Business
Quiet quitting. RTO. Coffee badging. What this new vocabulary says about your workplace
Abygail Liera sympathized when she first read about people who were “quiet quitting,” refusing to go above and beyond at their jobs.
But it wasn’t until a few months later that she understood.
The Winnetka resident got a new boss and was expected to train him, but when she asked for a raise, she said she was told, “We’ll see.” Her boss discouraged open and honest feedback, making her work environment feel toxic and disrespectful.
“I remember reading it, and I’m like, ‘Damn, this sucks that people have to go through this,’” Liera, 32, said of the news article on quiet quitting. “At the same time, I was like, ‘Oh, I don’t know what that feels like.’ But now I do.”
Since the pandemic, work-related phrases such as “quiet quitting” and “Great Resignation” have taken over the internet — and are now part of our everyday vocabulary. Social media are filled with work-related memes and videos that describe “rage applying” or “lazy girl jobs.” People share tips on Reddit about how to effectively — and surreptitiously — “polywork,” or hold multiple jobs at the same time.
This proliferation of workplace lingo is more than a fad: It’s a viral language showing how workers are trying to hold on to the power they suddenly gained during the pandemic, workplace experts say.
After March 2020, workers were able to leverage the tight labor market to get what they want. But recent layoffs across a number of industries have shown that the balance of power between employee and employer today is, at best, a constantly tilting seesaw.
The job cuts and mandatory return-to-office policies imply that companies are gaining the upper hand on their employees, yet the persistence of hybrid work policies may show that workers have made a permanent mark on how work gets done in the future.
Employment data suggest that a growing number of people are prioritizing work-life balance in a more meaningful way or, increasingly cynical about traditional work arrangements, are tailoring those structures to work for them.
“As cynicism grows with the status-quo aspects of work, it feels like this push and pull between management and workers,” said Eric Anicich, associate professor of management and organization at USC’s Marshall School of Business.
“This idea of disliking your boss and hating your job is as old as time,” Anicich said. “Now we have a certain language for it, and there’s a certain way of tapping into a community of people who feel the same way that we haven’t had in the past.”
Pandemic epiphanies, burnout and coining a new term
For 10 years, Alisha Miranda juggled two careers — a 9-to-5 job in creative and digital agencies and, in her spare time, freelance journalism.
But by June 2021, she’d had enough.
Working from home during the pandemic blurred the lines between work and her personal life, exacerbating a years-long feeling of burnout. Miranda had toiled for years at her day job without receiving a promotion or a pay raise, despite indications from her managers that one was coming. She even continued working while grieving the deaths of loved ones from COVID-19. The final straw came when a large ad campaign she’d been working on was suddenly pushed back indefinitely.
“I can’t picture doing this for one more day,” Miranda, 38, remembers telling herself. “I have got to go.”
Miranda joined the historic wave of millions of U.S. workers who left their jobs in 2021 and 2022 because of high levels of burnout or “pandemic epiphanies,” in which about two-thirds of employees took a step back and reconsidered the role of work in their lives.
Add to that the increased prevalence of remote work, which finally allowed workers to have some measure of control over their schedule, and it’s no wonder there was a wave of resignations, said Anthony Klotz, an associate professor of organizational behavior at the UCL School of Management in London, who coined the term “Great Resignation.”
Klotz has spent his career studying how and why people quit their jobs. In an interview with a reporter in 2021, Klotz said he expected to see a wave of resignations after the initial shock of the pandemic. He had previously discussed his theory with his wife, describing it to her as the “Great Resignation” and just so happened to use the term in his chat with the reporter. It caught fire.
“There was this pressure that the economy was going to reopen, and everybody was going to get back to life as it was,” he said. “It gave people something to grab on to and feel like, ‘I’m not alone.’ We need a pause about what we learned here, we can’t just go back to the way things were.”
As Liera, the Winnetka resident, was grappling with her difficult work situation, her younger sister Daisy was independently having her own pandemic epiphany.
The Burbank resident knew she needed a reset after working for months in a pressure-cooker workplace run by a boss who seemed to have “no care about health safety measures” during the pandemic. She started getting stomachaches, couldn’t sleep at night and would count down the minutes until her lunch break or until she could leave for the day.
