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Silver Added to USGS 2025 List of Critical Minerals

Apollo Silver Corp. (‘ Apollo Silver ‘ or the ‘ Company ‘) (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF) is pleased to announce that the US Department of the Interior has added 10 minerals, including silver, to the US Geological Survey (‘USGS’) 2025 List of Critical Minerals. For the first time, silver is recognized as having growing importance to US economic and national security. This inclusion signals enhanced government focus on securing domestic supply chains through enhanced permitting, subsidies, and strategic stockpiling initiatives.

‘Apollo Silver welcomes the US government’s efforts to strengthen domestic silver mining by placing silver on the USGS List of Critical Minerals,’ stated Ross McElroy, President and CEO of Apollo Silver. ‘This development will not only bring increased investor attention to the sector but will also help boost Apollo’s profile of its Calico Silver Project, which hosts the country’s 2nd largest primary silver deposit in the US. The inclusion of silver on the Critical Minerals List strengthens the project’s case for consideration under the Fast-41 program, a US government initiative aimed at streamlining permitting processes for critical and resource projects. With the US importing 64% of its silver consumption in 2024, this designation emphasizes silver’s strategic value and irreplaceable role across both industrial and defense industries.’

Apollo Silver’s Calico Project, located in San Bernardino County, California, recently announced its updated Mineral Resource Estimate (‘MRE’), with a combined Measured and Indicated total of 55 million tonnes (‘Mt’) at a grade of 71 grams per tonne (‘g/t’) for a total of 125 million ounces (‘Moz’) of silver (‘Ag’), and an Inferred total of 17.6 Mt at a grade of 71g/t Ag for a total of 58 Moz Ag (see Apollo’s news release dated September 4, 2025, and October 16, 2025).

About Critical Minerals

The Energy Act of 2020 defined critical minerals as those commodities that are essential to the economic or national security of the US; have a supply chain that is vulnerable to disruption; and serve an essential function in the manufacturing of a product, the absence of which would have significant consequences for the economic or national security of the US. 1

Qualified Person

The scientific and technical data contained in this news release was reviewed and approved by Isabelle Lépine, M.Sc., P.Geo., Apollo Silver’s Director, Mineral Resources. Ms. Lépine is a registered professional geologist in British Columbia and a QP as defined by NI 43-101 and is not independent of the Company.

ABOUT Apollo Silver Corp.

Apollo Silver is advancing the second largest undeveloped primary silver projects in the US. The Calico Project hosts a large, bulk minable silver deposit with significant barite and zinc credits – recognized as critical minerals essential to the U.S. energy, industrial and medical sectors. The Company also holds an option on the Cinco de Mayo Project in Chihuahua, Mexico, which is host to a major carbonate replacement (CRD) deposit that is both high-grade and large tonnage. Led by an experienced and award-winning management team, Apollo Silver is well positioned to advance the assets and deliver value through exploration and development.

Please visit www.apollosilver.com for further information.

ON BEHALF OF THE BOARD OF DIRECTORS

Ross McElroy
President and CEO

For further information, please contact:

Email: info@apollosilver.com

Telephone: +1 (604) 428-6128

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

1 https://www.usgs.gov/programs/mineral-resources-program/science/about-2025-list-critical-minerals

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Rick Rule: Gold Strategy, Oil Stocks I Own, “Sure Money” in Uranium

Rick Rule, proprietor at Rule Investment Media, recently sold 25 percent of his junior gold stocks, redeploying the funds into physical gold, as well as Franco-Nevada (TSX:FNV,NYSE:FNV), Wheaton Precious Metals (TSX:WPM,NYSE:WPM) and Agnico Eagle Mines (TSX:AEM,NYSE:AEM).

In addition to those large gold companies, he also bought oil stocks.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

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Adrian Day: Gold Far from Top, Two Triggers for Next Price Move

Adrian Day, president of Adrian Day Asset Management, shares his thoughts on gold’s price pullback, saying he currently sees no evidence of a top.

‘It’s perfectly normal in middle of a bull market to have a significant correction. This really isn’t even a correction yet, let’s not forget that. This is just a pullback,’ he said.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

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Agriculture Market Update: Q3 2025 in Review

Fertilizer prices remained elevated in Q3 compared to both the first half of the year and the end of 2024.

