Ukrainian refugees push German population up 1.3% last year

Official statistics in Germany show that large numbers of refugees from Ukraine fleeing Russia’s war fueled a 1.3% rise in the German population last year.

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TAG: Correspondent Jeremy House reporting. All of Germany’s 16 states saw their populations increase. The biggest proportional increases were in Berlin and Hamburg. Germany’s two largest cities both saw rises of 2.1%.

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VERBATIM: That helped push up the number of inhabitants in the European Union’s most populous country to more than 84.4 million. The national statistics office said Germany’s population expanded by 1.12 million in 2022. That compared with an increase of just 0.1% or 82,000 people the previous year.

Intel to build $33 billion chip plant in Germany

Intel and the German government have signed a deal that will see the U.S. company spend 32.8 billion dollars to build a chip manufacturing site in the eastern city of Magdeburg.

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TAG: Correspondent Jeremy House reporting. Word of the agreement came as German Chancellor Olaf Scholz met Intel CEO Pat Gelsinger in Berlin.

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VERBATIM: The announcement was made after Germany pledged to cover a third of the investment required. Intel acquired the land for two semiconductor facilities in Magdeburg in November. The company says the first one is expected to start production in four or five years. The plan will need approval by the European Union’s executive branch.

Airbus wins record order for 500 jets from India’s IndiGo

India’s IndiGo airline is buying 500 passenger jets from European planemaker Airbus.

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TAG: Correspondent Jeremy House reporting. Indian airlines are racing to tap surging demand for travel from the nation’s growing ranks of middle-class consumers.

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VERBATIM: The record-setting order underscores surging demand for air travel fueled by India’s economic growth. The country’s dominant carrier is buying the A320 aircraft in what the companies say is the single biggest purchase agreement in commercial aviation history. Executives from both companies didn’t disclose how much the order was worth, but it would likely amount to tens of billions of dollars.

UN steps up criticism of IMF and World Bank

( ) -q-28- UNDATED (Correspondent Jeremy House) “and other issues.”

The United Nations secretary-general is pressing for major changes in the IMF and World Bank.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: Antonio Guterres says the International Monetary Fund has benefited rich countries instead of poor ones. And he describes the IMF and World Bank’s response to the COVID-19 pandemic as a “glaring failure” that left dozens of countries deeply indebted. Guterres’ criticisms were issued ahead of meetings called by French President Emmanuel Macron in Paris next week to address reforms of the multilateral development banks and other issues.

The first U.S. deep water port for the Arctic to host cruise ships, military

( ) -q-21- UNDATED (Correspondent Jeremy House) “in the Arctic.”

A $600 million-plus expansion will make the city of Nome on Alaska’s western coast the nation’s first deep-water Arctic port.

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TAG: Correspondent Jeremy House reporting. While Nome may be the first deep-water draft for the Arctic, Nome’s mayor says it likely won’t be the last because of global warming.

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VERBATIM: The expansion is expected to be operational by the end of the decade,. The port will accommodate larger cruise ships of up to 4,000 passengers. It will also accomodate cargo ships, as they deliver additional goods for the 60 Alaska Native villages in the region, and military vessels to counter the presence of Russian and Chinese ships in the Arctic.

Amazon, Marriott among companies vowing to hire refugees in Europe

( ) -q-27- UNDATED (Correspondent Jeremy House) “World War Two.”

Multinational companies including Amazon, Marriott, Hilton are pledging to hire more than 13,000 Ukrainian women and other refugees in Europe over the next three years.

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TAG: Correspondent Jeremy House reporting. The hiring push in Europe has been organized by the Tent Partnership for Refugees, a nonprofit founded by the CEO of Chobani.

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VERBATIM: Just ahead of World Refugee Day on Tuesday, more than 40 corporations said they will hire, connect to work or train a total 250,000 refugees. Of the total, 13,680 of them will get jobs directly in those companies. The U.N. says 110 million people have been displaced worldwide, with estimated 12 million from Ukraine in the largest movement of refugees in Europe since World War II.

