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☆ Greeks go on general strike demanding higher pay
▼ + stars: | 2024-11-20 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +2 min

ATHENS — Ships docked at Greek ports, and railway and bus services were disrupted on Wednesday as transport workers, hospital doctors, school teachers together with construction workers joined a nationwide strike to protest squeezed living standards and demand higher pay. Many Greeks saw their wages and pensions slashed in return for bailouts worth 280 billion euros ($297 billion) during a 2009-2018 debt crisis which shaved a quarter off Greece’s economic output and nearly pushed the country out of the eurozone. Workers were expected to protest in central Athens later on Wednesday. The strike comes as the government submits later on Wednesday its final 2025 budget to the 300-seat parliament for debate before a vote due next month. The draft budget sees economic growth of 2.3% next year and higher tax revenues thanks to expanding digital payments and booming property sales.

Persons: Kyriakos Mitsotakis, ”, Greece —, Mitsotakis Organizations: ATHENS — Ships, Workers Locations: ATHENS, Greece, Athens

☆ Why JPMorgan Chase is prepared to sue the U.S. government over Zelle scams
▼ + stars: | 2024-09-27 | by ( Hugh Son | ) www.cnbc.com time to read: +7 min

The lender disclosed that the Consumer Financial Protection Bureau could punish JPMorgan for its role in Zelle, the giant peer-to-peer digital payments network. In response, JPMorgan issued a thinly veiled threat: "The firm is evaluating next steps, including litigation." Trade groups say that in the aftermath of the financial crisis, banks became easy targets for populist attacks from Democrat-led regulatory agencies. Amid the scrutiny, the bank began warning Zelle users on the Chase app to "Stay safe from scams" and added disclosures that customers won't likely be refunded for bogus transactions. While all of these battles are ongoing, the financial industry has racked up several victories so far.

Persons: JPMorgan Chase, Jamie, Evelyn Hockstein, Tobin Marcus, Joe, Marcus, That's, Biden, Marianne Lake, Zelle, Banks, Jamie Dimon, Dimon, Donald Trump, Kamala Harris, Mark Pittman Organizations: JPMorgan, U.S . Senate Banking, Housing, Urban Affairs, Wall, Capitol, Washington , D.C, Reuters, JPMorgan Chase, Consumer Financial, Democrat, Republican, Wolfe Research, Services, PayPal, Bank of America, Senate, Electronic, Federal Reserve, U.S . Chamber of Commerce, Northern, Northern District of Texas Locations: Washington ,, Zelle, Basel, Wells Fargo, Northern District

☆ What this Boeing strike is really all about
▼ + stars: | 2024-09-14 | by ( Allison Morrow | Chris Isidore | ) edition.cnn.com time to read: +6 min

New York CNN —At the heart of the Boeing strike that began Friday is a story about what happens when penny-pinching executives lose the plot and it falls to workers to get everyone back on track. If Boeing were any other business — and not a too-big-fail half of a global duopoly — it almost certainly would have declared bankruptcy. Years of pent-up resentment over Boeing’s mismanagement, combined with pandemic-era inflation and a resurgent labor movement, made this strike inevitable. Ahead of the strike, Ortberg urged workers not to strike while acknowledging their anger over nearly two decades of past contracts that downsized their retirement and health care benefits. Almost exactly one year ago, the United Auto Workers union won historic guarantees from the Big Three automakers after a seven-week strike.

