Political chaos in France and Germany could hamper Europe’s economy

( ) -q-22- UNDATED (Correspondent Jeremy House) “Vladimir Putin’s Russia.”

Europe’s economy has enough difficulties, from tepid growth to trade tensions with the U.S.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: Dealing with those woes is only getting harder due to the political chaos in the two biggest European countries, France and Germany. Neither has a government backed by a functioning majority, and France could take a while yet to sort things out. But some problems aren’t going to wait, such as how to fund a stronger defense against Vladimir Putin’s Russia.

Chinese leaders pledge ‘moderately loose’ monetary policy

( ) -q-22- UNDATED (Correspondent Jeremy House) “the country’s exports.”

China’s top leaders have pledged to loosen monetary policy and provide more support for the slowing economy.

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Out-cue: the country’s exports]

TAG: Correspondent Jeremy House reporting.

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VERBATIM: Shares in Hong Kong jumped after state media released a report on a meeting by China’s ruling Communist Party’s Politburo. That gathering sets the tone for an annual economic planning meeting later in the week to reaffirm policies for the coming year. Meanwhile, China’s Premier slapped back at threats of more tariffs on the country’s exports.

Those hit hardest often don’t have a say in opioid settlements

( ) -q-20- UNDATED (Correspondent Jeremy House) “fight the crisis.”

People with substance use disorder are not getting a direct say on how most opioid settlement money is used.

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TAG: Correspondent Jeremy House reporting. Figuring out exactly to do with the money is up to state and local governments that have used a variety of structures to make those decisions.

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VERBATIM: Some advocates say keeping them out of the process is a major reason money is going to law enforcement efforts instead of other programs more likely to prevent overdose deaths. Companies have agreed to pay more about $50 billion over time to resolve lawsuits filed by governments. Most of the money is required to be used to fight the crisis.

US added a strong 227,000 jobs in November

(   ) -q-21- UNDATED (Correspondent Jeremy House) “up to 4.2-percent.”

America’s job market rebounded in November.

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TAG: Correspondent Jeremy House reporting. Friday’s government report provided the latest evidence that the U.S. job market remains durable even though it has lost significant momentum from the 2021-2023 hiring boom.

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VERBATIM: The Labor Department says employers added 227,000 workers in a solid recovery from October. That was when the effects of strikes and hurricanes had sharply diminished employers’ payrolls. Last month’s hiring growth was up considerably from a meager gain of 36,000 jobs in October. The unemployment rate ticked up to 4.2%.

EPA hails ‘revitalized’ enforcement efforts as Biden administration heads to exit

(   ) -v-33- UNDATED (Correspondent Jeremy House) ”

The Environmental Protection Agency says it concluded more than 1,850 civil cases this year, a 3.4% increase over 2023. Correspondent Jeremy House reports.

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VERBATIM: The agency charged 121 criminal defendants, a 17.6% increase over the previous year and also issued $1.7 billion in financial penalties, more than double last year’s total. Enforcement efforts included first-ever criminal charges for a California man accused of smuggling climate-damaging air coolants into the United States. Engine maker Cummins paid more than $2 billion in fines and penalties after it was found to use illegal software to skirt diesel emissions tests.

China’s ban on high-tech materials could have broad impact

(   ) -q-27- UNDATED (Correspondent Jeremy House) “equipment and components.”

China has banned exports of key materials used for a wide range of products, including smartphones, electric vehicles, radar systems and CT scanners.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The ban is in response to Washington’s expandsion of export controls to include dozens of Chinese companies that make equipment used to produce computer chips. Both sides say the controls are justified by national security concerns. Analysts say they could have a much wider impact on manufacturing in many industries and supply chains, depending on the ability of each side to compensate for loss of access to strategically important materials, equipment and components.

Japan’s Nippon Steel sets sights on a growing overseas market

( ) -q-21- UNDATED (Correspondent Jeremy House) “and American steelworkers.”

The signs at Nippon Steel read: “The world through steel,” underlining why Japan’s top steelmaker is pursuing its $15 billion bid to acquire U.S. Steel.