She quit her job, found a new one at a legal assistance organization and eventually went to graduate school to focus on organizational psychology. As the daughter of immigrants, Liera said her parents’ ethic of hard work and working multiple jobs to support the family made her feel that she had to make the most of all of the opportunities her parents gave her and “use it to show that we were able to do it.”
“Prior to the pandemic, I was very like, ‘I need to get a job, I need to stay with a job, and I need to be good at my job all the time,’ which is one thing that led to my anxiety,” said Liera, 28, who now works for the city of Los Angeles. “After the pandemic and after leaving my job and going back to grad school, I de-prioritized work.”
Usually, the company is the one with power over workers because bosses can fire them at any moment. But the word “resignation” shifts that power to workers, giving them control over their own job, Klotz said. That applies, too, to other viral work phrases, such as “bare minimum Mondays.”
After Miranda, the journalist, quit her job, she went to work for a startup wine magazine. Her new colleagues were nice and “super supportive,” and the improved work-life balance meant she could focus more on freelance writing. (The magazine ran out of funding in 2022.)
Now freelancing full time, Miranda says she’s more intentional about the work she takes.
“I only want to pursue projects that are rewarding and things that I’ll be happy with, money aside,” she said.
Doing only what’s required of you, and no more
After her boss started cracking down, Abygail Liera cut back on her productivity and started typing emails at a snail’s pace or revising them six or seven times, and dialing phone numbers with extra care.
“My work ethic is going to reflect on your leadership,” she recalled thinking.
Eventually Liera’s “quiet quitting” turned into actual quitting. She left her job in December and is now looking for a new gig.
Although the job market has been discouraging, hearing from former co-workers about the problems at her old office confirms to her that she made the right choice.
The term “quiet quitting” is difficult to define, said Yongseok Shin, an economics professor at Washington University in St. Louis. Although some interpret it as a way to increase work-life balance, others define it as a way to recoup unpaid or unappreciated hours of service.
Intrigued by the viral term, Shin and his colleagues conducted research on whether the number of hours employees worked contributed to the tight labor market.
In his research on the phenomenon, Shin and colleagues found that from 2019 to 2023, workers voluntarily reduced the number of hours they worked. In that time, the average employed person worked about 31 fewer hours per year. This came after employees had spent the previous six years working an average of 17 extra hours per year.
The reduction was greater among educated men in their prime, who worked an average of 44.3 fewer hours per year over the same time period. Women reduced their working hours by an average of 14.6 hours per year, on average, a consequence of gender disparities in caregiving responsibilities.
In essence, these workers were reducing the intensity of their work and reassessing their relationship to their jobs, whether it was cutting back on weekend hours or potentially decreasing their work in response to a lack of appreciation at the office, Shin said.
“These people can afford to do this because they’re valued employees,” he said. “But if your bosses work fewer hours, that’s good for everybody, right? If your boss is less of a workaholic, other people in the organization will feel more comfortable working fewer hours.”
But don’t mistake this for a nationwide shift in work-life balance. Shin said the U.S. has a long way to go before catching up with countries in Europe, which champion more generous benefits such as paid family leave, sick leave and vacation.
The battle over remote work continues
After Bryan Wilson was laid off from his job in higher education, he pivoted full time to audio production — a choice that allowed him to work from home for the first time.
The flexibility was game-changing. He and his wife were able to split child-rearing responsibilities for their two kids while also spending more time together, planning meals and eating healthfully. Remote work also allowed Wilson, 39, to apply for more jobs outside the limits of his Auburn, Ala., home, where audio jobs are few and far between.
“There is relatively no market for audio production outside of major cities,” Wilson said. “I want to do this work because I’m really good at this work, and this is work I love, but where do I find it? During the pandemic … it was really easy to find that work.”
No pandemic-era office battle has been as fierce as that between the work-from-home and return-to-office camps. And 2024 doesn’t look like the end of it.
Last year, a group of economists published a paper in the National Bureau of Economic Research tracking millions of online job listings and whether they permitted remote or hybrid work.
Before the pandemic, the share of U.S. job postings that said new employees could work remotely one or more day per week was less than 4% in 2019. Over the next three years, that share would triple, according to the latest available data on the researchers’ website, WFH Map.
