Putin’s visit to Beijing underscores China’s economic, diplomatic support for Russia

Russian President Vladimir Putin is expected to meet this week with Chinese leaders in Beijing on a visit that underscores China’s support for Moscow during its war in Ukraine. The countries have forged an informal alliance against the United States and other democratic nations that’s now complicated by the Israel-Hamas war. China has sought to balance its ties with Israel with its economic relations with Iran and Syria, which are strongly backed by Russia. Putin’s visit is also a show of support for Chinese leader Xi Jinping’s signature Belt and Road initiative.

Supreme Court dispute over $15,000 IRS bill puts focus on never-enacted billionaire tax

( ) -q-24- UNDATED (Correspondent Jeremy House) “interests among others.”

Charles and Kathleen Moore are about to have their day in the Supreme Court over a $15,000 tax bill they believe is unconstitutional.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The case could upend parts of the U.S. tax code and rule out a much-discussed but never-enacted tax on wealth. The Washington state couple claim they had to pay because of their investment in an Indian company, even though Charles Moore said they never received any distribution, dividend or other payment from the company. The Moores are the public face of a high court case that’s being backed by business interests among others.

Canadian autoworkers ratify new contract with GM, leaving only Stellantis without deal

( ) -q-17- UNDATED (Correspondent Jeremy House) “without a contract.”

Canadian autoworkers have voted to ratify a three-year contract agreement with General Motors.

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TAG: Correspondent Jeremy House reporting. Talks have yet to start with Stellantis, which has the largest Canadian manufacturing footprint of Detroit’s three automakers. In the United States, strikes continue by the United Auto Workers union with nearly 34,000 workers off their jobs at all three Detroit companies.

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VERBATIM: Unifor is the union representing about 4,300 Canadian workers at three GM facilities. It said the vote was 80.5% in favor of the deal. The vote followed the pattern of an agreement reached earlier with Ford. It leaves only Jeep maker Stellantis without a contract.

JPMorgan profit jumps 35%, but CEO warns of ‘dangerous time’

( ) -q-25- UNDATED (Correspondent Jeremy House) “seen in decades.”

JPMorgan Chase’s third-quarter profit soared 35% from last year.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The increase in prfit was fueled by a rapid rise in interest rates. However, the bank’s CEO, Jamie Dimon, issued a sobering statement about the current state of world affairs and economic instability. Dimon said the Russia-Ukraine and Israel-Palestinian wars, high levels of government debt and deficits and high inflation are contributing to what he calls “the most dangerous time the world has seen in decades.”

An on-going gloomy outlook for China’s economy

( ) -q-24- UNDATED (Correspondent Jeremy House) “signs of improvement.”

China’s economy remains in the doldrums.

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TAG: Correspondent Jeremy House reporting. The faltering recovery of the world’s second largest economy from the shocks of the COVID-19 pandemic is dragging on regional and global growth, though economists have said the worst might have passed.

EU warns China of more protectionism if trade deficit isn’t reduced

( ) -q-19- UNDATED Correspondent Jeremy House) “China’s Foreign Minister.”

The European Union’s top foreign policy official has warned that public sentiment in Europe could turn more protectionist if the bloc’s trade deficit with China is not reduced.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: Speaking in Beijing on Friday, Josep Borrell called for improved access for European companies that want to export to or invest in China. Borrell is the latest EU official to visit China as the two sides lay the groundwork for a leaders summit later this year. He held talks later with China’s Foreign Minister.

Fed officials signal cautious approach to rates amid heightened uncertainty

( ) -q-22- UNDATED (Correspondent Jeremy House) “inflation was slowing.'”

Federal Reserve officials regarded the U.S. economy’s outlook as particularly uncertain last month.

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TAG: Correspondent Jeremy House reporting. The policymakers added that further evidence of declining inflation was needed to be sure it would slow to the Fed’s 2% target.

