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.

[CutID: <Cuts> UK-WAGES-house-q-TUEam.mp3
Time: 23s
Title: UK-WAGES-house-q-TUEam
Out-cue: recorded for January]

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.

————————————-
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.

[CutID: <Cuts> CHINA-ECONOMY-house-q-MONam.mp3
Time: 23s
Title: CHINA-ECONOMY-house-q-MONam
Out-cue: already be past]

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.

————————-
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.

[CutID: <Cuts> NASDAQ-ADENZA-house-q-MONam.mp3
Time: 28s
Title: NASDAQ-ADENZA-house-q-MONam
Out-cue: and compliance software]

TAG: Correspondent Jeremy House reporting.

———————————
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.

[CutID: <Cuts> PANDEMIC-AID-GRIFT-house-q-MONam.mp3
Time: 22s
Title: PANDEMIC-AID-GRIFT-house-q-MONam
Out-cue: in multiple states]

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.

————————
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.

[CutID: <Cuts> CHEVRON-VERDICT-house-q-FRIam.mp3
Time: 22s
Title: CHEVRON-VERDICT-house-q-FRIam
Out-cue: in the ground]

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.

————————————-
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.

[CutID: <Cuts> NOKOR-DOLLARIZATION-house-q-FRIam.mp3
Time: 27s
Title: NOKOR-DOLLARIZATION-house-q-FRIam
Out-cue: angering the public]

TAG: Correspondent Jeremy House reporting.

————————————–
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.

Biden picks longtime transportation official as acting head of FAA

( ) -q-23- UNDATED (Correspondent Jeremy House) “Secretary Pete Buttigieg.”

The Federal Aviation Administration has another acting leader at the controls.

[CutID: <Cuts> BIDEN-FAA-house-q-FRIam.mp3
Time: 23s
Title: BIDEN-FAA-house-q-FRIam
Out-cue: Secretary Pete Buttigieg]

TAG: Correspondent Jeremy House reporting. Trottenberg also headed the New York City Transportation Department and worked on Capitol Hill as a Senate staffer. The FAA has been without a permanent administrator for more than a year.

—————————-
VERBATIM: The White House says President Biden has picked longtime government official Polly Trottenberg to run the FAA. She replaces another acting administrator, Billy Nolen, who announced in April that he would leave soon. Trottenberg held a high-ranking job in the Transportation Department in the Obama administration. Most recently, she has been deputy to Transportation Secretary Pete Buttigieg.

US applications for jobless benefits highest since October 2021

( ) -q-22- UNDATED (Correspondent Jeremy House) “7,500 to 237-thousand, 250.”

The number of Americans applying for unemployment benefits last week rose to its highest level since October 2021.

[CutID: <Cuts> JOBLESS-CLAIMS-house-q-THUam.mp3
Time: 22s
Title: JOBLESS-CLAIMS-house-q-THUam
Out-cue: 7,500 to 237,500]

TAG: Correspondent Jeremy House reporting. Overall, 1.76 million people were collecting unemployment benefits the week that ended May 27.

——————————-
VERBATIM: The Labor Department reports U.S. applications for jobless claims were 261,000 for the week ending June 3. That’s an increase of 28,000 from the previous week. Weekly jobless claims are considered representative of U.S. layoffs. The four-week moving average of claims rose by 7,500 to 237,250.

Leaders gather in Paris to accelerate wringing more out of every ounce of fuel

( ) -q-26- UNDATED (Correspondent Jeremy House) “growth in emissions.”

As 30 environment and trade ministers, and 50 CEOs gather in Paris for the 8th international conference on energy efficiency, the International Energy Agency is taking stock.

[CutID: <Cuts> FRANCE-ENERGY-CONF-house-q-THUam.mp3
Time: 26s
Title: FRANCE-ENERGY-CONF-house-q-THUam
Out-cue: growth in emissions]

TAG: Correspondent Jeremy House reporting.

—————————
VERBATIM: The conference brings together world leaders on energy, business, environment and climate to accelerate progress on energy efficiency globally. The agency just released a report that shows significant strides in improving energy efficiency. Investment increased 15% globally in one year to $600 billion. The report also notes growth is not leading to the traditional parallel growth in emissions.

Europe’s economy shrank. For households that are hurting, it’s just numbers

( ) -q-25- UNDATED (Correspondent Jeremy House) “definition of recession.”

The European economy has contracted slightly at the end of last year and beginning of 2023.

[CutID: <Cuts> EUROPE-ECONOMY-house-q-THUam.mp3
Time: 25s
Title: EUROPE-ECONOMY-house-q-THUam
Out-cue: definition of recession]

TAG: Correspondent Jeremy House reporting.