Although census data show the number of employed people working remotely began to fall in 2021, a “new normal” of remote and hybrid work has emerged, said Peter John Lambert, an economist at the London School of Economics and co-creator of WFH Map.
Based on job postings and survey data, Lambert said he sees no evidence that hybrid work will soften in the coming year.
“Both employers and workers seem to find this partial flexibility to be the best of both worlds, providing flexibility to workers but allowing for in-person teamwork during on-site days,” Lambert said. “While workers learned this quickly, it has taken business a bit longer to realize the huge benefits to offering workers flexibility.”
Right in the middle of this is the term “coffee badging,” which was popularized by videoconferencing
company Owl Labs and describes a way for employees to meet their in-office mandate but spend as little time as possible in the workplace.
According to the company’s report, 58% of hybrid workers say they are already “coffee badging,” with an additional 8% saying they’re interested in trying it out.
For Wilson, as interest rates shot up and layoffs roiled media companies, those remote audio production opportunities dried up. Wilson currently works two part-time jobs in audio, which is not enough to keep him out of debt. He’s now looking for local, in-person jobs while he finishes certifications in tech and cybersecurity, a field he picked, in part, because of its prevalence of remote work opportunities.
He’s curious whether the ubiquity of remote work will return when the economy improves and companies again face pitched battles to attract new employees.
“That, I think, will be the real test of whether remote work can be normalized,” Wilson said. “When the money is flowing again … will they be offered remote jobs? I’m definitely going to keep my eye on that.”
When one job of $150,000 is not enough
Since the pandemic began, wealth advisor Fernando Reyes has been hearing from clients that they were taking on second or even third jobs.
It’s not a novel concept — people have always worked multiple jobs to make ends meet. What’s new is that Reyes’ clients were highly paid aerospace workers, tech employees and mortgage brokers, people who earn annual salaries ranging from $150,000 to $400,000. Although their salaries seem high by any measure, these clients said they needed to take on additional work to help pay mortgages or send their kids to college.
Working an additional 20 to 30 hours a week can provide an extra $50,000 to $60,000 of household income, Reyes said. Today, he’s seeing higher rates of polyworking than ever before in his 20-year career.
“What used to be a comfortable income now is not so comfortable anymore,” said Reyes, who works for EP Wealth Advisors and is based in Torrance. “You’re seeing more educated people doing this, more tech workers, more people with college degrees, master’s degrees, doctorates even.”
According to U.S. Census Bureau economists, rates of multiple jobholders have increased over the last two decades.
A 2020 analysis found that, on average, 7.2% of workers held more than one job between 1996 and 2018. In that time period, the rate of multiple jobholders increased by 1 percentage point, to 7.8% of all employed people at the beginning of 2018.
The trend was influenced by economic fluctuations: People were less likely to hold multiple jobs during a recession.
The rise of remote work since the pandemic has also changed the calculus for many workers — if they don’t have to commute to an office, adding another, typically contract, job is much easier. Oftentimes, the employers don’t know their shared employee is moonlighting.
Sometimes, the impetus for a second job is the state of the economy. One mortgage loan worker Reyes knows went from earning more than $1 million a year to making $40,000 last year as home sales and refinancing cratered amid the hike in interest rates.
“People have to live,” Reyes said. “Everybody wants to buy a home, everybody wants to buy a car, everybody wants to go to school, everybody wants to take a vacation. How do you pay for it all?”
For the majority of multiple jobholders, their side gigs made up about 25% of their total income, according to the Census Bureau analysis of Longitudinal Employer-Household Dynamics data. For lower earners, the share was closer to 30%. Surprisingly, high-earning polyworkers — those making at least $113,200 in 2018 — brought in a fourth of their earnings from second jobs.
Financial advisor Lazetta Rainey Braxton encourages her clients, particularly those from underrepresented backgrounds, to polywork and diversify their income streams. She noted the racial and gender pay disparities that plague many workers, such as Black women earning about 62 cents to the dollar compared with white men.
“We’re starting at a deficit, right? If we commit to just one institution, and know we’re already behind 38 cents, we’ve got to do polywork to make up the 38 cents,” said Braxton, founder and chief executive of Lazetta & Associates. “And if we don’t, the wealth gap is going to continue.”
