FAKE TECH JOB SCHEME
US stock market rallies as Dow jumps 550 points, S&P 500 tops 6,000, Nasdaq surges and Tesla leads tech comeback after strong jobs report
US stock market surges as Dow rallies 500 points after a stronger-than-expected May jobs report lifts investor confidence and eases fears of an economic slowdown. The S&P 500 touches 6,000, marking its highest point since February, while the Nasdaq jumps 1.4% on tech gains. Stocks like Tesla, Nvidia, Meta, and Apple all traded higher, with Tesla rebounding 3% after Thursday's sharp drop. The U.S. added 139,000 jobs, beating forecasts, and unemployment stayed at 4.2%, showing a still-resilient labor market. The data comes just weeks ahead of the Federal Reserve's June meeting, adding weight to interest rate expectations.
Trump vs Musk turns ugly; Biopeak's fresh funding
Tensions escalated between Elon Musk and Donald Trump as the former sharpened his critique of the Budget Bill. This and more in today’s ETtech Top 5.
Amazon agrees to tackle fake reviews in UK: regulator
Amazon has pledged to enhance its systems to combat fake online reviews on its UK platform, following an agreement with Britain's Competition and Markets Authority. This commitment includes stricter sanctions for businesses attempting to manipulate star ratings, potentially leading to their removal from the site.
Techie's brave decision to resign despite getting a promotion goes viral
A techie in India faced a toxic work environment marked by a rigid hierarchy and overlooked contributions despite delivering value. After a broken promise of a 55% salary hike and insensitive remarks following personal losses, he bravely resigned without another job lined up. The online community rallied to support his decision to prioritize self-respect over an ungrateful workplace.
Amazon promises to intensify crackdown against fake reviews after UK watchdog probe
Amazon has pledged to intensify its efforts to combat fake reviews and crack down on UK sellers manipulating ratings through deceptive posts, Competition and Markets Authority (CMA) said. Following a four-year investigation, the US giant has also addressed concerns about 'catalogue abuse,' where sellers misuse reviews to boost ratings and mislead consumers.
After Procter & Gamble cuts 7,000 jobs, Walmart now set to lay off over 100 tech workers in California
Walmart is planning to cut over 100 tech jobs in California as part of a bigger corporate layoff plan. The company says it's reshaping its teams to work faster and serve customers better. This comes soon after Procter & Gamble also announced major job cuts.
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Citi to cut 3,500 technology jobs in China as part of global revamp
The reduction of staff at the China Citi Solution Centres in Shanghai and Dalian is expected to be completed by the start of the fourth quarter this year, according to a statement issued by the bank. The bank said some of the roles would be moved to Citi's technology centres elsewhere, without specifying the numbers of jobs or specific locations.
U.S. stock market today: Dow Jones, S&P 500, and Nasdaq rise slightly as weak ADP jobs data fuels Fed rate cut hopes and tech stocks power market gains
U.S. stocks rise slightly as weak jobs data keeps gains limited. On Wednesday, the Dow Jones added 71 points, while the S&P 500 and Nasdaq rose by 0.3%. However, May’s private sector hiring dropped sharply, with only 37,000 jobs added — the lowest in over two years, according to ADP. President Donald Trump reacted by slamming Fed Chair Jerome Powell, urging faster rate cuts. Despite economic concerns, Nvidia surged nearly 3%, overtaking Microsoft as the most valuable public company. With the official nonfarm payrolls report due Friday, investors remain cautious. This story breaks down all the key data and reactions.
Techie admits to faking work for a month. Just before getting fired, AI saved him
A tech worker in India confessed to fabricating progress updates due to burnout and lack of motivation. Facing a sudden demand for a demo, he used an AI coding assistant to generate 4000 lines of code in six hours. The demo was successful, raising questions about AI dependency and remote work culture, ultimately leading to unexpected praise.
Engineers at frontlines of AI are least optimistic about it, shows report
Despite engineers driving AI adoption in India, they express anxiety about its impact on their careers, contrasting with the optimism of MBA and B Com graduates. The rise in job switching is fueled by technological disruption, competition, and unmet salary expectations.
Student deported from US for fake documents; arrested at Hyderabad airport
An Indian student was deported from the U.S. for using fake educational certificates to obtain a student visa. Following his confession, police arrested the managing director of an overseas education consultancy who provided the forged documents.
‘The noise is so damn disrespectful’: Joe Biden’s daughter slams claims about former US president’s mental health
Ashley Biden has fiercely defended her father, President Joe Biden, against claims about his mental and physical health, labeling them as disrespectful and untrue. Her niece, Naomi Biden, also criticized a recently released book critical of the president, denouncing it as filled with lies.
2,500 job rejections despite coding expertise, advanced degrees: Techie working at gas station exposes job market's harsh reality
A software developer with both a Bachelor's and Master's degree in Mathematics, along with professional experience and certifications, has faced over 2,500 job rejections despite being highly skilled in languages like Python and JavaScript. After more than a year of searching, he remains stuck working at a gas station under difficult conditions, highlighting the severe challenges many qualified professionals face in today's competitive and unstable job market.
Microsoft cuts hundreds more jobs after firing 6,000 last month
More than 300 employees were informed on Monday that their roles had been eliminated, according to a notice filed in Washington state and reviewed by Bloomberg. However, it was unclear which types of jobs were affected. Microsoft’s previous rounds of redundancies had primarily impacted software engineers.
‘This game is rigged’: Indian-origin Berkeley graduate experiments with fake founder persona, fools 27 investors using buzzwords
UC Berkeley graduate Bhavye Khetan sparked debate by posing as a fake founder with no product or plan. By using buzzwords like “Stanford,” “Palantir,” and “AI,” he drew responses from 27 of 34 venture capitalists. His experiment exposed how superficial signals often trump substance in the startup world, prompting both applause and ethical concerns online.
