November, 2022

• 14 November

  US border chief quits amid tension over migrant crossings

    Bloomberg The commissioner of Customs Border Protection resigned after saying he had been pressured to step down by Homeland Security Secretary Alejandro Mayorkas amid a record number of migrant crossings at the US-Mexico border. “The President has accepted the resignation of Christopher Magnus, the Commissioner of U.S. Customs and Border Protection,” White House spokeswoman Karine Jean-Pierre said in a ...

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• 14 November

  Germany’s annual borrowing set to hit $45 billion next year

  

  Bloomberg Germany’s ruling coalition is planning to more than double net federal borrowing next year to help ease the impact of the energy crisis and steer Europe’s largest economy through an expected recession. The government is targeting net borrowing of €45 billion ($45 billion) in 2023, according to people familiar with the plan, who asked not to be identified discussing ...

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• 14 November

  US firms add 239,000 jobs, boosted by leisure hospitality sectors

  

    Bloomberg Hiring at US companies rose in October by more than forecast, mainly reflecting a surge in leisure and hospitality and underscoring resilient labor demand despite the Federal Reserve’s efforts to cool the economy. Private payrolls rise 239,000 last month after a revised 192,000 gain in September, according to data from ADP Research Institute in collaboration with Stanford Digital ...

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• 14 November

  Twitter pauses 8$ subscription programme

  

  Bloomberg Twitter Inc. suspended the $8 subscription program it launched earlier this week to combat a growing problem of users impersonating major brands, a person familiar with the move said. Existing subscribers will still have access to their account, said the person who asked not to be identified because the information is private. The move was reported earlier by the ...

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• 14 November

  UK’s Hunt seeks budget plan to make recession short, shallow

  

    Bloomberg The UK’s new financial plan will seek to make any recession as short as possible, Chancellor Jeremy Hunt said. “I want to make sure that this recession, if we are in one, is as short and shallow as possible,” Hunt said in an interview on Sky News. The UK economy shrinks in the third quarter for the first ...

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• 13 November

  Swiss workers face sharpest loss in real wages in 80 years

    Bloomberg Swiss workers face the largest loss in real wages since 1942, with the country likely to dodge a wage-price spiral due to low salary increases, according to a UBS survey. Employers lifted pay by an average 1.1% this year and intend raise them by 2.2% in 2023, 290 surveyed companies told UBS. Taking inflation into account, this translates ...

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• 13 November

  Toronto home price slide slows in October

    Bloomberg A multimonth slide in Toronto home prices slowed in October, as sellers stepped back in hope the market will improve if they wait. The benchmark price for a home in Canada’s largest city fell 1.1% in October to C$1.1 million ($802,217) according to data released Thursday by the Toronto Regional Real Estate Board. That’s the smallest decline in ...

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• 13 November

  Amazon’s new warehouse robot could one day replace humans

  

    Bloomberg Amazon.com Inc. has developed a robot capable of identifying and handling individual items, a milestone in the e-commerce giant’s efforts to reduce its reliance on the human order pickers who currently play a key role in getting products from warehouse shelves to customers’ doorsteps. The robotic arm, tipped by a set of retractable suction devices, is called Sparrow. ...

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• 13 November

  TikTok slashes ad sales target by $2 billion after tech downturn

  

    Bloomberg ByteDance Ltd.’s TikTok has slashed about $2 billion off its target for 2022 ad revenue, underscoring fallout of a global downturn that’s hammered fellow internet giants from Google to Meta Platforms Inc. TikTok Chief Executive Officer Shou Zi Chew told a handful of employees that the Chinese-owned app has slashed its ad forecast for 2022 to $10 billion ...

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• 13 November

  BMW, Stellantis see Europe demand slowing as inflation bites

  

    Bloomberg Europe’s inflation crisis is beginning to catch up with the automakers. Stellantis NV said consumers in Europe are slightly dialling back car purchases, joining Germany’s BMW AG in warning the region is on the backfoot due to surging costs for anything from energy to lending. Carmakers long defied economic headwinds thanks to robust demand for their priciest models, ...

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