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News reports from around the world.
Maui Invitational returns to Lahaina after deadly wildfire
( ) -v-32- UNDATED (Correspondent Jeremy House) “std.”
Residents of the Hawaii town devastated by last year’s wildfire are awaiting the return of one of the nation’s most prestigious basketball tournaments with mixed feelings. Correspondent Jeremy House reports.
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VERBATIM: Fans are excited about the Maui Invitational bringing high-caliber competition to Lahaina. And they welcome the economic boost Lahaina will get from the thousands of travelers eating in restaurants and staying in hotels. But there’s also a fear that travelers might show disrespect by wandering into the burn zone and taking photos of the devastation. And there is worry tourists might trigger unpleasant memories with questions about that catastrophic day. Residents say feelings are still raw…JH reporting.
Target reports a slump in third-quarter profit and sets soft holiday outlook
( ) -q-22- UNDATED (Correspondent Jeremy House) “season for Target.”
Target has reported a slim increase in sales for the third quarter and a slump in profit.
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TAG: Correspondent Jeremy House reporting. Target posted net income of $854 million in the quarter that ended November 2, down from $971 million a year ago. Sales rose to $25.67 billion from $25.4 billion.
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VERBATIM: The grim news comes as Target grappled with a pullback by inflation-weary customers and costs related to the dockworker strike in October. The results were below retail industry analysts’ forecasts. The Minneapolis-based company also offered an outlook that missed analysts’ projections. That forebodes a challenging holiday shopping season for Target.
Higher energy bills push UK inflation to 6-month high in October
( ) -q-27- UNDATED (Correspondent Jeremy House) “more modest increase.”
Inflation in the U.K. has risen sharply to a six-month high in October.
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TAG: Correspondent Jeremy House reporting. It took inflation above the bank’s target rate of 2%. The bank increased its main interest rate earlier this month by a quarter of a percentage point to 4.75% after inflation fell to its lowest level since April 2021.
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VERBATIM: It’s an increase that’s set to cement market expectations that there will be no further cuts in borrowing rates this year. Britain’s Office for National Statistics says higher domestic energy bills pushed consumer price inflation up to 2.3% in the year to October from the three-year low of 1.7% recorded the previous month. The increase is above forecasts for a more modest increase.
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American consumers warned about organic carrots linked to E.coli
( ) -q-20- UNDATED (Correspondent Jeremy House) “multiple brand names.”
An outbreak of E-coli has infected dozens of people who ate bagged organic carrots.
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TAG: Correspondent Jeremy House reporting. While the carrots are no longer in stores, the CDC is encouraging consumers to check their refrigerators and throw away any carrots that fit the description.
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VERBATIM: One person died from the infection. The CDC says 39 people were infected, and 15 people were hospitalized in 18 states after eating organic whole and baby carrots sold by Grimmway Farms. The company has recalled the carrots. The recalled carrots included whole and baby organic carrots sold in bags under multiple brand names.
French farmers mobilize for protests over EU-Mercosur trade deal
( ) -q-25- UNDATED (Correspondent Jeremy House) “create unfair competition.”
French farmers are mobilizing for widespread protests, targeting the controversial EU-Mercosur trade agreement.
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TAG: Correspondent Jeremy House reporting.
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VERBATIM: The farmers argue the deal threatens their livelihoods by allowing a surge of South American agricultural imports produced under less stringent environmental standards. Protests are planned nationwide, including gatherings at prefectures and traffic circles. Leading the charge are unions, who oppose provisions such as duty-free imports of beef, poultry and sugar, which they say create unfair competition.
Spirit Airlines files for bankruptcy
( ) -q-21- UNDATED (Correspondent Jeremy House) “the next year.”
Spirit Airlines has filed for bankruptcy protection.
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TAG: Correspondent Jeremy House reporting. Spirit says it expects to operate as normal as it works its way through a prearranged Chapter 11 bankruptcy process and that customers can continue to book and fly without interruption.
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VERBATIM: The air carrier will attempt to reboot as it struggles to recover from the pandemic-caused swoon in travel and a failed attempt to sell the airline to JetBlue. Spirit is the biggest U.S. budget airline. It has lost more than $2.5 billion since the start of 2020 and faces looming debt payments totaling more than $1 billion over the next year.
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Retail sales up solidly in October
( ) -q-24- UNDATED (Correspondent Jeremy House) “October-to-December quarter.”
U.S. retail sales rose last month.
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TAG: Correspondent Jeremy House reporting. Since peaking at 9.1% more than two years ago, inflation has sunk to near-optimal levels. And Americans’ take-home pay, on average, has surpassed inflation for about 18 months.
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VERBATIM: Retail purchases increased by 0.4% from September to October, a solid increase, although less than the previous month’s robust 0.8% gain. Auto dealers, restaurants and electronics stores all reported higher sales. Last month’s rise in retail purchases suggests that the economy is growing briskly again in the current October-to-December quarter.
Japan’s economy grows for a second straight quarter
( ) -q-21- UNDATED (Correspondent Jeremy House) “GDP, grew 3.6-percent.”
Japan’s economy eked out an annual rate of 0.9% growth in the July-to-September quarter as consumer spending held up.
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TAG: Correspondent Jeremy House reporting. Seasonally adjusted gross domestic product, or GDP, measures the value of a nation’s products and services. The annual rate shows how much the economy would have grown or contracted, if the quarterly rate continued for a year.
