BERLIN (AP) — Germany’s biggest industrial union agreed with employers Friday on a pay deal that will see millions of workers get raises totaling 8.5% over two years as well as one-time payments meant to cushion the effect of sky-high inflation. The IG Metall union and employers reached a compromise in the southwestern state of…
NEW YORK (AP) — President Joe Biden’s plan to provide up to $20,000 in federal student loan forgiveness has been blocked by two federal courts, leaving millions of borrowers wondering what happens next. The Justice Department on Friday asked the Supreme Court to reverse one of the lower court decisions, warning that many Americans will…
By Sonali Paul and Muyu Xu MELBOURNE (Reuters) -Oil pared early gains and was on track for a steep weekly decline on concerns about weakening demand in China and further interest rate rises by the U.S. Federal Reserve. Brent crude futures had edged lower by 13 cents or 0.1% to $89.65 a barrel by 0737…
HONG KONG (Reuters) – Moody’s Corp is shutting its China consulting business and is laying off people associated with the unit in multiple locations across the country, two people with knowledge of the matter said on Friday. The U.S.-headquartered credit rating firm started shutting the business, Moody’s Analytics, in China this week, said the people…
A late-afternoon rally on Wall Street helped stocks close higher Friday, though the major indexes still wound up finishing lower for the week after several days of bumpy trading. The S&P 500 rose 0.5% after wavering between small gains and losses for much of the day. The Dow Jones Industrial Average rose 0.6% and the…
A look at the day ahead in markets from Anshuman Daga While Fed speakers talk tough on interest rates and keep market expectations in check, Britain’s bleak outlook will also weigh on UK assets. St. Louis Fed President James Bullard said that even under a “generous” analysis of monetary policy, the Fed needs to keep…
BANGKOK (AP) — Pacific Rim leaders were striving to find common ground on the war in Ukraine and other dire threats to humankind in an annual meeting that began Friday at a heavily guarded venue in Thailand’s capital. The annual summit of the 21-member Asia-Pacific Economic Cooperation forum is the last of three back-to-back meetings…
By Paresh Dave and Katie Paul (Reuters) – Meta Platforms Inc Chief Executive Mark Zuckerberg told employees on Thursday that WhatsApp and Messenger would drive the company’s next wave of sales growth, as he sought to assuage concerns about Meta’s finances after its first mass layoffs. Zuckerberg, addressing pointed questions at a company-wide meeting a…
NEW YORK (AP) — The mass layoffs that began in Amazon’s corporate ranks this week will extend into next year, CEO Andy Jassy said Thursday. In a note sent to employees, Jassy said the company told workers in its devices and books divisions about layoffs on Wednesday. He said it also offered some other employees…
By Sheila Dang, Paresh Dave and Hyunjoo Jin (Reuters) – Hundreds of Twitter employees are estimated to be leaving the beleaguered social media company following an ultimatum from new owner Elon Musk that staffers sign up for “long hours at high intensity,” or leave. In a poll on the workplace app Blind, which verifies employees…
