Spotify axes 17% of workforce in third round of layoffs this year

( ) -q-22- UNDATED (Correspondent Jeremy House) “about 15-hundred people.”

Spotify says it’s axing 17% of its global workforce in the music streaming service’s third round of layoffs this year.

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TAG: Correspondent Jeremy House reporting. Spotify had used cheap financing to expand the business but Ek indicated it was caught out as central banks started hiking interest rates last year.

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VERBATIM: Spotify is trying to slash costs while focusing on becoming profitable. In a message to employees posted on the company’s blog, CEO Daniel Ek said the jobs are being cut as part of a “strategic reorientation.” The post didn’t specify how many employees would lose their jobs, but a spokesperson confirmed that it amounts to about 1,500 people.

OxyContin maker bankruptcy deal goes before the Supreme Court

( ) -q-18- UNDATED (Correspondent Jeremy House) “give up ownership.”

The Supreme Court is hearing arguments over a nationwide settlement with OxyContin maker Purdue Pharma.

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TAG: Correspondent Jeremy House reporting. The agreement also stipulates that the company would emerge from bankruptcy as a different entity, with its profits used for treatment and prevention. But the justices put the settlement on hold during the summer, in response to objections from the Biden administration. Arguments take place Monday.

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VERBATIM: The settlement would shield members of the Sackler family, who own the company, from civil lawsuits over the toll of opioids. The agreement hammered out with state and local governments and victims would provide billions of dollars to combat the opioid epidemic. The Sacklers would contribute up to $6 billion and give up ownership.

Egg producers must pay a hefty penalty to food manufacturers, after losing a lawsuit on charges of price-fixing

Egg producers must pay a hefty penalty to food manufacturers, after losing a lawsuit on charges of price-fixing

A federal jury in Illinois has awarded more than 17 and a half million dollars in damages to several big name companies, such as Kraft and Kellogg, who successfully sued egg producers on charges of a conspiracy to limit the supply of eggs in the U.S. between 2004 and 2008, thus driving up prices. According to federal antitrust law, the amount of those damages becomes automatically tripled, bringing the total to over $53 million dollars. Two of the egg suppliers indicated they would appeal Friday’s decision. SOCS

European regulators say Amazon’s proposed acquisition of robot vacuum maker iRobot may harm competition

European regulators say Amazon’s proposed acquisition of robot vacuum maker iRobot may harm competition

VERBATIM: ‘

The European Commission, the European Union’s top antitrust enforcer, says it has informed Amazon of its “preliminary view” regarding the deal following an investigation that began in July. Regulators have raised concerns that the buyout may hinder iRobot’s rivals from effectively competing on Amazon’s marketplace. They say Amazon is an important platform for sales of robot vacuum cleaners in France, Germany, Italy and Spain.

Sweden’s economy shrank in the third quarter of 2023 to mark the second time of contraction and signal that a recession may have hit the country

Sweden’s economy shrank in the third quarter of 2023 to mark the second time of contraction and signal that a recession may have hit the country

VERBATIM:

Data released by Statistics Sweden showed that the country’s gross domestic product declined by 0.3% in the period ending in October. Jessica Engdahl of the statistical agency said that “the downturn in the economy was broad, but was held back somewhat by strong service exports.” Two consecutive quarters of contraction is a common definition of recession. But, economists on the eurozone business cycle dating committee use a broader set of data, including employment figures.

Tesla delivers a dozen Cybertruck pickups amid production woes

( ) -q-26- UNDATED (Correspondent Jeremy House) “in 2.6 seconds.”

With manufacturing kinks still to be worked out, Tesla has delivered the first dozen or so of its futuristic Cybertruck pickups to customers.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The deliveries came two years behind the original schedule amid uncertainty over when large-scale production will begin. CEO Elon Musk showed off the angular trucks with an event at the company’s factory outside of Austin, Texas, that was broadcast on X, formerly Twitter. Musk said the truck had 17 inches of ground clearance to drive off the road, and it can go from zero to 60 mph in 2.6 seconds.

Congressmen ask DOJ to investigate water utility hack

( ) -q-19- UNDATED (Correspondent Jeremy House) “the system targeted.”

Three members of Congress are asking the U.S. Justice Department to investigate how hackers breached a water utility system near Pittsburgh.

