Job Market Cools, Recession Not ‘Off The Table’

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Happy Monday,

What song do you have on repeat from Speak Now (Taylor’s Version)? For me, it’s “Dear John (Taylor’s Version)” in its nearly 7-minute entirety.

This version of Speak Now has some notable changes, including the axing of a controversial lyric some fans deemed “misogynistic” in “Better than Revenge (Taylor’s Version).” It’s the latest example of an artist rewriting their lyrics in the midst of backlash.

The album, released last week, is destined for the top of the charts if the track records of Taylor’s versions of Red and Fearless are any indication. Happy listening.

BREAKING NEWS

Treasury Secretary Janet Yellen said a recession is “not completely off the table” even as the U.S. economy remains strong, in an interview with CBS News Sunday. She remarked that slower-than-expected job gains last month were “appropriate and normal,” but also said inflation remained too high.

Senate Majority Leader Chuck Schumer (D-N.Y.) called on the FDA to investigate Prime Energy drinks over high caffeine content and alleged marketing toward children. A single can of the viral beverage from YouTube stars KSI and Logan Paul contains caffeine equivalent to roughly six cans of Coke or nearly two Red Bulls.

BUSINESS + FINANCE

The U.S. economy added fewer jobs than expected last month. Data released Friday shows 209,000 jobs added in June, falling short of economists’ estimates and indicating a possible labor market cooldown.

The Supreme Court’s rejection of affirmative action in college admissions doesn’t just affect students and colleges looking to shape their student bodies: companies will have to reprioritize their own diversity, equity, and inclusion efforts. After all, a more diverse workforce means better business, according to marketing expert and Forbes contributor Sonia Thompson.

WEALTH + ENTREPRENEURSHIP

The estimated $6.8 billion fortune of media mogul and former Italian prime minister Silvio Berlusconi, who died last month at age 86, will now be inherited by his five children. Berlusconi’s will, unsealed Thursday, revealed that he planned to give most of his fortune—largely tied up in his holding company Fininvest—to Marina and Pier Silvio, his eldest children from his first marriage.

TECH + INNOVATION

Binance CEO Changpeng Zhao downplayed the departures of several top executives as the world’s largest cryptocurrency exchange faces legal actions, citing changes in the “global environment for crypto,” the company’s maturation and “personal situations” as reasons for the exits. Zhao was responding to a Fortune story that asserted senior employees resigned this week over his handling of a DOJ investigation.

Right-wing users are accusing Meta’s new Twitter competitor Threads of allegedly censoring conservative voices, including Donald Trump Jr., who had a warning attached to his account that Meta claims was an error. A Meta spokesperson told Forbes that posts on Threads are subject to Instagram’s Community Guidelines, which forbid content including hate speech, credible threats, nudity, spam and illegal content.

MONEY + POLITICS

Despite hitting the campaign trail for President Joe Biden, Democratic California Gov. Gavin Newsom is making moves that have many wondering if he’s planning a presidential run—including sparring with GOP candidate Ron DeSantis, sitting down with Fox News host Sean Hannity, and setting up a political action committee. Newsom has rejected suggestions he is weighing a 2024 presidential run.

Republican Florida Gov. Ron DeSantis said he will participate in GOP presidential debates this fall, even if former President Donald Trump is not on the stage. It’s unclear whether the commitment means that DeSantis will also support the party’s eventual nominee, which the Republican National Committee requires to debate.

SPORTS + ENTERTAINMENT

Elton John bid goodbye to his Farewell Yellow Brick Road Tour when he played his last show on the tour in Sweden on Saturday. The five-year-long tour, delayed by the Covid pandemic and an injury, now holds the record for the most money ever made from ticket sales.

Hip-hop mogul Jay-Z’s Roc Nation Sports International announced its expansion into South America through the acquisition of Brazilian Soccer Agency TFM. The transaction adds a slew of rising Brazilian players—including Real Madrid’s Vinicius Junior and Arsenal’s Gabriel Martinelli—to Roc Nation’s already impressive roster.

DAILY COVER STORY

How A Magazine Claiming To Empower Female Founders Was ‘Birthed’ By A Controversial Church

TOPLINE To small business owners, like Dr. Yusra Al-Mukhtar, Women of the City looked like a glossy fashion magazine on a mission to highlight female entrepreneurs.

The magazine wanted to run a cover story featuring the Dr. Yusra Clinic and its founder, and promised it would blow up her personal profile, for a price of $6,400. She negotiated the fee down, and after paying it, she waited. And waited. Eventually, WOTC stopped responding.

Interviews with 11 alleged victims show magazine representatives repeatedly promising flashy features and publicity to small business owners and then absconding with the fees it charged them without ever delivering. WOTC denies the allegations. But entrepreneurs and fashion designers interviewed by Forbes collectively claim to have lost at least $195,000 to the publication.

And where did that money go? Interviews and documents obtained by Forbes show financial connections to a controversial church that has been accused by former members of being a religious cult: the Salvation Proclaimers Anointed Church, or SPAC Nation. Founded in London in 2008 by Pastor Tobi Adegboyega, SPAC Nation has in its 15 years of existence faced repeated allegations of fraud, child abuse and financial exploitation in the U.K. press.

Interviews with former SPAC Nation members and WOTC staff as well as internal documents and discussions suggest that Women of the City magazine was created and run by SPAC Nation pastors.

Editor-in-chief Phadria Prendergast, who was even named to the Forbes 30 Under 30 Europe in March, was the face of the magazine, but its key architect appears to be her mentor and SPAC Nation pastor Mariam Mola—an infamous career con-artist—according to seven sources with direct knowledge of the church and publication.

“They looked really legitimate and like such a safe space for female entrepreneurs like myself,” Norwegian architect Oda Olafsrud, who claims she is owed $9,300 by WOTC, told Forbes. “You claim to empower women, but then you tear them down with scams and fraud?”

WHY IT MATTERS “Alleged victims of Women of the City told Forbes it was hard to spot the red flags through the publication’s positive messaging and conspicuous wealth,” said Forbes reporter Sarah Emerson. “By the time WOTC launched its first issue in April 2020, SPAC Nation was already under investigation over financial and welfare concerns. Many of the women featured by the magazine said they were unaware of its connections to the church.”

FACTS AND COMMENTS

While Elon Musk and Mark Zuckerberg’s long-running rivalry hasn’t come to physical blows—yet—last week’s launch of Threads, Meta’s direct competitor to Twitter, signaled the billionaires’ brawl is heating up:

$1.2 billion: Increase to Zuckerberg’s net worth last week after an uptick in Meta’s stock

$8.2 billion: Increase to Musk’s net worth last week after Tesla stock notched a 5% jump

100 million: Number of users who joined Meta’s Threads app in less than five days, making it the fastest-growing online platform in history

STRATEGY AND SUCCESS

Habits you learn early in your work experience from a manager or others to approach problem-solving and decision-making can imprint on the rest of your career. It might be time to consider which of those mindsets are beneficial to keep, and which could be unlearned.

VIDEO

QUIZ

Visiting a U.S. National Park in the summer can often mean dealing with large crowds, and some parks have started to use timed entry or vehicle reservations in response. Which of the following was the least visited national park in 2022?

A. National Park of American Samoa

B. Dry Tortugas National Park

C. Great Smoky Mountains National Park

D. Joshua Tree National Park

Check your answer.

ACROSS THE NEWSROOM

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