Persons: —, ”, Richard Aboulafia, James McNerney, Aboulafia, Kelly Ortberg, missteps, Ortberg, Jon Holden, “, — who’ve, Dave Calhoun’s, Holden, haven’t, ” Holden, Sharon Block Organizations: New, New York CNN, Boeing, SpaceX, International Association of Machinists, United Auto Workers, Big, UAW, hardball, Harvard Law School’s Center for Labor Locations: New York, January’s, Renton , Washington, Seattle, Virginia, South Carolina, Washington, United States

☆ Ron Insana: Fed should reassure market it's ready to act, as this resembles late '90s foreign markets crises
▼ + stars: | 2024-08-05 | by ( Ron Insana | ) www.cnbc.com time to read: +3 min

First, when everything is being sold – and just about everything is being sold on Monday – someone is in big trouble. The spillover effect – exacerbated by a Federal Reserve reluctant to cut interest rates even as inflation cools – has put all assets on sale. This suggests that fears of a financial market problem are greater than those of a widening Middle East war. Should the situation become more tumultuous, the Fed could be forced into cutting interest rates between meetings. Indeed, when the Fed responded to the 1998 event by cutting interest rates , stocks went on a tear before topping out in 2000.

Persons: I've, Michael Gayed, Cashin, It's, Stanley Druckenmiller, Japan —, Ron Insana Organizations: Federal Reserve, Nikkei, UBS, Term Capital Management, CNBC Locations: Japan, Israel, Iran

☆ Student loan bailouts are a major driver of the U.S. budget deficit, says Rep. Jodey Arrington
▼ + stars: | 2024-06-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStudent loan bailouts are a major driver of the U.S. budget deficit, says Rep. Jodey ArringtonRep. Jodey Arrington (R-Texas) joins CNBC's 'Squawk Box' to discuss the U.S. budget deficit, what policies may be contributing factors, and more.

Persons: Jodey Arrington Locations: Texas

☆ Europe’s Economic Laggards Have Become Its Leaders
▼ + stars: | 2024-04-30 | by ( Liz Alderman | Melissa Eddy | ) www.nytimes.com time to read: +1 min

The dynamic is bolstering the economic health of the region and keeping the eurozone from slipping too far. In a reversal of fortunes, the laggards have become leaders. Since then, the same countries have worked to mend their finances, attracting investors, reviving growth and exports, and reversing record-high unemployment. Now Germany, Europe’s largest economy, is dragging down the region’s fortunes. It has been struggling to pull itself out of a slump set off by soaring energy prices after Russia’s invasion of Ukraine.

Locations: Southern, Germany, Greece, Spain, Portugal, Italy, Southern Europe, Europe’s, Ukraine

☆ A look into Michigan’s economic prospects as automotive jobs see a decline
▼ + stars: | 2024-02-27 | by ( Chris Isidore | Tami Luhby | ) edition.cnn.com time to read: +11 min

Jobs in the state’s auto plants, parts factories and corporate offices shrank by 35% since 1990, according to figures from the Bureau of Labor Statistics. And those jobs make up only 3.7% of the jobs in the state, roughly half what it was in 1990. Some of the auto jobs disappeared because of automation. “But it is still the cornerstone of the Southeast Michigan economy. The categories understate the importance.”But other segments of the Michigan economy now rival autos.

Persons: –, Stellantis, Jeff Kowalsky, Patrick Anderson, “ I’m, ” Anderson, Brian Peters, Peters, ” Peters, Anderson, Bill Pugliano, Gretchen Whitmer, Whitmer, there’s, ”, Monique Stanton, Stanton, ” Stanton, Matthew Hatcher, Donald Trump, Joe Biden Organizations: New, New York CNN, Republican, Democratic, Bureau of Labor Statistics, Motors, Ford, Fiat Chrysler —, GM, Fiat Chrysler, Getty, Anderson Economic Group, Michigan Center for Data, Michigan Health & Hospital Association, Health, Big, Chrysler, United Auto Workers, General Motors, North, Gov, Census, ICE, Michigan, Michigan League, Public, Missouri Economic Research, Information, Fox News, Democrats, Shoppers, Bloomberg, Washington Post, Monmouth University Locations: New York, Michigan, Mexico, Southern, Edmunds, Dearborn , Michigan, AFP, Southeast Michigan, Lansing , Michigan, North America, Marshall , Michigan, Florida, Texas, Illinois, California, Living, Somerset, Troy , Michigan