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TAG: Correspondent Jeremy House reporting. An electronic calling card left by the hackers suggests they picked their target because it uses components made by an Israeli company.

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VERBATIM: The attack prompted the nation’s top cyberdefense agency to warn other water and sewage-treatment utilities they may be vulnerable. In a letter, the Pennsylvania lawmakers say Americans must know their drinking water and other basic infrastructure is safe. The Municipal Water Authority of Aliquippa, Pennsylvania, was the system targeted.

Some OPEC+ members will cut oil exports to try to boost prices

( ) -q-19- UNDATED (Correspondent Jeremy House) “in global supply.”

The OPEC oil cartel and allied producers have made another big swipe at propping up lagging crude prices.

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TAG: Correspondent Jeremy House reporting. Sweeping cutbacks from OPEC+ and individual member countries since October 2022 haven’t made lasting changes to oil prices because of concerns about oversupply in a weakening global economy. That’s a good thing for U.S. drivers who have been getting cheaper gas.

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VERBATIM: The OPEC+ oil ministers came out of an online meeting with more than 2 million barrels per day in voluntary cuts through the first three months of next year. They also declared that Brazil will join the bloc in January. The move brings one of the world’s fastest-growing oil producers into an alliance that is trying to rein in global supply.

Fed’s preferred inflation gauge shows price pressures continuing to cool

( ) -q-19- UNDATED (Correspondent Jeremy House) “than 2.5 years.”

The Federal Reserve’s preferred inflation measure cooled last month.

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TAG: Correspondent Jeremy House reporting. It’s the latest sign that price pressures are waning in the face of high interest rates and moderating economic growth. Excluding volatile food and energy costs, increases in so-called core prices also slowed. They rose just 0.2% from September to October, down from a 0.3% increase the previous month. Compared with 12 months ago, core prices rose 3.5%, below the 3.7% year-over-year increase in September.

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VERBATIM: Prices were unchanged from September to October, down from a 0.4% rise the previous month. Compared with a year ago, prices rose 3% in October, below the 3.4% annual rate in September. It was the lowest year-over-year inflation rate in more than 2 1/2 years.

GivingTuesday donations flat this year, with fewer donors

( ) -q-30- UNDATED (Correspondent Jeremy House) “the nonprofit sector.”

The nonprofit organization GivingTuesday estimates that donors gave $3.1 billion this year.

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TAG: Correspondent Jeremy House reporting. GivingTuesday has become one of the most important fundraising dates for U.S. nonprofits, the Tuesday after Thanksgiving.

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VERBATIM: Donations on GivingTuesday this year were up $20 million more than what was donated last year, or a 0.6% increase before adjusting for inflation. GivingTuesday makes the estimate by drawing on data from donor management software companies, donation platforms, payment processors and donor advised funds. Woodrow Rosenbaum, GivingTuesday’s chief data office, said the results also show a reliance on fewer, larger donor, which is a concerning sign for the nonprofit sector.

Inflation in Europe falls to 2.4% as interest rates pack a punch

( ) -q-24- UNDATED (Correspondent Jeremy House) “interest rate hikes.”

Europeans are again seeing some relief as inflation dropped to 2.4% in November, the lowest in more than two years.

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TAG: Correspondent Jeremy House reporting. The latest inflation figure raises expectations that the ECB would hold rates steady for the second time in a row at its meeting next month. While inflation is down, economic growth has stalled.

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VERBATIM: Plummeting energy costs have eased a cost-of-living crisis, but higher interest rates are squeezing the economy’s ability to grow. The European Union’s statistics agency says inflation for the 20 countries using the euro currency was down from an annual 2.9% in October. That’s close to the the European Central Bank’s target of 2% after a rapid series of interest rate hikes.

OPEC+ suppliers struggle to agree on oil production cuts even as prices fall

( ) -q-30- UNDATED (Correspondent Jeremy House) “affect oil flows.”

The OPEC oil cartel led by Saudi Arabia and allied producers including Russia are trying to agree on cuts to the amount of crude they send to the world.

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TAG: Correspondent Jeremy House reporting. The members of OPEC+ are trying Thursday to come to a consensus on production cuts after postponing their meeting originally set for Sunday.

