Tuesday, November 30News That Matters

Business

With Omicron, Stock Analysts Expecting More Uncertainty

Business
On Wall Street, the end of the pandemic appeared tantalizingly close just a week ago. There were positive signs the economy was rebounding, and investors’ biggest worry was how quickly the Federal Reserve would pivot away from the market-boosting policies that have helped stocks soar in the past year and a half.The Omicron variant changed that almost overnight.Investors and analysts have snapped their attention back on the virus as they try to assess the myriad ways the concerning new iteration could undermine an often overlooked source of market confidence this year: the effectiveness of vaccines.Now the markets face weeks of uncertainty and increased volatility as investors once again closely watch public health updates arriving hour by hour, analysts said.Despite a solid rally on Monday...
Asda charters ship to navigate a path through Christmas supply chain storms

Asda charters ship to navigate a path through Christmas supply chain storms

Business
Asda has chartered its own cargo ship to ensure that it is well stocked with festive decorations, toys, clothes and gifts amid a global supply chain crisis.Britain's third biggest supermarket chain also said it had increased the volume of turkeys and pigs in blankets available in stores compared with last year. Meanwhile, the retailer's depots are finding room for extra stocks of seasonal products such as mince pies, confectionery, Christmas cakes and puddings. Please use Chrome browser for a more accessible video player 2:33 Backlog at port causing supply chain pressure Asda said it was "successfully navigating the industry-wide supply chain challenges" and taking steps "to help ensure its shelves are stocked with everything shoppers need for Christmas".The retailer also said...
Supply-Chain Kinks Force Small Manufacturers to Scramble

Supply-Chain Kinks Force Small Manufacturers to Scramble

Business
“We are not going to assemble iPhones in the U.S.,” Mr. Shih said.Some experts believe the problems will persist. “Our findings indicate the disruption could be for up to three years,” said Manish Sharma, group chief executive of operations services at the consulting firm Accenture.Even Two-One-Two New York, a strictly domestic manufacturer of apparel with a plant on Long Island, is being forced to do things differently, said Marisa Fumei-South, the company’s owner and president.The company has accumulated larger stocks of yarn and other raw materials in response to rising prices and higher shipping costs. “We’re sitting with a lot of inventory,” Ms. Fumei-South said. “We’re waiting to see how this evolves.”That kind of behavior feeds on itself, Mr. Shih said. As companies buy up supplies ...
Jack Dorsey Expected to Step Down as C.E.O. of Twitter

Jack Dorsey Expected to Step Down as C.E.O. of Twitter

Business
SAN FRANCISCO — Jack Dorsey plans to step down as chief executive of Twitter, the social media site he co-founded in 2006, two people familiar with his thinking said. His departure comes a year and a half after Mr. Dorsey survived an attempted ouster from the activist investor Elliott Management.Mr. Dorsey could announce his departure as soon as Monday, a person familiar with the situation said. The source requested anonymity because the plans, first reported by CNBC, are not yet public. A Twitter spokeswoman did not respond to a request for comment.Mr. Dorsey, who is also the chief executive of the payments company Square, was fired from the top job at Twitter in 2008 but returned in 2015.His leadership has been questioned by employees and investors who believed that he was unfocused and ...
Demand for credit surges amid rising costs while mortgage approvals slip back

Demand for credit surges amid rising costs while mortgage approvals slip back

Business
Credit card borrowing surged last month as households faced up to rising costs across the economy while mortgage approvals fell sharply to levels not seen since before government aid for the housing market was introduced.Bank of England data showed consumers borrowed a net additional £706m during October - a sum dominated by £637m in new credit card borrowing. The Bank's Money and Credit report also showed a hit to average savings rates during the month as households got to grips with a leap in the rate of inflation.The consumer prices index (CPI) measure hit 4.2% - its highest reading for a decade - in October. Image: Consumers are facing record bills for fuel and heating. Pic: AP The month saw a 12% increase in the energy price cap and record fuel prices, while the cost of fashio...
Inside the ‘Misinformation’ Wars