Business
Scott Bessent, Trump’s Billionaire Treasury Pick, Will Shed Assets to Avoid Conflicts
Scott Bessent, the billionaire hedge fund manager whom President-elect Donald J. Trump picked to be his Treasury secretary, plans to divest from dozens of funds, trusts and investments in preparation to become the nation’s top economic policymaker.
Those plans were released on Saturday along with the publication of an ethics agreement and financial disclosures that Mr. Bessent submitted ahead of his Senate confirmation hearing next Thursday.
The documents show the extent of the wealth of Mr. Bessent, whose assets and investments appear to be worth in excess of $700 million. Mr. Bessent was formerly the top investor for the billionaire liberal philanthropist George Soros and has been a major Republican donor and adviser to Mr. Trump.
If confirmed as Treasury secretary, Mr. Bessent, 62, will steer Mr. Trump’s economic agenda of cutting taxes, rolling back regulations and imposing tariffs as he seeks to renegotiate trade deals. He will also play a central role in the Trump administration’s expected embrace of cryptocurrencies such as Bitcoin.
Although Mr. Trump won the election by appealing to working-class voters who have been dogged by high prices, he has turned to wealthy Wall Street investors such as Mr. Bessent and Howard Lutnick, a billionaire banker whom he tapped to be commerce secretary, to lead his economic team. Linda McMahon, another billionaire, has been picked as education secretary, and Elon Musk, the world’s richest man, is leading an unofficial agency known as the Department of Government Efficiency.
In a letter to the Treasury Department’s ethics office, Mr. Bessent outlined the steps he would take to “avoid any actual or apparent conflict of interest in the event that I am confirmed for the position of secretary of the Department of Treasury.”
Mr. Bessent said he would shutter Key Square Capital Management, the investment firm that he founded, and resign from his Bessent-Freeman Family Foundation and from Rockefeller University, where he has been chairman of the investment committee.
The financial disclosure form, which provides ranges for the value of his assets, reveals that Mr. Bessent owns as much as $25 million of farmland in North Dakota, which earns an income from soybean and corn production. He also owns a property in the Bahamas that is worth as much as $25 million. Last November, Mr. Bessent put his historic pink mansion in Charleston, S.C., on the market for $22.5 million.
Mr. Bessent is selling several investments that could pose potential conflicts of interest including a Bitcoin exchange-traded fund; an account that trades the renminbi, China’s currency; and his stake in All Seasons, a conservative publisher. He also has a margin loan, or line of credit, with Goldman Sachs of more than $50 million.
As an investor, Mr. Bessent has long wagered on the rising strength of the dollar and has betted against, or “shorted,” the renminbi, according to a person familiar with Mr. Bessent’s strategy who spoke on condition of anonymity to discuss his portfolio. Mr. Bessent gained notoriety in the 1990s by betting against the British pound and earning his firm, Soros Fund Management, $1 billion. He also made a high-profile bet against the Japanese yen.
Mr. Bessent, who will be overseeing the U.S. Treasury market, holds over $100 million in Treasury bills.
Cabinet officials are required to divest certain holdings and investments to avoid the potential for conflicts of interest. Although this can be an onerous process, it has some potential tax benefits.
The tax code contains a provision that allows securities to be sold and the capital gains tax on such sales deferred if the full proceeds are used to buy Treasury securities and certain money-market funds. The tax continues to be deferred until the securities or money-market funds are sold.
Even while adhering to the ethics guidelines, questions about conflicts of interest can still emerge.
Mr. Trump’s Treasury secretary during his first term, Steven Mnuchin, divested from his Hollywood film production company after joining the administration. However, as he was negotiating a trade deal in 2018 with China — an important market for the U.S. film industry — ethics watchdogs raised questions about whether Mr. Mnuchin had conflicts because he had sold his interest in the company to his wife.
Mr. Bessent was chosen for the Treasury after an internal tussle among Mr. Trump’s aides over the job. Mr. Lutnick, Mr. Trump’s transition team co-chair and the chief executive of Cantor Fitzgerald, made a late pitch to secure the Treasury secretary role for himself before Mr. Trump picked him to be Commerce secretary.
During that fight, which spilled into view, critics of Mr. Bessent circulated documents disparaging his performance as a hedge fund manager.
