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The Russian currency hit its lowest level against the dollar since March 2022 this week. The Russian currency traded at 114 to the dollar on Wednesday, its weakest level since March 2022, shortly after the Ukraine invasion began. AdvertisementA Wednesday headline in the state newspaper Rossiyskaya Gazeta read, "Panic attack for Russia's currency market." Other countries, such as India, have snapped up Russian oil instead, tempering the impact of price caps and other penalties. The collapse of Russia's Ruble (black) is a reminder how badly the EU failed on Russia.
Persons: Vladimir Putin, Putin, Gazeta, Russia Robin Brooks, XbOwqiABRd — Robin Brooks, George Pavel, Brent, Kathleen Brooks, Brooks, Trump Organizations: Analysts, RIA Novosti, Kommersant, Brookings Institution, EU, Russia Locations: Russia, Russian, Ukraine, Russia's, India
AdvertisementSpain has approved a law granting employees up to four days of paid climate leave. Spain is enacting a new law granting employees up to four days of paid climate leave following last month's devasting floods, which killed more than 200 people. "For the first time, Spain will have paid climate leave for working people," she said. In an interview with Spanish broadcaster RTVE, Díaz said the paid leave will be relevant whenever an authority issues a climate-related alert that advises people to stay at home for safety reasons. AdvertisementSpain's economy minister, Carlos Cuerpo, said on Thursday that the paid leave applies when employees cannot safely reach their workplace or work remotely, Euronews reported.
Persons: Yolanda Díaz, RTVE, Díaz, Esther Lynch, Lynch, Carlos Cuerpo Organizations: Spain's, Labour, Social, Ministers, European Trade Union Confederation, The Bank of Spain Locations: Spain, Valencia, Spanish, Valencian
Many picks from our expert-tested best mattress guide are significantly discounted for Black Friday, including our top-rated mattress, the Leesa Sapira Hybrid. View at Leesa What we like Check mark icon A check mark. View at Walmart What we like Check mark icon A check mark. View at WinkBeds What we like Check mark icon A check mark. View at Sleep Number What we like Check mark icon A check mark.
Persons: we've, it's, Pick, contouring Organizations: Business, Black, Walmart, Bear, Labor Locations: Birch, Tempur
Is the vibecession about to end?
  + stars: | 2024-11-29 | by ( William Edwards | ) www.businessinsider.com   time to read: +5 min
Optimism surged post-2016 election, with small businesses planning to hire more employees. Yes, that's a portmanteau of vibes and expansion, and it's the upbeat version of its better-known cousin, the vibecession. Advertisement"Small business owners lean Republican," said Oliver Allen, a senior US economist at Pantheon Macroeconomics, in a November 12 note. Goldman Sachs"After Donald Trump was elected the 45th President in November 2016, the National Federation of Independent Businesses (NFIB) small business optimism index skyrocketed. "We expect an improving small business operating environment will boost the sentiment and spending of SMBs in 2025 and lift the earnings and valuation of stocks with revenues tied to that spending."
Persons: Kyla Scanlon, National Bureau of Economic Research hasn't, there's, Donald Trump's, Oliver Allen, Goldman Sachs, Donald Trump, David Kostin, they're, Daniel Zhao, Louis, Zhao Organizations: National Bureau of Economic Research, Pantheon, National Federation of Independent Businesses, Chief US, Economics, Workers, Glassdoor, Louis Fed Locations: St
How China Became the World’s Largest Car ExporterChina 5.7 million cars exported Japan Mexico Germany South Korea Top car exporters in the world United States 2016 2020 2024 China 5.7 million cars exported Japan Mexico Germany South Korea Top car exporters in the world United States 2016 2020 2024 China 5.7 million cars exported Japan Mexico Germany South Korea Top car exporters in the world United States 2016 2020 2024 Source: Alix Partners Note: 2024 values are estimated. Domestic sales 20 Exports 0 2010 2015 2020 2024 Production capacity 40 million cars Car production capacity has risen faster than sales. Mr. Wen gave him essentially a blank check to make China the world’s leader in electric cars. Last year, most of the cars China sold abroad were traditional gasoline engine cars. China has more than 100 factories with a combined capacity to build close to 40 million internal combustion engine cars a year.