—————————-
VERBATIM: The revised figures from the European Union’s statistics agency underline the impact of the loss of Russian natural gas and high inflation on consumer spending. Economic output in the 20 countries that use the euro currency dropped 0.1% in both the final three months of 2022 and first three months of this year from the previous quarters. Two consecutive quarters of declining output is one definition of recession.

Debt ceiling debate worries U.S. consumers

Debt ceiling debate worries U.S. consumers

British PM Sunak to discuss Ukraine, economy and AI with Biden this week

( ) -q-18- UNDATED (Correspondent Jeremy House) “with President Biden.”

The war in Ukraine is top of British Prime Minister Rishi Sunak’s agenda as he starts a two-day trip to Washington.

[CutID: <Cuts> SUNAK-DC-house-q-WEDam.mp3
Time: 18s
Title: SUNAK-DC-house-q-WEDam
Out-cue: with President Biden]

TAG: Correspondent Jeremy House reporting. The breaching of a major dam in southern Ukraine has given the subject added urgency. Sunak said that if Moscow was responsible it would “demonstrate the new lows that we would have seen from Russian aggression.” Sunak also wants to discuss closer economic ties and artificial intelligence during the trip.

———————————
VERBATIM: Sunak is carrying the message that post-Brexit Britain remains an essential American ally in a world of emboldened authoritarian states. The U.S. and U.K. are the two biggest military donors to Ukraine. The war will be the focus of Sunak’s meeting Thursday at the White House with President Biden.

China trade tumbles in May, adding to signs economic recovery is slowing

( ) -q-27- UNDATED (Correspondent Jeremy House) “travel and commerce.”

China’s exports fell 7.5% from a year earlier in May and imports were down 4.5%, adding to signs an economic recovery is slowing.

[CutID: <Cuts> CHINA-TRADE-house-q-WEDam.mp3
Time: 27s
Title: CHINA-TRADE-house-q-WEDam
Out-cue: travel and commerce]

TAG: Correspondent Jeremy House reporting. Retail spending is lower than expected as consumers worry about the economic outlook and possible job losses. Manufacturing activity has been contracting as interest rate hikes in the United States and Europe chill demand for exports.

—————————-
VERBATIM: Customs data show exports slid to $283.5 billion, reversing from April’s unexpectedly strong 8.5% growth. Imports fell to $217.7 billion, moderating from the previous month’s 7.9% contraction. Trade weakness adds to signs of a slowing of China’s rebound following the lifting in December of anti-virus controls that disrupted travel and commerce.

Federal Reserve won’t likely raise rates next week but maybe next month

( ) -v-35- UNDATED (Correspondent Jeremy House) “std.”

When the Federal Reserve meets next week, Chairman Jerome Powell will need to forge a consensus. Correspondent Jeremy House has more on the story.

[CutID: <Cuts> FED-MEETING-house-v-WEDam.mp3
Time: 35s
Title: FED-MEETING-house-v-WEDam
Out-cue: std]

———————————–
VERBATIM: One group of officials would like to pause their rate increases after 10 straight hikes to allow time to assess whether higher borrowing rates are slowing inflation. But a second group worries that inflation is still too high and thinks the Fed should continue hiking at least once or twice more — beginning next week. Some analysts believe Powell will turn what previously was considered a “pause” into a “skip.” A “pause” might suggest that the Fed won’t necessarily raise its benchmark rate again. A “skip” implies that it probably will — just not now…JH, Washington

U.S. sues Binance over mishandled funds, securities law violations

The world’s largest cryptocurrency exchange Binance and its founder Changpeng Zhao are accused of misusing investor funds. In a lawsuit filed by the SEC, Binance is also accused of operating as an unregistered exchange and violating a slew of U.S. securities laws. Filed in the U.S. District Court for the District of Columbia, the Securities and Exchange Commission lawsuit lists thirteen charges against the firm. Binance is a Cayman Islands limited liability company founded by Zhao.

German factory orders dipped again as 2nd quarter started

Official figures show that German factory orders, an important indicator for Europe’s biggest economy, dipped in April after a big drop in March. The data pointed to a disappointing start to the second quarter. Germany’s Economy Ministry said orders were down 0.4% compared with the previous month. That followed a painful 10.9% drop in March. Economists had expected an increase in April, but the ministry said the figure was influenced in part by fluctuations in bulk orders.