Inside the ‘Misinformation’ Wars

Business
This hints at a weakness of the new focus on misinformation: It’s a technocratic solution to a problem that’s as much about politics as technology. The new social media-fueled right-wing populists lie a lot, and stretch the truth more. But as American reporters quizzing Donald Trump’s fans on camera discovered, his audience was often in on the joke. And many of the most offensive things he said weren’t necessarily lies — they were just deeply ugly to half the country, including most of the people running news organizations and universities.It’s more comfortable to reckon with an information crisis — if there’s anything we’re good at, it’s information — than a political one. If only responsible journalists and technologists could explain how misguided Mr. Trump’s statements were, surely the...
Deliveroo picks Goldman as broker despite US bank’s role on IPO flop

Deliveroo picks Goldman as broker despite US bank’s role on IPO flop

Business
Deliveroo is close to naming Goldman Sachs as one of its new brokers, eight months after the Wall Street bank played a major role in what became one of the London stock market's most calamitous listings.Sky News has learnt that Deliveroo is close to finalising the appointments of Goldman and Barclays as joint corporate brokers - a key role for investment banks as they seek to advise company boards on lucrative deals. The food delivery app listed in late March, with its shares crashing by nearly a third at one point on the opening day of trading.Goldman and JP Morgan, the two US investment banks, occupied the top roles on the flotation.A source close to Deliveroo said it had not yet finalised the appointment of its joint brokers, but that Goldman and Barclays were the frontrunners to land t...

Local News Outlets May Reap $1.7 Billion in Build Back Better Aid

Business
Representative Steve Scalise of Louisiana, the second-ranking House Republican, echoed that criticism on Twitter: “This is Biden and Dems in Congress helping pay the reporters’ salaries who cover for them.”The tax credit would be an unusual instance of federal aid for news organizations, but it is not entirely new. Mr. Waldman noted that the Postal Act of 1792 gave many newspapers cheaper mail rates.The Paycheck Protection Program, introduced during the coronavirus pandemic, was another example of the federal government’s reaching out to news organizations, and it allayed the qualms of some news publishers about accepting federal help. Over the past two years, media outlets across the country have received millions of dollars in forgivable loans through the program.“Now it feels like a ver...

U.K. Trucking Shortage Endures Despite Plea for Foreign Drivers

Business
In the weeks since the British government announced that it would offer 5,000 temporary visas to truck drivers from continental Europe, part of a campaign to reduce supply chain pressure in the run-up to Christmas, Lukasz Skopinski, a Polish trucker now working in the United Kingdom, has offered this advice to friends back home:Don’t bother.“I talk to them on WhatsApp while I drive, and when this topic comes up I tell them that moving here just isn’t worth it,” he said in a recent interview. “They’re better off with a contract in Germany. The money is about the same, and they will be a lot closer to home.”So rather than a source of instant relief, the visa offer has become an informal measure of the appeal of post-Brexit, late-pandemic Britain to a group that once considered this island on...
Supply Chain Shortages Help a North Carolina Furniture Town

Supply Chain Shortages Help a North Carolina Furniture Town

Business
HICKORY, N.C. — Six months into the coronavirus pandemic, as millions of workers lost their jobs and companies fretted about their economic future, something unexpected happened at Hancock & Moore, a purveyor of custom-upholstered leather couches and chairs in this small North Carolina town.Orders began pouring in.Families stuck at home had decided to upgrade their sectionals. Singles tired of looking at their sad futons wanted new and nicer living room furniture. And they were willing to pay up — which turned out to be good, because the cost of every part of producing furniture, from fabric to wood to shipping, was beginning to swiftly increase.More than a year later, the furniture companies that dot Hickory, N.C., in the foothills of the Blue Ridge Mountains, have been presented with...