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VERBATIM: Government data shows that the world’s fourth-largest economy grew 0.2% in the fiscal second quarter, marking the second straight quarter of expansion. Domestic demand grew at an annualized rate of 2.5%. Private consumption, which makes up more than half of Japan’s GDP, grew 3.6%.
Smithfield agrees to pay $2 million to resolve child labor allegations
( ) -q-29- UNDATED (Correspondent Jeremy House) “under the settlement.”
One of the nation’s largest meat processors has agreed to pay $2 million to resolve allegations of child labor violations at a plant in Minnesota.
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TAG: Correspondent Jeremy House reporting.
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VERBATIM: The state’s labor department says its investigation found that Smithfield Packaged Meats employed at least 11 children ages 14 to 17 at its plant in St. James from April 2021 through April 2023. It says they performed potentially dangerous work. Virginia-based Smithfield denies knowingly hiring anyone under age 18 to work at the St. James plant. The company says it did not admit liability under the settlement.
DHS releases framework for using AI in critical infrastructure
( ) -q-25- UNDATED (Correspondent Jeremy House) “protect users’ privacy.”
The Biden administration has released guidelines for using artificial intelligence in the power grid, water system, air travel network and other pieces of critical infrastructure.
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TAG: Correspondent Jeremy House reporting. The cloud-computing infrastructure would need to vet hardware and software suppliers and protect the physical security of data centers.
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VERBATIM: Private industry would have to adopt and implement the guidelines announced by the Homeland Security Department. The guidelines were developed in consultation with the department’s advisory Artificial Intelligence Safety and Security Board. The framework recommends that AI developers evaluate potentially dangerous capabilities in their products, ensure their products align with “human-centric values” and protect users’ privacy.
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US wholesale inflation picks up slightly in sign that some price pressures remain elevated
( ) -q-27- UNDATED (Correspondent Jeremy House) “1.9-percent in September.”
Wholesale prices in the United States rose last month.
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TAG: Correspondent Jeremy House reporting. An increase in services prices drove the October increase. Since peaking in mid-2022, inflation has fallen more or less steadily. But average prices are still nearly 20% higher than they were three years ago
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VERBATIM: The increase suggests that the American economy has yet to completely vanquish inflationary pressure. The producer price index — which tracks inflation before it hits consumers — rose 0.2% from September to October. That’s up from a 0.1% gain the month before. Compared with a year earlier, wholesale prices were up 2.4%, accelerating from a year-over-year gain of 1.9% in September.
The number of American filing for jobless claims falls to lowest level in 6 months
( ) -q-23- UNDATED (Correspondent Jeremy House) “with analysts’ expectations.”
The number of Americans applying for unemployment benefits fell to their lowest level in six months last week as layoffs remain at relatively healthy levels.
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TAG: Correspondent Jeremy House reporting.
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VERBATIM: The Labor Department reports jobless claim applications fell by 4,000 to 217,000 for the week of November 9. That’s less than the 225,000 analysts forecast. Continuing claims, the total number of Americans collecting jobless benefits, fell to 1.87 million for the week of November 2, in line with analysts’ expectations.
Australia will require social media platforms to act to prevent online harm to users
( ) -q-27- UNDATED (Correspondent Jeremy House) “be safer environments.”
Australia plans to require social media platforms to act to prevent online harms to users such as bullying, predatory behavior and algorithms pushing destructive content.
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TAG: Correspondent Jeremy House reporting.
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VERBATIM: Australia’s Communications Minister says the digital “duty of care” requirement will place the onus on digital platforms to proactively keep Australians safe and better prevent online harm. Next week, the government will introduce legislation that would ban children younger than 16 from platforms including X, Instagram, Facebook and TikTok. Critics say banning young users reduces incentives for social media platforms to be safer environments.
Supreme Court seems likely to allow class action to proceed against tech company Nvidia
( ) -v-38- UNDATED (Correspondent Jeremy House) “std.”
The Supreme Court seems likely to keep alive a class-action lawsuit accusing Nvidia of misleading investors about its dependence on selling computer chips for the mining of volatile cryptocurrency. Correspondent Jeremy House reports.
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VERBATIM: The justices heard arguments in the tech company’s appeal of a lower-court ruling allowing a 2018 suit led by a Swedish investment management firm to continue. It’s one of two high court cases involving class-action lawsuits against tech companies. Last week, the justices wrestled with whether to shut down a multibillion-dollar class action investors’ lawsuit against Facebook parent Meta stemming from the privacy scandal involving the Cambridge Analytica political consulting firm. Nvidia is among the most valuable companies in the S&P 500, worth over $3 trillion…JH, Washington.
Just Eat Takeaway sells Grubhub for $650 million, just 3 years after buying the app for $7.3 billion
( ) -q-22- UNDATED (Correspondent Jeremy House) “Grubhub’s last sale.”
European food delivery giant Just Eat Takeaway.com is selling Grubhub for $650 million, a fraction of the billions it spent to buy the U.S. platform just three years ago.
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TAG: Correspondent Jeremy House reporting. Back in 2020, during the early days of the COVID-19 pandemic and a surge in demand for takeout meals, Just Eat agreed to buy Grubhub for $7.3 billion — in a transaction that was later finalized in 2021.
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VERBATIM: Wonder Group, a New York-based food ordering company that touts “fast fine” dining, is set to be Grubhub’s new owner. Under terms of the deal, Wonder will acquire Grubhub from Just Eat Takeaway.com for $150 million in cash and $500 million in senior notes. That’s far less than than the pricetag on Grubhub’s last sale.