☆ Japan's stock markets are on a tear. Will 'zombie’ firms threaten the bull run?
▼ + stars: | 2024-02-09 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +6 min

What are zombie companies? Japan's "zombie" problem has been around for a long time, said William Pesek, author of the book "Japanization: What the World Can Learn from Japan's Lost Decades." Raising the borrowing cost will put these zombie companies at risk of bankruptcy and bailouts, which could have a broader impact on the economy if there are job losses. "But the aid program has led to an increase in the number of 'zombie' companies that would otherwise have been unable to continue operating," the report added. Japan's stock markets have also been testing new highs since 2023, and higher interest rates could halt the bull run.

Persons: Adam Pretty, William Pesek, we've, Pesek, CNBC's Martin Soong, Warren Buffett's, Warren Buffett, Kazuo Ueda, Ueda Organizations: Getty, Bank of Japan, Tide, Asia Times, Japan Times, CNBC, Nikkei Locations: TOKYO, JAPAN, Roppongi Hills, Tokyo, Japan, Asia

MILAN (AP) — The European Commission on Tuesday announced an in-depth investigation of German airline Lufthansa’s planned takeover of Italian carrier ITA Airways, citing competitive concerns. Lufthansa signed a deal last year for a 41% minority share in the long-struggling ITA Airways, formerly Alitalia. The deal calls for a 325-million-euro ($354 million) investment by Lufthansa, and another 250 million euros ($272 million) from the Italian Finance Ministry. The European Commission cited concerns about reduced competition on short-haul flights between Italy and Central Europe and long-haul routes between Italy and the United States, Canada, Japan and India. ITA Airways and Lufthansa compete on the Central European flights, where low-cost players generally serve secondary airports.

Persons: Gregory Alegi, bailouts, ’ Alegi Organizations: MILAN, European Commission, Lufthansa’s, Italian, ITA Airways, Lufthansa, Alitalia, Italian Finance Ministry, Central, ITA, Air Canada, United, European Union, LUISS University Locations: Italy, Central Europe, United States, Canada, Japan, India, Milan’s Linate

When Nikki Haley was a South Carolina legislator, she backed budgets boosted by federal aid. Now, Haley is running against Trump for the 2024 Republican nomination saying he is an agent of chaos. The daughter of Indian immigrants, she defeated a 30-year legislative veteran in the Republican primary. As governor, Haley had disputes with fellow Republicans that often seemed personal. But she reminds Republican primary voters that the deals were always for non-union shops.

Persons: Nikki Haley, Haley, Donald Trump, ”, Doug Brannon, “, Bill Clinton, Slick Willie ”, Trump, Roe, Wade, I’m, Rob Godfrey, ” Godfrey, ” Haley, Hillary Clinton, Gresham Barrett, Whit Ayres, Barrett, Sarah Palin, ” Ayres, Palin, Mitt Romney, Romney, “ She’s, Kay Koonce, Haley burnished, Godfrey, Godfrey said, Koonce, Barack Obama’s, Obama, Florida Sen, Marco Rubio, Jan, Ayres, Chris Christie’s, ’ ” Ayres, Christie, Haley “, “ Chris Christie, ” Koonce, ’, Holly Ramer Organizations: Trump, GOP, firebrand, Republican, today's Republican Party, Fox, New York Times, U.S, Rep, Wall Street titans, Gubernatorial, Democratic National Committee, Conservative, House Republicans, Republicans, Florida, Capitol, New, Associated Press Locations: South Carolina, Washington, Charleston, New Hampshire, Columbia, China, New York, Trump, Iowa, New Jersey, Concord , New Hampshire

☆ Marc Andreessen says student loan forgiveness is a 'bailout.' Ben Horowitz thinks college is mostly 'a scam.'
▼ + stars: | 2024-01-16 | by ( Kali Hays | ) www.businessinsider.com time to read: +3 min

