America’s employers kept hiring vigorously in October, adding 261,000 positions. Get more of last week's business news here.
Check out this week's Business Briefs, an encompassing look at top business news this week from the Associated Press, with a special spotlight on national business and the economy.Salary transparency laws aim to combat pay disparitiesNEW YORK — Starting this week, job-seekers in New York City will have access to a key piece of information: how much money they can expect to earn for an advertised opening. New York will require employers as of Nov.
Those higher loan costs have weakened the home market, in particular. The average rate on a 30-year fixed-rate mortgage, which was just 3.14% a year ago, topped 7% last week for the first time since 2002, mortgage buyer Freddie Mac reported. Sales of existing homes have fallen for eight straight months.
The Fed’s benchmark short-term rate stands in a range of 3% to 3.25%. In September, policymakers forecast that they'd raise it by an additional 1.25 percentage points by year's end. That timetable suggests a three-quarter-point hike on Wednesday and a half-point increase in December. One reason the Fed might begin pulling back soon is that some early signs suggest that inflation could start declining in 2023. Consumers, squeezed by high prices and costlier loans, are starting to spend less. Supply chain snarls are easing — ocean freight costs have plunged 67% in the past year — which means fewer shortages. Wage growth is plateauing, which, if followed by declines, would reduce inflationary pressures.
And Mary Daly, president of the San Francisco Fed, noted recently that the central bank won't be carrying out three-quarter-point rate hikes indefinitely.Most of the signs of easing inflation have emerged in private-sector data sources, including websites that track rents and home prices. Some economists think Fed officials will have to assign greater weight to such sources in the coming months.
Kathy Bostjancic, chief U.S. economist at Nationwide, said that as interest rates reach levels that slow growth, and real-time data show slowdowns in rents and wages, Fed officials"need to be looking through the front windshield, not the back, and be more careful with their rate increases.” Twitter's new owner fired the company's board of directors and made himself the board's sole member, according to a company filing Monday with the Securities and Exchange Commission. Musk later said on Twitter that the new board setup is “temporary,” but he didn't provide any details.
On Friday, meanwhile, billionaire Saudi Prince Alwaleed bin Talal said he and his Kingdom Holding Company rolled over a combined $1.89 billion in existing Twitter shares, making them the company’s largest shareholder after Musk. The news raised concerns among some lawmakers, including Sen. Chris Murphy, a Democrat from Connecticut.
“You don’t want to have frantically scared employees working for you,” Faulkner said. “That doesn’t motivate people.” Calacanis said the team already “has a very comprehensive plan to reduce the number of bots, spammers, & bad actors on the platform.” And in the Twitter poll, he asked if users would pay between $5 and $15 monthly to “be verified & get a blue check mark” on Twitter. Twitter is currently free for most users because it depends on advertising for its revenue.
The head of a cryptocurrency exchange that invested $500 million in Musk’s Twitter takeover said he had a number of reasons for supporting the deal, including the possibility Musk would transition Twitter into a company supporting cryptocurrency and the concept known as Web3, which many cryptocurrency enthusiasts envision as the next generation of the internet.
It didn't matter that authorities said Paul Pelosi was alone when the suspect broke into the couple's San Francisco home. Or that investigators said they didn't believe the two men knew one another. Musk hasn’t said why he linked to the article, or why he deleted his post, which came in response to a tweet from Hillary Clinton that condemned the attack. Twitter did not immediately respond to questions from The Associated Press on Monday.
San Francisco District Attorney Brooke Jenkins on Monday begged other political leaders to be mindful of their comments about the case. Extremism experts and disinformation researchers had warned that the change in ownership could upend Twitter’s efforts to combat misinformation and hate speech, especially with this year’s midterm elections just days away.
District Attorney Brooke Jenkins debunked several other aspects of the conspiracy theory as well, saying there's no evidence DePape knew Paul Pelosi, and saying Pelosi was alone at home when DePape broke in. Social media has sped up the proliferation of conspiracy theories, helped believers organize, and enabled groups to weaponize disinformation for their own ends, according to Sacha Haworth, executive director of the Tech Oversight Project, a group that supports new regulations on platforms.
Annual inflation reached 10.7% in October, the European Union's statistics agency, Eurostat, reported Monday. That is up from 9.9% in September and the highest since statistics began to be compiled for the eurozone in 1997. The inflation outbreak has been an international phenomenon, sending price increases to near 40-year highs in the U.S. as well.
