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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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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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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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.

Canada sues Google over alleged anticompetitive practices in online ads

( ) -q-28- UNDATED (Correspondent Jeremy House) “the Competition Act.”

Canada’s antitrust watchdog is suing Google over alleged anti-competitive conduct in the tech giant’s online advertising business.

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TAG: Correspondent Jeremy House reporting. The bureau is asking the tribunal to order Google to sell its publisher ad server, DoubleClick for Publishers, and its ad exchange, AdX.

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VERBATIM: The agency wants the company to sell off two of its services and pay a penalty. Canada’s Competition Bureau says that such action is necessary because an investigation it conducted into Google found that the company “unlawfully” tied together its ad tech tools to maintain its market dominance. The matter is headed for the Competition Tribunal, a quasi-judicial body that hears cases brought forward by the competition commissioner about non-compliance with the Competition Act.

Black Friday reigns as biggest day for in-store shopping

Black Friday still reigns as the biggest day of the year for in-store shopping. Retailers have been pushing early holiday sales for weeks, but the day after Thanksgiving remains an incredibly important day for department stores, shopping malls, and merchants. Many shoppers browse and buy online, but brick and mortar stores still enjoy a surge in foot traffic this holiday weekend as bargain hunters look for deals. This year, there are five fewer days between Thanksgiving and Christmas.

Bolivia faces a shocking economic collapse

( ) -q-20- UNDATED (Correspondent Jeremy House) “food prices soaring.”

Across what was once South America’s second-largest producer of natural gas, everyone is searching for fuel.

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TAG: Correspondent Jeremy House reporting. Mounting public anger has sent crowds into the streets in recent weeks, piling pressure on leftist President Luis Arce to ease the suffering ahead of a tense presidential election next year.

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VERBATIM: Long lines of vehicles snake for several miles outside gas stations all over Bolivia. Some queues don’t budge for days. Bolivia’s fuel crunch follows a currency collapse that is increasingly disrupting economic activity and everyday life for millions of people, hurting commerce and farm production and sending food prices soaring.

South Korea’s central bank cuts key interest rate

( ) -v-32- UNDATED (Correspondent Jeremy House) “economic growth falters.”

South Korea’s central bank has lowered its key policy rate and says the country’s economy will grow at a slower pace than it initially anticipated. Correspondent Jeremy House reports

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VERBATIM: The Bank of Korea cut its benchmark interest rate by a quarter percentage point to 3% after policymakers met on Thursday. The bank lowered its outlook for the country’s economic growth to 2.2% from 2.4% for this year and to 1.9% from 2.1% for 2025. It was the second straight month that the bank took steps to lower borrowing costs, despite the lingering effects of high inflation and alarming levels of household debt, as economic growth falters…JH reporting.

Ohio Senator-Elect Moreno Vows To Rebuild Working Class

Ohio’s incoming senator, Bernie Moreno [R-OH] says rebuilding the middle class is critical not only to his state but to the overall U.S. economy, and even national security. He told the Salem Radio Network he’ll focus on rebuilding the U.S. auto industry once he’s sworn-in as part of the 119th Congress.

Senator Cotton Blasts Biden Pressure For Israel To Accept Ceasefire

U.S. jobless claims fall, hovering near 7-month lows

( ) -q-24- UNDATED (Correspondent Jeremy House) “land new jobs.”

The number of Americans applying for unemployment benefits fell last week, remaining near seven-month lows.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: Jobless claim applications fell by 2,000 to 213,000 for the week of November 23. However, continuing claims rose by 9,000 to 1.91 million for the week of November 16. While the number of new people applying for jobless aid each week remains at historically healthy levels, some who are receiving benefits are finding it harder to land new jobs.

US economy grows at 2.8% pace in Q3 on consumer spending

( ) -q-17- UNDATED (Correspondent Jeremy House) “last nine quarters.”

The American economy expanded at a healthy 2.8% annual pace from July through September on strong consumer spending and a surge in exports.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The Commerce Department reported that growth in U.S. gross domestic product slowed from the April-to-July rate of 3%. But the GDP report still showed that the American economy is proving surprisingly durable. Growth has topped 2% for eight of the last nine quarters.

EVs need a recharge as range limits, cost leave some drivers skeptical

( ) -q-24- UNDATED (Correspondent Jeremy House) “and the U.S.”

While sales of electric vehicles surge in China, the spread of more environmentally friendly vehicles is stumbling in the United States and Europe.

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TAG: Correspondent Jeremy House reporting. China is the exception. Driven by government subsidies and mandates, vehicles with electric motors, including plug-in hybrids that combine electric and fossil fuel motors, topped 50% of sales in July.

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VERBATIM: Carmakers and governments have been struggling to meet years-old promises about affordability and charging stations. And consumers worried more about price and practicality are holding back where first-adopter climate warriors once piled in. Range, charging infrastructure and higher prices are sore points among both electric car enthusiasts and skeptics in Europe and the U.S.

Senate Panel Takes Aim At Airline “Junk” Fees