Low-wage workers bear financial brunt of denied abortions
It has always been difficult to be pregnant on the job and to raise a child, but especially so for low-wage workers. They are more likely to work in physically demanding roles with fewer labor protections and less flexibility than higher-wage jobs. Abortion bans and restrictions widen the disparity. Carrying an unwanted pregnancy quadruples the odds that a new mother and her child will live below the...
Low-wage workers bear financial brunt of denied abortions
It has always been difficult to be pregnant on the job and to raise a child, but especially so for low-wage workers. They are more likely to work in physically demanding roles with fewer labor protections and less flexibility than higher-wage jobs. Abortion bans and restrictions widen the disparity. Carrying an unwanted pregnancy quadruples the odds that a new mother and her child will live below the federal poverty line and triples the chances of the mother being unemployed, according to the groundbreaking years-long research project The Turnaway Study. Other research shows women denied access to abortion will see their credit history impaired.
Musk lugs sink into Twitter HQ as $44B deal deadline looms
Elon Musk posted a video Wednesday showing him strolling into Twitter headquarters ahead of a Friday deadline to close his $44 billion deal to buy the company. Musk also changed his Twitter profile to refer to himself as “Chief Twit” and his location to Twitter’s San Francisco headquarters, which he once suggested might be better suited as a homeless shelter. The video showed him carrying a sink through a lobby area. “Entering Twitter HQ – let that sink in!” he tweeted. A court has given Musk until Friday to close his April agreement to acquire the company after he earlier tried to back out of the deal.
French leader vows to raise retirement age to 65, up from 62
PARIS (AP) — French President Emmanuel Macron is vowing to implement a pension reform that would eventually raise the retirement age by three years to 65 and make younger generations work longer. In an interview on France 2 television, Macron said Wednesday that the changes will start being applied next year and the minimum retirement age to get full pension will be gradually increased from 62 now to 65 by 2031. Yet he says he is “open” to discussion with workers’ union the retirement age and making potential amendments to the proposals. A proposed pension overhaul sparked nationwide strikes and protests at the end of 2019 during Macron’s first term. Macron was reelected for a second term in April.
Facebook parent Meta’s revenue, profit decline amid ad slump
Facebook parent Meta has reported that its revenue declined for a second consecutive quarter. That is raising questions about whether spending $10 billion a year on the metaverse — a concept that doesn’t quite exist yet and possibly never will — is prudent. The Menlo Park, California, company’s results were hurt by drop in digital ad spending as the economy falters. Meta, which also owns Instagram and WhatsApp, is also facing stiff competition from TikTok. Its disappointing results follow weak earnings reports from Google parent Alphabet Inc. and Microsoft this week.
Ye kicked out of Skechers’ headquarters in California
MANHATTAN BEACH, Calif. (AP) — The rapper formerly known as Kanye West was escorted out of the California headquarters of athletic shoemaker Skechers Wednesday after he showed up unannounced. Skechers says the Grammy winner, who is now known as Ye, also engaged in unauthorized filming at its corporate headquarters in Manhattan Beach and was escorted out by two executives. Skechers says it condemns his recent remarks and has no intention of working with him. For weeks, Ye has made antisemitic comments in interviews and social media. On Tuesday, Adidas ended its partnership with the artist and a slew of other companies also have cut ties.
Stocks end mixed on Wall Street amid weak tech earnings
Stock ended mixed on Wall Street as investors weighed the latest batch of earnings reports, including weak results from several heavyweight technology companies. The S&P 500 fell 0.7% Wednesday after shedding an early gain, and the tech-heavy Nasdaq fell 2%. The Dow ended just barely in the green, thanks in part to a big jump in Visa. Small-company stocks rose more than the rest of the market. Google’s parent company slumped after its ad sales slowed dramatically. Microsoft also fell. Long-term Treasury yields continued to pull back from their multiyear highs. Steady gains in those yields have sent mortgage rates sharply higher this year.
Meta fined $24.7M for campaign finance disclosure violations
SEATTLE (AP) — A Washington state judge has fined Facebook parent company Meta nearly $25 million for repeated, willful violations of campaign finance disclosure laws. The penalty issued by King County Superior Court Judge Douglass North on Wednesday was the maximum allowed. Washington Attorney General Bob Ferguson argued that the maximum was appropriate considering that he had previously sued Facebook in 2018 for violating the same law. Washington’s transparency law requires ad sellers such as Meta to disclose the names and addresses of those who buy political ads, the target of such ads and the total number of views of each ad. Meta has objected to the requirements. Ferguson described the fine as the largest campaign finance-related penalty ever issued in the U.S.
With Americans feeling pinched, Biden targets ‘junk fees’
NEW YORK (AP) — With time running out before the election, President Joe Biden highlighted his administration’s push to crack down on so-called junk fees that banks and other companies charge their customers. The announcement comes after months of high inflation has eaten away at Americans’ savings and made the economy the top issue for voters. Biden was joined by Rohit Chopra, the director of the Consumer Financial Protection Bureau, the nation’s financial watchdog agency, which is targeting overdraft fees charged by banks as well as bad check fees, which are levied against a bank customer when a check isn’t valid.
Gas crunch eases in Europe — but the respite might not last
FRANKFURT, Germany (AP) — Europe’s sky-high natural gas prices have fallen thanks to unseasonably warm weather and efforts to fill up storage ahead of winter. Prices have dropped to their lowest level since June. Electricity is cheaper, too. Lower use by industry has helped to reduce demand for fuel. But there are uncertainties ahead, including how cold the weather gets, whether people turn down their thermostats, demand from Asia and whether Russia’s war in Ukraine delivers more disruption. European officials are trying to meet the crisis with measures such as limiting prices swings and buying gas together to avoid bidding against each other.
UK Treasury chief delays detailing new economic plans
LONDON (AP) — UK Treasury Chief Jeremy Hunt has delayed his much-anticipated economic statement until Nov. 17. The move Wednesday gives the new government of Prime Minister Rishi Sunak a chance to weigh in on policies meant to stabilize the country’s finances after his predecessor’s tax-cutting plans triggered market upheaval. The statement will now include a full budget and analysis of its impact on government debt and borrowing by the independent Office of Budget Responsibility. It was originally set to be announced on Halloween. Sunak took office Tuesday after former Prime Minister Liz Truss was forced resign following concerns that her package of tax cuts and spending increases would lead to soaring public debt.