The growth in gross domestic product was higher than expected because of extensive government support that softened the blow to people's incomes from inflation as well as pent-up savings that consumers had left over from the worst of the pandemic restrictions, said Joerg Zeuner, chief economist at Union Investment.
Meanwhile, higher bond market costs for governments remain a concern for heavily indebted eurozone countries such as Italy. Assistant Attorney General Jonathan Kanter of the Justice Department’s Antitrust Division praised the decision, saying in a statement that the decision “protects vital competition for books and is a victory for authors, readers, and the free exchange of ideas.”
King tweeted Monday that he was “delighted” by the ruling, adding: “The proposed merger was never about readers and writers; it was about preserving PRH’s market share. In other words: $$$.” The Justice Department's case against Penguin Random House did not focus on market share overall or on potential price hikes for customer. The DOJ instead argued that the new company would so dominate the market for commercial books, those with author advances of $250,000 and higher, that the size of advances would go down and the number of releases would decrease.
Simon & Schuster will likely end up under new ownership, no matter the outcome of any legal appeals. The publisher had been up for sale well before the Penguin Random House deal was announced late in 2020 and the publisher's corporate parent, Paramount Global, has said it did not see Simon & Schuster as part of its future. Under bidders against Penguin Random House included Rupert Murdoch's News Corp, which owns HarperCollins Publishers.
Pan, meanwhile, has since been appointed to the U.S. Court of Appeals for the D.C. Circuit, replacing Ketanji Brown Jackson after she was nominated by Biden and approved by the Senate for the Supreme Court.Salary transparency laws aim to combat pay disparities NEW YORK — Starting this week, job-seekers in New York City will have access to a key piece of information: how much money they can expect to earn for an advertised opening.
Haris Silic, vice president at Artisan Talent, a staffing agency that places hundreds of creative professionals in New York City and across the country, said the law's implementation may initially be tough on the employer's side, but he thinks “everyone sees the value.
In Colorado, for example, a recent job posting on hiring site Indeed for an executive assistant in Denver advertised a salary range of $57,131 to $88,516 a year. A human resources data analyst role listed a range of $67,488 to $111,355 a year. A retail position at Target advertised an hourly salary of $23.75 to $40.40.
“Hiring people should be seen as a two-way contract,” she said. “You're looking for a good partnership.” “A disproportionate number of women are working lower wage jobs,” Khawaja said. “So legislation to increase the minimum wage and eliminate exceptions, such as the tipped wage for certain categories of workers like restaurant workers, are really essential to closing that gap.”DISCUSSING PAY WITH CO-WORKERS IS LEGAL
“There’s a fundamental information asymmetry in salary negotiation,” said Kate Bahn, chief economist at the Washington Center for Equitable Growth. “Employers inherently have better information about wages, meaning they have an upper hand. The party that has more information is going to fare better.”Some employers get around the salary history legal constraint by asking applicants to share their salary expectations, but Bahn said that can have the same effect of lowering offers.
EXPLAINER: What Russia's suspension of grain deal could mean NAIROBI, Kenya — Russia has suspended its part of a U.N.-brokered deal allowing Ukraine to export grain safely from its Black Sea ports during a monthslong war, saying it was not going to allow ships to travel. The grain agreement has brought down global food prices about 15% from their peak in March, according to the U.N., and the U.N. secretary-general had urged Russia and Ukraine to renew the deal when it expires Nov. 19.
Ukraine has said more than 5 million tons have been exported to African and Asian nations, with 190,000 tons of wheat sent to countries that are getting relief from the U.N. World Food Program.A ship carrying 30,000 tons of wheat for Ethiopia under that program sailed Monday, Ukraine said, one of a dozen ships with more than 354,000 tons of agricultural products that Ukraine said left port after the U.N. and Turkey agreed on the traffic of ships through the humanitarian corridor.
While sanctions on Russia don’t affect its grain exports and a parallel wartime deal was meant to clear the way for Moscow's food and fertilizer shipments, some businesses have been wary. After four failed rainy seasons in the Horn of Africa, millions of people are hungry and millions of livestock that are a critical source of food and wealth are dying. Ferris said he’s spoken with companies that are sending hundreds of tons of processed feeds to northern Kenya to keep animals alive.
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