3 Noticias economicas ingles

Largest US digital asset exchange argues current oversight too fragmented following spat with SEC

Lucas Jackson/Reuters

• US stocks soared nearly 2% on Thursday as third-quarter earnings season started off strong.
• Earnings reports from banks including Bank of America, Morgan Stanley, and Citigroup were ahead of expectations.
• Weekly jobless claims fell to a pandemic-era low, also helping boost investor sentiment.
• Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

US stocks jumped nearly 2% on Thursday as investors reacted positively to strong third-quarter earnings beats from banks including Bank of America, Morgan Stanley, and Citigroup.

The bank stocks soared as much a 4% as a continued drop in provisions for credit losses and strength in the investment banking and wealth management sectors drove growth.

Also boosting investor sentiments on Thursday was a strong weekly jobless claim reading of 293,000, representing a pandemic-era low and beating economist estimates. Continuing claims fell to 2.59 million, besting forecasts as well.

The Dow Jones Industrial Average jumped over 500 points while the tech-heavy Nasdaq 100 led markets higher.

Here's where US indexes stood at the 4:00 p.m. ET close on Thursday:

• S&P 500: 4,438.25, up 1.71%
• Dow Jones Industrial Average: 34,912.56, up 1.56% (534.75 points)
• Nasdaq Composite: 14,823.43, up 1.73%

Cathie Wood's Ark Invest put its name behind a bitcoin futures ETF that was filed with the SEC on Wednesday, signalling that the futures-based crypto ETF may be eventually approved by the regulatory agency.

Coding platform GitHub soared more than 20% in its IPO debut on Thursday, sporting a valuation of more than $11 billion. The company, which has seen a surge in growth amid the work-from-home trend, priced its IPO at $77 per share.

Chinese brokerage firms fell sharply in Thursday trades as it became apparent that a new data privacy law in China will likely hamper the companies' ability to service mainland China investors unless they quickly adapt to the new rules.

Citigroup saw its profits surge 48% in the third-quarter following the release of loss reserves and a strong period for equity and fixed income trading.

Bank of America beat its earning estimates for the third-quarter, as record-high advisory fees and a $1.1 billion reserve release helped boost profits.

Morgan Stanley posted a strong third-quarter earnings report as growth in its investment banking and wealth management divisions bested estimates.

West Texas Intermediate crude oil rose as much as 1.16%, to $81.37 per barrel. Brent crude, oil's international benchmark, jumped 1.14%, to $84.13 per barrel.

Gold jumped as much as 0.23%, to $1,798.80 per ounce.

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EU countries want European Commission to be ready if Britain suspends key part of Brexit deal

EU countries want European Commission to be ready if Britain suspends key part of Brexit deal

Panel recommends third jabs for vulnerable people in step towards expanding US rollout of extra doses

Panel recommends third jabs for vulnerable people in step towards expanding US rollout of extra doses

Panel recommends third jabs for vulnerable people in step towards expanding US rollout of extra doses

Mike Novogratz is one of the most high-profile bitcoin investors.

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• Cryptocurrency billionaire Mike Novogratz took to Twitter to seek advice on what tattoo he should get.
• The Galaxy Digital CEO said he is meeting with an artist to discuss how to turn her craft into NFTs.
• Novogratz has been consistent with his bullish views on NFTs.
• Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Cryptocurrency billionaire Mike Novogratz on Wednesday had a late-night thought that he shared with his 376,000 Twitter followers: If he were to get a tattoo, what should he get?

The CEO of Galaxy Digital took to the social media platform to tease an upcoming meeting he has about non-fungible tokens.

"I'm feeling a tattoo urge coming," Novogratz tweeted. "Meeting a bad ass artist on Friday to talk about turning her craft into NFTs. She said she would ink me. What should I get?"

Among the suggestions were tatoos of the bitcoin logo and a shogun samurai. MicroStrategy CEO Michael Saylor also chimed in though not with a design idea. The bitcoin bull simply commented: "#Bitcoin is forever..."

NFTs are digital representations of artwork, sports cards, or other collectibles tied to a blockchain. They have surged in popularity this year, with major players such as FTX and Coinbase launching their own marketplaces.

Novogratz has been consistent with his bullish views on NFTs. In April this year, the billionaire said NFTs could be worn like jewelry thanks to augmented reality. Passersby, he added, would be able to see it through their AR glasses.