Mr. Bessent’s most recent hedge fund, Key Square Capital, launched to much fanfare in 2016, garnering $4.5 billion in investor money, including $2 billion from Mr. Soros, but manages much less now. A fund he ran in the early 2000s had a similarly unremarkable performance.
Business
As wildfires rage, private firefighters join the fight for the fortunate few
When devastating wildfires erupted across Los Angeles County this week, David Torgerson’s team of firefighters went to work.
The thousands of city, county and state firefighters dispatched to battle the blazes went wherever they were needed. The crews from Torgerson’s Wildfire Defense Systems, however, set out for particular addresses. Armed with hoses, fire-blocking gel and their own water supply, the Montana-based outfit contracts with insurance companies to defend the homes of customers who buy policies that include their services.
It’s a win-win if the private firefighters succeed in saving a home, said Torgerson, the company’s founder and executive chairman. The homeowner keeps their home and the insurance company doesn’t have to make a hefty payout to rebuild.
“It makes good sense,” he said. “It’s always better if the homes and businesses don’t burn.”
Torgerson’s operation, which has been contracting with insurance companies since 2008 and employs hundreds of firefighters, engineers and other staff, highlights a lesser-known component of fighting wildfires in the U.S. Along with the more than 7,500 publicly funded firefighters and emergency personnel dispatched to the current conflagrations, which have burned more than 30,000 acres and destroyed more than 9,000 structures, a smaller force of for-hire professionals is on the fire lines for insurance companies, wealthy individual property owners or government agencies in need of additional hands.
Their presence isn’t without controversy. Private firefighters hired by homeowners directly have drawn criticism for heightening class divides during disasters. This week, a Pacific Palisades homeowner received backlash for putting a call out on X, the social media site formerly named Twitter, for help finding private firefighters who could save his home.
“Does anyone have access to private firefighters to protect our home in Pacific Palisades? Need to act fast here. All neighbors houses burning,” he wrote in the since-deleted post. “Will pay any amount.”
“The epitome of nerve and tone deaf!” someone replied.
In 2018, Kim Kardashian and Kanye West credited private firefighters for saving their $60-million home in the Santa Monica mountains during a wildfire. But those who serve wealthy clients make up only a small fraction of nonpublic firefighters, according to Torgerson.
“Contract firefighters who are hired by the government are the vast majority,” he said. The federal government has been hiring private firefighters since the 1980s to support its own forces. According to the National Wildfire Suppression Assn., there are about 250 private sector fire response companies under federal contract, adding about 10,000 firefighters to U.S. efforts.
Some private firefighting companies, including Wildfire Defense Systems, are known as Qualified Insurance Resources and are paid by insurance companies to protect the homes of their customers. Wildfire Defense Systems refers to its on-the-ground forces as private sector wildfire personnel.
Wildfire Defense Systems only works with the insurance industry, but other privately held firefighting companies contract with industrial clients such as petrochemical facilities and utility providers. Wildfire Defense Systems declined to disclose company revenue or what it charges for its services.
Allied Disaster Defense, a company that has sent personnel to the fires in Los Angeles, offers services to both property owners and insurance companies. Its website says its services will “enhance the insurability of properties” and “contribute to reduced claims.”
The website also has a page dedicated to services for private clients, which include emergency response and assistance with insurance claims for “high net-worth and celebrity” customers. The company does not list prices for its services and has nondisclosure agreements with its private clients.
Several other private firefighting companies are based in California, including Mt. Adams Wildfire, which contracts with government agencies, and UrbnTek, which serves Los Angeles, Orange County and San Diego among other areas. Along with spraying fire retardant on trees and brush to stop an advancing fire, the company offers “a double layer of protection by wrapping a structure with our fire blanket system.”
Torgerson, a civil engineer with 34 years in emergency services, said he has been struck by the speed of the current wildfires. While typically it takes two to 10 minutes for a fire to sweep through a home, he said, the Palisades fire is traveling at higher speeds.
“It’s moving so fast, it’ll likely take one to two minutes for these fires to pass over the properties,” he said.
He said his company responded to all 62 of the wildfires that threatened structures in California in 2024 and didn’t lose a property.
Business
As Delta Reports Profits, Airlines Are Optimistic About 2025
This year just got started, but it is already shaping up nicely for U.S. airlines.
