Arab News

INTERNATIONAL

Younger workers vanish from Korea's top firms

Analysis by CEO Score reveals a significant decline in the share of employees in their 20s at Korea's largest companies, dropping from 24.8% in 2022 to 21% in 2024. The report, which examined sustainability disclosures from 67 of the top 100 firms, indicates that over half of these companies reduced their younger workforce. Samsung Display experienced the steepest decline, with a 15.4 percentage point drop. In contrast, Hanwha Aerospace saw an increase in its share of young workers, attributed to a boom in the defence sector. Cho Won-man, CEO of CEO Score, said: “With growing economic uncertainties, companies appear to be scaling back or scrapping open recruitment for new graduates.”

Korea Joongang Daily

The Korea Times

U.K. gender pay gap hits decade low

The U.K.'s gender pay gap has reached its lowest point in a decade, decreasing from 11.8% to 11.2% in the past year, according to the latest data from PwC. The median hourly pay gap also fell by 0.5 percentage points to 8.6% in 2024, marking "one of the most significant year-on-year improvements to date." The data is based on disclosures from over 10,000 companies with more than 250 employees. Andrew Curcio from PwC said: "The dial is finally shifting," as he pointed to the importance of sustained efforts from employers to close the gap. The financial services sector reported the largest pay gaps, while sectors with higher female employment, such as hospitality and health, showed smaller disparities. Companies with 5,000 to 19,999 employees experienced the most significant average annual pay-gap decline of 1.1%.

The Times

OTHER

FDA approves Juul products

Juul Labs has received authorization from the Food and Drug Administration (FDA) to sell its e-cigarettes in the U.S., following a 2022 federal ban that pushed the company to the brink of bankruptcy. An FDA spokesperson said it had authorized five JUUL e-cigarette products after additional evidence provided by the company demonstrated that the benefits to public health outweighed the risks, namely that the products could appeal to young people. The regulator added that its approval does not mean these tobacco products are safe, and the agency will closely monitor the company’s compliance with rules to limit youth exposure to their marketing. Juul is now the No. 3 e-cigarette brand in the U.S., after Vuse and Geek Bar. Juul represents about 18% of e-cigarette sales in U.S. stores.

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