Fewer Americans apply for jobless benefits amid healthy labor market

( ) -q-19- UNDATED (Correspondent Jeremy House) “the previous week.”

Applications for unemployment benefits fell again last week.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The Labor Department says the number of Americans applying for jobless benefits fell last week by 10,000, to 230,000 for the week ending August 19. In total, about 1.7 million people were collecting unemployment benefits the week that ended August 12th. That’s about 9,000 fewer than the previous week.

Nvidia posts another stellar quarter propelled by sales of AI chips

( ) -q-27- UNDATED (Correspondent Jeremy House) “be even higher.”

Computer chip maker Nvidia has rocketed into the constellation of Big Tech’s brightest stars while riding the artificial intelligence craze that’s fueling red-hot demand for its technology.

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Out-cue: be even higher]

TAG: Correspondent Jeremy House reporting.

——————————
VERBATIM: The latest evidence of Nvidia’s ascendance emerged with the latest release of the company’s quarterly earnings report. The results covering the May-to-July period exceeded Nvidia’s projections for astronomical sales growth propelled by the company’s specialized chips needed to power different forms of artificial intelligence. Nvidia’s revenue doubled from a year ago to $13.51 billion and the company projected sales are bound to be even higher.

California may pay unemployment to striking workers, but fund is already insolvent

( ) -q-27- UNDATED (Correspondent Jeremy House) “in the country.”

Some California lawmakers want to make striking workers eligible for unemployment benefits.

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Out-cue: in the country]

TAG: Correspondent Jeremy House reporting. Labor unions say workers should not be punished for businesses not paying enough taxes.

———————————–
VERBATIM: The push in the final weeks of the California state’s legislative session is in response to multiple strikes. They includes hotel workers in Southern California, and Hollywood actors and writers. California does not have enough money to pay all of the unemployment benefits workers are owed today. The fund is filled by a tax businesses pay on their workers wages. But the tax has not changed since 1984 and is among the lowest in the country.

Facing Sept. 14, auto union chief says talks with Detroit 3 aren’t going well

( ) -q-25- UNDATED (Correspondent Jeremy House) “in good faith.”

With about three weeks until contracts expire with Detroit’s three automakers, the head of the United Auto Workers union says bargaining isn’t going well.

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TAG: Correspondent Jeremy House reporting. Members are voting this week on whether to give union leaders authorization to call a strike.

———————————–
VERBATIM: UAW President Shawn Fain told workers outside a Detroit factory that their walk to practice picketing would become reality if General Motors, Ford and Stellantis don’t start negotiating seriously. Contracts between the union representing about 146,000 workers at the companies expire at 11:59 p.m. on Sept. 14. The companies say they’re bargaining in good faith.

Lebanon’s leaders hope tourism boom will help bypass IMF bailout reforms

( ) -q-30- UNDATED (Correspondent Jeremy House) “bolster the economy.”

Lebanon’s political elites are pushing a recovery plan for the country’s financial collapse that would allow them to sidestep tough reforms demanded by the International Monetary Fund.

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Out-cue: bolster the economy]

TAG: Correspondent Jeremy House reporting.

————————-
VERBATIM: Economic experts and former officials say the recovery plan would largely shift the burden of paying to bail out the financial system away from senior politicians, their families and associates — and onto ordinary Lebanese. The IMF plan would audit banks and force them to sell assets and merge, putting the losses on powerful shareholders. Instead, politicians are hoping a boom in tourism, remittances from abroad and, eventually, revenues from new gas discoveries will bolster the economy.

Foot Locker lowers full-year outlook again, pauses dividend

( ) -q-27- UNDATED (Correspondent Jeremy House) “were calling for.”

Foot Locker is cutting its full-year outlook again.

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Out-cue: were calling for]

TAG: Correspondent Jeremy House reporting. Same-store sales, a key indicator of a retailer’s health, dropped 9.4% in the quarter.

—————————–
VERBATIM: Foot Locker is also pausing its quarterly dividend as sales dropped in its fiscal second quarter with consumers continuing to be more cautious about their purchases. Shares tumbled more than 27%. The footwear and clothing retailer said quarterly sales declined to $1.86 billion from $2.07 billion. That’s short of the $1.88 billion that analysts polled by Zacks Investment Research were calling for.

Tanker collision disrupts traffic at Egypt’s Suez Canal

( ) -q-28- UNDATED (Correspondent Jeremy House) “to global trade.”

Egyptian authorities say two tankers have collided in the Suez Canal, disrupting traffic through the global waterway.

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Title: EGYPT-OIL-TANKER-house-q-WEDam
Out-cue: to global trade]

TAG: Correspondent Jeremy House reporting. The Suez Canal authorities say they managed to refloat and tow away the BW Lesmes, while efforts are underway to remove the Burri from the waterway.