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VERBATIM: Prices have tumbled recently despite their efforts to prop them up. That’s been a good thing for U.S. drivers, who have been able to fill their gas tanks for less. But it’s bad news for the OPEC+ coalition countries whose oil income props up their economies. They have faced setbacks in keeping prices up despite initial fears that the Israel-Hamas war could affect oil flows.

US airports saw record passenger volumes over Thanksgiving weekend

( ) -q-19- UNDATED (Correspondent Jeremy House) “despite the crowds.”

A record number of passengers traveled through U.S. airports over Thanksgiving weekend.

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TAG: Correspondent Jeremy House reporting. This past Sunday, just 55 flights within, into or out of the U.S. were canceled, according to FlightAware, a tracking service.

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VERBATIM: The Transportation Security Administration also says it screened just over 2.9 million passengers on Sunday. That surpassed the previous record of 2.88 million set on June 30. And it was 10% more than the Sunday after Thanksgiving last year. Travel was relatively smooth despite the crowds.

Ukraine has new way to export grain despite Russia’s Black Sea threat

( ) -q-27- UNDATED (Correspondent Jeremy House) “insecurity is growing.”

Increasing numbers of ships are streaming toward Ukraine’s Black Sea ports and heading out loaded with grain, metals and other cargo.

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TAG: Correspondent Jeremy House reporting. The head of one of Ukraine’s biggest agricultural producers and exporters says he’s feeling positive about the future because two months ago “it was “completely unclear how to survive.”

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VERBATIM: The shipments are being made despite the threat of attack and explosive mines. It’s happening under a fledgling shipping corridor launched after Russia pulled out of a U.N.-brokered agreement this summer that allowed food to flow safely from Ukraine during the war. The exports are giving a boost to Ukraine’s agriculture-dependent economy and bringing back a key source of affordable food products for developing nations where food insecurity is growing.

China-based AI company pushes back against accusations of revenue-inflation

( ) -q-21- UNDATED (Correspondent Jeremy House) “among other allegations.”

SenseTime, a major Chinese artificial intelligence company has rejected claims by a research company that it has inflated its revenue.

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TAG: Correspondent Jeremy House reporting. The U.S. government blacklisted SenseTime in 2019, saying Chinese authorities use its facial recognition technology against the Uyghur ethnic minority in the northwestern Xinjiang region.

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VERBATIM: SenseTime, which is known for its facial recognition technology, says the allegations made by short-seller Grizzly Research LLC were “without merit.” SenseTime’s stock plunged nearly 10% after Grizzly released the report. Grizzly’s report said SenseTime uses revenue fabrication schemes to inflate its sales, among other allegations.

Georgia case over railroad’s use of eminent domain could have property law implications

( ) -q-21- UNDATED (Correspondent Jeremy House) “near their property.”

A hearing is taking place to help determine whether a Georgia railroad can legally condemn property to build a rail line.

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TAG: Correspondent Jeremy House reporting. The Libertarian-leaning Institute for Justice is representing opponents and hopes to chip away at eminent domain, the government power to legally take private land while paying fair compensation. Georgia law says such seizures must be for public use and opponents say the Sandersville project doesn’t meet the standard.

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VERBATIM: The Georgia Public Service Commission is expected to hear testimony Monday about the 4.5-mile line near Sparta. It’s scheduled to be built by the Sandersville Railroad to serve a rock quarry and possibly other industries and connect to the CSX railroad at Sparta. People in the rural neighborhood don’t want a train track through or near their property.

Supporting nonprofits on GivingTuesday this year could have a bigger impact than usual

( ) -q-21- UNDATED (Correspondent Jeremy House) “other, smaller donors.”

Supporting nonprofits on GivingTuesday this year could have a bigger impact than usual.

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TAG: Correspondent Jeremy House reporting. A large amount of charitable giving happens at the end of the calendar year, so it’s still too soon to tell if this year will follow the trend in 2022, when overall donations dropped for only the fourth time in 40 years.

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VERBATIM: The reason…nonprofits and industry groups say donations so far are down compared with previous years. Many organizations will be looking to make up the difference on GivingTuesday, which is the Tuesday after Thanksgiving. Some run matching campaigns, meaning a supporter has pledged to double or sometimes triple the donation of other, smaller donors.

