GDP Sees 3.3% Growth In Fourth Quarter

The nation’s economy grew at an unexpectedly brisk pace of 3.3% in the FOURTH quarter of 2023. Americans showed a continued willingness to spend freely despite high interest rates and price levels that have frustrated many households. The GDP decelerated from its sizzling 4.9% annual growth rate the previous quarter. But the latest figures mark the sixth straight quarter in which GDP has grown at an annual pace of 2% or more. For all of 2023, the economy grew 2.5%, up from 1.9% in 2022.

German train drivers go on strike for 6 days, stalling railway traffic

( ) -q-27- UNDATED (Correspondent Jeremy House) “to 24 hours.”

Germany’s train drivers have brought rail traffic to a standstill…again.

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TAG: Correspondent Jeremy House reporting. As with the previous strikes, around 80% of long-distance trains were canceled and there were also considerable restrictions on regional services, according to Deutsche Bahn.

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VERBATIM: A six-day strike by the GDL union, which began early Wednesday, will affect passenger services and freight trains operated by state-owned Deutsche Bahn until next Monday evening. The strike is an attempt by the union to push their demands in a rancorous dispute with the country’s main railway operator over working hours and pay. The union held a three-day strike earlier this month and two warning strikes last year which lasted up to 24 hours.

Protesting farmers block roads across France

( ) -q-28- UNDATED (Correspondent Jeremy House) “and his government.”

French farmers are staging protests across the country and in Brussels.

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TAG: Correspondent Jeremy House reporting. Roadblocks are spreading in many French regions, one day after a farmer and her daughter died due to a traffic collision at a protest barricade.

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VERBATIM: The farmers are protesting low wages and what they consider to be excessive regulation, mounting costs and other problems. Some farmers are protesting in Brussels, home to EU headquarters, where French farmers’ union Rural Coordination has called for a demonstration against the “ever-increasing constraints of European regulations and ever-lower incomes.” The protests are the first major challenge for newly appointed Prime Minister Gabriel Attal and his government.

Netflix’s gains 13 million new global 4Q subscribers

( ) -q-25- UNDATED (Correspondent Jeremy House) “spike in subscribers.”

Netflix has registered its third-consecutive quarter of accelerating subscriber growth in the final three months of 2023.

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TAG: Correspondent Jeremy House reporting. The increase in subscribers comes even as it became more expensive to watch Netflix’s programming. Netflix, which is based in Los Gatos, California, now has more than 260 million worldwide subscribers

United Airlines expects a Q1 loss after Boeing Max 9 groundings

( ) -q-25- UNDATED (Correspondent Jeremy House) “planes fly again.”

United Airlines is warning that it will lose money in the first three months of the year partly because of the grounding of its Boeing Max 9 airplanes.

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TAG: Correspondent Jeremy House reporting. The planes have been grounded since a panel called a door plug blew off an Alaska Airlines Boeing Max 9 during a flight in early January.

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VERBATIM: United says it expects to lose between 35 cents and 85 cents per share in the first quarter. The company is predicting a bounce back and full-year earnings in 2024 of between $9 and $11 per share. That’s based on the assumption that Boeing 737 Max 9 planes will be ungrounded after January. Federal regulators aren’t putting a timeline on when they’ll let the planes fly again.

Macy’s rejects $5.8B takeover bid

Macy’s rejected a $5.8 billion takeover offer from investment firms Arkhouse Management and Brigade Capital Management.

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In rejecting the offer, Macy’s said the firms didn’t provide a viable financing plan. Arkhouse and Brigade offered $21 per share for the stock they don’t already own. The department store chain also said there was a lack of compelling value in the non-binding proposal. The move comes a week after Macy’s announced job cuts and store closures.

ADM executive placed on leave amid accounting investigation

An accounting investigation is under way at Archer Daniels Midland and the top financial executive at the agribusiness giant has been placed on administrative leave.

ADM named Ismael Roig as interim chief financial officer. Roig joined Archer Daniels Midland in 2004. ADM said it’s working with outside counsel and the audit committee of the company board to complete the investigation quickly.

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VERBATIM: The company postponed the release of its annual and quarterly financial reports that were scheduled for Tuesday. Meanwhile, shares of the Chicago company tumbled 24% on Monday. ADM said that an investigation was initiated in response to a voluntary document request by the U.S. Securities and Exchange Commission. The company said it’s cooperating with the SEC.