—————————————-
VERBATIM: The Suez Canal authority says the BW Lesmes, a Singapore-flagged tanker that carries liquefied natural gas, suffered a mechanical malfunction and ran aground while transiting through the canal. The Burri, a Cayman Island-flagged tanker which carries oil products, collided with the broken vessel. Wednesday’s incident is the latest case of a vessel reported stuck in the crucial waterway over the past few years, causing disruption to global trade.

China fines US research firm $1.5 million in crackdown on info-gathering

( ) -q-26- UNDATED (Correspondent Jeremy House) “without obtaining approval.'”

An American research firm has been fined $1.5 million by China’s government in a crackdown on information-gathering that has rattled foreign investors.

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Title: CHINA-MINTZ-GROUP-house-q-TUEam
Out-cue: without obtaining approval]

TAG: Correspondent Jeremy House reporting. The notice gave no details of the violation. Mintz Group does background checks on employees and business partners and gathers other information for corporate clients.

—————————
VERBATIM: Mintz Group was one of a series of foreign consultants that were raided starting in April. The raids took place after Chinese leader Xi Jinping’s government announced expanded anti-spying rules that left companies unsure what they were allowed to do. A notice from the Beijing statistics bureau dated July 14 said Mintz Group illegally engaged in “foreign-related statistical investigation activities without obtaining approval.”

Dubai International Airport sees 41.6 million passengers in first half of year

( ) -q-25- UNDATED (Correspondent Jeremy House) “aviation industry worldwide.”

Dubai International Airport, the world’s busiest for international travel, says it served 41.6 million passengers in the first half of this year.

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Time: 25s
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Out-cue: aviation industry worldwide]

TAG: Correspondent Jeremy House reporting.

————————–
VERBATIM: That exceeds figures for the same period in 2019 as travelers return to the air after the lockdowns from the coronavirus pandemic. The new figures at the airport known as DXB reflect figures offering by the International Air Transport Association that traffic worldwide is at 94% of pre-COVID levels. The Dubai airport long has served as a barometer for the aviation industry worldwide.

Europe’s sweeping rules for tech giants are about to kick in

( ) -q-22- UNDATED (Correspondent Jeremy House) “terms of service.”

Google, Facebook, TikTok and other Big Tech companies operating in Europe are facing one of the most far-reaching efforts to clean up what people encounter online.

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Time: 22s
Title: EUROPE-TECH-GIANTS-house-q-TUEam
Out-cue: terms of service]

TAG: Correspondent Jeremy House reporting. Some online platforms have already started making changes, and they could have worldwide effects.

———————————-
VERBATIM: The first phase of the European Union’s groundbreaking new digital rules will take effect this week. The Digital Services Act is part of a group of tech-focused regulations crafted by the 27-nation bloc. The biggest platforms must start following the DSA starting Friday. The law is designed to keep users safe online and stop the spread of harmful content that’s either illegal or violates a platform’s terms of service.

Russia, China look to advance agendas in developing countries

( ) -q-26- UNDATED (Correspondent Jeremy House) “warrant against him.”

Russia and China will look to gain more political and economic ground in the developing world at a summit in South Africa this week.

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Out-cue: warrant against him]

TAG: Correspondent Jeremy House reporting.

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VERBATIM: Leaders from the BRICS economic bloc of Brazil, Russia, India, China and South Africa will hold three days of meetings in Johannesburg. Chinese Premier Xi Jinping is attending to underline the diplomatic capital his country has invested in the bloc as an avenue for its ambitions. Russian President Vladimir Putin will appear on a video link after his travel to South Africa was complicated by an International Criminal Court arrest warrant against him.

More hearings begin soon for Summit’s proposed CO2 pipeline

( ) -q-27- UNDATED (Correspondent Jeremy House) “for the pipeline.”

More hearings this month and in September are set for Summit Carbon Solutions’ proposed $5.5 billion, 2,000-mile pipeline network.

[CutID: <Cuts> CO2-PIPELINE-house-q-MONam.mp3
Time: 27s
Title: CO2-PIPELINE-house-q-MONam
Out-cue: for the pieline]

TAG: Correspondent Jeremy House reporting. Other CO2 pipeline projects are proposed around the country as well, with new federal tax incentives making the burgeoning technology of carbon capture an attractive enterprise.

——————————
VERBATIM: The pipeline system would carry carbon dioxide emissions from dozens of ethanol plants in five states to central North Dakota for permanent storage deep underground. Iowa public utility regulators on Tuesday begin a weekslong hearing for Summit’s proposal, with South Dakota regulators set to hold their hearing in September. Landowners opposed to the project are concerned about a pipeline rupture and eminent domain, or the taking of their land for the pipeline.