Potash prices surged at the start of the year as the Trump administration threatened tariffs on Canada, the top supplier to US farmers. During the third quarter, prices were 20 percent higher than at the end of last year.

Meanwhile, phosphate prices continued to climb through Q3 on the back of supply shortages, spurred by export restrictions from top producer China. Prices were further influenced by US tariffs.

What happened to phosphate and potash prices in Q3?

According to data from the World Bank, the average quarterly phosphate price rose to US$770.60 per metric ton (MT), up from US$673.20 in Q2, and significantly higher than the annual average of US$563.70 in 2024.

On a monthly basis, phosphate climbed to US$736 in July, then climbed to a three year high of US$795.10 in August. Since then, the price has fallen to US$780.63 in September and US$754 in October.

The quarterly average for potash fell slightly in Q3 to US$352.20 per MT, down from US$359.20 the previous quarter, but remained higher than US$283.90 in the last quarter of 2024.

On a monthly basis, potash prices eased to US$362.50 in July, and continued to fall to US$356.50 in August. They sank further to US$352.50 in September and US$352 in October.

What factors impacted phosphate in Q3?

Phosphate prices have been primarily influenced over the last several years by export restrictions from China, which have declined to 6.6 million MT in 2024 from 9 million MT in 2021. The restrictions were put in place to protect the domestic supply, and while the hope was that they would eventually ease, that hasn’t happened.

“As expected, their exports started to arrive in July to September; however, the government had a self-imposed October 15 cutoff date for export submission. That date came and went without an extension, so now the belief is their flows will slow to a crawl very soon,” he said. The situation may face additional headwinds, as China has imposed more restrictions on key battery technologies and precursors for phosphate-based batteries. These restrictions will add to demand for ex-China supply as the agricultural sector competes with battery makers for a limited supply of phosphate.

Demand for phosphate is also high, particularly from India, which has been working to increase its stockpiles since the end of 2024, when they reached a low of 1.1 million MT. However, stockpiles had more than doubled to 2.4 million MT at the start of October, with imports climbing to 4 million MT during the April to September period.

Much of the demand has been covered by supply from Saudi Arabia and Morocco, which signed several offtake agreements with Indian importers in July. “They were a major driver of higher prices for much of 2025 as they played catch up on stockpiles, and have finally reached a comfortable number of tons, which has allowed them to slow their desperate pace. The slower demand pace has allowed the market time to breathe/correct lower,” Linville said.

For US-based farmers, supply isn’t the only issue.

On August 7, a host of new tariffs as high as 25 percent were applied to phosphate imports, including from Saudi Arabia, which accounted for 54.7 percent of imports during the first five months of the year. Although there were some concerns that higher prices could prompt farmers to rethink their strategy, Linville hasn’t seen that materialize either.

With reports that farm yields this year have been higher, it may prompt farmers who have been on the fence about a fall application of phosphate to reconsider, as a significant yield would indicate some phosphate soil depletion.

“While still spoty, we are continuing to hear reports that phosphate demand is better than expected,” he said.

However, Linville noted that a surge in last-minute demand it could make supplies tighter and limit the ability for phosphate to make it onto the fields.

What factors impacted potash in Q3?

Linville said potash news was quiet during the quarter, pointing to stable prices and a well-supplied market.

In July, BHP (ASX:BHP,NYSE:BHP,LSE:BHP) announced it was delaying the opening of its Jansen mine in Saskatchewan. It was initially slated to start production in 2026, but has instead moved its timeline back to 2027 and is also considering pushing the second phase to 2031, citing cost overruns that have ballooned to US$7 billion.

Although potash has so far escaped US tariffs, Linville noted some concern following Ontario’s anti-tariff ad, which ran in the US during the World Series. “We continue to hope/believe that potash will be left alone as part of the North America Trade agreement. Assuming potash is left alone, markets should continue as normal; however, if we start seeing barriers to entry, US farmers will likely bear the brunt of most/all of those tariffs,” he said

Potash and phosphate price forecast for 2025

While potash markets remain stable, phosphate markets are much more dynamic.

Unless there is a significant shift in China’s exports, supply should remain tight. In his most recent weekly update on November 5, Linville noted that the situation could become dire for US consumers before the end of the year.

