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UK builders suffer sharp fall in orders as rates rise -PMI
  + stars: | 2023-09-06 | by ( ) www.reuters.com   time to read: +2 min
Workers stand on scaffolding at a residential building in London, Britain, March 7, 2016. Builders cited weaker economic conditions, cutbacks to new building projects and local planning delays as factors holding back house-building activity. S&P said total new orders for the construction sector fell at the fastest pace since May 2020. "Resilient demand for commercial work and infrastructure projects are helping to keep the construction sector in expansion mode for now," Moore said. However, forward-looking measures of the construction PMI fell, with business activity expectations for the year ahead the weakest since January.
Persons: Toby Melville, Tim Moore, Moore, Suban Abdulla, William Schomberg, Catherine Evans Organizations: REUTERS, P, P Global Market Intelligence, Builders, Bank of England's, PMI, Thomson Locations: London, Britain
It's been a rough 2023 for China, with Beijing failing to stop deflation or contain an ever-worsening property crisis. A brain drain could present the next big threat for the world's second-largest economy. Brain drains are almost always bad news for a country, robbing its economy of a key engine for growth. AdvertisementAdvertisementBrain drains are "horrible for the economy – you need leaders to drive your economy forward," Nuzum said. "If one entrepreneur leaves, whatever – but if tens or hundreds of thousands move across the border, that's a big problem."
Persons: It's, Xi Jinping, Jack Ma, Rich Nuzum, Nuzum Organizations: Service, Wall Street, Henley & Partners, Big Tech Locations: China, Beijing, Wall, Silicon, North America, Europe, that's
I discovered a clothing rental service in Singapore after the lockdown. You can stretch six outfits over four weekends with careful planningStyle Theory clothing rental box Nidhi PandurangiIn August 2020, I decided to sign up for Style Theory. Style Theory clothing rental box Nidhi PandurangiIt turned out to be a good thing because while both the dresses were tagged as "large," the one on the right fit me better. Style Theory clothing rental box Nidhi PandurangiSadly, the other dress I'd ordered was not to my liking. Style Theory clothing rental box Nidhi PandurangiThough I've had some goof ups and misfits with the rented outfits, I think I'll continue renting.
Persons: it's, I've, I'd Organizations: Service, , Capella Singapore Locations: Singapore, Wall, Silicon, London, Indonesia
Raphael Bostic, president of the Federal Reserve Bank of Atlanta and a member of the Fed’s interest rate policy committee, doesn't think another hike is needed. Our rate today is higher than the rate of inflation. I’m going to remain diligent and pay attention and make sure that inflation continues on the trajectory that it’s been on. A. We’re going to have to keep our rate higher for longer than historically happens, because we need to make sure that inflation stays at 2%. We’re just going to have to stay restrictive for quite a while, until we are sure, sure, sure, sure, sure, sure that inflation is not going to bounce up far away from our target.
Persons: Raphael Bostic, doesn't, Bostic, we’re, I’ve, I’m, we’ve, We’re Organizations: WASHINGTON, Federal, Federal Reserve Bank of Atlanta, Associated Press, Fed
Why youth unemployment is surging in China
  + stars: | 2023-09-03 | by ( Christian Nunley | ) www.cnbc.com   time to read: 1 min
China is facing a growing list of problems — real estate, semiconductor bans and labor market gyrations. The world's second-most populous country also has a major youth unemployment problem. China's urban youth unemployment rate has risen to 21% as of May 2023, up from 15.4% two years earlier. "Let's not forget about the draconian lockdown measures," says Fang Xu, urban sociologist at the University of California, Berkeley. Watch the video above to learn more about China's urban youth unemployment picture and how the world's second-largest economy is responding.
Persons: Fang Xu Organizations: University of California Locations: China, Berkeley
Hellcats from 2020 to 2022 are 60 times more likely to be stolen than other cars, data shows. Kia and Hyundai owners were previously plagued by theft issues thanks to a TikTok trend. The Hyundai Elantra is among the models affected by thefts sparked by the "Kia Boyz" TikTok trend, the automaker announced. Sjoerd van der Wal/Getty ImagesThe trend was popularized by the "Kia Boyz," who posted stealing the certain Kia and Hyundai models using a screwdriver and USB cord. Affected drivers included owners of certain Kia models made between 2011 and 2021 and certain Hyundai models from 2016 to 2021.
