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Twitter CEO resigns, leaving company at crossroads
San Francisco: Jack Dorsey is stepping down as CEO of Twitter. This is the second time in his career that he has resigned from the job. This time he says of his own free will. Dorsey on Monday offered no specific reason for his resignation beyond an abstract argument that Twitter should split from its founders. He started the company and spent 16 years there in various roles. He will be replaced by the current Chief Technology Officer of Twitter. Dorsey was the social platform’s first CEO in 2007 until he was ousted the following year, then returned to the role in 2015.
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Amazon employees in Alabama get do-over in union election
NEW YORK: A new union election for Amazon employees in Bessemer, Alabama, will be held based on objections to the first vote in April. The move comes as a major blow to Amazon, which had spent nearly a year campaigning aggressively for warehouse workers in Bessemer to reject the union, which they eventually did by a wide margin. The rare call for do-overs was first announced by the Retail, Wholesale and Department Store Union, which led the union movement. A National Labor Relations Board spokesperson confirmed the decision.
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Food, gas prices shock households as global inflation rises
Budapest, Hungary: From appliance stores in the United States to food markets in Hungary and gas stations in Poland, rising consumer prices are taking a toll on homes and businesses around the world. As economies recover from pandemic lockdowns, rising consumer demand, high energy costs and supply chain disruptions have fueled rising inflation. Countries such as Poland and Hungary are among the countries that are experiencing the steepest price rise. Their weak currencies and import-focused economies make them particularly vulnerable to price hikes, and their inflation rates are among the highest in Europe. The new coronavirus pandemic, Omicron, has raised fears of more closures that could further impact global commerce and send prices even higher.
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COVID variant clouds inflation, economic outlook, says Powell
WASHINGTON: Federal Reserve Chairman Jerome Powell says the appearance of a new COVID-19 variant could slow the economy and hiring. He also says that it adds to the uncertainty about inflation. Powell says in remarks to the Senate Banking Committee on Tuesday that he said the recent rise in coronavirus cases and the emergence of the Omicron variant created downside risks to employment and economic activity and increased uncertainty for inflation. The new version could also worsen supply chain disruptions, he added.
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Stocks rise as Wall Street stabilizes after Omicron slide
NEW YORK: The stock market stabilized itself on Monday after last week’s fall brought on by the latest coronavirus version. Investors are waiting for more clues about how much the new stress could hurt the economy. The S&P 500 ended 1.3% higher, losing more than half of its decline since Friday. Bond yields and crude oil also recovered part of a knee-jerk reaction on Friday to steer clear of safety and riskier investments. While the market was stable, it did not return to the full-on rally it had before the discovery of the variant now known as Omicron.
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GivingTuesday CEO talks about campaign, young donors
Over the past 10 years, charities have garnered lucrative appeals for fundraising and have garnered billions in donations on GivingTuesday, the first Tuesday after Thanksgiving. Last year, US donors gave nearly $2.5 billion amid growing needs caused by the COVID-19 pandemic and the nation’s racial count. No one has any idea how much money will go to charity this Tuesday. Asha Kuren, CEO of the organization promoting the campaign, says people are also gearing up to participate in ways that don’t involve paying. The AP recently spoke with her about the campaign, youth donors, and more.
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Buyers are back at online stores, but virus impact persists
NEW YORK: Americans are spending more freely and going back to shop, eroding some of the momentum in online sales from last year when Americans were making many of their purchases exclusively via the Internet. Shopper traffic returned on Black Friday, but it was still below pre-pandemic levels as retailers spread big deals starting in October. The early buying is also expected to impact online sales on Monday, also known as Cyber Monday. Still, Black Friday is once again expected to be the busiest shopping day of the year, while Cyber Monday should also be the biggest online spending day.
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Millions of German state workers to get salary hike, COVID bonus
BERLIN: About 3.5 million state-level employees and civil servants in Germany will receive a 2.8% increase next year and a tax-free COVID-19 bonus of about $1,470. The agreement announced by the two unions on Monday would see higher wages and risk pay for workers in some medical and care professions and a tax-free bonus of 650 euros for trainees and interns. The agreement between the unions and most of Germany’s 16 states follows a series of strikes, particularly in the health care sector. The agreement is valid for two years. It applies to public hospitals, schools, police, fire services and bureaucrats in all states except Hesse, where a similar agreement was reached last month.
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The S&P 500 rose 60.65 points, or 1.3%, to 4,655.27. The Dow Jones Industrial Average rose 236.60 points, or 0.7%, to 35,135.94. The Nasdaq closed 291.18 points, or 1.9%, higher at 15,782.83. The Russell 2000 Index of Small Companies fell 3.96 points, or 0.2%, to 2,241.98
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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