After several setbacks, the industry ended 2024 in a fairly strong position because of healthy demand for tickets and the ability of several airlines to control costs and raise fares, experts said. Barring any big problems, airlines — especially the largest ones — should enjoy a great year, analysts said.
“I think it’s going to be pretty blue skies,” said Tom Fitzgerald, an airline industry analyst for the investment bank TD Cowen.
In recent weeks, many major airlines upgraded forecasts for the all-important last three months of the year. And on Friday, Delta Air Lines said it collected more than $15.5 billion in revenue in the fourth quarter of 2024, a record.
“As we move into 2025, we expect strong demand for travel to continue,” Delta’s chief executive, Ed Bastian, said in a statement. That put the airline on track to “deliver the best financial year in Delta’s 100-year history,” he said.
The airline also beat analysts’ profit estimates and said it expected earnings per share, a measure of profitability, to rise more than 10 percent this year.
Delta’s upbeat report offers a preview of what are expected to be similarly rosy updates from other carriers that will report earnings in the next few weeks. That should come as welcome news to an industry that has been stifled by various challenges even as demand for travel has rocketed back after the pandemic.
“For the last five years, it’s felt like every bird in the sky was a black swan,” said Ravi Shanker, an analyst focused on airlines at Morgan Stanley. “But it appears that this industry does have its ducks in a row.”
That is, of course, if everything goes according to plan, which it rarely does. Geopolitics, terrorist attacks, air safety problems and, perhaps most important, an economic downturn could tank demand for travel. Rising costs, particularly for jet fuel, could erode profits. Or the industry could face problems like a supply chain disruption that limits availability of new planes or makes it harder to repair older ones.
Early last year, a panel blew off a Boeing 737 Max during an Alaska Airlines flight, resurfacing concerns about the safety of the manufacturer’s planes, which are used on most flights operated by U.S. airlines, according to Cirium, an aviation data firm.
The incident forced Boeing to slow production and delay deliveries of jets. That disrupted the plans of some airlines that had hoped to carry more passengers. And there was little airlines could do to adjust because the world’s largest jet manufacturer, Airbus, didn’t have the capacity to pick up the slack — both it and Boeing have long order backlogs. In addition, some Airbus planes were afflicted by an engine problem that has forced carriers to pull the jets out of service for inspections.
There was other tumult, too. Spirit Airlines filed for bankruptcy. A brief technology outage wreaked havoc on many airlines, disrupting travel and resulting in thousands of canceled flights in the heart of the busy summer season. And during the summer, smaller airlines flooded popular domestic routes with seats, squeezing profits during what is normally the most lucrative time of year.
But the industry’s financial position started improving when airlines reduced the number of flights and seats. While that was bad for travelers, it lifted fares and profits for airlines.
“You’re in a demand-over-supply imbalance, which gives the industry pricing power,” said Andrew Didora, an analyst at the Bank of America.
At the same time, airlines have been trying to improve their businesses. American Airlines overhauled a sales strategy that had frustrated corporate customers, helping it win back some travelers. Southwest Airlines made changes aimed at lowering costs and increasing profits after a push by the hedge fund Elliott Management. And JetBlue Airways unveiled a strategy with similar aims, after a less contentious battle with the investor Carl C. Icahn.
Those improvements and industry trends, along with the stabilization of fuel, labor and other costs, have created the conditions for what could be a banner 2025. “All of this is the best setup we’ve had in decades,” Mr. Shanker said.
That won’t materialize right away, though. Travel demand tends to be subdued in the winter. But business trips pick up somewhat, driven by events like this week’s Consumer Electronics Show in Las Vegas.
The positive outlook for 2025 is probably strongest for the largest U.S. airlines — Delta, United and American. All three are well positioned to take advantage of buoyant trends, including steadily rebounding business travel and customers who are eager to spend more on better seats and international flights.
But some smaller airlines may do well, too. JetBlue, Alaska Airlines and others have been adding more premium seats, which should help lift profits.
While he is optimistic overall, Mr. Shanker acknowledged that the industry was vulnerable to a host of potential problems.
“I mean, this time last year you were talking about doors falling off planes,” he said. “So who knows what might happen.”
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