Marc Andreessen thinks student loan borrowers who received loan forgiveness are akin to companies and banks that got government bailouts rescuing them from bankruptcy. In a two-hour podcast titled "Crisis in Higher Ed & Why Universities Still Matter," published by his firm Andreessen Horowitz, Andreessen took issue with people having some or all of their outstanding student debt erased in actions by the Biden administration. Andreessen Horowitz is a major SVB customer, and the bank also invested billions in the firm's funds. The Biden Administration also had a broader student debt relief plan struck down by the US Supreme Court last year, and it has moved forward with targeted relief programs based on specific borrower criteria. In response to Andreessen's issue with student loan forgiveness, A16z cofounder Ben Horowitz responded with the argument that, although the action provides relief for some, it does not address "the real issue."

Persons: Marc Andreessen, Andreessen Horowitz, Andreessen, Biden, they've, wouldn't, Ben Horowitz, Horowitz, they'll, That's, A16z Organizations: Service, Business, Legal, Bank, Federal Deposit Insurance Corporation, Biden Administration, US

☆ Moody's cut China's credit outlook to negative on rising debt risks
▼ + stars: | 2023-12-05 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

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

[1/2] Former UK finance minister (Chancellor of the Exchequer), Alistair Darling, poses for a photograph in Edinburgh, Scotland, Britain, Aug 31, 2018. REUTERS/Russell Cheyne/File Photo Acquire Licensing RightsLONDON, Nov 30 (Reuters) - Former British finance minister Alistair Darling, who steered the country's economy and banking system through the shock of the global financial crisis in 2007-08, has died aged 70 after undergoing treatment for cancer, his family said on Thursday. Darling was named chancellor of the exchequer by former prime minister Gordon Brown in June 2007, just as the crisis was brewing at leading financial institutions. "I never met anyone who didn't like him," Brown's predecessor as prime minister, Tony Blair, said. "Darling's passing is a huge loss to us all," said Britain's present prime minister Rishi Sunak, from the centre-right Conservative party.

Persons: Alistair Darling, Russell Cheyne, Darling, Gordon Brown, Brown, Margaret, Calum, Anna, Tony Blair, Lehman, Rishi Sunak, Muvija, Kate Holton, Andrew Heavens Organizations: REUTERS, Royal Bank of Scotland, Lloyds TSB, Labour Party, Treasury, Western General Hospital, Loretto School, Aberdeen University, The Guardian, Lehman Brothers, Conservative, Thomson Locations: Edinburgh, Scotland, Britain, British, United Kingdom

☆ Exclusive: Greece to repay more euro zone bailout loans ahead of schedule
▼ + stars: | 2023-11-28 | by ( Lefteris Papadimas | ) www.reuters.com time to read: +2 min

The euro zone and the International Monetary Fund (IMF) together lent Greece more than 260 billion euros during its decade-long debt crisis which began in late 2009, in exchange for tough austerity measures. Last year, it paid off the IMF, which provided it with 28 billion euros between 2010 and 2014 - two years ahead of schedule. Euro zone countries lent Greece 53 billion euros in bilateral so-called Greek Loan Facility (GLF) loans during its first bailout, with maturities extending to 2041. With the planned payment this year, Greece will have repaid a total of about 13 billion euros. It has a liquidity buffer of more than 35 billion euros due to higher than expected tax revenues, strong growth and primary surpluses.

Persons: Dado, Lefteris Papadimas, Alexander Smith Organizations: Rights, Reuters, International Monetary Fund, IMF, Loan, Thomson Locations: Greece, bailouts

☆ Greek economy seen growing by 2.9% next year on strong investment
▼ + stars: | 2023-11-21 | by ( Lefteris Papadimas | ) www.reuters.com time to read: +2 min

The government expects economic output to rise 2.9% next year following a 2.4% expansion this year, partly with the help of European Union recovery funds. Investment is seen growing by about 15.1% in 2024 more than double compared with this year. Greece has recently regained investment grade status for its debt attracting investment as its economy strengthens after a decade-long economic crisis. Its strong economic performance is also reflected in higher than expected tax revenues. Athens also expects to raise 5.77 billion euros from state asset sales in 2024, the budget said.