Federal prosecutors want Elizabeth Holmes to pay victims monthly after prison

Federal prosecutors want Elizabeth Holmes to pay $250 each month to victims of her failed blood testing startup after she leaves prison. U.S. District Judge Edward Davila ordered Holmes and her former partner, Ramesh “Sunny” Balwani, to pay $452 million in restitution to victims last month. But her attorneys are pushing back, citing “limited financial resources” available to the disgraced founder of Theranos. Federal prosecutors argue that Holmes should be required to pay at least $250 each month in criminal monetary penalties upon supervised released.

Jobless claims remain elevated for second straight week

The number of Americans applying for unemployment benefits remained elevated last week. The Labor Department reports U.S. applications for jobless claims were 262,000 for the week ending June 10, more than analysts were expecting. It’s a possible sign that the Federal Reserve’s interest rate hikes over the past year may taking hold in what’s been a resilient job market. This week’s number mirrors last week’s, which was revised up by 1,000.

West Coast dockworkers, shippers reach tentative contract agreement

( ) -q-28- UNDATED (Correspondent Jeremy House) “state through California.”

The union for thousands of West Coast dockworkers has reached a tentative agreement on a new contract.

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TAG: Correspondent Jeremy House reporting. The dockworkers have been without a contract since last July. They were demanding higher wages, noting that shippers and terminal operators made record profits during the COVID-19 pandemic.

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VERBATIM: The deal comes after more than a year of negotiations and several work disruptions that snarled shipping traffic at some of the largest ports. The dockworkers union has announced a tentative deal for a new six-year contract with the Pacific Maritime Association, a trade group for cargo carriers and terminal operators. If ratified, the agreement will affect 22,000 dockworkers at 29 ports from Washington state through California.

Energy Sec. Granholm failed to reveal stock holdings; GOP calls for probe

A senior Republican on the Senate Energy panel is calling for an investigation of Energy Secretary Jennifer Granholm. Wyoming Senator John Barasso’s request comes after Granholm told the committee she mistakenly provided false information about her family’s stock holdings in testimony earlier this year. Barrasso asked the Energy Department’s inspector general to investigate Granholm after she sent a letter to the committee revealing she owned financial stocks as recently as May. That contradicts testimony she gave to the panel in April.

China’s factory, consumer activity weakens in May

( ) -q-24- UNDATED (Correspondent Jeremy House) “not yet solid.'”

China’s factory and consumer activity weakened further in May.

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TAG: Correspondent Jeremy House reporting. China’s economic activity rebounded after the ruling Communist Party in December lifted controls that cut off access to major cities for weeks at a time and blocked most international travel. But consumers, uneasy about the economic outlook and possible job losses, returned to shops and restaurants less quickly than expected.

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VERBATIM: Meanwhile, surging unemployment among young people in cities broke the previous month’s record as an economic rebound following the end of anti-virus controls slowed. The Chinese government reported surveys found more than a fifth of potential workers in cities aged 16-to-24 were unemployed. That’s up slightly from April. The government says the recovery is “not yet solid.”

Toyota shareholders reject proposal demanding better performance on climate change

( ) -q-19- UNDATED (Correspondent Jeremy House) “internal combustion engines.”

Toyota’s shareholders have rejected demands from some investors that the automaker do a better job on fighting climate change.

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TAG: Correspondent Jeremy House reporting. The rejection at the shareholders’ meeting was widely expected. The majority of Toyota shares are held by the company and its group companies, retired employees and others sympathetic to the company’s perspective.

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VERBATIM: They also endorsed Akio Toyoda’s reappointment as chairman of the automaker. The investor proposal was initiated by a $20 billion Danish investment fund. It accused Toyota of lobbying to weaken efforts by governments around the world to phase out gas and diesel-fueled internal combustion engines.