With Trump closing in on nomination, VP audition is now underway

Vice presidential candidates typically aren’t tapped until after a candidate has locked down the nomination. But former President Donald Trump’s decisive win in the Iowa caucuses and the departure of Florida Gov. Ron DeSantis from the race on Sunday has only heightened what had already been a widespread sense of inevitability. That has given the visits this past week by New York Rep. Elise Stefanik and other Republicans the feel of tryouts for the role reminiscent of Trump’s days as a reality TV host.

AM SPORTS REPORT 1-22

AM SPORTS REPORT 1-22

Thousands attend March for Life in snowy Washington, DC

Wendy’s names PepsiCo executive as the burger chain’s new CEO

( ) -q-23- UNDATED (Correspondent Jeremy House) “the company’s board.”

Wendy’s has named a longtime PepsiCo executive as its new CEO.

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TAG: Correspondent Jeremy House reporting. Wendy’s Chairman Nelson Peltz thanked Penegor for driving strong sales growth and earnings at the company, but said Tanner was an ideal candidate to lead Wendy’s international expansion plans.

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VERBATIM: The Dublin, Ohio-based burger chain says Kirk Tanner will become president and CEO on February 5. Tanner, who joined PepsiCo in 1992, most recently served as its CEO of North American beverages. Tanner succeeds Todd Penegor, who has served as Wendy’s president and CEO since 2016. Penegor will also step down from the company’s board.

Some lawmakers want a commission to tackle $34 trillion national debt

( ) -q-20- UNDATED (Correspondent Jeremy House) “Security and Medicare.”

A bill to create a bipartisan commission that would tackle the nation’s soaring debt and make policy recommendations to Congress has won approval from a House committee.

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TAG: Correspondent Jeremy House reporting. Republicans blame federal spending for annual deficits. Many Democrats cite tax cuts enacted under Republican administrations.

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House Republicans are making the bill a priority. The chairman of the Budget Committee says “everything’s on the table” regarding possible action to slow the federal government’s increasing level of debt, which now stands at more than $34 trillion. Many Democrats see the commission as an attempt to force cuts to Social Security and Medicare.

Home-built small plane crashes off California coast

( ) -q-21- UNDATED (Correspondent Jeremy House) “Half Moon Bay.”

A small airplane that crashed into the ocean off the California coast has been identified as one of tens of thousands of home-built aircraft.

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TAG: Correspondent Jeremy House reporting. The four-seat plane was built by a now-retired dentist who flew the plane for 15 years before selling it. More than 33,000 amateur-built planes, a class known as Cozy aircraft, are licensed by the FAA, a figure that has tripled since the 1980s.

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VERBATIM: The aircraft are part of a high-flying hobby taking off across the country. Federal investigators say initial reports indicate four people were aboard the single-engine Cozy Mark IV when it went down last weekend just south of San Francisco. No survivors have been found. Only one body has been recovered from the waters near Half Moon Bay.

Weaker-than-expected increase in construction spending during November

( ) -q-20- UNDATED (Correspondent Jeremy House) “as previously reported.”

U.S. construction spending rose less than expected in November.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The Commerce Department says construction spending increased 0.4%. That was two-tenths of a percent lower than what economists had forecasted. The smaller increase came amid a decline in outlays on public projects. Meanwhile, October’s figure was revised up to 1.2-percent, twice the rate as previously reported.

Feds issue warning following hack of PA town’s municipal water authority

( ) -q-24- UNDATED (Correspondent Jeremy House) “as a threat.”

The hacking of a municipal water authority in a small Pennsylvania town is prompting new warnings from U.S. security officials.

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TAG: Correspondent Jeremy House reporting. In 2021, the federal government’s leading cybersecurity agency reported five attacks on water authorities over two years, four of them by ransomware and a fifth by a former employee.

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VERBATIM: The warnings come as states and the federal government are wrestling with how to harden water utilities against hackers. Officials say the danger is hackers gaining control of automated equipment to shut down pumps that supply drinking water or contaminate drinking water by reprogramming automated chemical treatments. Potentially hostile geopolitical rivals such as Iran and China are viewed by U.S. officials as a threat.

Brazil’s economy improves during President Lula’s first year back

( ) -v-35- UNDATED (Correspondent Jeremy House) “std.”

Brazil’s improving economy is leaving opponents of Brazil’s president unimpressed. Correspondent Jeremy House has more on the story.

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VERBATIM: Luiz Inácio Lula da Silva likes to boast he had a good first year after returning to the job. The economy is improving, Congress passed a long overdue tax reform bill and rioters who wanted to oust him are now in jail. Still, the 78-year-old leader has struggled to boost his support on Main Street and among lawmakers. Some major setbacks have also taken place. It’s a sign his future could be less productive in a Brazil almost evenly split between his supporters and those of his predecessor, Jair (jeye EAR) Bolsonaro…JH reporting.