Tattoos are also not new to Novogratz. On December 20, the entrepreneur-investor shared a photo of himself with a fresh tattoo, which commemorated bitcoin going "to the moon" when the digital asset, back then, broke record prices.

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Bitcoin

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• Bitcoin futures premium has doubled this month as the SEC rules on the potential of approval of several ETFs.
• SEC Chairman has recently voiced his support for bitcoin ETFs that hold futures contracts rather than directly holding bitcoin.
• The SEC is set to either approve, deny, or delay bitcoin ETF proposals from four firms over the next two weeks.
• Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

The premium tied to bitcoin futures contracts has doubled this month as investors anticipate the SEC's potential approval of several bitcoin ETFs over the next two weeks.

The SEC is set to either approve, deny, or delay bitcoin ETF proposals from ProShares, Valkyrie Investments, Invesco, and VanEck, which were all submitted to the regulatory agency in August.

While still wary of a pure bitcoin ETF due to concerns for potential fraud, SEC Chairman Gary Gensler has voiced his support in recent weeks for a bitcoin ETF that buys underlying futures contracts on the cryptocurrency rather than directly buying bitcoin itself.

Since Gensler has made clear his thoughts on the possibility of bitcoin futures-based ETF, several issuers have submitted new ETF applications that would utilize that same approach, including Cathie Wood's ARK Invest.

With approval of a bitcoin futures ETF looking more likely than ever, the annualized premium of CME bitcoin futures prices over bitcoin's spot value was 15%, compared to an average of 7.7% over the first nine months of the year, according to the Wall Street Journal.

Given that there could very soon be a surge in demand for bitcoin futures contracts due to the onslaught of new ETFs, the Chicago Mercantile Exchange is planning to raise the limit on the number of bitcoin futures contacts a single firm can hold.

The SEC also seems to be ramping up education about bitcoin futures contracts ahead of their decision on the ETFs later this month. On Thursday, the SEC Investor Education Twitter account shared a link to more information on bitcoin futures and said, "Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits."

Whichever firm receives approval for the first bitcoin futures-based ETF could see a significant first-mover advantage as investors seek exposure to bitcoin in their traditional brokerage and retirement accounts. Bitcoin is up more than 30% so-far in October, and is up just over 100% year-to-date.

Markets Insider

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The MSC Magnifica in Auckland in 2019.

MSC Cruises

• MSC Cruises has canceled its 2022 world cruise and will instead sail two global cruises in 2023.
• The cruise line attributed the cancellation to the "current unavailability of ports."
• MSC says it's an issue regarding pandemic-related restrictions at ports.

MSC Cruises has canceled its 2022 world cruise due to the "current unavailability of ports" and will instead sail two global cruises in 2023, the company said in a press release on Wednesday.

"It would not have been possible to carry [the 2022 world cruise] out due to there being too many ports still facing restrictions as a result of the pandemic," the company said. MSC did not immediately respond to Insider's request to elaborate on said "restrictions," but ports around the world are currently facing congestion issues amid persistent and crippling supply chain delays.

To address the ongoing demand for world cruises, MSC- which is owned by logistics and shipping group MSC Mediterranean Shipping Company - has moved its 2022 global cruise to the following year aboard the MSC Magnifica. This sailing will then accompany MSC's sold-out 2023 world cruise aboard the MSC Poesia, which first went on sale in 2020.

The two global cruises on the Magnifica and Poesia will sail with different itineraries, the former with the same plans as the initial 2022 world cruise. The ships will begin embarkation from January 4 through 7 in four European cities. And from there, the cruises will sail on different paths.

Passengers who were initially set to sail on the 2022 world cruise will receive priority booking for the new 2023 world cruise aboard the Magnifica. Guests who move their now-canceled cruise to 2023 can also book a free sailing between January 1 and May 3, 2022.

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• A record 4.3 million Americans have quit their jobs in August.
• According to a new analysis from BestColleges, Georgia may be a good state if you're looking to make a career change.
• Here's the top states to change careers according to BestColleges and some highlights from the metrics used to create the ranking.

15. New Jersey

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New Jersey had the third largest median income and also ranked third for well-being using Sharecare's Community Well-Being Index. However, the Garden State had one of the wider gender pay gaps using earnings data, having the third largest earnings gap among the states.

