US employers add a weak 194,000 jobs as delta maintains hold
WASHINGTION (AP) —U.S. employers added just 194,000 jobs in September, a second straight tepid gain and evidence that the pandemic still has a grip on the economy with many companies struggling to fill millions of open jobs.
Friday’s report from the Labor Department also showed that the unemployment rate sank last month from 5.2% to 4.8%. The rate fell in part because more people found jobs but also because about 180,000 fewer people looked for work in September, which meant they weren’t counted as unemployed.
Jumbled reaction on Wall Street following weak jobs report
NEW YORK (AP) — U.S. stocks are mixed in jumbled trading on Friday after a weak jobs report raised questions about the Federal Reserve’s timeline to pare back its immense support for the markets.
The S&P was virtually unchanged in midday trading after government data showed far fewer jobs were created last month than economists forecast. The jobs report is among the most anticipated pieces of economic data, and the reaction to its release was a confused one. U.S. stocks moved up, down and back again, as did Treasury yields. The price of U.S. oil rose to its highest level since 2014.
GLOBAL MINIMUM TAX
Nearly 140 countries reach deal on corporate minimum tax
LONDON (AP) — Nearly 140 countries have agreed on a tentative deal that would make sweeping changes to how big, multinational companies are taxed in order to deter them from stashing their profits in offshore tax havens where they pay little or no tax.
The agreement announced Friday foresees countries enacting a global minimum corporate tax of 15% on the biggest, internationally active companies. U.S. President Joe Biden has been one of the driving forces behind the agreement as governments around the world seek to boost revenue following the COVID-19 pandemic. The agreement was announced by the Paris-based Organization for Cooperation and Economic Development, which hosted the talks.
White House proposes tech ‘bill of rights’ to limit AI harms
WASHINGTON (AP) — Top science advisers to President Joe Biden are calling for a new “bill of rights” to guard against powerful new artificial intelligence technology.
The White House’s Office of Science and Technology Policy on Friday launched a fact-finding mission to look at facial recognition and other biometric tools used to identify people or assess their emotional or mental states and character. Biden’s chief science adviser, Eric Lander, and the deputy director for science and society, Alondra Nelson, also published an opinion piece in Wired magazine detailing the need to develop new safeguards against faulty and harmful uses of AI that can unfairly discriminate against people or violate their privacy.
TRUMP BUSINESS-WASHINGTON HOTEL
Trump hotel lost $70M during presidency, got help from bank
NEW YORK (AP) — Former President Donald Trump’s company lost more than $70 million operating his Washington D.C. hotel while in office.
That is according to documents released Friday by a House committee investigating his business. The company had to inject millions into the hotel and get Deutsche Bank to delay payments on a loan tied to the property. The House Committee on Oversight and Reform said financial statements it obtained show the losses came despite $3.7 million in payments from foreign governments, business that government ethics experts say Trump should have refused because it posed conflicts of interest with his role as president.
Former Georgia state lawmaker, regent pleads guilty to racketeering
CONYERS, Ga. (AP) — The state attorney general’s office says a former Georgia state lawmaker and university regent has pleaded guilty to racketeering and been sentenced to serve eight years in prison.
Dean Alford had been indicted in May on charges of racketeering, fraud and forgery relating to allegations that he faked contracts while seeking money from a financial company. Alford received a 15 year sentence with eight to be served in prison and the rest on probation. A condition of that probation is that he may not conduct any business with the state.