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Economists polled by Reuters had forecast 9.30 million job openings in October. Job openings decreased by 168,000 in the finance and insurance industry, while real estate, rental and leasing had 49,000 fewer positions. The job openings rate dropped to 5.3% from 5.6% in September. "The current state of the labor market suggests no further recalibration is necessary to bring the labor market back into balance," said Nick Bunker, director of economics research at Indeed Hiring Lab. They also described the labor market as remaining "very competitive," and "trying to get to full staff levels."
Persons: Brian Snyder, Rubeela Farooqi, Nick Bunker, Conrad DeQuadros, November's, Bill Adams, Lucia Mutikani, Chizu Organizations: Taylor Party, Equipment Rentals, REUTERS, Labor, Survey, Labor Department's Bureau of Labor Statistics, Reuters, Treasury, Brean, Institute for Supply Management, PMI, United Auto Workers, UAW, Comerica Bank, Thomson Locations: Somerville , Massachusetts, U.S, WASHINGTON, White Plains , New York, South, Midwest, New York, East, Dallas
Kuwait rings up small bill in tower merger
  + stars: | 2023-12-05 | by ( )   time to read: +2 min
A three-way partnership deal will enable Qatar’s Ooredoo (ORDS.QA) to offload capital-intensive infrastructure but only by offering Kuwait’s Zain (ZAIN.KW) favourable deal terms. Ooredoo and Zain are creating a regional powerhouse with an estimated enterprise value of $2.2 billion to be managed by Zain-backed TASC Towers Holding. The $8.9 billion Ooredoo and $6.9 billion Zain will own 49.3% each, with the rest going to TASC. But Zain is paying an average price of $73,000 per tower, 9.5% less than the average price per tower in previous deals, according to JPMorgan analysts. The Kuwaiti group will also call the shots as the founders of Dubai’s TASC Towers Holding – which Zain controls with an 83.47% stake – will manage the new entity.
Persons: Qatar’s, Kuwait’s Zain, Zain, Ooredoo, Dubai’s, Pamela Barbaglia, Neiman Marcus, Francesco Guerrera, Oliver Taslic Organizations: Reuters, TASC, Bloomberg, JPMorgan, X, Saks, Thomson Locations: Algeria, Tunisia, Iraq, Jordan, Saudi, Kuwaiti, Hong Kong
Credit Karma Money is launching a feature that will allow members to access government benefits up to five days early. Credit Karma Money members may qualify for this perk if they live in the United States and are eligible for government benefits. Credit Karma will provide early access to government benefits like Social Security, VA benefits, and Supplemental Security Income. How to enroll in the new Credit Karma Money government benefits featureIf you do not have a Credit Karma Money Spend Account, you can open an account online or through the mobile app. What is Credit Karma Money?
Persons: Karma Organizations: Intuit Credit Karma, Karma, Social Security, Discover, Karma Money, Banking, MVB Bank, FDIC Locations: United States
She advises not to wait to learn about credit and debt, to save for retirement, or to sign up for a 401(k) if you can. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Cox shares three areas where procrastinating with your money goals can cost you down the road. "Take the time to educate yourself on how credit works (payments, late payments, credit scores , credit mix, utilization ) before you get a credit card ," Cox says. When you miss out on saving for a decade of your life (your 20s), you may need to win the lottery to make up that time in saving," Cox told Business Insider.
Persons: Lynnette, Cox, , Robinhood Organizations: Service, Resilience, Business, Robinhood
watch nowHigh schools have been buzzing about financial education. They earned an "A" because in those states, high school graduates in the class of 2023 were required to have taken a personal finance course before graduation. Studies show personal finance education can make a significant difference in young adults' financial behaviors, from improving credit scores and lowering loan delinquency rates to reducing payday lending and helping students make better decisions about college loans. A few states still have 'virtually no requirements'Meanwhile, four states — California, Connecticut, Massachusetts and South Dakota — as well as Washington, D.C., got failing grades, receiving "F"s in this report because they have "virtually no requirements" for personal finance education in high school. Still, advocates in "failing" states, such as California, are working to change the laws to ensure students are guaranteed financial education.
