China’s foreign minister is seeking to sell his Italian counterpart on the benefits of leader Xi Jinping’s signature “Belt and Road” initiative of Chinese-built and -funded infrastructure projects

China’s foreign minister is seeking to sell his Italian counterpart on the benefits of leader Xi Jinping’s signature “Belt and Road” initiative of Chinese-built and -funded infrastructure projects

VERBATIM:

The sales pitch comes as Rome considers whether to renew the agreement. Wang Yi told Antonio Tajani in a recent meeting that bilateral trade had grown from $50 billion to nearly $80 billion. He also noted that Italy’s exports to China increased by 30% over the past five years. Italy’s new government has cast doubt on the benefits of the arrangement.

The U.S. government is taking a big step toward forcing a defiant Tennessee company to recall 52 million air bag inflators that could explode, hurl shrapnel and injure or kill people

The U.S. government is taking a big step toward forcing a defiant Tennessee company to recall 52 million air bag inflators that could explode, hurl shrapnel and injure or kill people

VERBATIM:

The National Highway Traffic Safety Administration says it has made an initial decision that the inflators made by ARC Automotive and under license by another company, are defective. The agency scheduled a public hearing for Oct. 5, a required step before deciding to seek a court-ordered recall. In May the agency asked ARC to recall the inflators, which it says are responsible for at least seven injuries and two deaths in the U.S. and Canada since 2009. But ARC has refused to issue a full-scale recall…JH reporting.

Germany will keep Russian oil giant Rosneft subsidiaries under its control for another 6 months

( ) -q-22- UNDATED (Correspondent Jeremy House) “oil refining capacity.”

The German government says it will keep two subsidiaries of Russian oil giant Rosneft under the control of German authorities for another six months.

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TAG: Correspondent Jeremy House reporting. Germany’s Economy Ministry says it is extending the trusteeship again until March 10 next year “to secure the energy supply.”

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VERBATIM: The government announced a year ago that it was putting the units under the administration of Germany’s Federal Network Agency. In March, a German federal court threw out complaints from Rosneft and upheld the decision. The trusteeship gave German authorities control of three Russian-owned refineries. Rosneft accounted at the time for about 12% of Germany’s oil refining capacity.

Maui beckons tourists, and their dollars, to stave off economic disaster after wildfires

( ) -q-22- UNDATED (Correspondent Jeremy House) “period in 2022.”

So few tourists are coming to the Hawaiian island of Maui after last month’s wildfires that restaurants and tour companies are laying off workers and unemployment is surging.

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TAG: Correspondent Jeremy House reporting. University of Hawaii economists expect Maui’s jobless rate to climb as high as 10%.

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VERBATIM: State tourism officials initially urged travelers to stay away. They now want them to come back as long as they refrain from going to the burn zone and surrounding area. Nearly 8,000 Hawaiians filed for unemployment on Maui during the last three weeks of August. That’s a huge leap from 295 people during the same period in 2022.

Texas heat brings the state’s power grid closest it has been to outages since 2021 winter storm

( ) -q-29- UNDATED (Correspondent Jeremy House) “hundreds of deaths.”

The sweltering heat wave in Texas has the power grid manager again asking residents to cut electricity use.

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TAG: Correspondent Jeremy House reporting. ERCOT serves most of the state’s 30 million residents.

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VERBATIM: This comes a day after the system was pushed to the brink of outages for the first time since a deadly winter blackout in 2021. The request by the Electric Reliability Council of Texas comes after low power reserves prompted the grid operator to issue a level 2 energy emergency alert Wednesday night. This was the first time ERCOT entered emergency operations since a 2021 ice storm knocked out power to millions for days and resulted in hundreds of deaths.

US applications for unemployment benefits fall to lowest level in 7 months

( ) -q-29- UNDATED (Correspondent Jeremy House) “to 229-thousand, 250.”

The number of Americans applying for unemployment benefits last week fell to the lowest level in seven months.

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TAG: Correspondent Jeremy House reporting. Overall, 1.68 million people were collecting unemployment benefits the week that ended August 26, about 40,000 fewer than the previous week.