Persons: Alix, Donald J, Trump, Wen Jiabao, Wen, Carmakers Organizations: China, Japan Mexico Germany South, Alix Partners, European Union, China’s, Communist Party, Wan, Audi, America, UNITED STATES, BRAZIL, UBS, China Volkswagen, Volkswagen Locations: China, Japan Mexico Germany, Japan Mexico Germany South Korea, States, United States, Asia, Thailand, Philippines, Germany, Europe, Southeast Asia, Shanghai, Russia, Ukraine, Latin America, TURKEY, India, Brazil, Turkey, U.S
AdvertisementAs many Americans struggle with a high cost of living, Gen X is in a particularly tight spot. Gen X has the highest income of all but also the highest debt. As a Bank of America Institute research note said, Gen X has seen its discretionary spending drop the most of all generations. The analysis attributed that, in part, to Gen Xers trying to sock away more for retirement and investing more. AdvertisementBut as Bank of America notes, Gen X is in the "sandwich" phase of life: Some are juggling supporting adult children and older relatives.
Persons: X, Gen X, Xers —, they're, Xers, Gen Xers, I'm, Wendy Graham, Barbara Lose, Graham, who's, Xer Organizations: Federal Reserve Bank of Philadelphia, Philadelphia Fed, Bank of America Institute, of Labor Statistics, Bank of America, University of Michigan's Locations: Philadelphia, Florida
It's the fifth year Amazon workers have protested during the major shopping weekend. The protests are part of the fifth annual Make Amazon Pay campaign, organized by a coalition of labor and progressive organizations. The Amazon Labor Union, which represents roughly 5,500 workers in a Staten Island warehouse, voted in June to affiliate with the Teamsters. AdvertisementWhat about Amazon's climate footprint? Significant delays haven't occurred as a result of Make Amazon Pay protests in prior years, and it seems unlikely they will impact shipping times this year.
Persons: It's, Amazon, Jeff Bezos, Eileen Hards, We've, Karen Ducey, Eliza Pan, Hards, Andy Jassy Organizations: Black, Workers, Retail, Wholesale, Department Store Union, Amazon, Teamsters Union, Amazon Labor Union, Teamsters, Amazon Employees, Climate Justice, Seattle Times Locations: U.S, New Delhi, New York City, Staten Island, California , Kentucky, Atlanta, Seattle
This surge means that coffee prices across the board — from fancy beverages made from Arabica beans to robusta-fueled instant coffee — are almost sure to cost more for the everyday consumer. On Wednesday, the global benchmark for arabica coffee — March 2025 arabica coffee futures — ended 4.6% higher on the Intercontinental Exchange (ICE) at $3.2305 per pound, after hitting their highest level since 1977. Food giant Nestlé, the world's largest coffee maker, said last week that it will hike prices to deal with the rise in coffee prices. Coffee drinkers are already paying more: Data from the US Bureau of Labor Statistics show coffee prices for urban consumers rose sharply from July 2021 to February 2023. Speculators jumping into the coffee marketGiven the confluence of factors pushing up coffee prices, non-commercial speculators, such as funds, are joining the market.
Persons: arabica —, Jason Miller, Guilherme Morya, Morya, , Christopher Tang, Tang, Donald Trump, Miller, Sucafina Organizations: Intercontinental Exchange, ICE, US Bureau of Labor Statistics, Michigan State University, Farmers, Reuters, Rabobank, Colombia —, UCLA, European Union, BMI Research, European Commission Locations: Brazil, Vietnam, Colombia, Honduras, Canada, Mexico, China, Trump's, Swiss
Democrat Derek Tran has defeated Republican incumbent Michelle Steel for a House seat representing California’s Orange County and Los Angeles, NBC News projects, after a contentious race that centered on the candidates’ Asian American identities and use of aggressive anti-China messaging. Tran has performed better with voters in Los Angeles County, where he has had a significant lead over Steel. But the race is tighter in Orange County, the bulk of the district, where voters have repeatedly flipped between red and blue over the past election cycles. She previously served as a supervisor and chairwoman of the Orange County Board of Supervisors before running for Congress. Don Luong, a history teacher and longtime Orange County voter, said the back-and-forth has distracted from the candidates’ actual platforms.
