Tuesday, May 28, 2024

Business Briefs for 12-08-2022

by Associated Press

EU court: Google must delete inaccurate search info if asked

LONDON (AP) — The European Union’s top court says Google has to delete search results about people in Europe if they can prove that the information is clearly wrong. Europeans have the right to ask search engines to delete links to outdated or embarrassing information about themselves, even if it is true, under a principle known as “right to be forgotten.” Two people asked Google to remove search results based on their names that linked to articles they said made false claims. Google refused because it didn’t know whether the articles were accurate or not. The European Court of Justice said Thursday that it disagreed. Google says it’s worked to balance “people’s rights of access to information and privacy.”

On the money: Yellen’s next milestone is name on US currency

FORT WORTH, Texas (AP) — Janet Yellen is set to unveil the first U.S. currency bearing her signature, marking the first time that U.S. bank notes will bear the name of a female treasury secretary. It’s one more milestone for the pathbreaking economist who’s now presiding over what may be the most important role of her career. She’s serving as a leading strategist in the Western world’s economic warfare against Russia over the invasion of Ukraine. Now, at the halfway point of President Joe Biden’s term, Yellen has put to rest rumors she might be ready to leave the administration early and is strapping in for more economic and political battles ahead.

Biden releasing nearly $36B to aid pensions of union workers

President Joe Biden is announcing the infusion of nearly $36 billion to shore up a financially troubled union pension plan. The federal aid is intended to stop severe cuts to the retirement incomes of more than 350,000 Teamsters workers and retirees. The Biden administration says it’s the largest-ever federal payment to a union pension fund. The money for the Central States Pension Fund is part of a broader $1.9 trillion coronavirus relief package that Biden signed into law in 2021. Retirement plans have been under financial pressure because of underfunding and other issues. Without the federal assistance, Teamster members could have seen their benefits reduced by roughly 60%.

New York Times journalists, other workers on 24-hour strike

NEW YORK (AP) — Hundreds of journalists and other employees at The New York Times began a 24-hour walkout Thursday, the first strike of its kind at the newspaper in more than 40 years. Newsroom employees and other members of The NewsGuild of New York say they are fed up with bargaining that has dragged on since their last contract expired in March 2021. The union announced last week that more than 1,100 employees would stage a 24-hour work stoppage starting at 12:01 a.m. Thursday unless a deal could be struck. A Times spokesperson said the paper has contingency plans to continue operating with minimal disruptions.

Stocks open higher on Wall Street but remain lower for week

NEW YORK (AP) — Stocks are opening modestly higher on Wall Street, but remain lower for the week after five straight losses. The S&P 500 was up 0.2% in the early going Thursday and the tech-heavy Nasdaq was down 0.1%. The Dow Jones Industrial Average was up 0.5%. Energy companies were doing better than the rest of the market. Exxon Mobil was up a little over 2%. Crude oil prices turned higher after closing at their lowest point of the year a day earlier. Bond yields rose. The yield on the 10-year Treasury note, which helps set mortgage rates, rose to 3.50%.

US jobless claims up modestly last week

WASHINGTON (AP) — Slightly more Americans filed for jobless claims last week but the labor market remains one of strongest parts of the U.S. economy. Applications for unemployment benefits rose to 230,000 for the week ending Dec. 3, up by 4,000 from the previous week’s 226,000, the Labor Department reported Thursday. The four-week moving average of claims, which smooths out week-to-week volatility, rose by 1,000 to 230,000. Jobless claims are seen as a proxy for layoffs, and combined with other employment data, show that American workers are enjoying extraordinary job security at the moment, despite the Federal Reserve’s efforts to cool the economy.

As supply chains unclog, consumers enjoy (tentative) relief

The supply backlogs of the past two years — and the delays, shortages and outrageous prices that came with them — have improved dramatically since summer. The web of factories, railroads, ports, warehouses and freight yards that link products to customers have nearly regained their pre-pandemic levels. The easing of supply bottlenecks has begun to provide some relief from the inflation that this year reached its highest levels in four decades and has pummeled consumers and businesses. The progress has been modest and so far short-lived. Yet it’s still a glimmer of good news for shoppers in the holiday shopping season.

Biden approval, views of economy steady, sour: AP-NORC poll

WASHINGTON (AP) — President Joe Biden is facing consistent but critical assessments of his leadership and the national economy as his second year in the White House comes to a close. A new poll from The Associated Press-NORC Center for Public Affairs Research finds 43% of U.S. adults say they approve of the way Biden is handling his job as president, while 55% disapprove. That’s similar to October, just weeks before the Nov. 8 elections that most Americans considered pivotal for the country’s future. Only about a quarter say the nation is headed in the right direction or that the economy is in good condition.

Ex-Wirecard boss on trial in fraud case that shamed Germany

BERLIN (AP) — The former chief executive of financial services company Wirecard and two other ex-managers has gone on trial over the firm’s collapse. It has been described as the biggest case of fraud in post-war Germany. Wirecard was the darling of Germany’s fintech scene until it filed insolvency proceedings in 2020, saying 1.9 billion euros that had been on its balance sheet could not be found. The case exposed flaws in Germany’s financial oversight bodies and embarrassed officials who had lobbied on behalf of the company. Prosecutors in Munich allege that ex-CEO Markus Braun signed off on financial reports he knew were false. Braun’s lawyers deny the charges. Prosecutors say the fraud cost banks 3.1 billion euros in loans and writedowns.

Holmes’ former partner gets nearly 13 years in Theranos case

SAN JOSE, Calif. (AP) — A judge has sentenced former Theranos executive Ramesh “Sunny” Balwani to nearly 13 years in prison for his role in the company’s blood-testing hoax — a sentence slightly longer than that given to the CEO, who was his lover and accomplice in one of Silicon Valley’s biggest scandals. Balwani was convicted in July of fraud and conspiracy connected to the company’s bogus medical technology that duped investors and endangered patients. His sentencing came less than three weeks after Elizabeth Holmes, the company’s founder and CEO, received more than 11 years in prison. The scheme has been dissected in a book, HBO documentary and award-winning TV series.

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