EU: Google must break up digital ad business over competition concerns

European Union antitrust regulators are taking aim at Google’s lucrative digital advertising business.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The regulators say the tech giant must sell off some of its ad business to address competition concerns. The European Commission says its preliminary view after an investigation is that “only the mandatory divestment by Google of part of its services” would satisfy the concerns. The European Union has led the global movement to crack down on Big Tech companies, but rather than splitting up businesses it has previously issued blockbuster fines.

Shell ditches lower oil production target but insists it’s committed to cutting emissions

( ) -q-25- UNDATED (Correspondent Jeremy House) “decarbonizing its operations.”

Shell has effectively abandoned a plan to cut oil production by 1-2% per year until the end of the decade.

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TAG: Correspondent Jeremy House reporting. Shell and other oil giants have faced increasing pressure to do more to fight emissions from climate activists.

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VERBATIM: Europe’s largest energy company argued that it had already met the target it had set for itself in 2021 through asset sales. It says it has seen its production drop from 1.9 million barrels of oil equivalent per day in 2019 to 1.5 million last year. Shell’s new chief executive insists that the company was still committed to decarbonizing its operations.

Consumer price growth slowed in May, but underlying inflation stayed high

( ) -q-20- UNDATED (Correspondent Jeremy House) “and other items.”

Consumer prices in the United States cooled last month, rising just 0.1% from April to May.

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TAG: Correspondent Jeremy House reporting. The drop-off in overall inflation isn’t likely to convince the Federal Reserve’s policymakers that they’re close to curbing the high inflation that has gripped the nation for two years.

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VERBATIM: Despite the slowdown, some measures of underlying price pressures remained high. Measured year over year, inflation slowed to just 4% in May, well below April’s 4.9% annual rise. The pullback was driven by tumbling gas prices, smaller increases in grocery prices, and other items.

Toyota responds to charges it’s not doing its part to deal with climate change

( ) -q-20- UNDATED (Correspondent Jeremy House) “minutes or less.”

Toyota says it plans to make an all solid-state battery as part of ambitious plans for battery electric vehicles.

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TAG: Correspondent Jeremy House reporting. Toyota plans to deliver 1.5 million EVs in 2026, by expanding its battery EV lineup and developing technology. Company President Koji Sato has said the company must play catchup after falling behind in EVs.

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VERBATIM: Toyota’s announcement comes amid mounting criticism Japan’s top automaker needs to do more to fight climate change. Toyota says it is aiming for a commercial next-generation battery as soon as 2027. Charging time, one of the main drawbacks of electric vehicles, will get shortened to 10 minutes or less.

Microsoft’s media literacy program aims to combat online misinformation

( ) -q-21- UNDATED (Correspondent Jeremy House) “spot misinformation themselves.”

A new effort to promote internet and media literacy by Microsoft has shown promising results in the fight against online misinformation.

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TAG: Correspondent Jeremy House reporting. New regulations are frequently floated as a solution to the problem of online misinformation but researchers say media literacy could be an even more practical and effective strategy.

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VERBATIM: The tech company worked with the nonprofit Trust Project late last year to create short advertisements. They directed viewers to a list of ways to quickly distinguish reliable news sources from sites peddling falsehoods and conspiracy theories. After seeing the list, people expressed greater confidence in their ability to spot misinformation themselves.

UK wages rise sharply in April, which could prompt further rate hikes

( ) -q-23- UNDATED (Correspondent Jeremy House) “recorded for January.”

Official figures show that wages in the U.K. spiked sharply in April.

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TAG: Correspondent Jeremy House reporting. Though wages are still lagging the headline rate of inflation, the increase is likely to feature heavily in next week’s deliberations among rate-setters at the Bank of England.

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VERBATIM: It’s a development that is set to cement expectations that the Bank of England will raise interest rates once again next week. The Office for National Statistics found that people’s regular pay packets were up 7.2% in the three months to April from the same period the year before. That’s up from the equivalent 6.6% year-on-year increase recorded for January.

China struggles with weak post-COVID economic recovery

( ) -q-23- UNDATED (Correspondent Jeremy House) “already be past.”