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VERBATIM: It’s another sign that the labor market remains largely unaffected by higher interest rates. The Labor Department reports U.S. applications for jobless claims fell by 13,000 to 216,000 for the week ending September second. The four-week moving average of claims fell by 8,500 to 229,250.

Poland’s central bank surprises with sharp interest rate cuts despite double-digit inflation

( ) -v-32- UNDATED (Correspondent Jeremy House) “std.”

Poland’s central bank has lowered its interest rates by 75 basis points despite the country’s double-digit inflation rate. Correspondent Jeremy House has more on the story.

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VERBATIM: The move prompted concerns by economists that Poland’s central bank was providing an economic stimulus to help the governing party ahead of parliamentary elections next month. The National Bank of Poland’s monetary policy council announced that it was cutting the reference rate from 6.75% to 6%. Economists had been expecting a rate cut given an election planned for Oct. 15 in which the conservative governing party, Law and Justice, is fighting for an unprecedented third term. The central bank’s governor is an ally of the party…JH reporting.

Greek shipper pleads guilty to smuggling Iranian crude oil and will pay $2.4 million fine

( ) -q-28- UNDATED (Correspondent Jeremy House) “held in Tehran.”

A Greek shipper has pleaded guilty to a charge over it smuggling sanctioned Iranian crude oil and agreed to pay a $2.4 million fine.

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TAG: Correspondent Jeremy House reporting,

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VERBATIM: U.S. federal court papers show Empire Navigation agreed to be put on corporate probation under the plea agreement. The charge stems from the saga over the oil tanker Suez Rajan, which has become mired in the wider tensions between the U.S. and the Islamic Republic. Meanwhile, Tehran and Washington have been working toward a trade of billions of dollars in frozen Iranian assets in South Korea for the release of five Iranian Americans held in Tehran.

China’s exports and imports fall in August as weak global demand keeps its economy under pressure

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

Chinese exports and imports both fell in August.

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TAG: Correspondent Jeremy House reporting. China’s trade has been slowing for two years, sapped by a weakening global economy and by a lackluster recovery from the COVID-19 pandemic. But the declines in August were less severe than in July. China’s exports to the U.S. fell 17% in August from a year earlier, while exports to Southeast Asia dropped 13%.

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VERBATIM: The drops reflect tepid global demand that is adding to pressures on China’s slowing economy. Customs data showed exports for August slumped 8.8% from a year earlier, while imports slid 7.3%. The total trade surplus for the world’s No. 2 economy shrank to $68.4 billion from $80.6 billion in July.

EPA delays new ozone pollution standards until after 2024 election

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

The Environmental Protection Agency is delaying plans to tighten air quality standards for smog. Correspondent Jeremy House has more on the story.

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VERBATIM: The EPA’s decision comes despite a recommendation by a scientific advisory panel to lower air pollution limits to protect public health. The decision means that one of the agency’s most important air quality regulations will not be updated until after the 2024 presidential election. The decision avoids a potentially contentious, election-year battle with industry groups and Republicans who have complained about what they consider overly intrusive EPA rules on power plants, refineries, automobiles and other polluters…JH, Washington.

EU targets Apple, Amazon, Alphabet, ByteDance, Meta, Microsoft in next phase of digital crackdown

( ) -q-23- UNDATED (Correspondent Jeremy House) “new digital markets.”

The European Union is targeting six companies under new digital rules aimed at reining in their market power.

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TAG: Correspondent Jeremy House reporting. The EU’s executive Commission says digital platforms can be listed as gatekeepers if they act as key gateways between businesses and consumers by providing “core platform services.”

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VERBATIM: Apple, Amazon, Microsoft, Google parent Alphabet, Facebook owner Meta and TikTok’s parent company were classified as online “gatekeepers.” The companies must face the highest level of scrutiny under the 27-nation bloc’s Digital Markets Act. The act amounts to a list of do’s and don’ts that seeks to prevent tech giants from cornering new digital markets.