Microsoft to pay $20M settlement in children’s data case

Microsoft will pay a fine of $20 million to settle Federal Trade Commission charges. It’s alleged that Microsoft illegally collected and retained the data of children who signed up to use its Xbox video game console. The agency charged that Microsoft gathered the data without notifying parents or obtaining their consent, and that it also illegally held onto the data. Microsoft vice president for Xbox Dave McCarthy has outlined additional steps the company is taking to improve its age verification systems and to ensure that parents are involved in the creation of child accounts for the service.

Europe wants a label for AI as it fights disinformation

The European Union is pushing online platforms like Google and Meta to step up efforts to fight false information by adding labels to text, photos and other content generated by artificial intelligence. A top EU Commission official says the ability of a new generation of AI chatbots to create complex content and visuals in seconds raises “fresh challenges for the fight against disinformation.” The 27-nation bloc has asked Google, Meta, Microsoft, TikTok and other tech companies that have signed up to the voluntary EU agreement on combating disinformation to dedicate efforts to tackling the AI problem. The official says companies should roll out technology to recognize AI-generated content and “clearly label this to users.”

No breakthrough in NATO-Turkey talks about Sweden joining

( ) -q-24- UNDATED (Correspondent Jeremy House) “candidate’s accession protocol.”

NATO Secretary-General Jens (yenz) Stoltenberg says representatives from Turkey and Sweden will meet this coming week to try to bridge their differences about the Nordic country joining the military alliance.

[CutID: <Cuts> NATO-TURKEY-SWEDEN-house-q-MONam.mp3
Time: 24s
Title: NATO-TURKEY-SWEDEN-house-q-MONam
Out-cue: candidate’s accession protocol]

TAG: Correspondent Jeremy House reporting. Stoltenberg said he and Erdogan agreed that Turkish and Swedish officials “should meet again in the week starting on June 12.

————————
VERBATIM: Stoltenberg made no breakthrough on the membership impasse during meetings with President Erdogan and other senior Turkish officials over the weekend. NATO wants to bring Sweden into the fold by the time allied leaders meet in Lithuania on July 11 and 12. Turkey and Hungary have yet to endorse the move. All 31 member countries must ratify a candidate’s accession protocol.

Millions in grant money to eliminate dozens of dangerous rail crossings

The Biden administration is handing out more than $570 million in grants to help eliminate railroad crossings in 32 states. The grants are being made available just as the railroad industry is increasingly relying on longer and longer trains to cut costs. The grants will help eliminate more than three dozen crossings that delay traffic and sometimes keep first responders from where help is desperately needed. There have been examples of ambulance delays resulting in a death and homes burning down while firefighters wait at a blocked crossing.

Britain’s leading business lobby group unveils new proposals

Britain’s leading business lobby group has set out a series of proposals it hopes can secure its future

VERBATIM:

The proposals follow a string of allegations of inappropriate behavior that led to the cancellation of membership subscriptions from some of the country’s biggest companies. In a statement, the Confederation of British Industry said it will ask its members to vote on the proposals to improve its governance structures and internal culture at a general meeting on June 5. The CBI has been rocked by multiple sexual misconduct allegations in recent months, which prompted dozens of household names, including automaker BMW to ditch their membership of the organization.

Delta Air Lines faces lawsuit over carbon-neutral claims

A consumer class action lawsuit claims Delta Air Lines inaccurately billed itself as the world’s “first carbon-neutral airline” and should pay damages

VERBATIM:

The complaint in federal court in California alleges the airline relied on carbon offsets that were largely bogus. Polluting companies often buy carbon credits to cancel out their emissions with projects that promise to absorb carbon dioxide out of the air, or prevent pollution. They’ve been under increasing scrutiny amid claims that benefits are exaggerated.

Employers added 339,000 jobs in May as labor market stays durable

( ) -q-25- UNDATED (Correspondent Jeremy House) “to pre-pandemic levels.”

The nation’s employers stepped up their hiring in May, adding 339,000 jobs.

[CutID: <Cuts> JOBLESS-RATE-house-q-FRIam.mp3
Time: 25s
Title: JOBLESS-RATE-house-q-FRIam
Out-cue: to pre-pandemic levels]

TAG: Correspondent Jeremy House reporting. The stronger hiring demonstrates the job market’s resilience after more than a year of rapid interest rate increases by the Fed.

——————————–
VERBATIM: The number is well above expectations and evidence of strength in an economy that the Federal Reserve is continuously trying to cool. The unemployment rate rose to 3.7%, from a five-decade low of 3.4% in April. Many industries, from construction to restaurants to health care, are still adding jobs to keep up with consumer demand and restore their workforces to pre-pandemic levels.