U.S. Adds 272,000 Jobs in May, an Unexpectedly Strong Pace of Hiring

C. Richard Kramlich, a pioneering investor in Silicon Valley and co-founder of New Enterprise Associates, passed away at 89 in Oakville, Calif. Known for backing tech giants like Apple and Juniper Networks, he grew NEA from a $16 million fund to $26 billion, emphasizing the importance of relationships in venture capital. His legacy includes mentoring founders, investing in emerging technologies, and amassing a significant art collection with his wife, Pamela, showcasing his commitment to innovation...

Starling Bank is discontinuing its 3.25% interest rate on current accounts, making it no longer competitive in the savings market. Customers who were rejected for the new 4% easy-access savings account are considering complaints to the ombudsman, as only 41% were successful in opening an account. Despite the removal of interest, Starling's current account still offers useful features, such as no fees for spending abroad and helpful budgeting tools, though customers may want to explore...

In the Unlock the Editor’s Digest, FT Editor Roula Khalaf curates her top stories, including the UK Chancellor Rachel Reeves facing challenges despite a fall in borrowing costs, as the country's economic outlook worsens. Reeves' fiscal room for maneuver has improved due to a global bond rally and potential interest rate cuts by the Bank of England, but grim forecasts and lower growth estimates may impact the government's ability to reduce borrowing rapidly in the...

President Trump is advocating for the United States to take control of Gaza and relocate the Palestinian population, citing real estate development opportunities. Trump's family has significant business interests in the Middle East, including projects in Oman, Saudi Arabia, and Dubai. Jared Kushner, Trump's son-in-law, has investments in the region, including partnerships with LIV Golf and Israeli businesses. Full Article

Amazon reported revenue of $187.8 billion in Q4 of 2024, surpassing Walmart's projected $180 billion, potentially dethroning Walmart as the top revenue-generator in the S&P 500 for the first time in over a decade. Amazon's success is attributed to its online shopping business's growth during the pandemic, as well as the significant revenue increase in its cloud division, AWS, with a record revenue of $638 billion for the full year of 2024. Full Article

In the Unlock the Editor’s Digest, Roula Khalaf, Editor of the FT, selects her favorite stories each week. Citigroup promoted over 8,000 employees at the end of 2024 after a restructuring, with a total of 31,000 promotions for the year and 344 new managing directors. Despite cutting 11,000 positions, Citi saw revenue growth in all main businesses, a 3% increase to $81bn, and profits up 33% to $12.7bn, aiming for a 10-11% return on tangible...