Looking for a new car under $20,000? Your choice has dwindled to just one vehicle

( ) -q-28- UNDATED (Correspondent Jeremy House) “under 20-thousand dollars.”

And then there was one!

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Time: 28s
Title: NEW-CAR-PRICES-house-q-MONam
Out-cue: under 20-thousand dollars]

TAG: Correspondent Jeremy House reporting. With prices — new and used — having soared since the pandemic, $20,000 is no longer much of a starting point for a new car.

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VERBATIM: Just five years ago, a price-conscious auto shopper in the U.S. could choose from among a dozen new small cars selling for under $20,000. Now, there’s just one…The Mitsubishi Mirage. And even the Mirage appears headed for the scrap yard. At a time when Americans increasingly want pricey SUVs and trucks rather than small cars, the Mirage remains the lone new vehicle whose average sale price is under 20-thousand dollars.

U.S. jobless claims applications fall as labor market continues to show resiliency

( ) -q-19- UNDATED (Correspondent Jeremy House) “to 234-thousand, 250.”

Applications for jobless claims fell again last week and remain at healthy levels despite high interest rates and elevated inflation.

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Time: 19s
Title: JOBLESS-CLAIMS-house-q-THUam
Out-cue: to 234-thousand, 250]

TAG: Correspondent Jeremy House reporting. Overall, 1.72 million people were collecting unemployment benefits the week that ended August 5.

———————————–
VERBATIM:  The Labor Department says applications for unemployment benefits dropped by 11,000 to 239,000 for the week ending August 12th. That’s down from 250,000 the previous week. The four-week moving average of claims rose by 2,750 to 234,250.

China’s Xi calls for patience as Communist Party tries to reverse economic slump

( ) -q-29- UNDATED (Correspondent Jeremy House) “and food supplies.”

Chinese leader Xi Jinping has called for patience in a speech as the ruling Communist Party tries to reverse a deepening economic slump.

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Time: 29s
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Out-cue: and food supplies]

TAG: Correspondent Jeremy House reporting.

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VERBATIM: Xi’s speech was published by Qiushi, the party’s top theoretical journal, after data showed consumer and factory activity weakened further in July despite official promises to support struggling entrepreneurs. Xi said the West’s pursuit of material wealth led to “spiritual poverty.” He called for China to “build a socialist ideology with strong cohesion” and to focus on long-term goals of improving education, health care and food supplies.

China would welcome U.S. Commerce Secretary visit after investment controls

( ) -q-20- UNDATED (Correspondent Jeremy House) “of the results.”

China says it would welcome a visit by U.S. Commerce Secretary Gina Raimondo following the imposition of foreign investment controls by her agency that have stung numerous Chinese companies.

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Time: 20s
Title: CHINA-US-RAIMONDO-house-q-THUam
Out-cue: of the results]

TAG: Correspondent Jeremy House reporting. U.S. President Joe Biden signed an executive order earlier this month to block and regulate U.S. high-tech investment in China, reflecting the intensifying competition between the world’s two biggest economies.

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VERBATIM: A Chinese Commerce Ministry spokesperson did not offer a date, but said the countries are in “close communication on arrangements.” Earlier reports said a visit could come as early as later this month. The spokesperson adds China is conducting a comprehensive assessment of the impact of the investment controls and would respond on the basis of the results.

Norway raises key interest rate again to fight inflation

( ) -q-20- UNDATED (Correspondent Jeremy House) “back to target.”

Norway’s central bank says it’s raising its key interest rate by a quarter-percentage point to combat high inflation.

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Time: 20s
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Out-cue: back to target]

TAG: Correspondent Jeremy House reporting. The head of the bank says the rate would most likely be raised again next month. Central banks worldwide have been raising borrowing costs to target price spikes fueled by the economic rebound from the pandemic and then Russia’s war in Ukraine.

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VERBATIM: Norges Bank is hiking the rate to 4%, the highest level in Norway since 2008. It says inflation — which reached 5.4% in July — ”has edged down but remains high and markedly above the target” of 2%. The bank added that “a somewhat higher policy rate is needed to bring inflation back to target.”

UK inflation falls to 17-month low of 6.8%

( ) -q-22- UNDATED (Correspondent Jeremy House) “energy prices surging.”

The rate of inflation in the U.K. fell sharply in July to a 17-month low largely on the back of lower energy prices.

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Out-cue: energy prices surging]

TAG: Correspondent Jeremy House reporting. The decline from June’s 7.9% rate was in line with economists’ expectations. It’s unlikely to derail market expectations that the Bank of England will raise interest rates again next month, especially as wages are rising at a record high.