Persons: Derek Tran, Michelle Steel, Tran, Steel, ” “, ” Tran, “ Michelle can’t, ” Steel, Don Luong, ” Luong, “ We’re, didn’t, Luong, , , Sheng Thao, Pamela Price Organizations: NBC News, Army, Steel, Congressional, Asian, Congress, Consumer, VietFace, NBC, , Oakland Locations: California’s Orange County, Los Angeles, China, Los Angeles County, Orange County, California, Vietnam, Communist China, Orange, mailers, Alameda County
Karol G is now a Bratz doll. The Colombian singer is the first musical artist to collaborate with the toy brand to create a Bratz doll in her likeness. “Now I get to share a doll inspired by that very moment in my career,” Karol G said in a statement. “This collaboration is a true labor of love and a celebration for fans across Latin America and beyond,” Karol G said. When Karol G embarked on a stadium tour in support of the album's release, she became the first Latina to headline at many of the venues where she performed.
Persons: Karol G, Shakira, ” Karol G, Karol, Karol’s, Karol G's merch, Jasmin Larian, Carolina Giraldo Navarro, Karol G's, Bonito ”, , , Hekmat Organizations: Carolina, Billboard, Latina Locations: Colombian, America, Spain, U.S
The personal consumption expenditures price index, a broad measure that the Fed prefers as its inflation gauge, increased 0.2% on the month and showed a 12-month inflation rate of 2.3%. Both were in line with the Dow Jones consensus forecast, though the annual rate was higher than the 2.1% level in September. The annual rate was 0.1 percentage point above the prior month. Odds of a quarter percentage point reduction in the central bank’s key borrowing rate were at 66% Wednesday morning, according to the CME Group’s FedWatch measure. The release follows consecutive rate cuts by the Fed in September and November totaling three quarters of a percentage point.
Persons: Dow, Stocks Organizations: Federal, Commerce Department, Dow Jones, Nasdaq, Treasury, Fed, Labor
The planned law would force social media platforms to take reasonable steps to ensure age-verification protections are in place. The ban was first announced during an emotionally charged parliamentary inquiry into social media, which included testimony from parents of children who had self-harmed due to cyberbullying. “I understand that using social media a lot is not a good thing and I’m working on it,” said Sydney high school student Enie Lam, 16. Australian media, from the publicly owned Australian Broadcasting Corp. to Rupert Murdoch’s News Corp., also support the ban. Let’s try and reduce the incidents we’re hearing involved with social media and young people in Australia.”
Persons: Meta, Anthony Albanese’s, Albanese, “ Young, , Sen, Karen Grogan, ByteDance’s TikTok, Elon Musk’s X, Enie Lam, Rupert, , Jenny Branch, Allen, Let’s Organizations: Australia —, Google, Facebook, Labor, Sydney, Senate, Greens, Human Rights Commission, Australian Broadcasting Corp, Rupert Murdoch’s News Corp, News Corp, country’s, Australian Parents Council Locations: SYDNEY, Australia, Australia — Australia
London CNN —Volkswagen has sold its plant in Xinjiang — a Chinese region beset by accusations of human rights abuses — citing “economic reasons.”“There is no business case for (the plant),” said a spokesperson, noting that it produced combustion engine vehicles until 2019 and, since then, has effectively operated as a distribution center for models produced in other factories. The Volkswagen spokesperson told CNN that SAIC-Volkswagen sold the plant, located in Xinjiang’s capital Urumqi, to SMVIC, a subsidiary of Shanghai Lingang Economic Development Group, but declined to disclose the value of the sale. The sale comes after governments and human rights groups have, for years, accused China of using forced labor and committing other abuses, such as mass detentions, in Xinjiang against the Uyghur Muslim minority group. Volkswagen has faced criticism from rights activists for owning a plant in the region, but it has said there are no signs that forced labor has taken place in the facility. When asked to comment on the FT article, a spokesperson for Volkswagen told CNN that “Volkswagen always adheres to the legal requirements in its communications.
