Check out this week's Business Briefs, an encompassing look at top business news this week from the Associated Press, with a special spotlight on national business and the economy.Salary transparency laws aim to combat pay disparitiesNEW YORK — Starting this week, job-seekers in New York City will have access to a key piece of information: how much money they can expect to earn for an advertised opening. New York will require employers as of Nov.
Those higher loan costs have weakened the home market, in particular. The average rate on a 30-year fixed-rate mortgage, which was just 3.14% a year ago, topped 7% last week for the first time since 2002, mortgage buyer Freddie Mac reported. Sales of existing homes have fallen for eight straight months.
The Fed’s benchmark short-term rate stands in a range of 3% to 3.25%. In September, policymakers forecast that they'd raise it by an additional 1.25 percentage points by year's end. That timetable suggests a three-quarter-point hike on Wednesday and a half-point increase in December. One reason the Fed might begin pulling back soon is that some early signs suggest that inflation could start declining in 2023. Consumers, squeezed by high prices and costlier loans, are starting to spend less. Supply chain snarls are easing — ocean freight costs have plunged 67% in the past year — which means fewer shortages. Wage growth is plateauing, which, if followed by declines, would reduce inflationary pressures.
And Mary Daly, president of the San Francisco Fed, noted recently that the central bank won't be carrying out three-quarter-point rate hikes indefinitely.Most of the signs of easing inflation have emerged in private-sector data sources, including websites that track rents and home prices. Some economists think Fed officials will have to assign greater weight to such sources in the coming months.
Kathy Bostjancic, chief U.S. economist at Nationwide, said that as interest rates reach levels that slow growth, and real-time data show slowdowns in rents and wages, Fed officials"need to be looking through the front windshield, not the back, and be more careful with their rate increases.” Twitter's new owner fired the company's board of directors and made himself the board's sole member, according to a company filing Monday with the Securities and Exchange Commission. Musk later said on Twitter that the new board setup is “temporary,” but he didn't provide any details.
On Friday, meanwhile, billionaire Saudi Prince Alwaleed bin Talal said he and his Kingdom Holding Company rolled over a combined $1.89 billion in existing Twitter shares, making them the company’s largest shareholder after Musk. The news raised concerns among some lawmakers, including Sen. Chris Murphy, a Democrat from Connecticut.
“You don’t want to have frantically scared employees working for you,” Faulkner said. “That doesn’t motivate people.” Calacanis said the team already “has a very comprehensive plan to reduce the number of bots, spammers, & bad actors on the platform.” And in the Twitter poll, he asked if users would pay between $5 and $15 monthly to “be verified & get a blue check mark” on Twitter. Twitter is currently free for most users because it depends on advertising for its revenue.
The head of a cryptocurrency exchange that invested $500 million in Musk’s Twitter takeover said he had a number of reasons for supporting the deal, including the possibility Musk would transition Twitter into a company supporting cryptocurrency and the concept known as Web3, which many cryptocurrency enthusiasts envision as the next generation of the internet.
It didn't matter that authorities said Paul Pelosi was alone when the suspect broke into the couple's San Francisco home. Or that investigators said they didn't believe the two men knew one another. Musk hasn’t said why he linked to the article, or why he deleted his post, which came in response to a tweet from Hillary Clinton that condemned the attack. Twitter did not immediately respond to questions from The Associated Press on Monday.
San Francisco District Attorney Brooke Jenkins on Monday begged other political leaders to be mindful of their comments about the case. Extremism experts and disinformation researchers had warned that the change in ownership could upend Twitter’s efforts to combat misinformation and hate speech, especially with this year’s midterm elections just days away.
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