14. Washington

Matteo Colombo/Getty Images

Washington's relatively large median income contributed to it being one of the better states to change careers, according to BestColleges' analysis. The state ranked seventh for median income and also had a high well-being index using Sharecare's Community Well-Being Index. The state's lowest rank among the seven metrics was its gender pay gap, having the fourth largest earnings gap. 

13. Kansas

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Kansas' lower cost of living compared to other states contributed to it being one of the top 15 states to change careers, with the second lowest cost of living among the states. It also had a relatively low unemployment rate, ranking 12th. However, the state had the second lowest year-over-year job growth.

12. Texas

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Both Texas' cost of living and its year-over-year job growth ranked 14th, its best ranks among the seven metrics used to find the best states to change careers. The Lone Star state's lowest ranks were its unemployment rate and well-being index, placing at 35 for both of these two categories. 

11. Virginia

Sky Noir Photography by Bill Dickinson/Getty Images

Virginia had one of the larger median incomes among the states, ranking 10th. The state had a relatively higher well-being rank and vaccination rate among the states. However, Virginia doesn't have as much year-over-year job growth compared to other states, ranking at 39.

10. Maryland

Richard T. Nowitz/Getty Images

Maryland had the largest median income among the states based on the 2019 Census data used to come up with the ranking. The state also had one of the better well-being scores and a higher COVID-19 vaccination rate as of September. The state is a relatively more expensive place to live though, placing 44th in the cost of living metric.

9. Rhode Island

Shobeir Ansari/Getty Images

Rhode Island is one state seeing large year-over-year job growth, ranking fourth in this metric among the states. The state also ranked fourth for its COVID-19 vaccination rate as of September. However, the Ocean State does have a relatively high cost of living, placing toward the bottom for this metric at 42.

8. Nebraska

John Coletti/Getty Images

Nebraska had the lowest unemployment rate in August. The state's second best score among the seven metrics was for its cost of living, ranking at 17. Its lowest ranking among the seven metrics however was for its year-over-year job growth, where it placed toward the bottom of the rank at 44. 

7. Hawaii

Peter Unger/Getty Images

Hawaii had the largest year-over-year job growth according to BestColleges.com's analysis of job data. The state also ranked high for its well-being, placing second in Sharecare's Community Well-Being Index of 2020 used to develop the ranking. However, it can be expensive to live in the state as the state had the highest cost of living.

6. Massachusetts

Bruce Yuanyue Bi/Getty Images

Among the seven metrics used to calculate the ranking, Massachusetts had the best well-being index from Sharecare's Community Well-Being Index of 2020 used in the ranking. The state also had the second largest median income. However, it can be expensive to live in the state compared to others, placing 47th for its cost of living.

5. Minnesota

Walter Bibikow/Getty Images

Minnesota's best metric among the seven used to calculate the overall score was for its unemployment rate, which ranked 12th. The state's median income is also relatively larger than others, ranking 13th. On the other hand, the state had a higher cost of living than many other states, placing 30th for this metric.

4. Vermont

Walter Bibikow/Getty Images

Vermont had the highest COVID-19 vaccination rate among the states according to September data used by BestColleges to come up with its ranking. The state also ranked second for its narrow gender pay gap and high job growth. However, it placed toward the bottom for its cost of living, placing at 41.

3. Utah

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Utah had the second lowest unemployment rate, according to August rates. The state also ranked 10th for both well-being, based on Sharecare's Community Well-Being Index of 2020, and for job growth. Utah's gender pay gap using 2019 earnings data is the largest among the states per the ranking, however.

2. New Hampshire

John Elk III/Getty Images

New Hampshire had the fifth lowest unemployment rate in August. The state also had a larger median income than other states, placing at eighth. However, the cost of living is relatively high, ranking at 37 for this metric.

1. Georgia

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Georgia had the sixth lowest cost of living and the ninth lowest unemployment rate, according to BestColleges.com analysis. However, the state also had one of the lower COVID-19 vaccination rates, placing at 42 among the states for this metric based on September data.

Here's how and why BestColleges' came up with its latest ranking

The Great Resignation seems to not be ending soon as over 4 million workers quit their jobs in August, a record high. People are leaving for opportunities that pay more or in search of jobs offering better work-life balance.

