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Whistleblowers will play key role in implementing vaccine mandate
WASHINGTON: To implement President Joe Bidens’ upcoming COVID-19 mandate, the US Department of Labor is going to need a lot of help. Its Occupational Safety and Health Administration doesn’t have nearly enough workplace safety inspectors to do the job. So the government will rely on a team of informants to identify violations of the order: employees who will likely be concerned enough to turn to their own employers if their coworkers leave without vaccinations or they show up virus-free. fail to pass weekly tests for It is not known how many employees would be willing to accept some risk to themselves or their job security to blow the whistle on their own employers.
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AP interview: Facebook whistleblower fears metaverse
BRUSSELS: Facebook whistleblower Frances Hogen has warned that the virtual reality world at the center of the social media giant’s growth strategy will be addictive and looting of people’s personal information, giving the company another monopoly online. In an interview Tuesday with The Associated Press, Haugen said his former employer recently rushed to trumpet the Metaverse after revealing the deeper problems it was facing at the company. The former product-manager-whistleblower’s allegations have drawn global attention for providing insight into what Facebook may have been aware of at the loss of its social media platform. Facebook’s parent company denies it is trying to divert attention from its troubles by pushing the Metaverse.
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GE split into 3 companies, ending its operations as a conglomerate
Boston: General Electric will split itself into three public companies focused on aviation, health care and energy. The storied American manufacturer struggled under its own weight as it grew to become a giant conglomerate. The breakup is the culmination of a difficult, years-long reconstruction of an icon of American construction that may signal the end of the group as a whole. The company has already gotten rid of products most Americans know, including appliances from last year and light bulbs by GE since the company’s founding in the late 19th century. The announcement Tuesday marks the final step, splitting up the empire he built in the 1980s under Jack Welch, one of America’s first CEO superstars.
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Stocks on Wall Street end lower, ending 8-day winning streak
NEW YORK: Stocks closed marginally lower on Tuesday as the company ended an eight-day winning streak for the market buoyed by strong earnings and economic data. The market was dragged down by companies relying on consumer spending and technology stocks, which pushed the market higher in recent days. Tesla lost 12% when its founder, Elon Musk, said he would sell his 10% stake in the electric car maker. PayPal dropped 11% after the company cut its full-year outlook and revenue forecast. Shares of General Electric rose 2.6% after it announced the split into three separate companies.
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Powell highlights Fed’s commitment to inclusive recovery
Washington: Federal Reserve Chairman Jerome Powell said inequality could prevent the US economy from reaching its potential. He underscored the Fed’s commitment to reducing unemployment as comprehensively as possible, including for disadvantaged groups. Powell’s comments provide one reason the Fed has been hesitant to reverse its low interest rate policies, even though inflation has hit a three-decade high this year. Before the pandemic, the Fed kept its benchmark short-term interest rate at nearly zero, and unemployment eventually fell to a 50-year low of 3.5%. The benefits of a strong pre-pandemic economy were widespread.
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Producer prices up 8.6%, equal to September’s all-time high
WASHINGTON: Inflation at the wholesale level rose 8.6% last month from a year ago, recording an annualized gain compared to September and providing more evidence that inflationary pressures are not yet easing. The Labor Department reported Tuesday that its producer price index, which measures inflation before it hits consumers, rose 0.6% from September last month. Excluding volatile food and energy prices, wholesale inflation was 0.4% in September to October and 6.8% higher than a year ago. Over 60% increase in total producer prices in September-October was due to a 1.2% increase in the price of wholesale goods as opposed to services.
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The casino has the best quarter ever; 2020 total already exceeded
Atlantic City, NJ: Marking the US commercial casino industry its best quarter ever and pushing US casino revenue to last 2020. Figures released Tuesday by the American Gaming Association show that US casinos are poised to have their best year ever in 2021. As more consumers feel comfortable going to casinos amid the ongoing COVID19 pandemic, and as more online and sports betting revenue continues to grow. US casinos won nearly $14 billion in the third quarter of this year. They are on pace to break the annual record of over $43 billion in 2019.
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DoorDash buys Vault to expand into Europe as Q3 sales rise
DoorDash plans to expand to 23 countries with the purchase of Finnish delivery service Vault Enterprises. San Francisco-based DoorDash on Tuesday announced a transaction worth $8.1 billion. Vault co-founder and CEO Mickey Cousy will run DoorDash International when the transaction closes. DoorDash also reported higher-than-expected sales in the third quarter as it added new partners like Bed Bath and Beyond. Its DashPass customers reached a new high. The San Francisco-based delivery company said revenue in July-September rose 45% from the same period a year ago to $1.3 billion. It beat Wall Street’s forecast of $1.2 billion, according to analysts polled by FactSet.
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The S&P 500 closed 16.45 points, or 0.4%, down at 4,685.25. The Dow Jones Industrial Average fell 112.24 points, or 0.3%, to 36,319.98. The Nasdaq closed 95.81 points down 0.6% at 15,886.54. The Russell 2000 Index of Small Companies fell 15.45 points, or 0.6%, to 2,427.29.
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