News reports from around the world.
( ) -q-22- UNDATED (Correspondent Jeremy House) “year-ago period.”
Macy’s reported declines in profits and sales for the fiscal third quarter as the department store faces a pullback from shoppers stung by inflation.
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TAG: Correspondent Jeremy House reporting. Adjusted results were 52 cents per share. Sales slipped to $5.23 billion from $5.44 billion in the year-ago period.
VERBATIM: Despite the disappointing results, they beat Wall Street expectations. The New York-based company raised its earnings outlook, in part due to better credit card revenue. The department store chain said it earned net income of $108 million for the three-month period ended Oct. 29. That compares with $239 million for the year-ago period.
( ) -q-21- UNDATED (Correspondent Jeremy House) “out of homelessness.”
Ballot measures to build more affordable housing and protect tenants from soaring rent increases were plentiful and fared well in last week’s midterm elections.
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TAG: Correspondent Jeremy House reporting. Critics of rent stabilization were dismayed. They said restricting rents will spur disinvestment in rental stock and discourage the construction of affordable housing. But both sides agree that the country must build more affordable housing.
VERBATIM: The activity reflected growing angst over record high rents exacerbated by inflation and a dearth of homes. Voters in three U.S. cities approved capping rent increases at below inflation with a measure in a fourth city leading in the vote count. Tenant advocates say rent caps are critical to keeping low-income renters out of homelessness.
( ) -q-17- UNDATED (Correspondent Jeremy House) “call ‘zombie debt.'”
A growing number of homeowners say they are being blindsided by recent foreclosure actions on their homes over second loans that were taken out more than a decade ago.
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TAG: Correspondent Jeremy House reporting. Attorneys for homeowners say the loans are typically owned by purchasers of troubled mortgages and are being pursued now because home values have increased and there’s more equity in them.
VERBATIM: Collectors say the loans were defaulted on years ago and the money is legally owed. Some homeowners believed their second loans were rolled in with their first mortgage payments or forgiven. Now they’re being told the loans weren’t dead after all. Instead, they’re what critics call “zombie debt.”
( ) -q-23- UNDATED (Correspondent Jeremy House) “next three years.”
Target is reporting an uptick in third-quarter sales but posted a 52% drop in profits.
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TAG: Correspondent Jeremy House reporting. Company executives told reporters on a call that cuts won’t include layoffs or hiring freezes.
VERBATIM: The retailer was forced to further discount its merchandise to entice inflation-squeezed customers. Given the current environment, Minneapolis-based Target lowered its sales and profit outlooks for the fourth quarter, which includes the critical holiday season. The discounter also said that it will be slashing expenses for a total savings of two-to-three billion dollars over the next three years.
( ) -v-33- UNDATED (Correspondent Jeremy House) “std.”
Britain’s Treasury chief, Jeremy Hunt, has warned that a spending crunch and tax increases are on their way as he bids to fill the “black hole” in the country’s finances. Correspondent Jeremy House has more on the story.
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VERBATIM: When he will updates Britain’s parliament this week on the government’s budget measures, Hunt said he will make “very difficult decisions” to curb inflation and put the economy back on an even keel. He says he is determined to make an expected recession as shallow as possible, warning that everyone can expect to pay more taxes. Hunt is seeking to make up to 71 billion dollars in savings and extra revenue to undo some of the damage economists say was done by his predecessor and former Prime Minister Liz Truss.
( ) -q-26- UNDATED (Correspondent Jeremy House) “2.4-trillion dollar empire.”
Apple is heading into a faceoff in federal appeals court with the company behind the popular Fortnite video game.
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TAG: Correspondent Jeremy House reporting. Apple won the first round last year in a lower court ruling that is now challenged by Epic Games, the maker of Fortnite.
VERBATIM: The showdown Monday revives a high-stakes antitrust battle over whether the digital fortress shielding the iPhone’s app store illegally enriches the world’s most valuable company. Oral arguments being presented in San Francisco are the latest volley in legal battle revolving around an app store that provides a wide range of products to more than 1 billion iPhones. It also serves as a pillar in Apple’s $2.4 trillion empire.