Sometimes a career change isn't just a new job, but may also mean moving to a new state for a new opportunity. For those who don't mind if they have to move for their career switch, the new analysis from BestColleges may be a good list to review. 

BestColleges puts together different kinds of college rankings and provides different resources for college students. It also has published different guides and lists about changing careers, such as jobs for teachers considering a change or how to know it's time to make a career switch. 

As Americans continue to re-evaluate what they want from work and if it's time to say goodbye to their current positions, BestColleges decided to figure out what could be the best states for career changes. 

"The team at BestColleges.com wanted to assist individuals who might not know where to begin when considering a career shift coupled with a relocation," Jessica Bryant, education analyst for BestColleges, told Insider in an email. 

To do this, BestColleges used seven metrics from different datasets that may be important to consider when relocating for a career change. Each metric was ranked and given a weight to calculate an overall score for each state. Median income and cost of living were given the largest weights. A lower overall score meant a higher rank and therefore a potentially better state for those looking to change careers.

The following are the seven metrics used by BestColleges and their weights in parentheses:

• Median income using 2019 data from the Census' American Community Survey (25%)
• Cost of living using data from the Council for Community and Economic Research's Cost of Living Index (25%)
• Job growth using year-over-year July data from the Bureau of Labor Statistics (15%)
• Unemployment rate as of August 2021 from the Bureau of Labor Statistics (15%)
• Gender pay gap using 2019 earnings data from the Census' American Community Survey (10%)
• Well-being using Sharecare's 2020 Community Well-Being Index (5%)
• COVID-19 vaccination rate using September data from the Mayo Clinic (5%) 

"We considered an endless list of metrics to include in our ranking, but ultimately settled on the seven factors most relevant for the current economic landscape," Bryant said. "Potential career switchers should know about the financial, employment, and social circumstances of an area they're considering moving to, and how those combined factors will impact their futures." 

The above slides include information provided by BestColleges to Insider about where each state ranked for each of the seven metrics before they were weighted to calculate the overall score.

Based on the weighted scores, Georgia is the best state for career changers. The full analysis of how each state ranked for career change and more information about the data used can be found on BestColleges.

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Michael Burry.

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• Michael Burry is considering placing a wager against cryptocurrencies.
• "The Big Short" investor asked on Twitter how he could bet against the digital coins.
• Burry warned that market speculation has likely reached unprecedented levels.

Michael Burry, who made his name and fortune by betting against the housing bubble, has set his sights on a new target: cryptocurrencies.

"Ok, I haven't done this before, how do you short a cryptocurrency?" he said in a now-deleted tweet this week. "Do you have to secure a borrow? Is there a short rebate? Can the position be squeezed and called in?"

Burry, whose massive wager against subprime mortgages was immortalized in the book and the movie "The Big Short," emphasized that he was only considering taking a position against crypto.

"In such volatile situations, I tend to think it's best not to short, but I'm thinking out loud here," he tweeted.

The Scion Asset Management boss, who routinely deletes his tweets, recently locked his Twitter profile to new users. He cited the army of meme-stock and crypto zealots and bots commenting on his tweets to drum up interest.

"Crypto/Meme bots and pumpers reply to big accounts in huge numbers for the promotion," Burry tweeted. "Deleting tweets knocks it back. Going Private allows tools to discourage them."

"But it's breathtaking, this religion of real and fake people," he continued. "The speculation probably tops anything in history."

Burry has repeatedly criticized crypto this year. He's dismissed shiba inu coin as "pointless," ridiculed dogecoin's surging price, and warned bitcoin is a "speculative bubble" that's fueled by huge amounts of leverage and vulnerable to government crackdowns.

The fund manager also compared the excitement around bitcoin, meme stocks, and other popular assets to the mid-2000s housing boom and the dot-com bubble. He warned they've been "driven by speculative fervor to insane heights from which the fall will be dramatic and painful."

Besides his housing bet, Burry is known for investing in GameStop and inadvertently paving the way for the short squeeze on the stock in January, as well as the broader meme-stock frenzy this year. Notably, Burry's latest portfolio update showed he was betting against Elon Musk's Tesla and Cathie Wood's Ark Invest.