Persons: Raymond Boyd, HLDI, Matt Moore, Dodge, it's Kia, Kia Sportage, Sjoerd van Organizations: SRT Hellcat, Kia, Hyundai, Data, Stellantis, Hellcats, Wal, Getty Locations: Stellantis North America
Workman and her now-husband, Tim Workman, were visiting his mom in Scottsdale, Arizona and his mom surprised him with a laser treatment to help with his acne. Here's how she did it:Becoming an estheticianAs soon as she returned home, Workman googled esthetician schools near Palmer and Wasilla. In March 2015, Workman started taking classes at the MetrOasis Training Center in Anchorage, about an hour's drive from her apartment. She worked at a waxing salon, then a med spa — a hybrid of the traditional day spa and a medical clinic — and in 2018 started a job at a day spa. 'Sometimes, I only work 3 hours a day'
Persons: Miracle Workman, wasn't, Workman, Tim Workman, Instagram, Tim Organizations: Su, CNBC, Sol, MetrOasis, Center Locations: Mat, Palmer , Alaska, Wasilla, Scottsdale , Arizona, Palmer, Alaska, New York, Anchorage
For Britain’s opposition Labour Party, the road to 10 Downing Street is likely to run through Scotland. Ms. Scott, 18, a geography student who studies in Edinburgh, enthusiastically supported the Scottish National Party in past ballots. representative, Margaret Ferrier, who was forced out of her seat on Aug. 1 after violating lockdown rules during the coronavirus pandemic. She also thinks the Labour Party has better proposals to cope with a grinding cost-of-living crisis that has left people fed up and exhausted. Ms. Scott signed a petition to recall Ms. Ferrier, which triggered this by-election, and now said she was “leaning slightly toward Labour, based on how proactive they’ve been.”
Persons: Cara Scott, Scott, Margaret Ferrier, Ferrier, Organizations: Labour Party, Labour, Scottish National Party Locations: Scotland, Glasgow, Edinburgh
“We sat down on Monday night as a team,” the paper’s student print managing editor, Caitlyn Yaede, told CNN in a phone interview. The Wednesday, August 30, 2023 front page of the Daily Tar Heel, shared to the student newspaper's Instagram account. The student newspaper published a string of the community's texts amid an lockdown during which a graduate student allegedly killed a professor. Rebecca Wright/CNNThe idea to compile text messages came from the paper’s Editor-in-Chief Emmy Martin, Yaede said. But I think we told a story of a community that was startled, of a community that was scarred, and a community that is angry, and a community that is grieving,” Yaede said.
Persons: , Caitlyn Yaede, Yaede, Rebecca Wright, Martin, Chancellor Kevin Guskiewicz, ” Yaede Organizations: CNN, University of North, Chapel, UNC, , Laboratories, Locations: University of North Carolina
CNN —A suspect is in custody but police still are looking for the weapon and the motive behind the fatal shooting of a faculty member at the University of North Carolina at Chapel Hill on Monday afternoon. We will work to rebuild that sense of trust and safety within our community,” UNC Chapel Hill Chancellor Kevin Guskiewicz said. A witness on campus told CNN they were locked down in their building and saw armed officers searching campus. Emergency responders gather on South Street near the Bell Tower on the University of North Carolina at Chapel Hill campus on Monday. The university has a student body of about 32,000, along with more than 4,000 faculty and 9,000 staff members.
Persons: Brian James, won’t, James, Kevin Guskiewicz, , Kaitlin McKeown, WRAL, James said, Guskiewicz Organizations: CNN, University of North, Laboratories, ” UNC Police, UNC, Hill, Police, FBI Locations: University of North Carolina, Chapel Hill
Aug 29 (Reuters) - A University of North Carolina graduate student has been charged in the fatal shooting on Monday of a professor at the school's Chapel Hill campus, the university said on Tuesday. A university website showed Qi was a doctoral student who had joined Yan's research group in January 2022. It was not immediately clear what prompted the shooting in a campus lab on Monday afternoon. "We know that the wounds of this tragedy will not heal quickly," Chancellor Kevin Guskiewicz said in an email announcing Yan's death to the campus community. He said the university would ring the campus bell tower and hold a moment of silence on Wednesday afternoon in Yan's honor.
