The number of American workers filing for unemployment benefits fell last week to a new pandemic-era low, suggesting further tightening in the labor market as businesses boosted wages to attract and retain staff. First-time filings for unemployment insurance—a proxy for layoffs—came in at 267,000 for the week ending Nov. 6, the Labor Department said in…
US Treasury Issues Guidance for $10 Billion Small Business Credit Program
November 10, 2021
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WASHINGTON—The U.S. Treasury Department on Wednesday released new implementation guidance for the $10 billion State Small Business Credit Initiative Program, designed to allow firms in disadvantaged communities access capital. The program, approved under coronavirus relief legislation passed in March, aims to catalyze $10 of private investment for every $1 of federal funding. Treasury said in…
Google Loses Challenge Against EU Antitrust Ruling, $2.8-Billion Fine
November 10, 2021
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LUXEMBOURG—Alphabet unit Google lost an appeal to a 2.42-billion-euro ($2.8-billion) European antitrust decision on Wednesday, a major win for the bloc’s competition chief Margrethe Vestager in the first of three court rulings that will strengthen the EU’s push to regulate Big Tech. Vestager sanctioned the world’s most popular Internet search engine in 2017 for favoring…
Dollar Climbs as US Inflation Rises Beyond Expectations
November 10, 2021
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LONDON/NEW YORK—The dollar rose against major peers on Wednesday, snapping three days of weakness, after U.S. consumer prices surged at their highest rate since 1990 and fuelled fears inflation could prove stickier than Federal Reserve expectations. The consumer price index rose 0.9 percent last month after gaining 0.4 percent in September and in the 12…
Stocks Slide, Dollar Gains as US CPI Sparks Tightening Fears
November 10, 2021
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NEW YORK/LONDON—A gauge of global stock markets edged lower and the dollar built on earlier gains on Wednesday after U.S. consumer inflation surged to its highest since 1990, raising concern the Federal Reserve will tighten monetary policy sooner than expected. Real yields on U.S. Treasuries slid to record lows and gold prices reversed course to…
Consumer Price Inflation Accelerates to Fastest Rate in 31 Years
Inflation accelerated sharply and well-above forecasts in October, with consumer prices rising at their fastest over-the-year pace in more than three decades as persistent supply chain bottlenecks continue to push prices skyward. The Bureau of Labor Statistics (BLS) reported on Nov. 10 that the headline Consumer Price Index (CPI), a measure of inflation from the…
China Vehicle Sales Fall 9.4 Percent in October: Industry Body
November 10, 2021
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BEIJING—China’s auto sales fell in October for a sixth consecutive month, slumping 9.4 percent from a year earlier, industry data showed on Wednesday, as a prolonged global shortage of semiconductors disrupts production. Overall sales in the world’s biggest car market were 2.33 million vehicles in October, data from the China Association of Automobile Manufacturers (CAAM)…
Goldman Sachs Buys Troubled Chinese Real Estate Debt
November 10, 2021
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Goldman Sachs is investing in Chinese real estate debt, despite being one of the most battered assets in the global financial markets today. The debt crisis and escalating default risks threatening China Evergrande Group, China Properties Group, and Sinic Holdings are creating enormous problems for the nation’s real estate sector. But the investment titan believes…
Nine Governors Press US Lawmakers to Pass Semiconductor Funding Bill
November 10, 2021
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A bipartisan group of governors from nine states sent a letter on Wednesday to U.S. lawmakers urging them to pass subsidies for semiconductor factories that would produce chips for cars. The governors, who include Michigan Democrat Gretchen Whitmer, called on Congress to pass the $52 billion CHIPS Act, which would set aside $2 billion for…
China’s Regulatory Crackdown Pushes Tencent to Slowest Revenue Growth Since 2004
November 10, 2021
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SHANGHAI—Chinese gaming and social media giant Tencent Holdings posted its slowest revenue growth since it went public in 2004 on Wednesday, hurt by a regulatory crackdown, and said the outlook for the advertising sector would remain weak into next year. Revenue climbed 13 percent to 142.4 billion yuan, slightly below expectations, and was the slowest…
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