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VERBATIM: According to the Fed’s latest minutes, officials said they would “proceed carefully” in deciding whether to further raise their benchmark interest rate. Such cautious views are generally seen as evidence that the Fed isn’t necessarily inclined to raise rates in the near future. The minutes also said economic data from the past several months “generally suggested that inflation was slowing.”

Poll: More Americans support striking auto workers than car companies

( ) -q-20- UNDATED (Correspondent Jeremy House) “over the workers.”

More Americans sympathize with the striking auto workers than with the three big car companies that employ them.

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TAG: Correspondent Jeremy House reporting. Workers went on strike Sept. 15 against Ford, General Motors and Stellantis, which owns the Jeep, Dodge and Ram brands.

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VERBATIM: That’s one of the findings in a new poll from The Associated Press-NORC Center for Public Affairs Research as the strike approaches the one-month mark. The poll finds that more than half of Americans sympathize with the workers or support the workers and the car companies equally. Only 9% favor the automakers over the workers.

Musk’s X has taken down hundreds of Hamas-linked accounts, CEO says

( ) -q-28- UNDATED (Correspondent Jeremy House) “social media platforms.”

The head of Elon Musk’s social media platform X says the company formerly known has Twitter has removed hundreds of Hamas-linked accounts.

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TAG: Correspondent Jeremy House reporting. Yaccarino said the platform is “proportionately and effectively assessing and addressing identified fake and manipulated content during this constantly evolving and shifting crisis.”

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VERBATIM: CEO Linda Yaccarino added the platform had taken down or labeled thousands of pieces of content since the militant group’s attack on Israel. Yaccarino outlined efforts by X to get a handle on illegal content flourishing on the platform. She was responding to a European Union request for information on how X is complying during the Israel-Hamas war with tough new digital rules aimed at cleaning up social media platforms.

Jobless claims remain at historically low 209,000, a sign of labor market strength

( ) -q-19- UNDATED (Correspondent Jeremy House) “unusual job security.”

The number of Americans applying for unemployment benefits was unchanged last week.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The Labor Department says unemployment claims stayed at 209,000 for the week ending October seventh. The four-week moving average of claims fell by 3,000 to 206,250. The numbers, a proxy for layoffs, continue to show that American workers enjoy unusual job security.

Germany forecasts its economy will shrink by 0.4% this year

( ) -q-26- UNDATED (Correspondent Jeremy House) “in the spring.'”

Germany’s government says it expects the country’s economy to shrink by 0.4% this year.

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TAG: Correspondent Jeremy House reporting. The International Monetary Fund forecast on Tuesday that the German economy will shrink by 0.5%. A group of leading German economic think tanks last month predicted a 0.6% contraction.

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VERBATIM: The German government joined a string of other forecasters in revising sharply downward its outlook for Europe’s biggest economy. The revised forecast contrasted with the 0.4% growth that the government predicted in late April. The Economy Ministry said that “the effects of the energy price crisis in combination with global economic weakness are weighing down the German economy more persistently than was assumed in the spring.”

Exxon Mobil is buying Pioneer Natural for $59.5 billion

Exxon Mobil is buying Pioneer Natural Resources in an all-stock deal valued at $59.5 billion. It’s the company’s largest buyout since acquiring Mobil two decades ago, creating a colossal fracking operator in West Texas. Including debt, Exxon is committing about $64.5 billion to the acquisition, leaving no doubt of the Texas energy company’s commitment to fossil fuels as energy prices surge. In the late 1990s, the merger between Exxon and Mobil was valued around $80 billion.

FTC proposes a ban on junk fees, says hidden charges push up prices

( ) -q-20- UNDATED (Correspondent Jeremy House) “that they tricked.'”

The Federal Trade Commission has proposed a rule to ban any hidden and bogus junk fees, which can mask the total cost of concert tickets, hotel rooms and utility bills.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: President Biden has made the removal of these fees a priority of his administration. Administration officials have said these additional costs can mislead, inflate prices and waste people’s time. FTC Chair Lina Kahn says violators will be subject to civil penalties and be required to “pay back Americans that they tricked.”