Persons: Organizations: London CNN, Volkswagen, , International Energy Agency, China’s SAIC, CNN, SAIC, Economic, Group, Muslim, Financial Times Locations: Xinjiang —, China, Xinjiang’s, Urumqi, Shanghai, Xinjiang
Its CEO told Bloomberg it benefited from engine choices and an all-Airbus fleet. CEO Johan Lundgren spoke to Bloomberg TV on Wednesday as easyJet reported blockbuster earnings. Related VideoThe European budget airline reported a record-breaking summer, with pre-tax profit up by one-third since last year to £610 million ($768.35 million). Earlier this month, Wizz reported its half-year net profit was down 21.3% to 315.2 million euros ($331.4 million). Lundgren told Bloomberg TV the airline had 16 deliveries this financial year rather than the 19 it expected.
Persons: Wizz, easyJet, Johan Lundgren, Lundgren, we've, Pratt & Whitney Organizations: Bloomberg, Airbus, Boeing, Ryanair, Pratt & Whitney, Bloomberg TV, Wizz, Europe's, Alaska Airlines, Pratt &, CFM
Get ready to pay more at Chipotle
  + stars: | 2024-11-27 | by ( Nora Redmond | ) www.businessinsider.com   time to read: +2 min
Chipotle's sales rose 6% last quarter, showing resilience amid fast food price hikes. AdvertisementDespite the potential for higher menu prices, Chipotle remains a better value option for customers than similar alternatives, Rymer said, per the Journal. Inflation has not been kind to fast food prices. AdvertisementUnlike some fast food firms, whose sales have taken a tumble as customers have cut back, Chipotle has shown resilience. Chipotle did not immediately respond to a request for comment from Business Insider, made outside regular working hours.
Persons: Adam Rymer, Chipotle, Rymer, Brian Niccol, Niccol, Scott Boatwright Organizations: Wall Street Journal, Wall, Starbucks, McDonald's, KFC, Revenue, Business Locations: Chipotle, Olive
Anthony Wallace | Afp | Getty ImagesThe shipping industry is contending with a worldwide shortage of seafarers, and it's fueling a troubling mix of fake resumes, accidents at sea, and elevated freight rates. "We have been seeing a consistent shortage of seafarers," Rhett Harris, senior manning analyst at Drewry, told CNBC. The Philippines, China, Russia, Ukraine and Indonesia are the largest suppliers of the world's seafarers, according to the most recent seafarer workforce breakdown report by the International Chamber of Shipping (ICS) and BIMCO in 2021. Before Russia's invasion of Ukraine in February 2022, Russian and Ukrainian seafarers made up almost 15% of the global shipping workforce, ICS data showed. "Policymakers need to create national strategies to address the seafarer shortage," the shipping organization said.
Persons: Anthony Wallace, Rhett Harris, Harris, Daejin Lee, Henrik Jensen, Danica Crewing, FertiStream's Lee, Drewry's Harris, Jensen, Caitlin Ochs Organizations: Afp, Getty, Drewry, CNBC, International Chamber of Shipping, ICS, Group, , CVs Locations: Busan, Russian, Ukraine, Russia, Philippines, China, Indonesia, Iran, Red, New York
AdvertisementThe global economic expansion will continue into 2025, according to Goldman Sachs Asset Management. "But it's all a give and take here, because we're also going to be seeing a lot of efficiencies come into the labor market, potentially." GSAM strategists aren't sweating about the labor market yet, but they're watching those trends closely. Despite their lofty valuations, GSAM isn't bailing on US equities. That may finally change in 2025 as China's government gets serious about economic stimulus, Wilson-Elizondo said.
