Good morning readers. For all our gym goers out there, listen up. CBC's Marketplace took it upon themselves to unveil the grimy truth lurking on gym equipment, and…their findings might surprise you. Armed with lab support, they visited major fitness chains in Toronto to swab everything from ellipticals to exercise mats and shower floors. The results are in, and here's the lowdown on the "germiest" to the "cleanest": Exercise mats take the crown for bacteria royalty, followed by yoga balls, barbells, dumbbells, and finally, the elliptical. So, next time you hit the gym, think about giving your equipment a quick wipe down before using it, ya?

Let’s jump into today’s storylines.

In today’s digest:

• The rise of a digital workers’ movement

• Headline Hustle: Federal Reserve posts historic loss, Citigroup lays off 10% of its workforce, Axel Springer backs Business Insider reporting on Bill Ackman’s wife

• The escalating scale of global wealth inequality

• The Week Ahead: What to Expect

• Pulse Points: What’s Trending

SOCIAL

The creator economy's call for a workers' movement

In a world where a single TikTok dance or an Instagram post can catapult someone to stardom, the life of a content creator might seem like a dream. However, beneath the surface of those million-follower accounts lies a less glamorous reality: a struggle for fair compensation and stability in the ever-shifting digital landscape.

The unseen struggle behind the screen

Platforms like Instagram and TikTok have become the modern-day gold rush for content creators. Yet, despite their massive followings, many of these digital artists aren’t making their primary income from the platforms themselves. Instead, they rely on brand deals, sponsorships, and subscription products to pay the bills.

But here’s the catch: the creator economy is anything but stable.

• Algorithms change as frequently as the weather, and account suspensions can come without warning.

• Creators also voice a common concern: the unpredictability of job security on these platforms. Today’s viral star could be tomorrow’s forgotten account, all at the whim of an unseen algorithm.

The issue extends beyond the uncertainty of social media giants. The industry lacks standardized rates for collaborations, leaving creators to navigate the murky waters of brand deals on their own. It’s a wild west of negotiations, where knowing your worth is as crucial as your content itself. Initiatives like "Fuck You Pay Me" (FYPM) have emerged as beacons of hope, offering a platform for creators to share deal experiences and advocate for fair compensation. But the struggles don’t end there. From battling content theft to navigating the Kafkaesque customer support of social media platforms, creators today are fighting on multiple fronts.

Looking ahead…the call for platform accountability is not just about customer support or fighting content theft; it's about bridging the disconnect between those who create the content and those who control its dissemination. As the creator economy continues to evolve, the collective voice of creators seeking sustainable careers, fair compensation, and a say in their digital destiny becomes ever more crucial. The outcome of these efforts will not only shape their futures but also the landscape of digital content creation at large.

Headline Hustle

🇺🇸 Federal Reserve posts historic operating loss. The Federal Reserve disclosed a historic operating loss of $114.3 billion in 2023, primarily attributed to its proactive economic support measures in 2020 and 2021, followed by aggressive interest rate hikes to combat surging inflation. These losses, the largest in the institution's history, have exacerbated federal deficits, necessitating increased Treasury debt auctions. While this situation may potentially invite political scrutiny, the Fed's financial woes won't impact its operational capabilities or require recourse to the Treasury Department.

🏦 Citigroup to lay off 20,000 employees. Citigroup is embarking on a significant transformation, announcing plans to cut around 10% of its workforce, or approximately 20,000 jobs, by the end of 2026. This move is part of a comprehensive restructuring effort, spearheaded by CEO Jane Fraser, aimed at simplifying and streamlining the bank's operations. The bank's diversified global presence and multitude of financial products, once seen as strengths, now pose challenges. Fraser's strategy includes focusing on corporate clients and shedding non-core businesses. The bank's fourth-quarter loss and lower revenue reflect the ongoing changes. However, Citigroup remains optimistic about future growth, expecting a 4% revenue increase in the coming year, particularly in investment banking and wealth management.

📰 Axel Springer sides with Business Insider over recent publication on alleged plagiarism by Neri Oxman. Axel Springer, the owner of Business Insider, has affirmed its support for the publication after conducting a review of the reporting process behind stories concerning allegations of plagiarism by Neri Oxman, a designer and former MIT professor married to hedge-fund billionaire Bill Ackman. Axel Springer found no unfair bias, personal, political, or religious motivation in the pursuit of these stories. Business Insider's CEO, Barbara Peng, stated that the reporting was newsworthy and that Neri Oxman, being a public figure, was a fair subject for such reporting. The review came after Ackman expressed concerns about the reporting tactics but was met with Business Insider's assertion of its journalistic integrity.

BUSINESS

From riches to rags? Not quite. The stark reality of wealth inequality

As the saying goes, "The rich get richer," and Oxfam's latest inequality report suggests they're not just getting richer – they're skyrocketing into an entirely different stratosphere.

Wealth inequality hasn’t gotten better over the years

Since 2020, the five richest people on Earth have seen their fortunes balloon by an astonishing 114%, amassing a combined wealth of $869 billion. This meteoric rise in billionaire bank balances is setting the stage for the world's first trillionaire – a milestone in wealth accumulation that's both awe-inspiring and slightly terrifying.

On the flip side, nearly 5 billion people are experiencing an economic backslide, thanks to the delightful trio of inflation, conflict, and climate crises. If you're hoping to see poverty eradicated in your lifetime, you might need a few lifetimes more—230 years at the current snail's pace.

The report, coinciding with the World Economic Forum – where the wealthy and powerful mingle – draws from Forbes data to spotlight this wealth gap. Elon Musk leads the billionaire windfall, with his net worth leaping by 737% to $245.5 billion. Other members of this exclusive club include Bernard Arnault, Jeff Bezos, Larry Ellison, and Warren Buffett.

Despite these daunting figures, there's a glimmer of hope as workers increasingly demand fair compensation and rights, and some governments are taking steps to strengthen worker protections.

Big picture: As the wealth gap expands, the urgency for equitable solutions becomes more pronounced, highlighting the need for a fairer, more balanced global economy.

WEEK AHEAD

What to expect

• The US primaries are starting with Iowa Republicans voting to choose their 2024 presidential candidate. Donald Trump leads the polls, with Nikki Haley and Ron DeSantis competing for second place.

• The World Economic Forum is happening in Davos with global business and political leaders, including Argentina’s President Javier Milei, ECB President Christine Lagarde, and US Secretary of State Antony Blinken.

• The UK's Post Office IT scandal gains attention, with a drama aired on ITV and an upcoming parliamentary committee questioning the Post Office CEO and Fujitsu's Europe CEO.

What else is happening:

• US markets close for Martin Luther King Day, followed by earnings reports from major banks and companies, including in the online food delivery sector.

• The Emmy’s are on Monday.

• The NFL Playoffs divisional round is this Saturday, January 20th and Sunday, January 21st.

SNIPPETS

Pulse Points

• Congressional leaders agreed on a stopgap bill to extend government funding into March, with House Speaker Mike Johnson defying hardline budget hawks in his party to prevent a government shutdown.

• Quaker Oats expanded its nationwide recall to include granola bars, snacks, and certain Cap’n Crunch cereal varieties due to potential Salmonella contamination.

• Chinese military, state AI research institutes, and universities have purchased Nvidia semiconductors banned for export to China by the U.S., as revealed by a Reuters.

• The Dallas Cowboys, with the NFL's top offense, entered the playoffs aiming to end a 28-year Super Bowl drought but were swiftly eliminated after another postseason failure.

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