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VERBATIM: It’s a welcome development for hard-pressed households in struggling during the cost of living crisis. Britain’s Office for National Statistics says the annual rate of inflation, as measured by the consumer price index, was 6.8% in July. It’s lowest level since Russia invaded Ukraine in February 2022 and sent energy prices surging.

UAW to vote on strike authorization next week

About 146,000 members of the United Auto Workers union will vote next week on authorizing their leaders to call strikes against the Detroit automakers. Union President Shawn Fain told members that talks were moving slowly and have yet to address wages and other economic issues. The union’s contracts with General Motors, Ford and Stellantis expire in about a month. He urged everyone to vote yes and said the votes are a demonstration of the union’s strength. Strike authorization votes are a routine part of contract talks and are often overwhelmingly approved.

Target posts weak sales in Q2, hurt by Pride merchandise flap

( ) -q-21- UNDATED (Correspondent Jeremy House) “shoppers’ cautionary spending.”

Target has reported weaker-than-expected sales for its the fiscal second quarter.

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Title: TARGET-SALES-house-q-WEDam
Out-cue: shoppers’ cautionary spending]

TAG: Correspondent Jeremy House reporting. Target cut its annual financial outlook, citing expectations that higher interest rates and still-high prices on food will strain shoppers’ budgets.

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VERBATIM: The retailer’s results were hit by headwinds including inflation and the widely publicized negative reaction by some customers to its Pride merchandise. But the Minneapolis-based chain’s quarterly profits came in above expectations. Its bottom line was helped by efforts to bring inventories in line with shoppers’ cautionary spending.

Esmark makes offer for US Steel, sets up bidding contest

( ) -q-18- UNDATED (Correspondent Jeremy House) “evaluating its options.”

Industrial conglomerate Esmark says it has made an all-cash bid to buy U.S. Steel that values the iconic steelmaker at $7.8 billion.

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Out-cue: evaluating its options]

TAG: Correspondent Jeremy House reporting. Pittsburgh-based Esmark is run by James Bouchard, a former vice president in U.S. Steel’s European operations.

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VERBATIM: The bid tops an earlier offer from rival Cleveland-Cliffs. U.S. Steel said it rejected a cash and stock offer from Cleveland-Cliffs that was valued at $7.3 billion. U.S. Steel also said it had received several offers for all or parts of the company and was evaluating its options.

Japanese economic growth surges on strong exports and tourism

( ) -v-30- UNDATED (Correspondent Jeremy House) “std.”

Japan’s economic growth jumped at an annual pace of 6% in the April-to-June period. Correspondent Jeremy House has more on the story.

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VERBATIM: It marks the third straight quarter of growth as exports and inbound tourism recovered. Japan’s Cabinet Office says real gross domestic product, which measures the sum value of a nation’s products and services, grew 1.5% in the fiscal first quarter for the world’s third largest economy. The annualized pace shows what the growth would have been if what was marked during the quarter had continued for a year. The rate outpaced what analysts had forecast at 3.1% growth…JH reporting.

Home Depot tops expectations again, but signs of spending pullback

( ) -q-18- UNDATED (Correspondent Jeremy House) “of the year.”

Home Depot topped profit and sales expectations in its most recent quarter.

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Time: 18s
Title: HOME-DEPOT-SALES-house-q-TUEam
Out-cue: of the year]

TAG: Correspondent Jeremy House reporting. Sales continue to decline as inflation and soaring interest rates play a larger role in the spending choices made by Americans. Despite the stronger-than-expected sales figures, Home Depot stuck to previous guidance for the year, seeing sales decline between 2% and 5%, after lowering its forecast in the last quarter.

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VERBATIM: Second quarter revenue was nearly $43 billion, edging out Wall Street expectations. Yet that’s down 2% from the $43.87 billion the company reported during the same stretch last year, Meanwhile, sales have fallen 3.1% through the first half of the year.

Amazon hopes to improve its product reviews for customers through AI

( ) -q-21- UNDATED (Correspondent Jeremy House) “earlier this year.”

Amazon is rolling out a generative AI feature that summarizes product reviews for customers.

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Title: AMAZON-AI-house-q-MONam
Out-cue: earlier this year]

TAG: Correspondent Jeremy House reporting. The tech giant says the feature is now available for a subset of mobile shoppers in the U.S. and it may expand it to more shoppers based on customer feedback.

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VERBATIM: The company says it will use AI to pick out common themes in reviews and summarize them in a short paragraph on the product detail page. The feature is designed to help shoppers determine at a glance what other customers said about a product before they spend more time reading through individual reviews. Amazon began testing it earlier this year.