Mastercard SpendingPulse Says Holiday Spending Higher In 2023

Shopping tracker Mastercard SpendingPulse says holiday sales rose this year. The indicator tracks all kinds of payments including cash and debit cards, found sales from the beginning of November through Christmas Eve. It saw a rise of 3.1-PERCENT , but that was a slower pace of increase than last year…when it was 7.6%. The data –released on Tuesday –excludes the automotive industry and was not adjusted for inflation.

Nissan Motor is expanding its research ties with a leading Chinese university

Nissan Motor is expanding its research ties with a leading Chinese university as it and other foreign car companies try to claw back market share in the important Chinese market

VERBATIM: The Japanese automaker has announced it would launch joint research next year with Tsinghua University on reaching Generation Z. The research would also include the social responsibility of automakers in battery recycling, charging stations and other electric vehicle-related issues. The major auto companies were caught flat-footed by a boom in electric vehicles in China that has given rise to new Chinese competitors that have gobbled up market share…JH reporting.

Illumina to undo $7.1 billion purchase of cancer-screening company Grail

Biotech giant Illumina says it will undo its $7.1 billion purchase of the cancer-screening company Grail

VERBATIM: San Diego-based Illumina says it made its decision to divest after a U.S. appeals court recently ruled that the merger could violate antitrust laws. The European Union in October ordered the deal to unwind because it closed in 2021 without approval from regulators in the 27-nation bloc. Illumina says it will complete the divestment next year.

A decaying Pillsbury mill in Illinois is now getting new life

A decaying Pillsbury mill in Illinois that once churned flour into opportunity is now getting new life

VERBATIM:
Pillsbury Mills was a groundbreaking, history-making flour mill in central Illinois for most of the 20th century.
But its continued disuse prompted a nonprofit group to create a five-year plan for razing the empty plant on Springfield’s northeast side.
The group called Moving Pillsbury Forward has $6 million dollars in commitments.
The group also has plans for obtaining the balance of the $10 million dollars needed to raze the plant and redevelop the site.

Native-American tribe in Nevada gears up for different kind of fight against the U-S government

A Native-American tribe in Nevada is gearing up for a different kind of fight against the U-S government, while trying to build more public support for protecting sacred tribal sites

VERBATIM:

There’s concern that culturally significant areas will be in the path of a modern-day Gold Rush driven by mining claims and green energy projects.

Among those concerned is the Reno-Sparks Indian Colony.

The tribe failed to stop a massive lithium mine at the site where more than two dozen Paiute (pron: pah-‘YOOT) and Shoshone (show-SHOW’-nee) tribes were massacred back in 18-65.
The goal NOW is to build a coalition to protect other sacred sites.

Weekly unemployment claims rise slightly but job market remains strong

( ) -q-19- UNDATED (Correspondent Jeremy House) “high interest rates.”

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

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The Labor Department reports jobless claims were up by 2,000 to 205,000 for the week that ended on December 16. The four-week average of claims fell by 1,500 to 212,000. While the number of claims increase, they still remained at historically low levels despite high interest rates.

A look ahead for what could be in store for China next year

( ) -v-37- UNDATED (Correspondent Jeremy House) “std.”

China’s prospects for 2024 look uncertain. Correspondent Jeremy House has the details.

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VERBATIM: A year that opened free of COVID-19 lockdowns winds down without the dreamed-of robust recovery for the world’s No. 2 economy. To counter a U.S.-led world order, China is pushing alternative visions for global security and development whose prospects depend partly on restoring its own economic vitality. Long-term, fundamental challenges lie ahead: a falling birthrate and aging population and Beijing’s rivalry with the United States over technology, Taiwan and control of the high seas. Relations with the United States have warmed, but deep divides remain…JH reporting.

20th century conflict between South Korea and Japan is at crux of court ruling

( ) -v-36- UNDATED (Correspondent Jeremy House) “std.”

South Korea’s top court has ordered two Japanese companies to financially compensate more of their wartime Korean workers for forced labor. Correspondent Jeremy House has more on the story.

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VERBATIM: South Korea’s Supreme Court ruled that Mitsubishi Heavy Industries and Nippon Steel Corp. must give compensation to a total of 11 workers who were forced to work for the companies during Japan’s 1910-45 colonial rule of the Korean Peninsula. The ruling is in line with the court’s contentious 2018 verdicts that caused a huge setback in relations between the two countries. Observers say the ruling won’t likely hurt bilateral ties much because Seoul and Tokyo have been pushing hard to bolster their partnerships in the face of shared challenges…JH reporting.