( ) -q-25- UNDATED (Correspondent Jeremy House) “business with China.”
German Chancellor Olaf Scholz has said during a visit to Singapore that his country wants to strengthen its economic ties with the Asia-Pacific region, emphasizing that it is “far more than just China.”
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TAG: Correspondent Jeremy House reporting.
VERBATIM: Scholz was in Singapore Monday on the second leg of an Asian trip that started in Vietnam and also will take him to the summit in Bali, Indonesia, of the Group of 20 global powers. The trip follows a visit to Beijing earlier this month and comes as Germany grapples with its future trade and political relationship with China. Scholz is encouraging German companies to diversify, but is not discouraging business with China.
China’s government has appealed to Germany to maintain access to its markets after a company said Berlin may block the sale of a computer chip factory to a Chinese-owned buyer
Elmos said it was informed by Germany’s Economy Ministry that the sale to Silex Microsystems AB of Sweden “will most likely be prohibited.” German media say Silex is owned by Sai Microelectronics of China. Western governments are increasingly wary about China’s technology ambitions and assertive foreign policy.
In Georgia, Republican Senate candidate Herschel Walker is wasting no time diving into the runoff against Democrat opponent Raphael Warnock. Just a day after the election went into a runoff, Walker raised three-point-three million dollars for his new campaign. The following day he collected even more, four-point-three million. Falling 35-thousand votes short during the election, Walkers’s shortfall gave Warnock the lead and forced a runoff. Already jump-starting his campaign, Walker appeared at a rally in Canton, Georgia featuring GOP Senator Ted Cruz. Rich Thomason reporting.Listen Download
The Biden administration’s recent move to block exports of advanced computer chips to China signals a new phase in relations between the globe’s two largest economies. Analyst say trade matters less than an increasingly heated competition to be the world’s leading technological and military power. The export ban helps set the tone for President Joe Biden’s upcoming meeting with Chinese President Xi Jinping on Monday on the sidelines of the Group of 20 summit in Asia. Both leaders are likely to touch on the export ban, which Chinese officials were quick to condemn.Listen Download
( ) -q-23- UNDATED (Correspondent Jeremy House) “COVID-19 pandemic.”
Statistics show that Britain’s economy shrank in the three months to September, and forecasters are warning of many months of contraction to come.
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TAG: Correspondent Jeremy House reporting. Britain’s economy is struggling as Russia’s invasion of Ukraine has driven up food and energy costs. Treasury chief Jeremy Hunt is due to announce tax increases and public spending cuts next week.
VERBATIM: Britain’s Office for National Statistics says gross domestic product fell by 0.2% between July and September. It said a decline in manufacturing output and an extra holiday to mark the death of Queen Elizabeth II were behind the decline. It said the U.K. economy is now 0.2% smaller than in February 2020, just before the COVID-19 pandemic.
( ) -q-22- UNDATED (Correspondent Jeremy House) “the supply chain.”
Supply chains, Russia’s war in Ukraine and the impact of COVID-19 are top of mind for U.S. Treasury Secretary Janet Yellen as she meets with Indian leaders in New Delhi.
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TAG: Correspondent Jeremy House reporting. Yellen hopes to open up economic partnerships in the Indo-Pacific.
VERBATIM: Yellen spoke to tech leaders at the Microsoft India Development Center, addressing U.S. concerns. Among them were Russia cutting off gas supplies in Europe and China’s chokehold on global solar panel production. The United States is pursuing an approach called “friend-shoring” to diversify away from countries that present geopolitical and security risks to the supply chain.
( ) -q-23- UNDATED (Correspondent Jeremy House) “had little effect.”
Southeast Asian leaders have done little to ramp up pressure on Myanmar to comply with their plan for peace.
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TAG: Correspondent Jeremy House reporting. The group has banned leaders of Myanmar from participating in its top-level events, and some had been pushing for that ban to be broadened. But instead, leaders decided Friday to review the matter later “if the situation requires.”