Persons: Costas Baltas, Thanos Petralias, Lefteris Papadimas, Robert Birsel Organizations: REUTERS, Rights, Investment, Thomson Locations: Athens, Greece

☆ Morgan Stanley: These are the best 65 stocks to buy in 2024 as investors face macroeconomic headwinds, lower growth, and restrictive monetary policy
▼ + stars: | 2023-11-19 | by ( Mark Reeth | ) www.businessinsider.com time to read: +8 min

Here's how Morgan Stanley thinks the stock market will move in 2024, the economic warning signs investors should watch for, and which stocks are best positioned to outperform next year. A stronger stock market in 2024You'd think with the myriad problems stocks are facing right now that the market is in for a difficult year ahead. Wilson believes that earnings growth will accelerate as the year progresses. Morgan StanleyBeyond strong earnings growth for individual companies, Wilson expects that increased spending in a variety of industries will provide fiscal support across the market. Guided by the themes above, Wilson polled Morgan Stanley analysts for their top stock picks heading into 2024.

Persons: Morgan Stanley, Michael Wilson, Morgan Stanley Wilson, Wilson, Jerome Powell Organizations: Business, Reserve, Walmart, Target, Fed, White House Locations: headwinds, bailouts

☆ How a Banking Capital of the World Botched Its Own Banking Rules
▼ + stars: | 2023-11-08 | by ( Margot Patrick | ) www.wsj.com time to read: 1 min

Switzerland wanted its big banks to be fortresses. In practice, the country’s “too big to fail” banking laws made a sand castle of Credit Suisse. The Swiss rules in question have become an object lesson in the difficulties of designing financial regulation. Created to prevent a repeat of the 2008 financial crisis bailouts, Switzerland’s customized version of international capital requirements laid the groundwork for the biggest bank rescue since.

Organizations: Credit Suisse Locations: Switzerland, Credit, Swiss

☆ Brace for the Wind and Electric-Vehicle Bailouts
▼ + stars: | 2023-10-30 | by ( Allysia Finley | ) www.wsj.com time to read: 1 min

Journal Editorial Report: The week’s best and worst from Kim Strassel, Bill McGurn and Dan Henninger. Images: AP/Reuters Composite: Mark KellyFord assured investors last week that its generous deal with the United Auto Workers wouldn’t threaten its profitability. The same can’t be said of its electric vehicles, which lost $3.1 billion during the first nine months of this year. Those losses will doubtless grow, and anyone who thinks Washington won’t give auto makers another bailout should think again. Last week Munich-based Siemens Energy , one of the world’s top wind manufacturers, said the German government is prepared to extend as much as €16 billion (or $16.9 billion) in state guarantees to rescue it.

Persons: Kim Strassel, Bill McGurn, Dan Henninger, Mark Kelly Ford, Washington Organizations: Reuters, United Auto Workers, Siemens Energy Locations: Munich

☆ Britain scraps cap on banker bonuses inherited from EU
▼ + stars: | 2023-10-24 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

A general view of the Bank of England in the City of London, Britain, September 25, 2023. REUTERS/Hollie Adams/File Photo Acquire Licensing RightsLONDON, Oct 24 (Reuters) - Britain on Tuesday scrapped a decade-old cap on banker bonuses inherited from the European Union, signalling a clear divergence in post-Brexit financial rules from the 27-country bloc it left in 2020. The BoE and Financial Conduct Authority proposed scrapping the cap in a public consultation earlier this year, and its abolition was confirmed in final policy published on Tuesday. The TUC confederation of labour unions said the decision to scrap the bonus cap was "obscene". Law firm Linklaters said scrapping the cap puts Britain back into line with the rest of the world, apart from the EU, but it would continue to apply to staff working at EU banks in London who are regulated under the bloc's rules.