Persons: Virginia —, John Pelletier, Champlain, " Pelletier Organizations: Center for Financial, Champlain College, Champlain College's Center, Financial, South Dakota —, D.C Locations: Burlington , Vermont, — Alabama, Iowa , Mississippi , Missouri , Tennessee , Utah, Virginia, U.S, — California , Connecticut , Massachusetts, South Dakota, Washington, California
File photo: A person holds a photo of late Haitian President Jovenel Moise, who was shot dead earlier this month, during his funeral at his family home in Cap-Haitien, Haiti, July 23, 2021. Vincent was arrested days after the attack alongside another Haitian-American, James Solages. At these meetings, the filing said, Vincent often wore a U.S. State Department pin leading people to believe he was employed by the U.S. government. Jaar and Rivera were both sentenced to life in prison, while John is expected to be sentenced on Dec. 19. Reporting by Sarah Morland and Kylie Madry; Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.
Persons: Jovenel Moise, Ricardo Arduengo, Joseph Vincent, Vincent, Jovenel Moise's, Prince, James Solages, Solages, Christian Sanon's, Moise, Vincent's, Joseph Joel John, German Rivera, Rodolphe Jaar, Jaar, Rivera, John, Sarah Morland, Kylie Madry, Bill Berkrot Organizations: REUTERS, U.S . Drug Enforcement Administration, U.S . State Department, U.S ., Thomson Locations: Cap, Haitien, Haiti, U.S, American, Colombian, Florida, Haitian, Chilean
"There cannot be any pressure on India to cut down emissions," India's power and renewable energy minister R.K. Singh said on Nov. 30. ASIAN EMISSIONS RISETo be sure, fast-growing Asia, home to half the world's population, accounts for three-fifths of global emissions from power generation, including from sectors exporting goods and services to the west. Despite challenges, Asia, along with Europe and North America, have cut the share of coal in power use, although at a slower pace. Cuts in nuclear power have slowed Europe and North America's fight to reduce emissions, although nuclear's share of their power mix remains well above Asia's. The share of gas in power generation has risen in the West, with the fuel accounting for a shrinking share in Asia.
Persons: Tingshu Wang, R.K, Singh, Hogeveen Rutter, Rutter, ISA's Rutter, Sudarshan Varadhan, Tony Munroe, Sonali Paul Organizations: Huawei, REUTERS, U.S, European Union, North America, International Solar Alliance, Reuters, WEST, North, Institute for Energy Economics, Thomson Locations: Shaanxi, China, Asia, SINGAPORE, America, Europe, India, North America, Paris, North, North America Asia, West Asia, West, Indonesia
Job Openings Fall Sharply, Suggesting Weaker Labor Market
  + stars: | 2023-12-05 | by ( Tim Smart | Dec. | At A.M. | )   time to read: +3 min
The number of job openings fell sharply in October, to 8.7 million from a downwardly revised 9.35 million a month earlier, according to the Labor Department. The number released Tuesday was lower than economists had forecast and suggests that the labor market is slowing as the year comes to an end. “Job openings dropped to 8,733,000 in October, the lowest level since March 2021. Despite some volatile jumps/drops month-to-month, job openings have been on a downward trend since early 2022,” Daniel Zhao, lead economist and senior manager on Glassdoor’s economic research team, posted on social media. The Federal Reserve will be looking at the latest readings on the labor market as they come one week before officials meet to consider monetary policy.
Persons: ” Daniel Zhao, Jeffrey Roach, Joanie Bily, ” Bily, , Jerome Powell Organizations: Labor Department, LPL, American Staffing Association, ” Nomura Securities, Hollywood, Government, Federal, Fed
By Lewis JacksonSYDNEY (Reuters) - Australia Post will soon end daily letter deliveries as part of a series of postal reforms announced on Wednesday designed to modernise the government-owned postal service and help it turn a profit. Australia Post will also have an extra day to deliver regular mail. Australia Post delivered half a billion parcels last financial year, or roughly 20 per person. Losses in the letter business rose 50% to A$384 million. Australia Post has applied to the competition regulator to increase the basic letter postage rate to A$1.50 from A$1.20 from early near year.
Persons: Lewis Jackson SYDNEY, Paul Graham, eCommerce, Graham, Lewis Jackson, Jamie Freed Organizations: Australia Post, Australia Locations: Australia
Moody’s warns it may downgrade China
  + stars: | 2023-12-05 | by ( Laura He | Diksha Madhok | )   time to read: +4 min
The lowering of its outlook does not automatically mean the ratings agency will downgrade China’s creditworthiness, but it increases the chances. Analysts say the property downturn is likely to drag on, hobbling China’s growth prospects for years. Slower growth, weaker demographicsMoody’s expects China’s annual economic growth rate to slow to 4% in both 2024 and 2025, and average 3.8% a year from 2026 to 2030. “The affirmation of the A1 rating reflects China’s financial and institutional resources to manage the transition in an orderly fashion,” the agency said. “Its economy’s vast size and robust, albeit slowing, potential growth rate, support its high shock-absorption capacity.”China’s Finance Ministry said Tuesday it was “disappointed” with Moody’s decision to downgrade the country’s credit outlook.