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TAG: Correspondent Jeremy House reporting. If the deal goes through, U.S. Steel will keep its name and its headquarters in Pittsburgh, Pennsylvania, but become subsidiary of Nippon Steel.

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VERBATIM: Japan’s domestic market isn’t growing, so Nippon Steel has its eyes on India, Southeast Asia and the United States, where populations are still growing. Nippon Steel gave reporters a tour of one of its plants in Japan on Friday. The bid for U.S. Steel is opposed by President-elect Donald Trump, President Joe Biden and American steelworkers.

US applications for jobless benefits rise last week but remain at low levels

( ) -q-23- UNDATED (Correspondent Jeremy House) “of November 23.”

The number of Americans applying for unemployment benefits rose last week.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The Labor Department says jobless claim applications rose by 9,000 to 224,000 for the week of November 30. Despite the increase, the number of claims remains at historically healthy levels. Continuing claims, the total number of Americans collecting jobless benefits, fell by 25,000 to 1.87 million for the week of November 23.

OPEC+ oil producers’ alliance postpones production increases

( ) -q-27- UNDATED (Correspondent Jeremy House) “course of 2025.”

Eight members of the OPEC+ alliance of oil exporting countries have decided to put off increasing oil production.

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Out-cue: course of 2025]

TAG: Correspondent Jeremy House reporting. That process will now be pushed back until October 2026. OPEC+ includes Saudi Arabia as the dominant member of the OPEC producers’ cartel, and Russia as the leading non-OPEC member in the 23-country alliance.

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VERBATIM: The decision was made as the alliance faces weaker than expected demand and competing production from non-allied countries — factors that could keep oil prices stagnant into next year. The OPEC+ members decided at an online meeting to postpone by three months production increases that had been scheduled to take effect January 1. The plan had been to start gradually restoring 2.2 million barrels per day over the course of 2025.

Trump nominates cryptocurrency advocate Paul Atkins as SEC chair

( ) -q-17- UNDATED (Correspondent Jeremy House) “markets and investments.”

President-elect Donald Trump says he intends to nominate cryptocurrency advocate Paul Atkins to chair the Securities and Exchange Commission.

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TAG: Correspondent Jeremy House reporting. If confirmed next year by the new Republican-led Senate, Atkins would replace Gary Gensler, who’s been leading the U.S. government’s crackdown on the crypto industry. Atkins was widely considered the most conservative SEC member during his tenure and known to have a strong free-market bent.

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VERBATIM: Atkins is a former SEC commissioner. Mr. Trump calls Atkins a “proven leader for common sense regulations.” In the years since leaving the SEC, Atkins has made the case against too much market regulation. The SEC oversees U.S. securities markets and investments.

Bitcoin tops $100,000 sparked by Trump election rally

( ) -q-23- UNDATED (Correspondent Jeremy House) “than 103-thousand dollars.”

Bitcoin has topped the $100,000 mark as a massive rally in the world’s most popular cryptocurrency rolls on.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The milestone comes just hours after President-elect Donald Trump signaled a lighter regulatory approach to the crypto industry. Bitcoin has soared to unprecedented heights since Mr. Trump won the election November 5. The cryptocurrency has climbed dramatically from $69,374 on Election Day and rose to a high of more than $103,000.

China losses force GM to take over $5B in charges

( ) -q-27- UNDATED (Correspondent Jeremy House) “adjusted pretax earnings.”

The poor performance of General Motors’ Chinese joint ventures is forcing the company to write down assets and take a restructuring charge totaling more than $5 billion in the fourth quarter of this year.

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TAG: B-B-C Correspondent Jeremy House reporting.

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VERBATIM: The Detroit automaker says in a regulatory filing that it will cut the value of its equity stake in the ventures by $2.6 billion to $2.9 billion when results are reported early next year. In addition, GM will take $2.7 billion worth of restructuring charges, most of it during the fourth quarter. GM says the noncash charges will reduce the company’s net income, but they will not affect adjusted pretax earnings.

