Asian stock markets mixed ahead of latest US jobs reading
BEIJING (AP) — Asian stock markets are mixed ahead of U.S. jobs data as investors that might influence Federal Reserve plans for more interest rate hikes to cool surging inflation. Shanghai and Seoul advanced while Tokyo and Hong Kong retreated. Oil prices rose more than $1. Investors waited for U.S. data on August hiring to see how the economy is responding to four earlier hikes...
Asian stock markets mixed ahead of latest US jobs reading
BEIJING (AP) — Asian stock markets are mixed ahead of U.S. jobs data as investors that might influence Federal Reserve plans for more interest rate hikes to cool surging inflation. Shanghai and Seoul advanced while Tokyo and Hong Kong retreated. Oil prices rose more than $1. Investors waited for U.S. data on August hiring to see how the economy is responding to four earlier hikes to cool inflation that is at a four-decade high. A strong reading would give ammunition to Fed officials who say higher interest rates are needed to slow economic activity. Forecasters said data showing more than 300,000 jobs were added in August might reinforce support for a bigger rate hike.
Fed is hoping August hiring report will show slowdown
WASHINGTON (AP) — Raging inflation has so scrambled the economy that it’s come to this: If Friday’s jobs report for August were to show a significant hiring slowdown, the Federal Reserve — and even the White House — would likely welcome it. The government is expected to report that employers added 300,000 jobs last month, according to a survey of economists by the data provider FactSet. That would be down sharply from a blockbuster gain of 528,000 in July and an average of about 440,000 over the past three months. A weaker pace of hiring should help moderate wage increases and lift hopes that inflation pressures are starting to ease.
Starbucks names former PepsiCo executive as new CEO
Starbucks has named a longtime PepsiCo executive as its new CEO. The coffee giant said Thursday that Laxman Narasimhan will join Starbucks on Oct. 1 after relocating from London to Seattle, where Starbucks is based. He will work closely with Starbucks’ interim CEO, Howard Schultz, through April 1, when he will assume the CEO role and join the company’s board. Narasimhan was most recently CEO of Reckitt, a U.K.-based consumer health and nutrition company that makes Lysol cleaner and Enfamil infant formula, among other products. Reckitt had announced Narasimhan’s surprise departure earlier Thursday.
Nissan eager to leverage US tax credit on electric vehicles
TOKYO (AP) — Nissan says it’s aggressively pushing electric vehicles to take advantage of a new U.S. law that gives up to $7,500 in tax credits. President Joe Biden signed the landmark law last month. The tax credit can be used to defray the cost of purchasing an electric vehicle that’s made in the U.S. The Nissan Leaf electric car is among the models that qualifies. Vehicles must contain a battery built in North America with minerals mined or recycled on the continent to be eligible. Chief Sustainability Officer Joji Tagawa says an analysis is underway at Nissan, though specifics are still undecided.
Australia lifts permanent immigration by 35,000 to 195,000
CANBERRA, Australia (AP) — Australia has announced it will increase its permanent immigration intake by 35,000 to 195,000 as it grapples with skills and labor shortages. Home Affairs Minister Clare O’Neil announced on Friday the increase for the year ending June 30, 2023, during a two-day summit of 140 representatives of governments, trade unions, businesses and industry to address skills shortages exacerbated by the pandemic. O’Neil says many of the “best and brightest minds” are choosing to migrate to Canada, Germany and Britain instead of Australia. She described Australia’s immigration program as “fiendishly complex” with more than 70 unique visa programs. She says Australia will establish a panel to rebuild its immigration program in the national interest.
When autumn leaves start to fall, will Wall Street follow?
NEW YORK (AP) — Welcome to the worst month of the year for Wall Street. The average September has been 10 times worse than the second-worst month of the year for the U.S. stock market, going back to 1950. Not only that, September has been the only month of the year over that span to turn in a loss more often than a gain. Stretch the horizon even further, back to 1928, and September is still the most common stinker. There’s no clear reason explaining why September has been such a bad month for stocks, though many hypotheses try.
Microsoft’s Activision Blizzard deal gets global scrutiny
Microsoft’s plan to buy video game giant Activision Blizzard for $68.7 billion could have major effects on the gaming industry, transforming the Xbox maker into something like a Netflix for video games by giving it control of many more popular titles. But to get to the next level, Microsoft must first survive a barrage of government inquiries from New Zealand to Brazil, and from U.S. regulators emboldened by President Joe Biden to strengthen their enforcement of antitrust laws. In the United Kingdom, regulators on Thursday threatened to escalate their investigation unless both companies come up with proposals soon to ease competition concerns.
Judge declines to overturn Elizabeth Holmes guilty verdict
SAN JOSE, Calif. (AP) — A federal judge on Thursday tentatively declined to overturn the jury conviction of disgraced Theranos CEO Elizabeth Holmes on four felony counts of fraud and conspiracy. That leaves the former Silicon Valley star a step closer to serving prison time. U.S. District Judge Edward Davila won’t make that decision final until Oct. 17, when he is scheduled to sentence Holmes for duping investors in her much-hyped blood-testing startup. Holmes, 38, faces up to 20 years in prison and a $250,000 fine, plus restitution, for lying to investors about a Theranos technology she hailed as a revolution in healthcare but which in practice produced dangerously inaccurate results.
China demands US drop tech export curbs after Nvidia warning
BEIJING (AP) — The Chinese government is calling on Washington to repeal technology export curbs after California-based chip designer Nvidia said a new product might be delayed and some work might be moved out of China. The latest controls add to mounting U.S.-Chinese tension over technology and security. American officials say they need to limit the spread of technology that can be used to make weapons. Nvidia said buyers of its A100 graphics processing chips and development of the newer H100 might be affected. China’s Commerce Ministry accused Washington of abusing export controls to limit semiconductor sales to China. It said trade curbs would disrupt supply chains and global economic recovery.
EU: US electric vehicle tax credit reduces buyers’ choices
BRUSSELS (AP) — The European Union trade chief says a new U.S. tax credit aimed at encouraging Americans to buy electric vehicles could eventually backfire and limit choices for American consumers. Valdis Dombrovskis held a virtual meeting Thursday with his American counterpart Katherine Tai to address a wide range of trade issues, including the tax credit provision. The European Commission said it is concerned by the “potential discriminatory nature of electric vehicle tax credit provision.” Dombrovskis recalled during the call that “that discriminating against EU manufacturers makes it much more difficult for them to contribute to the electrification of vehicles in the US, reduces the choice of US consumers when they wish to buy electric vehicles.”