Persons: Qi, Zijie Yan, Kevin Guskiewicz, Sharon Bernstein, Matthew Lewis Organizations: University of North, Public, Thomson Locations: University of North Carolina, Hill
A graduate student at the University of North Carolina at Chapel Hill has been charged in the fatal shooting of one of his professors on Monday, a killing that spread fear across the campus and forced an hourslong lockdown, according to court documents. The student, Tailei Qi, 34, was charged with first-degree murder and possession of a firearm on educational property in the killing of Zijie Yan, an associate professor in the applied physical sciences department, inside a campus lab, according to court documents filed in Orange County Court in Hillsborough, N.C.Mr. Qi made a brief appearance in court on Tuesday afternoon and was ordered held without bond until his next court appearance on Sept. 18. He did not enter a plea. The public defender who represented him did not immediately respond to an email and phone call seeking comment. Court documents did not describe a motive for the shooting, and Jeffrey L. Nieman, the Orange County district attorney, declined to comment on what might have led to it.
Persons: Tailei Qi, Zijie Yan, Qi, Jeffrey L, Nieman Organizations: University of North, Chapel, Orange County Court, Mr Locations: University of North Carolina, Orange County, Hillsborough, N.C
We have waited for Estee Lauder (EL), too. Estee Lauder is a huge employer in China and a favored one. Estee Lauder remains a great answer for them. Disney and Estee Lauder are battles and we have waited until our adversaries seem spent and the time is right. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: Jeff Marks, we've, that's, Estee Lauder, , Bob Iger, Estee's Fabrizio Freda —, Iger, Freda, Xi, Gina Raimondo, Monday, Wang Wentao, Lauder, It's, Jim Cramer's, Jim Cramer, Jim, Disney Bob Iger, Kevin Dietsch Organizations: Disney, ESPN, Hulu, NBC, Comcast, DIS, Fox, Netflix, Apple, Federal Trade Commission, Paramount, Warner Brothers Discovery, Hollywood, United State, Cosmetics, U.S, Commerce, Jim Cramer's Charitable, CNBC, Allen & Company Sun Valley Conference, Getty Locations: Hulu —, China, United, Hainan, South Korea, Iger, Sun Valley , Idaho
AdvertisementAdvertisementThe Meta CEO told staff they could expect him to spend half of the next year working remotely. True to his word, in his first week Musk banned remote work in a 2:30 a.m email to Twitter staff. Still: Unlike some of the other wealthy CEOs on this list, Eric Yuan has always been a little skeptical of permanent remote work. Roy RochlinSalesforce CEO Marc Benioff was initially outspoken in his support for remote working. Joining the growing list of CEOs that say remote work is not conducive to productivity, Salesforce revised its work-from-anywhere strategy.
Persons: Mark Zuckerberg, Goldman Sachs, Prithwiraj Choudhury, Zuckerberg, Meta, I've, Erin Scott, Skip, Insider's Kali Hays, Hugh Langley, Evan Spiegel, Miranda Kerr, Pierre Mouton, Stringer, Spiegel, I'm, ERIC PIERMONT, Kali Hays, Jack Dorsey, PRAKASH SINGH, lockdowns, Dorsey, Elon Musk, Musk, Zoe Schiffer, hasn't, Eric Yuan, Kena, Zoom, Kelly Steckelberg, Yuan, Marc Benioff, Roy Rochlin, Salesforce, Benioff, Justin Sullivan, Kara Swisher Organizations: Service, Meta, Harvard Business School, Wall Street, Staff, CNBC, Getty, Twitter, San, New, Elon, San Francisco, Bloomberg, Zoom, Workers, MarketWatch, Smith, Yahoo Finance, Insider Locations: Wall, Silicon, San Francisco, Singapore, Silicon Valley , California
Holiday shoppers stand in line inside a mall in the city centre of Sydney, Australia, December 17, 2020. REUTERS/Loren Elliott/File Photo Acquire Licensing RightsSYDNEY, Aug 28 (Reuters) - Australian retail sales rebounded in July after a sharp fall the previous month, but the annual rate slowed further, a result that should not upset the outlook for interest rates as high borrowing costs work to slow consumer spending. Data from the Australian Bureau of Statistics (ABS) on Monday showed nominal retail sales rose 0.5% in July from June. Ben Dorber, ABS head of retail statistics, said the rebound was boosted by additional spending at catering and takeaway food outlets linked to the 2023 FIFA Women’s World Cup and school holidays. The rate hikes have added hundreds of dollars to average monthly mortgage repayments, weighing on consumer spending, which had been resilient at first thanks in part to savings amassed during the pandemic.