Persons: Alexandra Wilson, Elizondo, Goldman, Trump's, Wilson, We're, we're, corporates —, it's, aren't, isn't, GSAM Organizations: Goldman Sachs Asset Management, Management, Trump, Companies, Goldman, Wilson
Jackson, 37, is a wind turbine service technician at Vestas, a wind turbine manufacturer, in Bee County, Texas, and earns $73,000 per year. Wind turbine technicians face one of the highest rates of work-related injuries, according to the U.S. Department of Labor. Despite the high demand for wind turbine service technicians, the profession remains "underrated and overlooked," she adds, offering untapped potential for job-seekers who crave adventure and a competitive salary. While you don't need a bachelor's degree to become a wind turbine service technician, some jobs might require you to complete a 2-year technical program or apprenticeship. Before becoming a wind technician, Jackson, who has four children, spent a decade as a stay-at-home mom.
Persons: Jessica Jackson, Jackson, it's, Vanessa Benedetti, Vestas, tinker, Mickey Todiwala, Benedetti, … You'll Organizations: CNBC, U.S . Department of Labor, Blattner, Blattner Energy, University of Arizona, Bureau of Labor Statistics, Global, BloombergNEF's Renewable Energy Investment, Labor Locations: Jackson, Bee County , Texas, U.S, Texas, Vestas
Some women are building their confidence and career success at a surprising locale: a poker table. Jenny Just founded Poker Power, a company that teaches the game to women to build up their risk-taking skills. "The poker table was like every money table I had sat at," Just previously told Business Insider. Skills like capital allocation, taking risks, and learning how to strategize." "When I sat down at the poker table, I was instantaneously stereotyped," Merk previously told BI.
Persons: Jenny Just, Erin Lydon, Lydon, Maria Konnikova, I've, Konnikova, Abby Merk, Merk Organizations: US Department of Labor, Poker, Poker Power, Street
Volkswagen said on Wednesday that it was disposing of its stakes in its facilities in northwestern China’s Xinjiang region, exiting an area now known for China’s crackdown on predominantly Muslim ethnic groups there. Volkswagen had a joint venture assembly plant in Urumqi, the capital of Xinjiang, as well as two test tracks in the region, maintaining the largest and most visible presence in Xinjiang of any multinational company. The United States and a growing number of European countries bar imports from Xinjiang because of evidence of forced labor there. The assembly plant did not just become a political liability for VW — it was also a money loser, because it was designed to make gasoline-powered cars. That has left manufacturers like VW, the market leader in China until recently, with considerable unneeded production capacity.
Organizations: Volkswagen, VW Locations: China’s Xinjiang, Urumqi, Xinjiang, United States, China
The personal consumption expenditures price index, a broad measure that the Fed prefers as its inflation gauge, increased 0.2% on the month and showed a 12-month inflation rate of 2.3%. Both were in line with the Dow Jones consensus forecast, though the annual rate was higher than the 2.1% level in September. The annual rate was 0.1 percentage point above the prior month. Odds of a quarter percentage point reduction in the central bank's key borrowing rate were at 66% Wednesday morning, according to the CME Group's FedWatch measure. The release follows consecutive rate cuts by the Fed in September and November totaling three quarters of a percentage point.
Persons: Dow, Stocks Organizations: Federal, Commerce Department, Dow Jones, Nasdaq, Treasury, Fed, Labor
The US government tracks what percentage of each car’s parts is made “domestically.” But under current trade law, both Canadian-made parts and US-made parts are counted as the same domestic content. “Yes, it’s America’s truck, assembled in America, but not with American parts,” Ivan Drury, director of insights for Edmunds, told CNN. Domestic parts could be tough to findFinding domestic supplies for many of the imported car parts would be difficult. Even if an American parts supply could be found, in most cases it would be more expensive. Fewer imported cars would raise all pricesTariffs on imported vehicles likely would also lead to higher prices on cars that are assembled here, since it would limit the supply of vehicles in the US market.