China’s manufacturing and consumer spending are weakening after a strong start to 2023, after anti-virus controls ended.

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TAG: Correspondent Jeremy House reporting. The Yizhuan Automobile Company, which makes trash and dump trucks, says sales are up only by single-digit percentages from last year’s depressed level. Retail spending is weaker than expected at a time when many consumers fret over the economic outlook and their jobs.

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VERBATIM: Automakers and other companies are struggling to rebuild sales and sending salespeople abroad to revive their export businesses following a three-year gap. China’s economic growth accelerated to 4.5% over a year earlier in the three months ending in March from the previous quarter’s 2.9%, but forecasters say the peak of that recovery might already be past.

Nasdaq to buy financial software company Adenza for $10.5 billion

( ) -q-28- UNDATED (Correspondent Jeremy House) “and compliance software.”

Nasdaq is buying software company Adenza  from software investment company Thoma Bravo in a cash-and-stock deal valued at $10.5 billion.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The transaction includes $5.75 billion in cash and 85.6 million shares of Nasdaq common stock. Adenza was created through the combination of Calypso and AxiomSL. Calypso serves capital markets participants with end-to-end treasury, risk, and collateral management workflows. AxiomSL supports financial institutions with leading regulatory and compliance software.

How billions in COVID-19 relief aid was stolen or wasted

( ) -q-22- UNDATED (Correspondent Jeremy House) “in multiple states.”

An Associated Press analysis found that fraudsters potentially stole more than $280 billion in COVID-19 relief funding.

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TAG: Correspondent Jeremy House reporting. In addition, federal loan applicants weren’t cross-checked against a Treasury Department database that would have raised red flags about sketchy borrowers. All of it led to the greatest grift in U.S. history.

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VERBATIM: The report says another $123 billion was wasted or misspent. Combined, the loss represents 10% of the $4.2 trillion the U.S. government has disbursed in COVID relief aid. Fraudsters used Social Security numbers of dead people to get unemployment checks. Cheaters collected benefits in multiple states.

Barnes & Noble in Manhattan’s Union Square votes to unionize

Workers at the Barnes & Noble in Manhattan’s Union Square, one of the retail chain’s signature stores, have voted to unionize

VERBATIM:

They join employees at a handful of other Barnes & Noble stores in the Northeast who have affiliated with unions in recent weeks. The move follows a wave of union activity over the past few years at independent booksellers. The Union Square employees are now part of the the Retail, Wholesale and Department Store Union. The union cited issues at the Union Square store from harassment to favoritism. Barnes & Noble said it looks forward to a new contract with the store’s workers.

Jury returns $63M verdict after finding Chevron covered up toxic pit on California land

( ) -q-22- UNDATED (Correspondent Jeremy House) “in the ground.”

A California jury has returned a $63 million verdict against Chevron.

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TAG: Correspondent Jeremy House reporting. The victim’s lawyer called the case a “blatant example of environmental pollution and corporate malfeasance.” Chevron said it disagreed with the judgment and would appeal.

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VERBATIM: The verdict comes after the jurists found the oil giant covered up a toxic chemical pit on land purchased by a man who built a house on it and was later diagnosed with a blood cancer. The lawsuit said a Chevron subsidiary had used the property as a sump pit for oil and gas production. It’s a process that left the carcinogenic chemical benzene in the ground.

‘Dollarization’ of North Korean economy threatens Kim’s rule

( ) -q-27- UNDATED (Correspondent Jeremy House) “angering the public.”

North Korea has tolerated the widespread use of more stable foreign currencies like U.S. dollars and the Chinese yuan since a bungled revaluation of the won in 2009 triggered runway inflation and public unrest.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The so-called  “dollarization” phenomenon helped ease inflation and stabilize foreign exchange rates. But experts say the currency substitution may hurt leader Kim Jong Un’s authority by undermining the government’s control of the money supply and its ability to set monetary policies. Now, observers say Kim may be trying to roll back use of the foreign currencies to tighten his grip on the economy, a move that could backfire by just confusing and angering the public.