Stocks move lower on Wall Street a day after tech sell-off
NEW YORK (AP) — Stocks are falling again on Wall Street, a day after a big slump in technology companies pulled the market to its biggest drop since June. The S&P 500 was down 1.6% in midday trading. The selling followed a government report showing that U.S. hiring slowed to 1.4 million last month, lowest number since the pandemic began, even as the nation’s unemployment rate improved to 8.4% from 10.2%. Treasury yields rose. The higher yields helped send bank stocks higher, since banks can lend money at higher rates once yields rise in the bond market.
US unemployment rate falls to 8.4% even as hiring slows
WASHINGTON (AP) — The U.S. unemployment rate dropped sharply in August to a still-high 8.4% from 10.2%, with about half the 22 million jobs lost to the coronavirus outbreak recovered so far.
The Labor Department reported Friday that employers added 1.4 million jobs last month, down from 1.7 million in July and the fewest since hiring resumed in May. The drop was sharper than most economists expected and mainly reflected what they said were businesses recalling workers who had been temporarily laid off, rather than expanding with new employees.
Private companies added just over 1 million jobs in August, with the government providing nearly 350,000 others, including a quarter-million temporary census workers. The fall in private hiring from 1.5 million jobs in July was seen as a sign that employers remain cautious with the virus still out of control.
Serbia, Kosovo normalize economic ties, gesture to Israel
WASHINGTON (AP) — Serbia and Kosovo announced Friday at the White House that they have normalized economic ties. Serbia also announced that it will move its Israeli embassy to Jerusalem and Kosovo said it will recognize Israel, two moves that further President Donald Trump’s push to improve the international standing of the Jewish state. Serbia’s president and Kosovo’s prime minister have been meeting with Trump administration officials at the White House for the past two days. They agreed to cooperate on a range of economic fronts to create jobs and investment. The agreement gives Trump a diplomatic win ahead of the November presidential election.
IAEA: Iran continues to expand stockpile of enriched uranium
VIENNA (AP) — The U.N.’s atomic watchdog agency says Iran continues to increase its stockpile of enriched uranium, in violation of limitations set in the landmark 2015 nuclear deal with world powers. The International Atomic Energy Agency reported Friday in a confidential document distributed to member countries and seen by The Associated Press that Iran as of Aug. 25 had stockpiled 2,105.4 kilograms (2.32 tons) of low-enriched uranium, up from 1,571.6 kilograms (1.73 tons) last reported on May 20. Iran signed the nuclear deal in 2015 with the United States, Germany, France, Britain, China and Russia. Known as the Joint Comprehensive Plan of Action, or JCPOA, it allows Iran only to keep a stockpile of 202.8 kilograms (447 pounds).
EX-NISSAN BOSS ESCAPE-ARRESTS
Judge OKs extradition for men accused of aiding Ghosn escape
BOSTON (AP) — A federal judge has ruled that two American men accused of smuggling former Nissan Motor Co. Chairman Carlos Ghosn (gohn) out of Japan while he was awaiting trial on financial misconduct charges can be extradited. U.S. Magistrate Judge Donald Cabell on Friday approved the extradition of Michael Taylor and his son Peter Taylor. The final decision rests with the State Department. The Taylors are wanted by Japan so they can be tried on charges they helped Ghosn flee the country last year with former Nissan boss tucked away in a box on a private jet.
Judge allows disputed Minnesota mine project to proceed
ST. PAUL, Minn. (AP) — A judge says the Minnesota Pollution Control Agency did not deviate from most of its procedures when it issued a key water quality permit for the proposed PolyMet mine project. The ruling by Chief Ramsey County District Court Judge John Guthmann is a victory for supporters of the state’s first copper-nickel mine and the agency. Mine opponents accused the agency of “procedural irregularities” in how it developed and approved the water permit needed to build the $1 billion mine on the Iron Range. Guthmann’s report now goes to the Minnesota Court of Appeals. It’s considering lawsuits filed by environmental groups and the Fond du Lac band.
POLICE SHOOTING-WISCONSIN-ONLINE EXTREMISTS
Online bans fail to silence US extremists drawn to protests
SILVER SPRING, Md. (AP) — For months, the nationwide protests against racial injustice and COVID-19 lockdown orders have attracted all kinds of extremists using online platforms to plan, coordinate and drum up support for their activities. Facebook and other tech companies have banned accounts linked to anti-government extremists. But the recent protests in Kenosha, Wisconsin, and elsewhere show how easy it can be for them to avoid the digital roadblocks. Tech Transparency Project director Katie Paul says at least four private Facebook groups used their accounts to promote plans by supporters of the anti-government “boogaloo” movement to attend the protests in Kenosha before a gunman shot and killed two protesters last week.
UN: No vaccine to be endorsed before it’s safe and effective
LONDON (AP) — The head of the World Health Organization says the U.N. health agency would not recommend any COVID-19 vaccine before it is proved safe and effective, even as Russia and China have started using their experimental vaccines before large studies have finished and other countries have proposed streamlining authorization procedures. At a press briefing on Friday, the WHO’s chief appealed to people opposed to vaccination to do their own research, saying they have helped eradicate smallpox and save the lives of children. Last week, Britain said it would revise its laws to speed the use of any effective COVID-19 shot.
VIRUS OUTBREAK-HISTORIC RESTAURANT
Restaurant built in 1784, casualty of pandemic, to be razed
FOXBOROUGH, Mass. (AP) — A Massachusetts restaurant built along a stagecoach route in 1784 has closed permanently — another casualty of the coronavirus pandemic. The Sun Chronicle reports that the Lafayette House, on what’s now Route 1 in Foxborough, has been cleared for the wrecking ball. The town’s historical commission says it found little of the original building that hadn’t been altered over the centuries. The restaurant had been shuttered since the early days of the pandemic. It was originally called the Everett Inn but was renamed for the Marquis de Lafayette, a French military officer who fought in the American Revolution.