Persons: Hollie Adams, BoE, Suzanne Horne, Paul Hastings, Paul Nowak, Linklaters, David Milliken, Iain Withers, Barbara Lewis, Mark Potter, Jonathan Oatis Organizations: Bank of England, City of, REUTERS, European Union, Financial, Authority, London, Finance, TUC, Britain, Thomson Locations: City, City of London, Britain, EU, London, New York, United States, Asia

☆ S&P upgrades Greece to investment grade for first time since 2010 crisis
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

Oct 20 (Reuters) - S&P Global is the first among the “big three” rating agencies to upgrade Greece to investment grade since the country’s debt crisis in 2010. The other two agencies, Fitch and Moody's, rate the country one notch below investment grade. DBRS Morningstar upgraded Greece's rating to investment grade BBB (low) last month. Greece expects economic output to rise 3% in 2024 following a 2.3% expansion this year more than twice the eurozone average. It’s trading as investment grade anyway,” Rabobank senior rates strategist Lyn Graham-Taylor told Reuters.

Persons: Fitch, DBRS Morningstar, Lyn Graham, Taylor, Akshita, Harry Robertson, Shailesh Kuber, Marguerita Choy Organizations: Global, BBB, Reuters, Greece's, Rabobank, Thomson Locations: Greece, Bengaluru, Lefteris, Athens

☆ It’s official: The era of China’s global dominance is over
▼ + stars: | 2023-10-15 | by ( Linette Lopez | ) www.businessinsider.com time to read: +19 min

We've reached the end of an era for the Chinese economy. Unless dramatic action is taken, the future of China's economy is looking less like a young dynamo and more like an old, slow-moving blob. A faltering Chinese economy will suppress demand for commodities like oil seeds and grain, hitting US farmers especially hard. For the US economy, China as a workshop is much more important than China as a consumer. Now that China's economic supercycle is over, that may be the cycle we're about to witness.

Persons: We've, Xi Jinping, Lee Miller, it's, Xi's, —, Xu Jiayin, Charlene Chu, Chu, Chu —, Victor Shih, Shih, that's, they're, Jinping, Zhang, Miller, It's, they'll, Chinese Communist Party that's, Anne Stevenson, Yang, isn't, Stevenson, Linette Lopez Organizations: Chinese Communist Party, CCP, Trust, Autonomous Research, Bloomberg, Autonomous, Century China Center, University of California, J Capital Research, Japan, Nike, Starbucks, Companies Locations: China, Beijing, Cities, Shanghai, It's, Shenyang, metropolises, Shenzhen, Europe, Wall, —, University of California San Diego, Middle Kingdom, Mexico, Vietnam, New York City, United States

☆ The Great China Boom is going bust
▼ + stars: | 2023-10-15 | by ( Linette Lopez | ) www.businessinsider.com time to read: +18 min

Unless dramatic action is taken, the future of China's economy is looking less like a young dynamo and more like an old, slow-moving blob. AdvertisementAdvertisementChinese President Xi Jinping has shifted the country's priorities from economic growth to a "technology and national-security race with the US." A faltering Chinese economy will suppress demand for commodities like oil seeds and grain, hitting US farmers especially hard. For the US economy, China as a workshop is much more important than China as a consumer. Now that China's economic supercycle is over, that may be the cycle we're about to witness.