VERBATIM: At the Association of Southeast Asian Nations conference in Cambodia, the leaders agreeed to a course of action that largely kicks the matter down the road. With violence in Myanmar spiraling out of control since the military seized power in 2021, the association has been trying to implement a five-point plan for peace. That plan has so far had little effect.
( ) -q-25- UNDATED (Correspondent Jeremy House) “and stun grenades.”
Workers have walked off the job in Greece and Belgium during nationwide strikes against increasing consumer prices.
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TAG: Correspondent Jeremy House reporting. European countries have faced a series of protests and strikes as Russia’s war in Ukraine has driven up energy and food prices.
VERBATIM: The strikes have disrupted transportation, forced flight cancellations and shut down public services in the latest European protests over the rising cost of living. In Greece, thousands of protesters marched in Athens and elsewhere. Brief clashes broke out at the end of demonstrations, with small groups of protesters throwing Molotov cocktails and rocks at riot police, who responded with tear gas and stun grenades.
( ) -q-27- UNDATED (Correspondent Jeremy House) “most dynamic market.”
A group of top German business executives is warning against withdrawing from China, while acknowledging that it’s right for Germany to redefine its relationship with Beijing.
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TAG: Correspondent Jeremy House reporting.
VERBATIM: The intervention by eight chief executives comes as Germany grapples with its future business and political relationship with China. The authors included the CEOs of industrial conglomerate Siemens, chemicals manufacturer BASF and technology company Bosch. They said German companies’ sites in China and elsewhere in the world contribute significantly to their competitiveness, and that China has become the world’s second-biggest and most dynamic market.
( ) -q-26- UNDATED (Correspondent Jeremy House) “housing and technology.”
The number of Americans applying for jobless benefits rose slightly last week.
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TAG: Correspondent Jeremy House reporting.
VERBATIM: The Labor Department says unemployment claims for the week ending November 5 rose by 7,000 to 225,000 from 218,000 the previous week. The four-week moving average declined by 250 to 218,750. The labor market remains healthy despite recent job cuts that have begun to spread across sectors most affected by soaring interest rates, such as housing and technology.
( ) -q-28- UNDATED (Correspondent Jeremy House) “0.3-percent from September.”
Price increases moderated in the United States last month.
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TAG: Correspondent Jeremy House reporting. The numbers were all lower than economists had expected. Even with last month’s tentative easing of inflation, the Federal Reserve is widely expected to keep raising interest rates to try to stem persistently high price increases.
VERBATIM: It’s the latest sign that the inflation pressures that have gripped the nation might be easing as the economy slows and consumers grow more cautious. Consumer inflation reached 7.7% in October from a year earlier and 0.4% from September. The year-over-year gain was the smallest since January. Excluding volatile food and energy prices, “core” inflation rose 6.3% in the past 12 months and 0.3% from September.
( ) -q-26- UNDATED (Correspondent Jeremy House) “cars and vans.”
The European Union’s executive arm has proposed pollution standards for new combustion engine vehicles that are expected to remain on Europe’s roads well after the 27-nation bloc bans their sale in 2035.
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TAG: Correspondent Jeremy House reporting.
VERBATIM: The standards presented by the European Commission would apply to all cars, vans, trucks and buses sold in the European Union. EU officials said the guidelines were expected to lower nitrogen oxide emissions from cars and vans by 35%. The proposal will be submitted to the European Parliament and the EU’s member countries with a goal of the guidelines taking effect in July 2025 for cars and vans.
( ) -q-17- UNDATED (Correspondent Jeremy House) “of 21.27-billion.”
The Walt Disney Company has posted lower-than-expected profit and revenue for its fiscal fourth quarter.
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TAG: Correspondent Jeremy House reporting. Disney said it ended the fiscal year with more than 235 million subscribers to its streaming services. That’s above analysts’ expectations of 231.5 million.