Persons: Donald Trump, Trump, aren’t, Bill Clinton, Bill Pugliano, Honda, , it’s, ” Ivan Drury, Edmunds, Jeff Schuster, GlobalData, , Drury, “ You’re Organizations: New, New York CNN, GM, Ford, Jeep, Dodge, Chrysler, Toyota, Honda, Tesla, Hyundai, Kia, Nissan, Mazda, Subaru, CNN, Chevrolet Blazer, Chevrolet Silverado Locations: New York, Mexico, Canada, American, United States, China, Lincoln , Alabama, Dearborn , Michigan, Michigan, Missouri, America, Saltillo , Mexico
AdvertisementTrump's new DOGE commission, tasked with cutting spending, has floated laying off federal workers. Government employees told BI they're preparing by networking and freshening their resumes. President Bill Clinton also attempted to reduce federal spending and improve government efficiency with the National Performance Review, led by federal employees. Clinton's panel similarly succeeded in cutting 300,000 federal workers but only managed to get a quarter of proposals that required legislative action through Congress. One senior official at the Commerce Department told BI they anticipate a civil servant brain drain.
Persons: Donald Trump's, Jesus Soriano, who's, Elon Musk, Vivek Ramaswamy, Ramaswamy, Trump's, Brian Hughes, Vance, Soriano, he's, Ronald Reagan, Grace, Bill Clinton, Joyce Howell, , it's, we're, lifer, Sheria Smith, I'd, Smith Organizations: of Government Efficiency, Business, of Health, Human Services, National Science Foundation, agency's American Federation of Government Employees, GOP, SpaceX, Roivant Sciences, DOGE, of Housing, Urban Development, Veterans Affairs, Homeland Security, Management, Street, Trump, America, Grace Commission, US Postal Service, Postal Service, Environmental Protection Agency, Food and Drug Administration, FDA, of Labor Statistics, Commerce Department, BI, Department of Education, Education Department, aaltcheck Locations: America
Demand for AI agents is giving birth to a new class of startups and VCs hungry to invest in them. It was a topic of conversation at the Evident AI Symposium in New York on Thursday. To take AI agents a step further, technologists and startup investors are fueling a shift to so-called multi-agent systems that coordinate several AI agents to complete more complex tasks more autonomously. Well, that's still being worked out, according to a number of tech executives at the Evident AI Symposium Thursday. Heitsenrether, speaking at the Evident AI conference, told the audience that, over time, she expects AI to be seamlessly embedded in an employee's workflow.
Persons: Danny Goldman's, Michael Lacorazza, Mako, It's, Jamie Dimon, Teresa Heitsenrether, Wall, they're, Gabriel Stengel, Kristin Milchanowski, Ganesh Organizations: Finance, Mako, Khosla Ventures, Bank, Goldman, JPMorgan, BMO Financial Group, of Cambridge Locations: New York, OpenAI
The S & P 500 will be propelled to new heights in the new year thanks to momentum in artificial intelligence, a resilient economy and the possibility of easier regulation on industries, according to JPMorgan. The labor market has also held up, with more than 100,000 jobs being added in all but one month this year. The S & P 500 is up 4.1% since the Nov. 5 vote. UBS said this week it sees the S & P 500 rising to 6,400 , while Goldman Sachs and Morgan Stanley expect an expansion to 6,500. His 4,200, the lowest in the CNBC Pro Market Strategist Survey , implies 30% downside from Tuesday's close.
Persons: Dubravko Lakos, Bujas, Donald Trump's, Toll, Goldman Sachs, Morgan Stanley Organizations: Nvidia, Federal Reserve, Microsoft, Exxon Mobil, Tesla, Toll Brothers, Citigroup, UBS, Deutsche Bank, CNBC Pro Market, Survey Locations: Tuesday's, U.S
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