Persons: Loren Elliott, Ben Dorber, Stella Qiu, Jacqueline Wong Organizations: REUTERS, Rights, Australian Bureau of Statistics, Analysts, FIFA, Reserve Bank of Australia, ANZ, Thomson Locations: Sydney, Australia
The University of North Carolina at Chapel Hill was under a shelter-in-place order on Monday afternoon after the school warned that an “armed, dangerous person” was on campus. The university sent an alert just after 1 p.m. that advised people in the area to go inside and stay away from windows. All classes & events canceled for today.”Students returned to class on Aug. 21 after summer break. The university did not immediately respond to requests for comment. It was not clear whether there were injuries.
Organizations: University of North, Chapel, Locations: University of North Carolina
Over 2,400 celebrities flocked to Cameo amid the SAG-AFTRA strike. AdvertisementAdvertisementShort-video request app Cameo has seen over 2,400 celebrities starting or reactivating their accounts since the actors' strike began in July, the company's CEO told CNN on Sunday. Cameo is an app where users can pay celebrities to make personalized short clips. Despite the recent influx of celebrities, Cameo has grappled with layoffs, axing 80 of its workforce in July and leaving the company with less than 50 employees, the Information reported. Galanis said at the time Cameo hired too many workers too quickly to "support both fan and talent demand during the pandemic lockdowns."
Persons: Fran Drescher, Alyssa Milano, Steven Galanis, Galanis, , Cameo, Cheyenne Jackson, Milano, Raymond, Fred Stoller, Elijah Wood Organizations: SAG, Actors, Morning, CNN, Screen Actors, New York Times Locations: Hollywood
Others film short videos for fans on Cameo, fetching anywhere up to $1 to $1,500. CameoThe reality of actors’ livelihoods has come into full focus since the SAG-AFTRA strike began on July 14. Seeking extra cash, many out-of-work thespians have flocked to Cameo, a site where they can earn income from fans who buy personalized celebrity videos. The average price for Cameo for Business, which allows the video to be used for commercial purposes, is $1,700. ‘The Pope’s blessing’Despite the influx of actors this summer, it’s been a slow season for the site since Father’s Day.
Persons: Steven Galanis, ” Galanis, Fran Drescher, , Cameo, Drescher, Alyssa Milano, Cheyenne Jackson, Chris Wood, China McClain, Melissa Benoist, Brian Cox, Santa Claus, Galanis, Fred Stoller, Gerard, Raymond ”, Fred the, who’ve, ” Stoller, Stoller, he’s, we’re, it’s, AFTRA Organizations: New, New York CNN, SAG, CNN Business, CNN, for, , “ The Penguins, Fantasy Football, Business Locations: New York, Hollywood, China, Santa, “ The, Madagascar
Stringer/AFP/Getty Images“Invisible age discrimination for 35-year-olds has always existed in the workplace,” lawmaker Jiang Shengnan told the gathering, reported state-run China Youth Daily. “Although I had really good work experience and a master’s degree, I’m really uncompetitive after 35 years old,” Tao Chen said in his Douyin video. New twist on an old storyFor many Chinese women, the “curse” builds upon and further compounds the entrenched gender discrimination that has long plagued the workplace. And even in areas where some protection was offered – such as for mothers taking maternity leave – enforcement of the law is weak, and gender discrimination remains common, she said. Costfoto/NurPhoto/Getty Images“A large amount of age discrimination is intersectionality – discrimination of age, gender, pregnancy, and caregiving duties,” said the assistant professor.
Persons: Han, She’s, , , don’t, , Stringer, Jiang Shengnan, hadn’t, Tao Chen, ” Tao Chen, Liu, ” Liu, Yiran Zhang, Zhang, Liu – Organizations: Hong Kong CNN, CNN, Communist Party, Getty, Central Party School, Chinese Communist Party, Xinhua, ageism, Sichuan University, Cornell Law School, Employees Locations: Hong Kong, Beijing, China, Congjiang, AFP, Xinhua, , Shenzhen, Suqian, Shenzhen –
The Making of a Custom Wedding Veil
  + stars: | 2023-08-26 | by ( Alix Strauss | ) www.nytimes.com   time to read: +2 min
Wedding dresses involved many different fittings and customizing to a person’s body — there was a tremendous amount of work, which was hard to keep up with. Creating a custom veil is an intimate and unique experience where the bride and I are designing together. I send videos of me making the veil, and I show the bride the veil before I box it up and send it off. For custom orders, the timeline depends on the complexity of the lace and handwork involved, typically four to eight months. It can take over 10 hours for a simple veil or 65 hours for a three-tier blusher — a superlong, cathedral-like veil.