Read more: Warren Buffett expert Robert Hagstrom breaks down the 3 key elements of the investor's 'ultimate money mind' - and explains why he won't rush to make another elephant-sized acquisition

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On Wall Street, M&A is on fire, but on Main Street, loan growth is muted. Here’s what bank earnings reveal about the bigger picture.

On Wall Street, M&A is on fire, but on Main Street, loan growth is muted. Here’s what bank earnings reveal about the bigger picture.

Robinhood.

Brendan McDermid/Reuters

• Some of Robinhood's pre-IPO investors were given SEC approval to sell their shares.
• Early investors, such as Ribbit Capital, pumped billions into the trading app after the GameStop trading halt.
• JPMorgan analysts warned previously of downward pressure on Robinhood stock as more shares are freed up.

Early Robinhood investors who pumped money into the retail-trading app amid the January GameStop surge can sell their shares, after the US Securities and Exchange Commission approved the move.

The SEC approval became effective Wednesday, a filing shows. The investors won't be allowed to sell their shares, however, until after Oct. 26 when Robinhood reports its quarterly results, according to Bloomberg, which first reported the story and cited a company statement. The investors also said they would keep half of the shares for 28 days after the SEC approval, the statement said.

The Robinhood stock sale stems from emergency funding the company raised early this year to cover a cash shortage. Robinhood had to put up more collateral at the industry's key clearinghouse as the meme stock craze in January led Robinhood to halt trading of GameStop and AMC shares, among others

Pre-IPO investors led by Ribbit Capital pumped $3.4 billion into Robinhood as the app faced customer outrage and political criticism over the trading halt, Insider reported previously.

JPMorgan analysts, led by Kenneth Worthington, warned in a recent note of increased pressure on Robinhood stock as millions of shares are unlocked in the coming months.

But the "big unlock" will be Dec. 1, when 500 million more shares are freed up, they said, rating the company at underweight with a $35 target price.

Because Robinhood gave access to retail investors in its initial public offering, JPMorgan predicted that after more shares are on the market, the retail side will have less influence on the stock. That means it will trade more on fundamentals than mere sentiment.

As of Thursday, the stock traded as $40.89, up 7.5% since going public in July. Ribbit Capital did not immediately respond to Insider's request for comment.

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Moderna stock has soared over the last year on the back of its coronavirus vaccine.

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• On Thursday the FDA's expert panel voted in favor of booster shots of Moderna's COVID-19 vaccine.
• Moderna is seeking an OK for all older adults (65+) and younger adults at high risk of severe COVID-19.
• The FDA now has to decide whether or not to OK Moderna's booster shot.

Moderna just got a step closer to rolling out a COVID-19 booster shot to the general public.

A panel of independent experts convened by the Food and Drug Administration voted unanimously Thursday in favor of a Moderna booster shot for certain people who got their shot at least six months ago. The group supported offering an extra dose to adults 65 years and older, as well as younger adults who are at high risk of severe COVID-19.

The recommendation, backed by a 19-0 vote by the committee, clears the way for the FDA to authorize a booster of Moderna's vaccine for more people. The FDA typically follows the recommendations of its advisory panel, but it is not required to do so.

For many people in the US, the booster-shot campaign has already begun. In August, the agency OK'd a third dose of Moderna's shot for people who are moderately or severely immunocompromised. The FDA also authorized a third dose of Pfizer's coronavirus vaccine in September for all older adults and younger adults at high risk of severe disease.

So far, about 8.6 million people in the US have received a booster shot, according to the Centers for Disease Control and Prevention.

Moderna's booster shot will be a smaller dose

The Massachusetts biotech is seeking to use a booster shot that is half the strength of the first two shots. Moderna said this lower dose still provided a robust immune response, as seen by higher levels of virus-fighting proteins called antibodies, and carried a similar side-effect profile as the second dose.

Study results with Moderna's booster are limited, as the study is still ongoing and accruing data. Moderna's application includes trial data from 149 volunteers who got the lower-dose booster after being fully vaccinated. That trial failed to meet one of the two success criteria the FDA said it's looking for when reviewing booster shots, the agency's review said. The study succeeded in showing a booster raised antibody levels as high as the second dose, but the trial failed to meet the FDA's bar of showing the extra dose raised antibody levels at least fourfold from pre-booster levels.

In a sign of the urgency fueling the booster debate, panelist Dr. Patrick Moore said he voted in favor of authorization from "more gut feeling than based on really, truly serious data."