“We continue to advise our people that if they decide they need phosphate after all, do not wait to lock it up. Days very well may matter. Heck, hours might matter. Supplies are tight and can ill-afford a sudden demand jump,” he wrote.

Additionally, markets are likely to become further strained in the years to come as limited supply meets increased demand from outside the agricultural sector.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

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Nevada Sunrise Closes $650,000 Private Placement

Nevada Sunrise Metals Corporation (TSXV: NEV,OTC:NVSGF) (OTC Pink: NVSGF) (‘Nevada Sunrise’ or the ‘Company’) is pleased to announce it has closed a non-brokered private placement (the ‘Offering’) for gross proceeds of $650,000, consisting of 13,000,000 units (the ‘Units’) at a price of $0.05 per Unit, with each Unit comprised of one common share of the Company and one common share purchase warrant (a ‘Warrant’). Each Warrant will entitle the holder to purchase one common share at a price of $0.075 for a period expiring three years from the closing date of the Offering. Due to investor demand, the Offering was increased from $600,000 (12,000,000 Units) (see news release dated October 16, 2025) to $650,000 (13,000,000 Units).

Proceeds of the Offering will be used for:

  • Exploration work on the Company’s Nevada mineral properties;
  • Other mineral property investigations, and general working capital.

The Offering was available to accredited investors and individuals that qualified under certain other statutory exemptions. The securities issued pursuant to the Offering are subject to a statutory hold period expiring March 7, 2026. In connection with the closing of the Offering, the Company paid finder’s fees consisting of a total of $31,500 cash and 630,000 finder’s warrants (each a ‘Finder’s Warrant‘) to Canaccord Genuity Corp. Each Finder’s Warrant is exercisable at a price of $0.075 for a period of three years from the closing date of the Offering. The Offering is subject to acceptance of the TSX Venture Exchange.

This news release does not constitute an offer of sale of any of the foregoing securities in the United States. None of the foregoing securities have been and will not be registered under the U.S. Securities Act of 1933, as amended (the ‘1933 Act‘) or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Nevada Sunrise

Nevada Sunrise is a junior mineral exploration company with a strong technical team based in Vancouver, BC, Canada, that holds interests in gold, copper and lithium exploration projects located in the State of Nevada, USA.

Nevada Sunrise holds the right to purchase a 100% interest in the Griffon Gold Mine Project, located approximately 50 kilometers (33 miles) southwest of Ely, NV.

Nevada Sunrise holds the right to earn a 100% interest in the Coronado Copper Project, located approximately 48 kilometers (30 miles) southeast of Winnemucca, NV.

Nevada Sunrise owns 100% interests in the Gemini West, Jackson Wash and Badlands lithium projects, all of which are located in the Lida Valley in Esmeralda County, NV.

As a complement to its exploration projects in Esmeralda County, the Company owns Nevada Water Right Permit 86863, also located in the Lida Valley basin, near Lida, NV.

For Further Information Contact:

Warren Stanyer, President and Chief Executive Officer
email: warrenstanyer@nevadasunrise.ca
Telephone: (604) 428-8028
Website: www.nevadasunrise.ca

FORWARD LOOKING STATEMENTS

This release may contain forward‐looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words ‘expects’, ‘plans’, ‘anticipates’, ‘believes’, ‘intends’, ‘estimates’, ‘projects’, ‘potential’ and similar expressions, or that events or conditions ‘will’, ‘would’, ‘may’, ‘could’ or ‘should’ occur and include disclosure of anticipated exploration activities. Although the Company believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward‐looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward‐looking statements whether as a result of new information, future events or otherwise.

Such factors include, among others, risks related to future plans for the Company’s Nevada mineral properties; reliance on technical information provided by third parties on any of our exploration properties; changes in mineral project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or metallurgical recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labor disputes and other risks of the mining industry; delays due to pandemic; delays due to weather; delays in obtaining governmental approvals, financing or in the completion of exploration, as well as those factors discussed in the section entitled ‘Risk Factors’ in the Company’s Management Discussion and Analysis for the Nine Months ending June 30, 2025, which is available under Company’s SEDAR profile at www.sedarplus.com.