Persons: Hong Kong / New Delhi CNN — Moody’s, China’s, Moody’s, , Hong, Seng, Anna Cooban Organizations: Hong Kong / New Delhi CNN, China’s Finance, CSI Locations: China, Hong Kong / New Delhi, China’s, , Shanghai, Shenzhen
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe need to 'convene' finance, energy, aviation and policy: Boeing CSOChris Raymond, Boeing's chief sustainability officer, says that's in order to "find a way to derisk this enough for everybody."
Persons: Chris Raymond Organizations: Boeing
HONG KONG, Dec 5 (Reuters Breakingviews) - Why would the world’s largest battery maker want to sell shares when it’s already flush with liquidity? It ended June with 102 billion yuan ($14 billion) in net cash, Moody’s calculates. CATL has just started production at a new facility in Germany and is building a plant in Hungary, its first forays West. The company’s long-term loans have increased more than tenfold to more than 70 billion yuan and its long-term bonds by around a third to nearly 20 billion yuan since 2020, per Visible Alpha. But as Zeng’s electric dreams accelerate, he’ll want to be sure CATL’s own batteries are fully charged.
Persons: it’s, CATL, Robin Zeng, Breakingviews, Tesla, Antony Currie, Thomas Shum Organizations: Reuters, Hong, Thailand’s, Ford Motor, Technology, Thomson Locations: HONG KONG, Switzerland, CATL, Hong Kong, Shenzhen, China, Europe, Germany, Hungary, Fitch, Indonesia, Swiss
Charlie Scharf, CEO, Wells Fargo, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2023. REUTERS/Mike Blake/File Photo Acquire Licensing RightsNEW YORK, Dec 5 (Reuters) - Wells Fargo (WFC.N) CEO Charlie Scharf told investors on Tuesday he expects to book higher-than-anticipated severance expenses between $750 million to a little less than $1 billion in the fourth quarter. The bank has reduced its workforce since the third quarter of 2020 and it stood at 227,363 at the end of third quarter of this year. Wells Fargo set aside $359 million for potential credit losses on office real estate in the third quarter, bringing total allowances to $2.6 billion for the first nine months of 2023. Wells Fargo has reduced its origination in auto loans and has also been reducing the size of its mortgage servicing portfolio.
Persons: Charlie Scharf, Wells, Mike Blake, Scharf, Goldman Sachs, " Scharf, Wells Fargo, Nupur Anand, Lananh Nguyen, Chizu Organizations: Milken, Global Conference, REUTERS, San, . Financial Services Conference, U.S, Thomson Locations: Wells Fargo, Beverly Hills , California, U.S, San Francisco, Wells
Moody's though retained China's "A1" long-term rating on the country's sovereign bonds, while expecting China annual GDP growth to slow to 4% in 2024 and 2025 and average 3.8% from 2026 to 2030. Structural factors including weak demographics will drive a decline to 3.5% by 2030, it said. China credit default swaps (the cost of insuring against a government default) rose 4 basis points from Monday's closing level, according to Reuters data. Beijing disappointmentChina's Finance Ministry expressed its disappointment with Moody's downgrade decision. "Moody's concerns about China's economic growth prospects and fiscal sustainability are unnecessary," the ministry said in a statement Tuesday.
Persons: Javier Ghersi, Moody's Organizations: China's, Ministry Locations: China, Beijing
Still, despite the sharp drop in October, job openings remain at historically high levels. And the unemployment rate has come in below 4% for 21 straight months, the longest such streak since the 1960s. The unemployment rate is expected to have remained at 3.9%, according to a survey of forecasters by the data firm FactSet. Though unemployment remains low, 1.93 million Americans were collecting unemployment benefits in the week that ended Nov. 18, the most in two years. The cooling of the job market could mean a lessening of inflation pressures and less need for the Fed to keep interest rates high.
