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Study: Fossil fuel plans will go far beyond climate goals
LONDON: The world needs to cut its production of coal, oil and gas by more than half in the coming decade to keep global warming likely to reach dangerous levels, a UN-backed study has found. . Several governments have made ambitious pledges to curb greenhouse gas emissions, a report published by the United Nations Environment Program on Wednesday said. But it found that they still plan to double the amount of fossil fuels in 2030, which would be in line with the goal of keeping global temperature rise below 1.5 °C (2.7 °F). Climate experts say the world should reduce the burning of fossil fuels as soon as possible.
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Tired of nights, weekends, workers seek flexible schedules
NEW YORK: Companies are facing demands for hourly workers on terms that used to be often non-negotiable: scheduling. That means retreating on weekends, late nights or holiday shifts. Hourly workers are taking a page from their white-collar peers who are restructuring their workdays to accommodate their lifestyles. Similarly, hourly workers are demanding flexibility in how and when they do their jobs. Desperate to keep hiring, companies are responding by adjusting schedules to meet workers’ demands. But they are limited in how they can operate, especially with customers who have become accustomed to getting what they want.
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Bitcoin Tops $66,000, Sets Record as Crypto Goes Mainstream
NEW YORK: Bitcoin topped $66,000 for the first time on Wednesday, sparking a wave of excitement about how the financial establishment is increasingly accepting of the digital currency’s growth. As of 4:15 p.m. Eastern Time, one bitcoin was worth $66,096, having previously climbed to $66,974.77. It has topped its previously set record in April after sinking below $30,000 during the summer. This previous all-time high was around $64,889. As purchases in bitcoin by more businesses, professional investors, and even the government of El Salvador have boomed, its base has expanded beyond the radical core of the fundamentalist.
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Fed survey finds economy facing supply chain, other drag
WASHINGTON: The economy was facing a number of headwinds, from supply chain disruptions and labor shortages to uncertainty about the delta version of COVID-19, the Federal Reserve reported earlier this month. In its latest survey of business conditions across the country, the Fed said most of its 12 sectors viewed consumer spending, the main driving force for the economy, as the rest positive. The report noted a wide gap in performance, however, as auto sales suffered because of limited inventories, while manufacturing was growing either modestly or strongly, depending on which Fed district was reporting.
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Senator asks Facebook CEO to testify on Instagram and kids
WASHINGTON: The senator leading an investigation into Facebook’s Instagram and its impact on youth has asked Facebook CEO Mark Zuckerberg to testify in the Senate. Zuckerberg is being asked to appear before a panel that heard far-reaching criticism from a former company employee. Sen. Richard Blumenthal heads the Senate Commerce Subcommittee on Consumer Protection. He wrote a sharply worded letter to Zuckerberg asking him to testify on the effects Instagram has on children’s mental health and wellbeing. As public discomfort and scrutiny of the social network giant have grown in recent weeks, the focus has shifted to Zuckerberg, who controls more than 50% of Facebook voting shares.
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Stocks end higher as S&P 500 hits record high
NEW YORK: Stocks ended higher on Wall Street on Wednesday, pushing the S&P 500 to the brink of another record high. The benchmark index climbed 0.4% for the sixth consecutive gain. That helped health care stocks gain gains after Anthem and Abbott Laboratories turned in solid quarterly earnings reports. The Dow Jones Industrial Average fell 0.4% and the Nasdaq fell less than 0.1%. Netflix fell after its earnings forecast for the current quarter fell below analysts’ estimates. The yield on the 10-year Treasury rose to 1.65%. Bitcoin price surged above $66,000 for the first time.
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Tesla makes record profit despite parts shortage, ship delays
DETROIT: Record electric vehicle sales last summer amid a shortage of computer chips and other materials propelled Tesla Inc. to the biggest quarterly net earnings in its history. The company said on Wednesday that it earned $1.62 billion in the third quarter, breaking the previous record of $1.14 billion set in the second quarter of this year. The profit was nearly five times more than the $331 million Tesla made in the same quarter a year ago. Revenue of $13.76 billion from July to September also set a record, but fell short of Wall Street’s expectations of more than $14 billion. Excluding special items like stock-based compensation, Palo Alto, Calif.-based Tesla earned $1.86 per share, beating analyst estimates of $1.62.
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CSX 3Q Railroad profit jumps 32% as volume rises 3%
OMAHA, Neb: CSX jumped 32% in third-quarter profits as its cargo volumes outpaced previous strong levels. The Jacksonville, Florida-based railroad said Wednesday it earned $968 million, or 43 cents per share, in the quarter. That’s up from a year ago of $736 million, or 32 cents per share. Shipping volume across the CSX’s network was up 3% overall. The industry continues to struggle to keep up with production due to ongoing chip shortages, even with automotive shipments down 26%. The railroad said it was working to address supply chain bottlenecks that have delayed shipments across the country.
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The S&P 500 rose 16.56 points, or 0.4%, to 4,536.19. The Dow Jones Industrial Average rose 152.03 points, or 0.4%, to end at 35,609.34. The Nasdaq fell 7.41 points, or less than 0.1%, to end at 15,121.68. The Russell 2000 Index of Small Companies rose 13.85 points, or 0.6%, to 2,289.77.
Disclaimer: This post has been self-published from the agency feed without modification and has not been reviewed by an editor
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