VERBATIM: The company says it earned $162 million. That’s nearly flat compared to the $160 million it earned a year earlier. Revenue grew 9% to $20.15 billion. Analysts were expecting revenue of $21.27 billion.
( ) -q-21- UNDATED (Correspondent Jeremy House) “Europe and elsewhere.”
The European Union has launched an investigation into Microsoft’s planned takeover of video game giant Activision Blizzard.
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TAG: Correspondent Jeremy House reporting. If it goes through, the all-cash deal would be the largest in the history of the tech industry. Members of the European Commission said Tuesday that “the point is to ensure that the gaming ecosystem remains vibrant to the benefit of users in a sector that is evolving at a fast pace.”
VERBATIM: The E-U fears the $69 billion deal would distort fair competition to popular titles like Call of Duty. Microsoft, maker of the Xbox gaming system, first announced the agreement to buy the California-based game publisher in January. It still awaits scrutiny from antitrust regulators in the U.S., Europe and elsewhere.
( ) -q-29- UNDATED (Correspondent Jeremy House) “the Twitter purchase.”
Twitter’s new owner and Tesla CEO Elon Musk has sold nearly $4 billion worth of Tesla shares, according to regulatory filings.
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TAG: Correspondent Jeremy House reporting. Most of Musk’s wealth is tied up in shares of Tesla Inc. On Tuesday, his personal net worth dropped below $200 billion, according to Forbes, but he is still the world’s richest person.
VERBATIM: Regulatory filings show Musk, who bought Twitter for $44 billion, sold 19.5 million shares of the electric car company from November 4 to November 8. He sold $7 billion of his Tesla stock in August as he worked to finance the Twitter purchase he was trying to get out of at the time. In all, Musk has sold more than $19 billion worth of Tesla stock since April, including those in Tuesday’s filings, likely to fund his share of the Twitter purchase.
( ) -q-21- UNDATED (Correspondent Jeremy House) “the legal limit.”
California has settled a lawsuit against a German company stemming from the emissions scandal that tarred Volkswagen and Fiat Chrysler.
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TAG: Correspondent Jeremy House reporting. The complaint says Bosch knew or should have known that the automakers were violating environmental and consumer protection laws. The company isn’t admitting liability.
VERBATIM: German auto supplier Bosch will pay $25 million to settle allegations by the state and California Air Resources Board under a court complaint and settlement agreement. Volkswagen and Fiat Chrysler installed devices that made it seem like the vehicles were meeting emissions requirement. But the vehicles actually polluted at many times the legal limit.
( ) -q-25- UNDATED (Correspondent Jeremy House) “expensive hospital stays.”
Walgreens extended its push into more comprehensive health care with its VillageMD unit.
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TAG: Correspondent Jeremy House reporting. The deal to combine VillageMD and CityMD arrives just two months after CVS Health said it would pay about $8 billion to acquire Signify Health, a technology company that sends doctors and other care providers to people’s homes.
VERBATIM: Walgreens has acquired another urgent and primary care chain, Summit Health-CityMD, in a deal worth close to $9 billion. Walgreens and rival CVS, two retail chains with thousands of locations, have evolved in recent years with a greater focus on overall care for customers. The aim is to try to help customers avoid chronic health conditions and expensive hospital stays.
( ) -q-22- UNDATED (Correspondent Jeremy House) “tanker and others.”
China is displaying its latest generation fighter jets and civilian aircraft as it looks to carve a larger role for itself in the global arms trade and take on Boeing and Airbus.
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TAG: Correspondent Jeremy House reporting. The air show comes as Russia’s war on Ukraine has reduced stocks to the point that the United States has accused North Korea of supplying Soviet-era ammunition to replenish Russian stockpiles.
VERBATIM: China is the world’s fourth largest arms exporter. An expanding domestic industry has allowed China to sever its former dependence on Russia and compete for contracts for equipment from drones to warplanes and missile defense systems. The air show in the southern city of Zhuhai is displaying the J-20 stealth fighter, YU-20 aerial tanker and others.