Techie gets ₹1.8 LPA after 18 months at startup, asks ‘Is this normal?’ Reddit erupts with outrage and advice
After 18 months of hard work, a techie’s post on receiving only ₹1.8 LPA drew widespread sympathy and outrage on Reddit. As the startup's first hire, he handled key responsibilities but saw little reward. Users urged him to prepare for interviews and switch jobs, warning that such low pay isn't just unfair—it’s a mental health risk.
How Nepali "job-seekers" cross into India via Bihar to reach Qatar, UAE from Mumbai
Mumbai airport saw the arrest of ten Nepali citizens. They were attempting to travel to Gulf nations with forged documents. Investigations revealed they illegally entered India via the Nepal-Bihar border. Each individual paid agents in Nepal for the fake papers. Authorities are now pursuing two suspected agents, Shakir Yadav and Ahmed.
AI/ML hiring powers ahead as demand for senior talent grows: Naukri JobSpeak Report
In May, the job landscape for white-collar professionals in India remained steady. The Naukri JobSpeak Index indicated a modest uptick, signaling positive trends. Roles in AI and machine learning surged, particularly in urban centers like Delhi NCR and Chennai. There was a strong demand for experienced professionals, especially within the oil and gas and real estate sectors.
Crash time is now: Kiyosaki urges dumping ‘fake money’ for silver, predicts 3x surge
Robert Kiyosaki, author of the best-selling personal finance book Rich Dad Poor Dad, on Monday warned that the “biggest crash in history” could begin this summer, urging investors to move out of stocks and bonds and into alternative assets like gold, silver, and Bitcoin.
LinkedIn lays off hundreds as tech giants continue to cut jobs
In October 2023, LinkedIn laid off 668 employees across its engineering, talent, and finance teams. Earlier that year, in May, the company cut 716 jobs across its sales, operations, and support teams as part of efforts to streamline operations and reduce organizational layers to enable faster decision-making.
Nexus author Yuval Noah Harari warns of AI’s deeper emotional threat beyond job loss: ‘The danger is enormous...’
In a recent discussion, Yuval Noah Harari highlighted AI’s dangerous potential to simulate intimacy, surpassing its mastery of language and attention. While AI can create perfect emotional focus, it lacks real feelings, risking humans forming attachments to artificial entities. This shift could erode authentic human relationships, presenting profound psychological and social challenges beyond the commonly feared impact on employment.
'He got a 100% hike with one offer, while I got 9% despite top ratings': A Redditor’s corporate reality check sparks heated debate
An employee took to Reddit to share how he received only a 9% raise, while his underperforming colleague bagged a 100% hike—thanks to an external job offer. The post ignited debate on corporate hypocrisy, loyalty, and why companies often reward those who threaten to leave, not those who consistently deliver.
Dream job to jobless: Techie shares wild journey from ₹6 lakh to ₹18 lakh to ₹0 salary crash in a month, Redditors offer support
An Indian full-stack developer shared on Reddit, how they went from earning ₹6 LPA to landing an ₹18 LPA US-based job—only to be left jobless after the offer was suddenly revoked due to internal restructuring. Sharing journey on Reddit, the developer received an outpouring of support from fellow developers while seeking a more stable and growth-oriented role amid the uncertainties of startup life.
From defence corridor to quantum valley: How Naidu plans to turn Andhra Pradesh into India’s next big business magnet
Andhra Pradesh Chief Minister N. Chandrababu Naidu has launched a multi-sector campaign to attract investment and create jobs in IT, manufacturing, and defence. Key initiatives include developing a defence corridor, establishing processing units in Kuppam, and river-linking projects to combat drought. Naidu also aims to establish India's first Quantum Valley in Amaravati.
Pharmacist rattles Australians as police seize 2 Ferraris, 2 Lamborghinis, 7 BMWs, and a McLaren — how did he get so rich?
A man in Australia is in trouble for lying about medicine sales. Police took his 12 fancy cars, including Ferraris and Lamborghinis. He may go to jail if found guilty. The case is part of a big fraud investigation.
Alarming trend as AI eats into jobs: Tech companies' hiring of new grads has plummeted over 50% since 2019
Job hunting is tough for new graduates, especially in tech. Big Tech has cut entry-level hiring significantly. AI is changing the job market, impacting early career roles. However, tech jobs are growing across industries. Software developers still face lower unemployment. AI skills are now essential for job seekers.
Woman reports to Delhi Police Academy believing she cleared exam, finds letter 'fake'; Her exam and medical claim triggers scam probe
A woman from Uttar Pradesh arrived at the Delhi Police Academy with a forged appointment letter, believing she had secured a constable position. Academy staff quickly identified the letter as fake due to missing official elements and a suspicious envelope.
'Trump Hotel Rental scheme': How an advocate lost Rs 6 lakh after being lured by a daily 3% return promise
A lawyer in Haveri fell victim to cyber fraud. He invested in a fake Trump Hotel rental scheme. The scheme used an AI-generated video. It promised high returns. The advocate lost over Rs 5.9 lakh. Police froze Rs 1.5 lakh from the fraudster's account. An investigation is underway. Police warn the public about such scams.
India focused on making telecom ubiquitous, ensuring customer safety on digital highway: Minister Jyotiraditya Scindia
Union Minister Jyotiraditya Scindia highlighted India's telecom advancements, from 5G rollout to 6G patent filings, emphasizing customer protection with initiatives like the Sanchar Mitra Scheme and Sanchar Sathi portal, which has disconnected 3.4 crore fake connections. He unveiled 'Innovate to Transform' as the theme for India Mobile Congress 2025, projecting India as a design and innovation hub.
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