Persons: , Rubeela Farooqi, Organizations: WASHINGTON, , Labor, Federal Reserve, The Labor Department, Hollywood, Fed Locations: — U.S
Barclays shares slip after major backer Qatar cuts stake
  + stars: | 2023-12-05 | by ( )   time to read: +2 min
Qatar Investment Authority, the state sovereign wealth fund which owns Qatar Holding, did not respond to a request for comment. The share sale comes as Barclays embarks on a shake-up to cut costs and revive its share price, which has halved since Qatar first invested in 2008. Barclays' stock fell as much as 4.5% in early trading and was last down 2.5% at 1007 GMT. Qatar became Barclays' largest shareholder during the 2008 financial crisis when it injected 4 billion pounds into the UK bank in a deal that helped avert a taxpayer bailout. Britain's financial watchdog later fined Barclays $55 million for fees paid to Qatari entities in the 2008 fundraising, which Barclays said it would appeal.
Persons: Venkatakrishnan, Vekatakrishnan, Iain Withers, Sinead Cruise, Pablo Mayo Cerqueiro, Lawrence White, Danilo Masoni, Andrew Mills, Kirsten Donovan, Emelia Organizations: Barclays, Qatar, Reuters, Qatar Investment Authority, Qatar Holding, Thomson Locations: Qatar, Germany, London, Milan, Doha
Moody's Investors Service slashed its outlook for Chinese government bonds to negative on Tuesday. Beijing has rolled out stimulus packages and ramped up borrowing in a bid to support the embattled Chinese economy in 2023. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementMoody's Investors Service slashed its outlook for China's credit rating on Tuesday, dealing a fresh blow to the world's second-largest economy. Moody's cited stagnant growth and a seemingly never-ending property crisis as factors that could hamper Beijing's ability to repay its debts.
Persons: , Moody's, that's, , Read, It's Organizations: Moody's, Service, China's Ministry, Finance, Bloomberg, CSI Locations: Beijing, China, Moody's
The Supreme Court is set to hear oral arguments Tuesday on a case that could affect broad swaths of the U.S. tax code and federal revenue. The closely watched case, Moore v. United States, involves a Washington couple, Charles and Kathleen Moore. Designed as a transition tax, the legislation required a one-time levy on earnings and profits accumulated in foreign entities after 1986. While the 16th Amendment outlines the legal definition of income, the Moore case questions whether individuals must "realize" or receive profits before incurring taxes. It's an issue that has been raised during past federal "billionaire tax" debates and could affect future proposals, including wealth taxes.
Persons: Moore, Charles, Kathleen Moore, Donald Trump's, Moores, Matt Gardner Organizations: Taxation, Economic, Finance Locations: United States, Washington
A trust company usually manages funds for individuals, companies or other entities. The reports come two weeks after Zhongzhi Enterprise Group, another major shadow bank, declared itself “insolvent” after missing payments to its investors. Moody’s Investors Services also warned in September that China’s trust sector could face liquidity challenges during the current property downturn. The two medical trust products were related to a hospital project in Guizhou, which is one of China’s most indebted provinces, according to Cailianshe. Last month, at its twice-a-decade Central Financial Work Conference, the Chinese leadership stressed the importance of addressing risks more systematically across the financial sector and preserving overall stability.
Persons: Hong Kong CNN —, Cailianshe, Wanxiang, hasn’t, Zhongzhi Organizations: Hong Kong CNN, Hong Kong CNN — Wanxiang Trust, Century Business Herald, Wanxiang Group, Zhongzhi Enterprise Group, , Zhongrong, Zhongzhi Enterprise Group Bloomberg, Getty, Fitch, Moody’s, Services, Kaisa, CNN Local, Financial Work Conference Locations: China, Hong Kong, Hangzhou, Zhejiang, Beijing, Guizhou
Yellow Corp. trailers sit idle at a YRC shipping facility in North Reading, Massachusetts, U.S., August 16, 2023. REUTERS/Brian Snyder/File Photo Acquire Licensing RightsDec 5 (Reuters) - Trucking company XPO Inc (XPO.N) won a bid to buy 28 service centers of bankrupt Yellow Corp for $870 million in a closely watched auction of the nearly 100-year-old firm's assets. Yellow, formerly known as YRC, filed for Chapter 11 bankruptcy protection in August after blaming the International Brotherhood of Teamsters union for its demise. The U.S. Bankruptcy Court in Delaware will hold a hearing on Dec. 12 to approve the bids. Yellow's bankruptcy process was closely watched after its demise potentially saddled U.S. taxpayers with losses stemming from a government rescue.