"The data itself is not strong, but it is certainly going in a direction that is supportive of this vote," said Moore, a microbiology and molecular genetics professor at the University of Pittsburgh.

The safety profile of Moderna's booster shot was generally similar to the second dose. People under 65 years old reported more frequent side effects than older volunteers.

The most common side effects after a booster shot included injection site pain, fatigue, headache and muscle pain.

A Johnson & Johnson booster shot could be next

The FDA is also reviewing Johnson & Johnson's application to give an extra dose for its single-shot vaccine. The expert panel will meet again Friday to discuss and vote on J&J's booster shot.

Boosters shots have turned into a contentious topic, particularly on when exactly they are needed. It's unclear how long protection lasts from initial vaccination, and it's also unknown how long a booster shot would protect people from COVID-19.

Scientists are also divided over if booster shots should only be used if protection against severe illness is declining. Others say there's benefit in preventing milder COVID-19 cases among the vaccinated, and it's better to proactively respond to any signs of waning protection.

While the FDA's expert panel is a critical hurdle to clear, the review process is still ongoing. The CDC will have its own advisory committee meet on October 20 and 21 to vote on recommendations for using Moderna and J&J booster shots, if the FDA OKs the shots by then. The final step in the review will be the CDC's director finalizing its agency's recommendations on how to use the booster shots.

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Southwest Airlines CEO Gary Kelly

Southwest Airlines

• Southwest Airlines CEO Gary Kelly issued a formal apology for the company's weekend meltdown.
• He addressed customers and employees directly, apologizing for the negative impact the breakdown had.
• Company COO Mike Van de Ven explained why the chaos happened and asked customers to give Southwest another chance.

Southwest Airlines CEO Gary Kelly issued a formal apology to customers on Thursday after its weekend meltdown that impacted thousands of passengers.

Via Twitter, Kelly apologized for Southwest's disastrous meltdown over Columbus Day weekend that separated families and ruined vacations. He addressed the company's employees, emphasizing his appreciation for their hard work during the breakdown, as well as the customers, who he said didn't deserve what happened.

-Southwest Airlines (@SouthwestAir) October 14, 2021

Southwest chief commercial officer Mike Van de Ven also provided a statement to customers extending a sincere apology and emphasizing the importance of taking care of customers when things go wrong.

"Let me begin with our heartfelt apology to everyone whose travel was disrupted by these events: we are truly sorry," he said. "I fully realize that any attempt at an explanation falls short of our ultimate goal of delivering you to your destination on time with our typical Southwest hospitality."

He also implored customers to consider giving Southwest another chance.

"We are doing our best to proactively reach out to customers whose travel plans were impacted to offer our apologies and invite them to give us another chance to earn their business," Van de Ven said.

In the letter, Van de Ven also included an explanation of why the meltdown happened, which he said started with air traffic control issues and weather in Florida on Friday that created a ripple effect impacting its entire point-top-point network. Van de Van said that the disruptions in Florida, which is where nearly 50% of its flights start and end each day and a quarter of its crew assignments are located, displaced its crews and aircraft.

Orlando is one of Southwest's largest crew bases, and its seven-hour closure on Friday prevented aircraft, pilots, and flight attendants from moving through the system. Van de Van explained that because of this, flight crews could not get to their pre-planned positions. The airline got so out of order on Friday that the out-of-place resources cascaded through Tuesday, causing over 3,000 cancellations, according to Van de Ven.

Chicago-area bride Kimberli Romano was one of the many people impacted by Southwest's meltdown. The airline canceled her parents' flight to her wedding in Las Vegas and the family was unable to find another flight in time for the ceremony.

"It's the most important day of my life thus far and I didn't have a single family member present at my wedding," Romano told CBS Chicago.

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Associate Justice Sonia Sotomayor

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• Justice Sonia Sotomayor said Supreme Court justices lack diverse legal experiences.
• "When Ruth Bader Ginsburg passed, we lost our only civil rights lawyer," Sotomayor said.
• "I do worry that the authorities who are selecting judges are not paying enough attention to that kind of diversity as well," she added.

Justice Sonia Sotomayor on Wednesday discussed how the nine Supreme Court justices are "greatly missing" diverse legal experiences.