Although Nevada Sunrise has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Nevada Sunrise disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES NEWSWIRE SERVICES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/273569

News Provided by Newsfile via QuoteMedia

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TERRA CLEAN PROVIDES CORPORATE UPDATE

Terra Clean Energy CORP. (‘ Terra ‘ or the ‘ Company ‘) (CSE: TCEC,OTC:TCEFF, OTCQB: TCEFF FSE: C 9O0) is pleased to announce that it has scheduled its annual general meeting of shareholders for December 8, 2025 (the ‘ Meeting ‘).  At that Meeting, amongst other things, shareholders will be asked to re-elect the current directors of the Company (being Greg Cameron, Alex Klenman and Tony Wonnacott) and elect two additional directors, being Michael Gabbani and Brian Polla.

‘I would like to welcome Mike and Brian to the board of directors and look forward to working with them to deliver shareholder value’ stated Greg Cameron, CEO of the Company.  ‘Mike is an accomplished Engineer having spent decades in the Nuclear Industry. He has a high-level understanding of where the industry  is going and the contacts to allow us to position the Company to benefit. Brian is a serial entrepreneur and seasoned veteran of both private and public companies and also a substantial shareholder of the company.  The shareholders are lucky to have their expertise  to help steer the company forward’.

Mr. Michael Gabbani is a highly accomplished executive sales and business development leader with a strong engineering acumen. As a professional engineer with over 30 years of experience in the nuclear energy industry his career began with Atomic Energy of Canada Limited and later with GE Hitachi Energy.  Throughout his career, Mr. Gabbani has been a dedicated advocate for the Canadian nuclear Industry. He served for 14 years on the board of directors of the Organization of Canadian Nuclear Industries, representing the nuclear supply chain while promoting collaboration, innovation and international partnerships in efforts to expose the strength and technical innovation within the Canadian Nuclear Industry worldwide.

Mr. Brian Polla is a seasoned entrepreneur with over 25 years of experience in manufacturing, operations, and business development. Throughout his career, he has built and led multiple successful ventures in the industrial and coatings sectors, earning a reputation for strategic vision and hands-on leadership.  With deep expertise in metal fabrication, production management, and process optimization, Mr. Polla has guided companies through every stage of growth from startup to scale-up including the successful launch of a company on the CSE.  For over two decades, Mr. Polla has owned and operated Kenex Coatings.

Also, further to the Company’s press releases dated October 20, 2025 and November 5, 2025, in connection with the recently completed non-brokered private placement, the Company clarifies that it paid finders’ fees to certain arm’s length finders comprising of: (i) total cash of $148,868.01; and; and (ii) 848,783 non-transferrable finder warrants of the Company exercisable to acquire common shares in the capital of the Company (the ‘ Common Shares ‘), at an exercise price of C$0.14 per Common Share for a period of 36 months from November 5, 2025.

About Terra Clean Energy Corp.

Terra Clean Energy Corp. is a Canadian-based uranium exploration and development company. The Company is currently developing the South Falcon East uranium project, which holds a 6.96M pound inferred uranium resource within the Fraser Lakes B Deposit, located in the Athabasca Basin region, Saskatchewan, Canada as well as past producing uranium mines in Utah, United States.

ON BEHALF OF THE BOARD OF Terra Clean Energy CORP.

‘Greg Cameron’
Greg Cameron, CEO
Qualified Person

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101, reviewed and approved on behalf of the company by C. Trevor Perkins, P.Geo., the Company’s Vice President, Exploration, and a Qualified Person as defined by National Instrument 43-101.

*The historical resource is described in the Technical Report on the South Falcon East Property, filed on sedarplus.ca on February 9, 2023. The Company is not treating the resource as current and has not completed sufficient work to classify the resource as a current mineral resource. While the Company is not treating the historical resource as current, it does believe the work conducted is reliable and the information may be of assistance to readers.

Forward-Looking Information

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as ‘plan’, ‘expect’, ‘project’, ‘intend’, ‘believe’, ‘anticipate’, ‘estimate’ and other similar words, or statements that certain events or conditions ‘may’ or ‘will’ occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information, including statements regarding the Offering and the potential development of mineral resources and mineral reserves which may or may not occur. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and general economic and political conditions. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary approvals, including governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by applicable laws. For more information on the risks, uncertainties and assumptions that could cause our actual results to differ from current expectations, please refer to the Company’s public filings available under the Company’s profile at www.sedarplus.ca.