Persons: Brian Snyder, XPO, Jonathan Chappell, XPO's, Aishwarya Jain, Pooja Desai, Krishna Chandra Organizations: Yellow Corp, REUTERS, Trucking, XPO Inc, International Brotherhood of Teamsters, Walmart, Evercore ISI, Estes Express Lines, Swift Transportation Holdings, U.S, Bankruptcy, Thomson Locations: North Reading , Massachusetts, U.S, North America, Delaware
It has been predominantly used by life insurers, because they need to boost their investment returns with cheap funding to meet long-term liabilities. They provide the cheap funding to banks and insurers in exchange for collateral to ensure they get their money back. Insurers are entitled to tap FHLB funding. Insurers’ borrowing from FHLBs picked up in 2008 financial crisis, as those that spread themselves thin with aggressive investments scrambled for cash. They did not explain why insurers need FHLB funding to invest in mortgages.
Persons: Sarah Silbiger, Ryan Donovan, CMBS, Lawrence White, White, Graphics JUICING, Cynthia Beaulieu, Cornelius Hurley, Hurley, FHLBs, , Michael Ericson, Jack Dolan, Koh Qui, Greg Roumeliotis, Anna Driver Organizations: REUTERS, Loan, Federal Housing Finance Agency, of Federal Home Loan, FHLBs, FHLB, National Association of Insurance, New York University, MetLife Inc, Equitable Holdings Inc, Corebridge, Brighthouse Financial, MetLife, TIAA, Equitable, Graphics, Wellington Management, Boston University School of Law, Coalition, Silicon Valley Bank, First, American, of, Insurance Coalition, Reuters, Thomson Locations: Washington , U.S, U.S, Boston, Silicon, First Republic, Chicago, New York
By Andrew MacAskillLONDON (Reuters) - Former British Prime Minister Boris Johnson will make a much-anticipated appearance before an inquiry into the handling of the coronavirus pandemic on Wednesday with his personal reputation and that of the Conservative government at stake. He was said to have asked at one point if blowing a hair-dryer up his nose could kill the virus. The inquiry is assessing decision-making through written and oral evidence from former and current ministers and officials. It has also been given access to private messages they exchanged in the run-up to, and at the height of, the crisis. In private messages seen by the inquiry, Simon Case, Britain's most senior civil servant, claimed in private messages that his boss changed "strategic direction every day" and he was unable to lead.
Persons: Andrew MacAskill, Boris Johnson, Johnson, Rishi Sunak, Patrick Vallance, , Dominic Cummings, Eddie Lister, Lee Cain, Simon Case, Angus MacSwan Organizations: Andrew MacAskill LONDON, British, Conservative, Britain, Conservatives, Labour Party Locations: COVID, Britain, Downing
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Organizations: Credit
AI Davids ride coattails of industry Goliaths
  + stars: | 2023-12-05 | by ( )   time to read: +2 min
New York, Dec 5 (Reuters Breakingviews) - Artificial intelligence Goliaths like OpenAI continue to open the door for what might become the industry’s Davids. With a low-cost approach and data privacy focus, it may be able to eventually carve out a solid European business. Mistral has whiffs of what OpenAI, eyeing a mooted $86 billion valuation and eight years old, once was, but with tweaks. Mistral has also focused on “open sourcing” its models, which means they can be downloaded and used for free. As a Paris-based company, Mistral could build out its business with a specific focus on complying with AI rules being finalized by the European Union.
Persons: industry’s Davids, eyeing, Anita Ramaswamy, Neiman Marcus, Lauren Silva Laughlin, Aditya Sriwatsav Organizations: Reuters, Mistral, Bloomberg, European Union, X, Saks, Thomson Locations: York, Paris, Kuwait, Hong Kong
Airbnb Chief Financial Officer Dave Stephenson will transition into a newly created chief business officer role at the company. Airbnb Chief Financial Officer Dave Stephenson, who helped guide the company through Covid-19 tumult and an initial public offering, will transition into a newly created chief business officer role, Airbnb CEO Brian Chesky said in a Tuesday note to employees viewed by CNBC. Chesky said Stephenson's new role would also mark an "inflection point" for Airbnb, where the business would begin to focus on growth across existing and new businesses. "As Chief Business Officer, Dave will be across all aspects of our strategy to expand beyond the core," Chesky wrote. Before joining Airbnb, Stephenson was finance chief at Amazon's Worldwide Consumer unit.
Persons: Dave Stephenson, Brian Chesky, Ellie Mertz, Stephenson, Chesky, Dave, . Mertz, Catherine Powell, Airbnb, Nathan Blecharczyk, Joe Gebbia, — CNBC's Laura Batchelor Organizations: CNBC, Airbnb, Amazon's, Disney, CNBC PRO Locations: Covid, Airbnb
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