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Biden: IBM investment to help compete with China in technology
President Joe Biden says a $20 billion investment in New York’s Hudson River Valley will help the United States gain technological leverage over China. He praised the company’s expansion during an appearance Thursday in Poughkeepsie, New York, with two House Democrats in a crucial election next month. The president touted IBM’s commitment as part of a larger manufacturing boom this summer, with a $280 billion measure intended to boost the semiconductor industry and scientific research. He said that the law was needed for national and economic security and that “the Chinese Communist Party was strongly against it.”
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Twitter has said it wants the trial of Musk to proceed.
NEW YORK (AP) — Twitter is asking a Delaware court to stay the upcoming trial against Elon Musk. The social media platform said the billionaire reneged on the terms of an April deal to buy the company for $44 billion. Twitter’s lawyers sent a letter Thursday to the chief judge of the Delaware Chancery Court. It wasn’t long before Musk’s legal team asked her to drop the lawsuit while it worked on a renewed bid to buy the company.
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Explainer: How will OPEC+ cuts affect oil prices, inflation?
FRANKFURT, Germany (AP) — The oil cartel OPEC and its allies are cutting production. And this means that the price of oil may be increasing. The OPEC+ alliance said they were trying to support prices from uncertain and slowing global economic demand. Saudi Arabia’s energy minister said the alliance is bringing stability to the oil market. However, high oil prices are fueling fears of a slowdown and have been criticized in Washington. Meanwhile, supplies could take another hit as the US and its allies try to raise the price of Russian oil to reduce money flowing into Moscow’s coffers after the Ukraine invasion.
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The IMF warns of a high risk of recession and a dark global outlook
WASHINGTON (AP) – The International Monetary Fund (IMF) It is once again downgrading its forecast for global economic growth in 2023. In the year Global economic growth is predicted to be $4 trillion lower in 2026. IMF Managing Director Kristalina Georgieva told an audience at Georgetown University. “Things are likely to get worse before they get better,” he said on Thursday. Russia’s invasion of Ukraine, which began in February, has significantly changed the IMF’s view of the economy, she says. According to Georgieva, the institute has already lowered its global growth forecast three times to 3.2% for 2022 and now to 2.9% for 2023.
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US unemployment benefits increased last week.
WASHINGTON (AP) – More Americans filed for unemployment benefits last week, the highest number in four months, but the job market remains strong amid persistent inflation and a weakening overall U.S. economy. Jobless claims for the week ending Oct. 1 rose by 29,000 to 219,000, the Labor Department reported Thursday. The Federal Reserve has decided to bring down a decade of inflation by raising its key lending rate and taking labor force data into account when determining inflation. But the most important information comes on Friday in the form of the September jobs report.
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First, Netflix’s ‘Glass Onion’ to play in major chains
NEW YORK (AP) — For the first time, major U.S. theater chains will play Netflix releases after screenings, and the streaming service has reached a nationwide deal for Rian Johnson’s “Glass Onion: A Knives Out Mystery.” Netflix announced Thursday that AMC, Regal Cinemas and Cinemark will all air the “Knives Out” series for a one-week run starting Nov. 23, a month before its Dec. 23 premiere. He refused to program Netflix releases. The deal stands for “Glass Onion’s” full theatrical release window. The film will play in about 600 local theaters.
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Munich Re to end support for new oil, gas fields
BERLIN (AP) — Munich Re, one of the world’s largest insurance companies, said it will end support for new oil and gas fields starting next April. In the year The company said it will not invest in or guarantee new oil pipelines and power plants that are not under construction by December 31, 2022. It has on the environment. One of the main sources of greenhouse gases that accelerate climate change is the burning of oil and gas. It invests in insurance premiums from clients and third-party assets, making it a large institutional investor.
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The Fed’s Cook said more rate hikes are needed to fight inflation.
WASHINGTON (AP) – Federal Reserve Governor Lisa Cook says more interest rate hikes are necessary to control inflation. Her comments on Thursday echoed several harsh words by other central bank officials this week. Cook also says that she has revised her view on inflation over the past several months and now it is more sustainable. Real-time data from the private sector is showing signs that inflation may moderate in the coming months, she said. But she added that the Fed should only increase rates when inflation falls. Cook’s speech at the Peterson Institute for International Economics is the first federal governor.
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The S&P 500 fell 38.76 points, or 1%, to 3,744.52. The Dow Jones industrial average fell 346.93 points, or 1.1%, to 29,926.94. The Nasdaq was down 75.33 points, or 0.7%, at 11,073.31. The Russell 2000 index of smaller companies fell 10.18 points, or 0.6 percent, to 1,752.51.