Persons: We've, Xi Jinping, Lee Miller, it's, Xi's, —, Xu Jiayin, Charlene Chu, Chu, Chu —, Victor Shih, Shih, that's, they're, Zhang, Beijing's largess, Miller, It's, they'll, Chinese Communist Party that's, Anne Stevenson, Yang, isn't, Stevenson, Linette Lopez Organizations: Chinese Communist Party, CCP, Trust, Autonomous Research, Bloomberg, Autonomous, Century China Center, University of California, J Capital Research, Japan, Nike, Starbucks, WSJ, China, Companies Locations: China, Beijing, Cities, Shanghai, It's, Shenyang, metropolises, Shenzhen, Europe, Wall, —, University of California San Diego, Middle Kingdom, Mexico, Vietnam, New York City

☆ If We Had to Be Governed by the Harvard Faculty...
▼ + stars: | 2023-10-12 | by ( James Freeman | ) www.wsj.com time to read: 1 min

James Freeman is assistant editor of The Wall Street Journal's editorial page and author of the weekday Best of the Web column. He is the co-author of "Borrowed Time: Two Centuries of Booms, Busts and Bailouts at Citi," recognized as a New York Times Editors' Choice and a Financial Times Business Book of the Month. He is a contributor to the Fox News Channel and a host of "Deep Dive" on Fox Nation. Before joining the Journal in September 2007, James served as investor advocate at the U.S. Securities and Exchange Commission, where he encouraged the transformation of financial reporting technology to benefit individual investors. Follow James on Twitter @FreemanWSJ

Persons: James Freeman, Bailouts, James Organizations: Citi, New York Times, Financial, Fox News Channel, Fox Nation, U.S . Securities, Exchange Commission, Yale, Twitter

☆ Analysis: The affirmative action battle shifts to a new front
▼ + stars: | 2023-10-12 | by ( John Blake | ) edition.cnn.com time to read: +7 min

The lawsuits against the US Navy and West Point suggest that opponents of affirmative action are serious about eliminating any policy of diversity based on race. It’s not surprising that the US Armed Forces have drawn criticism from affirmative action foes. As the country heads into the presidential election year, more lawsuits invoking the Voting Rights Act are expected to follow. Many Black workers historically used auto jobs to build careers, but advancement opportunities have diminished since the early aughts. “But the decline in US auto jobs and the erosion of unions have hit Black workers hardest,” he wrote.

Persons: CNN —, “, ” SFFA, It’s, Henry C, Harris , Jr, Rogers H, Beardon, Frank Frederick Doughton, Elmer B, Edward Blum, Blum, Alabama’s, —, Blum —, Holder, Shelby, you’ve, CNN’s Nathaniel Meyersohn, Evelyn Hockstein, Reuters Meyersohn, ”, John Blake Organizations: CNN, US Naval Academy, Harvard, University of North, Fair, US Military Academy, West, US Navy, US Armed Forces, Defense Department, Black US Army, Military, Fort, US Supreme, Republican, Alabama’s GOP, UAW, United Auto Workers, Detroit’s Big, Reuters Locations: University of North Carolina, America, Fort Benning, Georgia, Alabama, Florida , Louisiana, County, Detroit, Belleville , Michigan

Member of the ECB governing council and Governor of the Bank of Greece, Yannis Stournaras talks during an interview with Reuters in Athens, Greece, October 11, 2023. In the interview, Greece's central bank governor also warned about the risk of stagflation from a prolonged war in the Middle East and spoke against increasing the amount of reserves that banks must hold. He countered calls by some of his colleagues for an early end to the ECB's last surviving bond-buying scheme, saying the central bank may need that firepower in a geopolitical environment fraught with risks. The ECB all but stopped buying bonds last year after a sudden surge in inflation forced it to unwind a decade of stimulus policies. "For the moment I see no reason why we should tighten monetary policy now because increasing the minimum requirements will imply monetary policy tightening," Stournaras said.

Persons: Yannis Stournaras, Louisa Gouliamaki, Rome, ECB policymaker Yannis Stournaras, Stournaras, Francesco Canepa, Mark Potter Organizations: Bank of Greece, Reuters, REUTERS, European Central Bank, ECB policymaker, ECB, Investors, European Commission, Thomson Locations: Athens, Greece, ATHENS, Israel, Palestine, Italy, Rome

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