New incentives could boost satisfaction with in-person work, but few employers are making changes

( ) -q-20- UNDATED (Correspondent Jeremy House) “pre-COVID status quo.”

The typical workplace environment may be a thing of the past.

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TAG: Correspondent Jeremy House reporting. Top factors behind this resistance include a sense of losing flexibility or throwing off a better work-life balance, as well as often lengthy and costly commutes.

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VERBATIM: The COVID-19 pandemic upended the work habits of people around the world, with millions working from home. While workers have returned in waves back to the office on some days, navigating that transition is a significant hurdle for employers and workers alike. And many simply don’t want to restore the pre-COVID status quo.

U.S. EV sales increase, but lag behind other countries

Electric vehicle sales in the U-S are up this, but they lag far behind several other countries. For the first time, more than one million EVs are expected to be sold in the U-S in one calendar year. Atlas Public Policy says that will account for 9 percent of all passenger vehicles. Despite those record numbers, foreign countries are selling many more electric and plug-in hybrid vehicles than the U-S. EVs reached 33 percent of sales in China, 35 percent in Germany, and 90 percent in Norway for the first six months of 2023.

Existing home sales slumped in October to slowest pace since 2010

Struggles continue in the U-S housing market. Used home sales slumped in October to their slowest pace in more than 13 years. Surging mortgage rates and rising prices kept many prospective homebuyers on the sidelines. Existing home sales fell 4-point-one percent last month from September. The national median sales price rose nearly 3-and-a-half percent from October last year to just under 392-thousand dollars.

Elon Musk’s X sues liberal advocacy group over ads dispute

Elon Musk’s social media company is suing a liberal advocacy group. X claims Media Matters manufactured a report to show advertisers’ posts alongside neo-Nazi and white nationalist posts in order to “drive advertisers from the platform and destroy” the former Twitter. Advertisers have been fleeing X over concerns about their ads showing up next to pro-Nazi content. In its complaint, X accuses the liberal group of “maliciously” manipulating algorithms to create misleading images. Media Matters calls the lawsuit “frivolous.”

PG&E bills will go up next year pay for wildfire protections

( ) -q-20- UNDATED (Correspondent Jeremy House) “reduce wildfire risk.”

About 16 million people in California will pay higher electric and gas bills next year.

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TAG: Correspondent Jeremy House reporting. Some consumer advocacy group say it is better to install a protective covering over power lines. They say protective coverings are cheaper and don’t not take as long to install.

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VERBATIM: The California Public Utilities Commission has voted to increase the typical bill for Pacific Gas & Electric customers by more than $32 per month. Much of that increase will pay for burying power lines in areas that are at high risk for wildfires. PG&E says burying power lines is the best way to reduce wildfire risk.

Walmart attracts more shoppers seeking to cut spending in Q3

( ) -q-26- UNDATED (Correspondent Jeremy House) “the holiday approaches.”

Walmart extended its streak of strong quarterly gains heading into the holiday season as its low-prices continue to attract shoppers looking for deals in a tough economic environment.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: Walmart reported that it swung to a profit of $453 million in the three-month period ending October 31. Revenue rose 5.2% to $160.84 billion. Walmart, the nation’s largest retailer, is among the first batch of major U.S. retailers to report quarterly results. Industry analysts are seeking to shed more light on how consumers are feeling as the holiday approaches.

US and Philippines sign a nuclear cooperation pact allowing US investment and technologies

( ) -q-25- UNDATED (Correspondent Jeremy House) “in the Philippines.”

The United States and the Philippines have signed a nuclear cooperation pact.

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TAG: Correspondent Jeremy House reporting. Marcos witnessed the signing of the deal by his energy secretary and U.S. Secretary of State Antony Blinken on Thursday on the sidelines of the Asia Pacific Economic Cooperation summit in San Francisco.

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VERBATIM: Under the agreement, U.S. investment and technologies will help the Southeast Asian nation transition to cleaner energy and bolster its power supply. Philippine President Ferdinand Marcos Jr. says nuclear energy is expected to become a part of the Philippines’ energy mix by 2032. He says the pact will open doors for U.S. companies to invest and participate in nuclear power projects in the Philippines.