Foxconn protests: iPhone factory offers to pay its workers to quit and leave Zhengzhou campus

Hong Kong CNN Business – Foxconn has offered to pay newly hired workers 10,000 yuan ($1,400) to quit and leave the world’s largest iPhone assembly plant, in a bid to quell protests that have seen hundreds clash with security forces at the complex in central China. The Apple supplier made the offer on Wednesday after … Read more

The Fed provides more clues to raise interest rates

New York CNN Business – Americans prepare for food, family and football on Thursday, but investors still hesitated until Wednesday afternoon before they started giving thanks. That’s because the Federal Reserve released the minutes of its latest meeting at 2pm EST on Wednesday, which provided more clues about the central bank’s thinking about inflation and … Read more

Latest weekly jobless claims jump to 240,000

Minneapolis CNN Business – First time weekly claims for unemployment benefits It jumped to 240,000 for the week ending Nov. 19, according to data released Wednesday by the Labor Department. This is a sharp increase of 17,000 from the previous week’s upwardly revised number of 222,000, and it exceeds Economists’ forecasts are 225,000. It’s the … Read more

Mortgage rates drop to 6.61% amid signs of subduing inflation

Editor’s note: Freddie Mac, which has tracked average weekly mortgage rates since 1971 and makes periodic changes to the Basic Mortgage Market Survey, changed its data source as of November 17, 2022. Rather than a survey of lenders, the weekly results will be based on applications received by Lenders that are introduced to Freddie Mac. … Read more

The Senate antitrust chair said Taylor Swift’s ticket caused Ticketmaster to abuse its market power

New York CNN Business – Sen. Amy Klobuchar slammed Ticketmaster in an open letter to its CEO, saying she had “serious concerns” about the company’s operations after the service’s downfall on Tuesday left Taylor Swift fans furious. In a letter to CEO Michael Rapinoe, Democrat of Minnesota and chairman of the Senate Judiciary Subcommittee on … Read more

A recipe for gridlock: Lawmakers are bracing for partisan squabbling and legislative deadlock

CNN – Michigan Democratic Sen. Debbie Stabenow has seen this before. Nearly a dozen years ago when Barack Obama was president, a newly minted Republican majority in the House came to power, promising to rein in the Democrats’ agenda, spending cuts and a White House investigation they thought was rampant. What resulted: years of intense … Read more

The headline inflation report suggests that the Fed’s interest rate increases may have begun to cool prices

Minneapolis CNN Business – The main measure of inflation, wholesale prices, rose 8% in October from a year earlier, according to the latest report from the Bureau of Labor Statistics. While still historically high, it was the smallest increase since July of last year and much better than expected. It is the second inflation report … Read more

Dead to lay off 11,000 employees, as Zuckerberg says he is ‘responsible for mistakes’

New York CNN Business – Meta, the parent company of Facebook, said Wednesday that it will lay off 11,000 employees, marking the most significant job cuts in the tech giant’s history. The job cuts come as Meta faces a host of challenges to its core business and presents an uncertain and costly bet on pivoting … Read more

Exit polls: What voters think as America goes to the polls

CNN – Read below for an analysis of CNN’s initial 2022 polls. While voters in this year’s midterm elections have negative views of President Joe Biden, their views of his predecessor are more negative, according to preliminary national results of a polling day poll conducted by CNN and other news networks by Edison Research. Only … Read more