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

For further information please contact:

Greg Cameron, CEO
info@tcec.energy
416-277-6174

Terra Clean Energy Corp
Suite 303, 750 West Pender Street
Vancouver, BC V6C 2T7
www.tcec.energy

News Provided by GlobeNewswire via QuoteMedia

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Crypto Market Update: Crypto Market Sheds 2025 Gains, UNDP Launches Blockchain Training

Here’s a quick recap of the crypto landscape for Friday (November 7) as of 9:00 a.m. UTC.

Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$103,902, a 3.0 percent decrease in 24 hours. Bitcoin’s highest valuation as of Friday was US$103,421, while its lowest was US$99,931.52

Bitcoin price performance, November 7, 2025.

Chart via TradingView.

Bitcoin continues to extend its slide as it heads for another week of losses. The world’s largest cryptocurrency slipped more than 20 percent from its early October record high and confirming entry into bear-market territory.

The losses mark Bitcoin’s second consecutive week in the red and its fourth down week in the past five, reflecting the market’s struggle to recover from October’s “Red October” slump. Data showing a sharp rise in US layoffs in October, the highest in two decades, fueled expectations of further Federal Reserve rate cuts in December.

Despite this, President Trump reaffirmed his administration’s pro-crypto stance this week, calling for the US to become the “Bitcoin superpower” and touting regulatory measures to bolster the digital asset sector. However, his remarks stopped short of signaling direct government purchases of crypto.

Analysts say Bitcoin is now hovering near a crucial technical threshold around $97,000. Trader Ted Pillows noted that Bitcoin is “holding above the $100,000 level for now,” but warned that ‘until BTC closes a strong daily candle above the $106,000 level,’ investors must brace and expect new lows moving forward.

Ether (ETH) was priced at US$3,338.69, a 4.1 percent increase in 24 hours. Its lowest valuation of the day was US$3,229.48, and its highest was US$3,397.60.

Like Bitcoin, Ethereum extended its decline and is struggling for recovery as it it slipped below the US$3,300 mark. While bearish strength remains moderate, the fact that prices continued to drop even after a major liquidation event suggests that spot sellers may now be in control.

Altcoin price update

  • Solana (SOL) was priced at US$157.08, down by 3.1 percent over the last 24 hours. Its highest valuation of the day was US$160.86, while its lowest was US$152.27
  • XRP was trading for US$2.22, down by 4.8 percent over the last 24 hours. Its highest valuation of the day was US$2.30, while its lowest was US$2.17.

Crypto derivatives and market indicators

The cryptocurrency market showed mixed but cautious action.

Liquidations for contracts tied to Bitcoin totaled approximately US$48.39 million in the last four hours, with the overwhelming majority coming from long positions showing a clear sign of forced selling as leveraged positions were flushed. Ether followed the same pattern: about US$25.82 million of liquidations over the same window, again dominated by longs.

Futures open interest tells a similar story of modest unwind. Future open interest for Bitcoin edged down 0.03 percent to US$69.44 billion, while Ether declined 1.92 percent to US$38.19 billion, reflecting a slight pullback in leverage as the session closed.

Technically, Bitcoin’s RSI at 30.81 sits near oversold territory, signaling weak momentum and that the market may be vulnerable to continued downside or, alternatively, due for a short-term relief bounce if buyers step in.

Today’s crypto news to know

Crypto market loses nearly all 2025 gains after month-long decline

The cryptocurrency market has erased almost all of its 2025 value increase in just over a month, marking one of the steepest reversals since the last bear cycle.

According to CoinGecko data as reported by Bloomberg, total market capitalization peaked near US$4.4 trillion on October 6 before sliding 20 percent, leaving the asset class up only about 2.5 percent for the year.

The decline began after roughly US$19 billion in leveraged positions were liquidated that sparked a wider selloff and weakening trader sentiment.

Bitcoin has fallen 8 percent this week alone, dropping below its 200-day moving average for the first time in three years. Altcoins have faced similarly sharp losses amid reduced liquidity and limited new inflows.

Japan’s financial regulator backs bank-led stablecoin pilot

Japan’s Financial Services Agency has confirmed it will support a project by the country’s three largest banks—Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group—to jointly issue stablecoins for cross-border payments.

According to a Reuters report, finance Minister Satsuki Katayama said the FSA will oversee legal and operational compliance as the initiative moves into testing.