Carmakers fail privacy test, give owners little or no control on personal data they collect

( ) -q-29- UNDATED (Correspondent Jeremy House) “assessed since 2017.”

Cars are getting an “F” in data privacy.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: A new study by the nonprofit Mozilla Foundation finds most major brands admit they may be selling your personal data, with half saying they will share it with the government or law enforcement without a court order. What’s more, nearly all the 25 brands give drivers little or no control over the data they collect. The study found cars scored worst for privacy among more than a dozen product categories, including fitness trackers and smart speakers, that Mozilla has assessed since 2017.

Wanted…Police officers

( ) -q-25- UNDATED (Correspondent Jeremy House) “disbanding their departments.”

America is in the midst of a police officer shortage.

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TAG: Correspondent Jeremy House reporting. Small-town residents from Goodhue, Minnesota, to Lott, Texas say giving up a police force Isn’t that bad. Most towns turn over law enforcement duties to county sheriffs, even as they struggle to recruit deputies. Disbanding can save money, though some sheriffs warn of longer response times for 911 calls.

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VERBATIM: Agencies of all sizes are struggling to fill open positions. Many in law enforcement blame the shortage on the two-fold morale hit of 2020. First, the coronavirus pandemic. Then criticism of police boiled over after the murder of George Floyd by a police officer. Small towns have such a hard time finding qualified candidates for job openings that some are disbanding their departments.

West Virginia University crisis looms as GOP leaders focus on economic development, jobs

( ) -q-21- UNDATED (Correspondent Jeremy House) “the most ‘value.'”

West Virginia University is recommending slashing its language department and dozens of other programs amid a $45 million budget shortfall.

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TAG: Correspondent Jeremy House reporting. Many at WVU say foreign languages and other humanities offer students opportunities they might not be able to access — or afford — elsewhere that are just as valuable.

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VERBATIM: The crisis comes as the GOP leadership is pushing economic development and promoting innovative programs like cybersecurity that can’t be found almost anywhere else. All agree education is a tool to attract young people and improve quality of life in West Virginia. However, they disagree on what kinds of education add the most “value.”

Trial starts in Sweden of 2 oil executives accused of complicity in war crimes in Sudan

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

Two executives of a Swedish oil exploration and production company have gone on trial in Stockholm for securing the company’s operations in Sudan through their alleged complicity in war crimes in 20 years ago. Correspondent Jeremy House has more on the story.

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VERBATIM: Swedish prosecutors claim that former Lundin Oil chairman Ian Lundin and the company’s former CEO, Alex Schneiter supported the Sudanese government of former dictator Omar al-Bashir. Swedish prosecutors accuse the two executives of creating “the necessary conditions for the subsidiary’s operations. They argue the defendants were conducting warfare in a way that entailed the Sudanese military and regime-allied militia systematically attacking civilians or at least carrying out systematic attacks.”..JH reporting.

US will regulate nursing home staffing for first time, but advocates still concerned

( ) -q-22- UNDATED (Correspondent Jeremy House) “to poor staffing.”

The Biden administration says U.S. nursing homes will, for the first time, have to comply with federal rules on staffing levels.

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TAG: Correspondent Jeremy House reporting. Federal officials say the staffing announcement will have a meaningful impact on residents’ lives and a majority of homes will be forced to hire additional staff.

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VERBATIM: It’s a move that’s been sought for decades by allies of older adults and those with disabilities. But the proposed staffing minimums are lower than many advocates had hoped. And the industry opposes staffing minimums. Some 1.2 million Americans live in nursing homes. More than 167,000 coronavirus deaths within their walls brought attention to poor staffing.

Microsoft to stop packaging Teams and Office software in Europe to head off EU antitrust action

( ) -q-27- UNDATED (Correspondent Jeremy House) “workplace messaging software.”

Microsoft will stop packaging its Teams videoconferencing app with its Office software in Europe in an effort to head off antitrust penalties by regulators.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The U.S. tech company also said it would take steps to make it easier for competing products to work with its software. The announcement comes a month after the EU’s executive Commission opened a formal investigation over concerns that bundling Teams with Office gives it an unfair edge over competitors. The investigation was triggered by a complaint filed in 2020 by rival Slack Technologies, maker of popular workplace messaging software.

