标签： North America

The holiday job market in the United States is facing unprecedented challenges, with seasonal hiring expected to drop to its lowest level since the aftermath of the 2008 recession. According to the National Retail Federation, retailers are projected to hire between 265,000 and 365,000 seasonal workers this year, a significant decline from 442,000 in the previous year. This pullback reflects a cautious approach among businesses grappling with tariffs, inflation, and consumer uncertainty. Nicholas Strahl, a 41-year-old part-time retail sales associate in Indiana, exemplifies the struggles of job seekers. Despite applying to multiple retailers since October, he has yet to secure a seasonal position. ‘I’ve never seen the job market like this—it’s pretty crazy,’ he remarked. The labor market is described as ‘frozen with frostbite’ by Allison Shrivastava, an economist at the Indeed Hiring Lab, as a larger pool of job seekers competes for fewer opportunities. Retail job openings in October were down 22% compared to last year, according to Revelio Labs. Major retailers like Target and Walmart have remained tight-lipped about their seasonal hiring plans, a departure from previous years. Meanwhile, smaller businesses, such as Hobby Works in Maryland, are scaling back hiring due to economic pressures and the recent government shutdown. For many Americans, the lack of seasonal work means cutting back on holiday spending and delaying essential expenses, further highlighting the economic strain faced by households across the country.

Binance, the world’s largest cryptocurrency exchange, and its billionaire founder Changpeng Zhao (CZ) are embroiled in a high-profile lawsuit in the United States. The legal action, filed by victims of the October 7, 2023, attacks in Israel and their families, accuses Binance of facilitating the transfer of over $1 billion to US-designated terrorist organizations, including Hamas and Hezbollah. The lawsuit alleges that Binance knowingly allowed these transactions, including $50 million sent after the attacks, and maintained lax monitoring of inbound funds, enabling illicit activities on its platform. The complaint further claims that Binance intentionally structured itself as a haven for criminal activity, with no significant changes to its core business model despite previous legal settlements. This lawsuit reignites scrutiny of Binance’s practices, coming just weeks after former President Donald Trump pardoned Zhao, who had pleaded guilty to money laundering charges in 2023. Binance has denied the allegations, stating it complies with international sanctions laws and has improved its compliance systems. The plaintiffs are seeking financial damages through a jury trial. The case has sparked controversy over Trump’s pardon, with critics arguing it sends a dangerous message to cryptocurrency executives and white-collar criminals.

Gulf Cooperation Council (GCC) banks are entering 2026 with stable credit fundamentals, robust capital buffers, and resilient profitability, according to a recent assessment by S&P Global Ratings. The agency highlights that 90% of bank ratings in the region carry a stable outlook, reflecting the Gulf’s solid economic foundation and conservative banking frameworks. However, geopolitical tensions and oil-price volatility remain significant risks. S&P analysts Mohamed Damak and Tatjana Lescova emphasize that the sector’s stability hinges on its ability to navigate these external challenges effectively. The agency’s base case assumes no major geopolitical disruptions or prolonged oil-price declines, but warns of potential downside scenarios, including regional conflicts or a sharp drop in oil prices due to global economic slowdowns. External funding needs are rising across the Gulf, with Bahrain and Qatar holding the highest levels of external debt. Saudi banks are expected to continue accessing international debt markets to support Vision 2030 projects. Despite these pressures, the region benefits from strong capital inflows, driven by high oil revenues and diversification efforts. S&P’s average long-term rating for GCC banks is A-, slightly higher than last year, reflecting improved operating conditions and government support. UAE banks, in particular, are expected to thrive due to rapid non-oil economic expansion, population growth, and robust credit demand. The UAE’s digital transformation has also enhanced retail lending efficiency. Economic activity across the Gulf is projected to strengthen, with Brent crude prices stabilizing at around $60 per barrel in 2026 and average real GDP growth estimated at 3.1%. The UAE is expected to outperform this average, supported by growth in tourism, real estate, trade, and technology. Asset quality has improved significantly, with non-performing loan ratios falling to 2.7% and loan-loss provision coverage rising to 155.6%. However, S&P cautions about latent risks, including untested credit exposures and potential defaults in Türkiye. Capitalization remains a key strength, with GCC banks reporting an average Tier-1 capital ratio of 17%. While hybrid instruments have increased, particularly in Saudi Arabia, the overall quality of capital remains solid. S&P concludes that UAE banks are well-capitalized and profitable but must remain vigilant to navigate potential turbulence.

Dubai’s real estate market, renowned for its dynamic growth, has long faced a significant hurdle: the absence of mortgage options for off-plan properties. Traditionally, financing in the UAE has been restricted to ready-to-move-in homes, creating financial challenges for first-time buyers. To address this, the Dubai Land Department has introduced measures such as reduced down payments, partial waivers on registration fees, and priority booking under the First-Time Home Buyer Programme. These initiatives aim to ease market entry for aspiring homeowners. In a groundbreaking move, Majid Al Futtaim, a leading developer in the region, has partnered with Emirates NBD to launch off-plan mortgage financing across its residential portfolio. This collaboration marks a pivotal shift in Dubai’s property market, offering buyers the opportunity to secure home loans during the off-plan phase. Under the agreement, buyers who have completed 50% of their property payments can apply for mortgages with competitive interest rates and repayment terms of up to 25 years. This initiative is open to both UAE nationals and residents meeting standard credit criteria, providing a streamlined and transparent path to homeownership. The partnership not only addresses a critical financing gap but also aligns with Dubai’s broader efforts to make property investment more accessible. Ahmed El Shamy, CEO of Majid Al Futtaim Development, emphasized the importance of financial clarity in homebuying decisions, stating that the collaboration offers customers a flexible and familiar option. Rohit Garg of Emirates NBD highlighted the growing demand for structured payment plans, underscoring the partnership’s role in supporting sustainable homeownership. This initiative is expected to enhance market confidence and make high-quality residential communities more attainable for a diverse range of buyers.