The banks intend to issue yen-pegged tokens under Japan’s revised Payment Services Act, which requires full asset backing and enhanced consumer safeguards.

The JPYC recently launched its first fully regulated yen-denominated stablecoin backed by domestic savings and government bonds.

UNDP to launch global blockchain training program for governments

The United Nations Development Programme is expanding its blockchain education initiatives to include government officials, aiming to accelerate digital infrastructure adoption in the public sector.

Robert Pasicko, who leads UNDP’s Alternative Finance Lab, said four countries will be selected for the initial rollout within weeks. The program builds on UNDP’s internal blockchain academy and will include both training and hands-on project support.

Research by UNDP identified over 300 potential government applications for blockchain technology, from transparent fund tracking to public-sector payments.

Twenty-five major blockchain organizations, including Polygon Labs, Stellar Foundation, and the Ethereum Foundation, have discussed forming an advisory group under UNDP coordination.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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October monthly job cuts surged to a 22-year high

U.S.-based companies announced more than 153,000 job cuts in October, the research firm Challenger, Gray & Christmas reported Thursday.

“This is the highest total for October in over 20 years, and the highest total for a single month in the fourth quarter since 2008,’ the firm said in a news release.

From January through the end of October, employers have announced the elimination of nearly 1.1 million jobs. It’s the most Challenger has recorded since 2020, when the Covid-19 pandemic shut down the global economy.

“October’s pace of job cutting was much higher than average for the month,’ Andy Challenger, the firm’s chief revenue officer, said in a statement. The last time there was a higher October monthly total was in 2003.

“Some industries are correcting after the hiring boom of the pandemic, but this comes as AI adoption, softening consumer and corporate spending, and rising costs drive belt-tightening and hiring freezes,” he said.

On Wednesday, the private payroll processor ADP released its own October jobs data, showing that employers added just 42,000 jobs in the month.

The ADP report also flagged job losses in the leisure and hospitality sector as a potential sign of trouble ahead, given the industry’s acute sensitivity to consumer sentiment.

ADP’s chief economist called the losses in hospitality and leisure a ‘concerning trend.’

Both Challenger and ADP’s reports landed as major companies such as Amazon, IBM, UPS, Target, Microsoft, Paramount and General Motors announced plans to eliminate tens of thousands of jobs.

Despite the wave of downbeat economic news, the Trump administration continues to deliver an upbeat take on the current environment.

“Jobs are booming” and “inflation is falling,” Treasury Secretary Scott Bessent said Tuesday.

However, the most recent available data paints a different picture.

Inflation has also been on the rise. Prices as measured by the Consumer Price Index overall have risen every month since April.

A spokesperson for the Treasury Department did not immediately reply to a request for comment on the Challenger report.

Challenger’s report does not typically carry the same weight with economists and investors as federal jobs data, owing to its methodology.

To arrive at its figures, the firm compiles the number of job cuts companies have publicly announced. But employers may not ultimately carry out all the cuts they roll out.

Moreover, some of the job cuts that multinational companies announce could affect workers outside of the United States. Other headcount reductions could be achieved through attrition, rather than layoffs. The report also may not capture smaller layoffs over the long run.

But in the midst of a federal data blackout caused by the government shutdown, Challenger’s latest report is being read more closely than usual.

The federal government’s October jobs report that would traditionally be released Friday will not be published this week, due to the shutdown.

Other key data about the U.S. economy like GDP and an inflation indicator called PCE, closely watched by the Federal Reserve, has also been delayed.

Challenger equated the impact of AI on the current labor market to the rise of the internet in the early aughts. “Like in 2003, a disruptive technology is changing the landscape,” it said.

‘Technology continues to lead in private-sector job cuts as companies restructure amid AI integration, slower demand, and efficiency pressures,’ Challenger said.

But even firms that are not actively cutting jobs have warned that they do not plan to add to their headcount in the near term, with several pointing directly to AI’s impact on their personnel needs.

On Wednesday night, JPMorgan Chase CEO Jamie Dimon told CNN that headcount at his company would likely remain steady as the nation’s largest bank rolls out AI internally.

Goldman Sachs CEO David Solomon also recently told his employees that the firm would ‘constrain headcount growth through the end of the year,’ as it takes advantage of AI efficiencies, Bloomberg reported.

This post appeared first on NBC NEWS

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