IMF outlook worsens, Mideast war poses new uncertainty

( ) -q-22- UNDATED (Correspondent Jeremy House) “back in July.”

The International Monetary Fund warns that the world economy has lost momentum from the impact of higher interest rates, the invasion in Ukraine and widening geopolitical rifts.

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TAG: Correspondent Jeremy House reporting. The deceleration comes at a time when the world has yet to fully mend from a devastating but short-lived COVID-19 recession in 2020 and now could see fallout from the Middle East conflict — particularly to oil prices.

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VERBATIM: The IMF says the global economy now faces a new threat from the war between Israel and Hamas militants. The IMF says it expects global growth to slow to 2.9% in 2024 from an expected 3% this year. The 2024 forecast is down slightly from the 3% it predicted back in July.

PepsiCo hikes prices for 7th straight quarter and profits rise 14%

( ) -q-20- UNDATED (Correspondent Jeremy House) “Wall Street’s expectations.”

Pepsi’s revenue rose 7% in the third quarter despite lower demand as the company continued to hike prices.

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TAG: Correspondent Jeremy House reporting. Net income for Pepsi, based in Purchase, New York, rose 14% to $3.1 billion, or $2.24 per share, which is better than expected.

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VERBATIM: Pepsi raised prices 11% in the July-to-September period. It was the seventh straight quarter that the company has implemented double-digit price hikes. Sales volumes fell 2.5%. The company reported that quarterly revenue was $23.4 billion. That was in line with Wall Street’s expectations.

Future of EVs looms over negotiations in U.S. autoworkers strike

( ) -q-21- UNDATED (Correspondent Jeremy House) “its third week.”

Electric vehicles and their potential impact on job security have become central to negotiations in the U.S. autoworkers strike.

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TAG: Correspondent Jeremy House reporting. Contract negotiations this year could have long-lasting consequences as the auto industry transforms itself.

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VERBATIM: General Motors, Ford and Jeep maker Stellantis plan to add 10 U.S. EV battery cell plants, mostly joint ventures with South Korean companies. The union wants to represent workers at the proposed battery factories and win them the same hourly pay and benefits as union workers. The United Auto Workers strike is now in its third week.

U.S. employers added a surprisingly strong 336,000 jobs in September

( ) -q-26- UNDATED (Correspondent Jeremy House) “past three months.”

The nation’s employers added 336,000 jobs in September.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The Labor Department report showed that hiring last month jumped from a 227,000 increase in August, which was revised sharply higher. Last month’s unexpectedly strong gain suggests many companies remain confident enough to keep hiring despite high interest rates and a hazy outlook for the economy. The economy has now added an average of 266,000 jobs a month in the past three months.

IMF expects continuing US support for Ukraine despite Congress dropping aid

( ) -q-25- UNDATED (Correspondent Jeremy House) “two-percent this year.”

The International Monetary Fund says it expects the U.S. to continue playing its key role in amassing multinational support that has helped keep Ukraine’s economy afloat during Russia’s invasion.

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TAG: Correspondent Jeremy House reporting. Thanks in part to foreign help, Ukraine has been able to reduce inflation and keep paying pensions and civil servant salaries.

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VERBATIM: That’s despite Congress recently passing a short-term funding package that averted a U.S. government shutdown but dropped $6 billion in aid to Ukraine. IMF officials say announcement from U.S. President Joe Biden of his commitment to supporting Ukraine is still the baseline assumption. The IMF also says Ukraine’s economy is showing “remarkable resilience” and should grow as much as 2% this year.

Fears about Amazon and Microsoft cloud computing dominance trigger UK probe

( ) -q-22- UNDATED (Correspondent Jeremy House) “nine-billion dollar market.”

Concerns from regulators about the dominance of Amazon and Microsoft in Britain’s cloud computing market have triggered a investigation into the competitiveness of the key industry.