"When Ruth Bader Ginsburg passed, we lost our only civil rights lawyer," Sotomayor said during a virtual event for the fifth anniversary of the New York University School of Law's Center for Diversity, Inclusion and Belonging.

Nobody on the bench has "been in the trenches on civil rights issues, whether it's on women's rights, racial rights, or even disability rights," she continued, adding that the justices also don't have backgrounds in immigration, environmental or criminal defense law either, besides some "white-collar work."

Most justices previously held jobs as judicial clerks, law professors and deans, and legal counsel to politicians, to name a few. Some of the justices have had practice in commercial law and media law for private firms and in civil and criminal law for the government.

Sotomayor mentioned that her colleagues may not agree with her sentiment, but raised the issue as a cause for concern, considering that the court reviews "so many areas of law" and its decisions "impact in such tremendous ways."

"I do worry that the authorities who are selecting judges are not paying enough attention to that kind of diversity as well," she added. "That kind of diversity - diversity in experience - is something that I think we are sorely missing."

Sotomayor's comments come as the court kicked off its new term last week, which features a number of important cases on the docket, including challenges to abortion rights and gun laws.

President Joe Biden has acknowledged criticisms that the federal courts lack professional diversity and has so far tried to address those gaps by nominating judges of various legal backgrounds.

His first list of judicial nominees released in March featured "attorneys who have excelled in the legal field in a wide range of positions, including as renowned jurists, public defenders, prosecutors, in the private sector, in the military, and as public servants at all levels of government," the White House said.

Biden has also boosted the racial and gender diversity of the courts by appointing more people of color and women. That comes after former President Donald Trump worsened representation in the federal judiciary as he selected mostly white judges to serve. His three Supreme Court picks - Gorsuch, Kavanaugh and Barrett - are also white.

Sotomayor on Wednesday spoke about the struggles that people of color face in society and about her role as the first woman of color and the first Latina on the court.

"If you are a person of color, you have to work harder than everybody else to succeed," she said. "It's just the point of life. It's the nature of - the competitive nature of our society - where you have to prove yourself every day."

"I don't know that I feel any greater pressure than I have in doing anything in my life," Sotomayor added. "That means for me, that in every opinion I write, I know I have to give it my best."

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Soaring natural-gas and coal prices are pressuring power-generation companies and manufacturers to switch to using oil, a trend that could add half a million barrels a day to global demand, the IEA said.

Scott Olson/Getty

• The restaurant industry is in crisis as workers continue to leave for better working conditions.
• Over half of workers said in a survey that customers have become more demanding in a new survey.
• Workers say tips have gotten worse in the shift to more to-go orders.

Times are tough in the restaurant industry, and many workers are getting out for other opportunities.

According to restaurant workers surveyed by Lightspeed, 62% said that customers are more demanding than ever before. This fits with other data coming out of the industry, including a majority of restaurant workers reporting emotional abuse and disrespect from customers. Of restaurant operators, 72% agree that customer behavior has gotten worse over the past year.

Despite higher demands from customers, tipping hasn't improved on the same scale and 60% of workers say guests are ordering more food than before the pandemic but tipping the same amount or less. Loss of tips is especially impacting workers at full-service restaurants, who can make as little as $2.13 per hour before tips. As those businesses continue to grow takeout orders, workers lose out on potential tips.

Lightspeed surveyed 2,000 restaurant workers and operators on the state of the industry after 1.5 years of the pandemic.

These difficult conditions are leading to a mass exodus of workers from the restaurant industry. Turnover, which is already higher in restaurants than in many industries, is still elevated over pre-pandemic levels, according to a survey of 4,700 former, current, and hopeful restaurant workers from Black Box Intelligence. 15% of those surveyed workers left the restaurant world in the last year, and another 33% said they hope to leave by the end of 2021.

As workers leave, conditions become even more difficult for operators and remaining workers. Business owners say they're unable to find staff and in some cases even cite a lack of desire to work, while workers say they can demand better pay and benefits in the tight labor market. This mismatch has led to restaurants decreasing hours and closing dining rooms.

Nearly half of operators said that they reduced dining capacities voluntarily. According to a survey from the National Restaurant Association, 61% of fast-food restaurants, and 81% of full-service restaurants said that they decided to shut parts of dining rooms in August because they didn't have the workers to serve those areas.

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