EU pushes back deforestation law by a year after outcry

( ) -v-34- UNDATED (Correspondent Jeremy House) “std.”

The European Union has agreed to delay by a year the introduction of new rules to ban the sale of products that lead to massive deforestation. Correspondent Jeremy House reports.

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VERBATIM: The E-U agreed to demands from several producer nations from across the globe and domestic opposition within the 27-nation bloc. Officials say the EU member states, the EU parliament and the executive Commission reached an agreement in principle following weeks of haggling whether the initial rules would have to be watered down even further. The deforestation law is aimed at preserving forests on a global scale by only allowing forest-related products that are sustainable and do not involve the degradation of forests.

Founder of failed crypto lending platform pleads guilty to fraud charges

( ) -q-22- UNDATED (Correspondent Jeremy House) “years in prison.”

The founder and former CEO of the failed cryptocurrency lending platform Celsius Network has pleaded guilty to federal fraud charges, admitting that he misled customers about the business.

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TAG: Correspondent Jeremy House reporting. Sentencing has been scheduled for April 8. Celsius filed for bankruptcy in 2022.

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VERBATIM: Alexander Mashinsky entered the plea in Manhattan federal court to commodities and securities fraud. He admitted illegally manipulating the price of Celsius’ proprietary crypto token while secretly selling his own tokens at inflated prices. A plea agreement Mashinsky reached with prosecutors calls for him to be sentenced to up to 30 years in prison.

Amtrak sets passenger record in 2024

Amtrak set a passenger record this year. Ridership on Amtrak topped 2019 pre-COVID levels for the first time this year and reached a record high even with less capacity. The number of passengers increased 15 percent this year to a record 32-point-8 million customer trips. Despite the increase in ridership, the country’s passenger railroad had an operating loss of 705 million dollars, which was an improvement from last year. In March, Amtrak said it was boosting service on its popular East Coast lines.

A top Fed official leans toward December rate cut

( ) -v-34- UNDATED (Correspondent Jeremy House) “std.”

A top Federal Reserve official says he is leaning toward supporting an interest rate cut when the Fed meets in two weeks. Correspondent Jeremy House reports.

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VERBATIM: Christopher Waller, a key member of the Fed’s Board of Governors, notes however, that evidence of persistent inflation before then could cause him to change that view. Speaking at George Washington University, Waller said he was confident that inflation is headed lower and that the central bank will likely keep reducing its key rate, which affects many consumer and business loans. But he noted that there’s a risk that inflation “may be getting stuck above” the Fed’s 2% target, which would support an argument for keeping the Fed’s rate unchanged this month…JH, Washington.

Alaska Airlines tech issue briefly grounds planes in Seattle

( ) -q-23- UNDATED (Correspondent Jeremy House) “a technology problem.”

Alaska Airlines says an unspecified technology issue caused the temporary grounding of flights in Seattle and continuing problems with booking flights online.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The company says Monday’s issue resulted in a significant disruption to its operation, including delayed flights. The airline said it requested a 40-minute ground stop at Seattle-Tacoma International Airport to clear aircraft congestion. In September, Alaska Airlines flights were grounded in Seattle because of what the company called significant disruptions from a technology problem.

China bans exports to US of gallium, germanium, antimony

( ) -q-26- UNDATED (Correspondent Jeremy House) “to the U.S.”

China has announced a ban on exports to the United States of key high-tech materials with potential military applications.

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Out-cue: to the U.S.]

TAG: Correspondent Jeremy House reporting. The 140 companies newly included in the U.S. so-called “entity list” subject to export controls are nearly all based in China.

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VERBATIM: The Chinese Commerce Ministry announced the move after the Washington expanded its list of Chinese companies subject to export controls on computer chip-making equipment, software and high-bandwidth memory chips. Such chips are needed for advanced applications. Beijing earlier had required exporters to apply for licenses to send strategically important materials such as gallium and germanium to the U.S.

Stellantis CEO Tavares steps down as carmaker struggles

( ) -q-18- UNDATED (Correspondent Jeremy House) “well under way.”