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TAG: Correspondent Jeremy House reporting. The watchdog says it’s opening an in-depth investigation that’s expected to wrap up by April 2025. Amazon and Microsoft said they would work constructively with the watchdog.

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VERBATIM: The U.K. communications regulator Ofcom says its yearlong study of the cloud communications services market found features that could limit competition. It says British businesses face barriers when they try to switch or use multiple cloud suppliers. Ofcom asked the U.K. antitrust watchdog to take a closer look at the $9 billion market.

Rising long-term interest rates pose latest threat to economic ‘soft landing’

( ) -q-19- UNDATED (Correspondent Jeremy House) “government’s own finances.”

Surging interest rates are intensifying the challenges for the U.S. economy and threatening to derail the Federal Reserve’s drive to tame inflation without causing a deep recession.

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TAG: Correspondent Jeremy House reporting. The jump in longer-term rates coincides with other threats, from higher gas prices and this week’s resumption of student loan payments to autoworkers’ ongoing strike and the risk of a government shutdown next month.

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VERBATIM: Since mid-summer, the yield on the 10-year Treasury note has steadily climbed. That’s caused a spillover increase in other borrowing costs. The costs of mortgages, auto loans and credit card debt have all gone up in response. The collective impact of higher rates across the economy could also weaken the government’s own finances.

More evidence that the US job market remains hot after US job openings rise unexpectedly in August

( ) -q-20- UNDATED (Correspondent Jeremy House) “unchanged from July.”

U.S. job openings unexpectedly rose in August.

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TAG: Correspondent Jeremy House reporting. The inflation fighters at the Federal Reserve want to see the red-hot U.S. job market cool off, reducing pressure on businesses to raise pay.

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VERBATIM: The Labor Department says American employers posted 9.6 million job openings in August, up from 8.9 million in July. Economists had expected 8.9 million vacancies in August. The number of layoffs and of people quitting their jobs — a sign of confidence in their prospects — were both essentially unchanged from July.

Biden says that all 10 drugs targeted for the first Medicare price negotiations will participate

( ) -q-22- UNDATED (Correspondent Jeremy House) “the negotiation process.”

President Biden has announced that the manufacturers of all of the first 10 prescription drugs selected for Medicare’s first price negotiations have agreed to participate.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The announcement clears the way for talks that could lower their costs in coming years. The White House says 9 million seniors and other Medicare beneficiaries paid more than $3.4 billion on these 10 drugs alone last year. The Centers for Medicare and Medicaid Services announced in August the first 10 drugs selected for the negotiation process.

US automakers’ sales rose sharply over the summer, despite high prices and interest rates

( ) -q-22- UNDATED (Correspondent Jeremy House) “during the pandemic.”

Automakers posted big increases in new vehicle sales during the summer, despite high prices, rising interest rates and even a limited strike against Detroit companies.

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TAG: Correspondent Jeremy House reporting. With increased selection, more people bought vehicles, despite an average monthly payment of $736. Edmunds.com Director of Insights Ivan Drury says those who are buying new vehicles now are doing it because they need to.

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VERBATIM: Industry sales rose 16.3% from July through September as consumer demand stayed strong. This despite an average new vehicle loan rate of 7.4% and an average vehicle price of more than $45,500. Vehicle supplies also continued to recover from shortages of computer chips and other parts that began during the pandemic.

Saudi Arabia says it will maintain production cuts that have helped drive oil prices up

( ) -q-24- UNDATED (Correspondent Jeremy House) “November and December.”

Saudi Arabia says it will maintain a production cut of 1 million barrels of oil a day through the end of the year.

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TAG: Correspondent Jeremy House reporting. The ministry adds it will review the production cut again in November.

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VERBATIM: The announcement could further prop up oil prices, which are hovering around $90 a barrel. Production cuts first announced by Saudi Arabia and Russia in July have driven up prices at the pump, enriched Moscow’s war chest and complicated global efforts to bring down inflation. The Saudi Energy Ministry says the kingdom will continue to produce 9 million barrels per day in November and December.