Persons: Covid Locations: Etsy
A North Korean flag flutters at the propaganda village of Gijungdong in North Korea, in this picture taken near the truce village of Panmunjom inside the demilitarized zone (DMZ) separating the two Koreas, South Korea, July 19, 2022. REUTERS/Kim Hong-Ji/Pool Acquire Licensing RightsSEOUL, Aug 27 (Reuters) - North Korea has approved the return of its citizens who were abroad after years of strict border restrictions during the COVID pandemic, state media reported on Sunday as the isolated country cracks open its border to passenger travel. "Those returned will be put under proper medical observation at quarantine wards for a week," the statement said. Cargo train and ship traffic has slowly increased over the past year, but North Korea has only just begun to allow some international passenger travel. Many foreign delegations closed their embassies in Pyongyang because they were unable to rotate staff or ship in supplies for much of the pandemic.
Persons: Kim Hong, lockdowns, Soo, hyang Choi, Daniel Wallis Organizations: REUTERS, Rights, Epidemic, Koryo, North, Thomson Locations: Gijungdong, North Korea, Panmunjom, South Korea, Rights SEOUL, Pyongyang, Beijing, China, Russian, Kazakhstan
The EEOC has sued a Hooters in North Carolina, accusing the restaurant of racial discrimination. Managers joked about the appearance of staff who were Black or had dark skin tones, the suit alleged. AdvertisementAdvertisementWhen the pandemic hit in March 2020, the restaurant laid off its roughly 43 Hooters Girls, the lawsuit said. The restaurant began recalling some of the Hooters Girls, and by about mid-May 2020, 13 of them had been asked to return to work, the lawsuit said. Prior to lockdown, 51% of the Hooters Girls at the restaurant were Black or dark-skinned, but of the workers who were recalled, only 8% were, the lawsuit said.
Organizations: Hooters, Service, Employment, Hooters Girls, Court, Middle, Middle District of Locations: North Carolina, Wall, Silicon, Greensboro, Middle District, Middle District of North Carolina
But signs of a slowdown are mounting, highlighting the BoE's dilemma as it continues to grapple with inflation. But the BoE looks set to keep on raising rates with inflation still more than three times its 2% target. Below are key readings of Britain's economy that the BoE will assess before its next scheduled announcement on interest rates on Sept. 21. But many analysts expect the lagged impact of the BoE's rate rises to hit spending soon, adding to the drag on the economy. Many economists think the delayed impact of higher interest rates and still elevated inflation will hit growth in the coming months.
Persons: Dado Ruvic, BoE, Andrew Bailey, GfK, Sumanta Sen, Devika Organizations: REUTERS, Bank, Bank of England, Brexit, P, CIPS, Nationwide, Halifax, Reuters Graphics LABOUR, Employers, European Union, Reuters, Reuters Graphics, Thomson Locations: Britain
The red-hot American job market might be just a couple of degrees cooler than previously believed. There were 306,000 fewer nonagricultural jobs in the United States in March than initially reported, according to revised data released by the Labor Department on Wednesday. That suggests employers added jobs at a slightly slower rate in 2022 and early 2023 than more timely — but less accurate — monthly data suggested. The recent strength of the job market has surprised economists, who expected the rapid increase in interest rates to lead to a more significant slowdown in hiring. Some forecasters thought that the monthly jobs figures were overstating hiring, and that the annual update would show a substantial downward revision.
Organizations: Labor Department Locations: United States
The BoE said earlier this month it only saw inflation falling below 4% from the second quarter of 2024. The PMI survey recorded the slowest growth in output prices since February 2021. Manufacturers - who make up 10% of Britain's economy - reported the biggest fall in output prices since February 2016, echoing wider weakness in the sector. "Companies are reporting reduced orders for goods and services as demand is increasingly hit by the cost-of-living crisis, higher interest rates, export losses and concerns about the economic outlook," Williamson said. Manufacturers said this fall appeared to be an attempt to reduce the need for working capital at a time of rising interest rates.
Persons: Carl Recine, BoE, Queen, Chris Williamson, Sterling, James Smith, P's Williamson, Williamson, David Milliken, William Schomberg, Hugh Lawson Organizations: REUTERS, PMI, P, P Global Market Intelligence, Bank of England, ING, Manufacturers, Thomson Locations: Altrincham, Britain
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