US employers added a solid 187,000 jobs in August in sign of a still-resilient labor market

( ) -q-27- UNDATED (Correspondent Jeremy House) “continue to decelerate.”

The nation’s employers added 187,000 jobs in August.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The job increase marked an increase from July’s revised gain of 157,000, but still pointed to a moderating pace of job growth compared with earlier this year. The unemployment rate rose from 3.5% to 3.8%, the highest level since February 2022. A decelerating job market could help shift the economy into a slower gear and reassure the Federal Reserve that inflation will continue to decelerate.

Fed’s preferred inflation gauge shows latest sign of slowing price increases

An inflation gauge closely tracked by the Federal Reserve remained low last month. The Commerce Department reports prices rose just 0.2% from June to July, the third straight modest increase. Compared with a year earlier, prices rose 3.3% in July, up from a 3% annual increase in June. The year-over-year figure is down sharply from the 7% peak it reached a year ago, though still above the Fed’s 2% inflation target. The latest figures raise the likelihood that the Fed will leave interest rates unchanged when it next meets in late September.

Japan’s Sogo & Seibu department stores are being sold to a U.S. fund

Japanese retailer Seven & i Holdings Co. is selling department store chain Sogo & Seibu to a U.S. investment fund.  The transfer to Fortress Investment Group will be completed Friday, according to Seven & i Holdings. The decision came at a board of directors meeting. The proposed sales price is $1.5 billion, but the final price won’t be decided until Friday. Prior to the announcement, some 900 striking employees were marching and handing out leaflets near the main Seibu department store in Tokyo. Disorderly strikes and protests are rare in Japan, and the strikers apologized on Japanese news programs for any inconvenience.

India is one of the world’s fastest-growing EV markets

( ) -v-40- UNDATED (Correspondent Jeremy House) “std.”

India is one of the fastest growing electric vehicle markets in the world. Correspondent Jeremy House has more on the story.

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VERBATIM: More than 90% of India’s 2.3 million EVs are the cheaper and more popular two- or three-wheelers — that’s motorbikes, scooters and rickshaws. Policies to encourage sales, like a $1.3 billion federal government program, plus rising fuel costs over the past decade and consumers’ awareness of the long-term cost benefits are driving up sales. But for the electric vehicles market to truly be successful, experts say moving electricity generation away from fossil fuels, managing critical mineral supply chains and boosting EV sales across different socioeconomic backgrounds in the country will be key…JH reporting.

Europe’s inflation held steady in August

Inflation paused its decline in Europe in August. The reading of 5.3% held steady from July. That’s down from the double-digit peak in October. But it’s still too high for the European Central Bank. The ECB has been steadily raising rates to push inflation down to its target of 2%. Bank head Christine Lagarde has said the decision at the Sept. 14 meeting remains open and will be decided based on incoming data – a switch from a year of steady, pre-announced rate rises.

FBI and European partners seize major malware network

U.S. officials say the FBI and its partners in Europe infiltrated and seized control of a major malware network. The network was used for more than 15 years to commit a gamut of online crimes including crippling ransomware attacks. The authorities then remotely removed its malicious software agent — known as Qakbot — from thousands of infected computers. U.S. Attorney Martin Estrada said the criminal network had facilitated about 40 ransomware attacks in the Los Angeles area alone over 18 months.

Russia earns less from oil and spends more on war

The Russian currency has stabilized after dipping below 100 rubles to the U.S. dollar. While the ruble has stabilized, that doesn’t mean the pressure is off Russia’s economy. Western sanctions have cut into oil earnings, while government spending is heating up the economy, threatening to increase inflation. Russia’s central bank can strongly influence the ruble exchange rate, and did that with a recent emergency interest rate increase. But long term, Russia’s dwindling oil earnings and higher spending on imports will keep downward pressure on the ruble.