Stellantis CEO Carlos Tavares is stepping down after nearly four years in the top spot of the carmaker that owns brands like Jeep and Ram and Citroën  and Peugeot.

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TAG: Correspondent Jeremy House reporting. As head of PSA Peugeot, Tavares took control of the company in January 2021 when it merged with Fiat Chrysler Automobiles. Beyond Jeep and Ram, Stellantis’ portfolio also includes brands such as Chrysler, Dodge, Maserati and Opel.

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VERBATIM: The world’s fourth-largest automaker announced that its board accepted Tavares’ resignation, executive immediately. The move comes amid the company’s continued struggle with slumping sales. The Netherlands-based company said the process of finding a new, permanent CEO is “well under way.”

VW workers hold 2-hour strikes against proposed pay cuts, plant closures

( ) -q-24- UNDATED (Correspondent Jeremy House) “no longer needed.”

Volkswagen workers have launched (conducted) rolling two-hour strikes at nine plants across Germany to underscore their resistance to pay cuts and factory closures.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The company says cuts are necessary to cope with a slack European auto market. The strikes were held as part of negotiations for a new labor agreement after a legally mandated peace period that bars strikes expired on Sunday. The company is demanding a 10% pay cut for 120,000 German workers and has said it can’t avoid shedding factory capacity that is no longer needed.

Cyber Monday shoppers expected to set a record

( ) -q-23- UNDATED (Correspondent Jeremy House) “over the weekend.”

Consumers in the U.S. are scouring the internet for online deals as they look to make the most of the post-Thanksgiving shopping marathon on Cyber Monday.

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TAG: Correspondent Jeremy House reporting. Consumer spending for the online shopping days between Thanksgiving and Cyber Monday provides an indication of how much shoppers are willing to spend for the holidays.

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VERBATIM: The National Retail Federation coined the term for the Monday after Black Friday in 2005. Even though e-commerce is now part and parcel of many people’s regular routine, Cyber Monday continues to be the biggest online shopping day of the year, thanks to steady discounts and a fair amount of hype. Several major retails actually started their Cyber Monday promotions over the weekend.

The Red Kettle campaign is underway

The Red Kettle campaign is underway

VERBATIM:  The Salvation Army’s annual effort to raise money for the poor around Christmas will feature thousands of bell ringers outside of stores and other establishments now ’til December 25th.  A big chunk of the giant Christian ministry’s yearly budget is gathered at this time of year and organizers are hoping Americans will be generous.  However, with four years of inflation and economic precarity weighing people down, generosity may be depressed this season.  MH SRB NEWS

Inflation rose to 2.3% in Europe

( ) -q-23- UNDATED (Correspondent Jeremy House) “by how much.”

Inflation in the 20 countries that use the euro currency rose in November.

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Out-cue: by how much]

TAG: Correspondent Jeremy House reporting. Market buzz says there could be a larger than usual half-point cut in the benchmark rate, currently 3.25%.

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VERBATIM: The increase likely won’t stop the European Central Bank from cutting interest rates. The E-U statistics agency Eurostat says the European Union’s harmonized index of consumer prices rose 2.3 percent, up from 2.0% in October. However, worries about growth mean the December 12 ECB meeting is not about whether to cut rates, but by how much.

Mass. lawmakers push for an effort to ban all tobacco sales over time

( ) -q-23- UNDATED (Correspondent Jeremy House) “proposal next year.”

A handful of Massachusetts lawmakers are taking on the tobacco industry.

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Out-cue: proposal next year]

TAG: Correspondent Jeremy House reporting. If approved, the bill would set a date and ban the sale of tobacco to anyone born after that date forever, eventually banning all sales.

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VERBATIM: The legislators are hoping to persuade their colleagues to support a proposal that would make the state the first to adopt a ban meant to eliminate the use of tobacco products over time. Other locations have weighed similar “generational tobacco bans.” The bans phase out the use of tobacco products based not just on a person’s age but on birth year. Lawmakers plan to file the proposal next year.