Watch Powell and Yellen testify live on Covid response before House committee
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Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell testify Thursday before the House Committee on Financial Services on their respective agencies' response to the Covid-19 pandemic.
In appearances Tuesday before the Senate banking panel, the two emphasized the importance of the programs put in place during the crisis and expressed optimism about the economic outlook.
Sen. Warren calls Fed Chair Powell a 'dangerous man,' says she will oppose his renomination
Fed Chair Powell calls inflation 'frustrating' and sees it running into next year
Congress moves to prevent a government shutdown with deadline hours away
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Chicago Business Barometer Indicates Modestly Slower Growth In September
Growth in Chicago-area business activity continued to slow in the month of September, according to a report released by MNI Indicators on Thursday.
MNI Indicators said its Chicago business barometer slipped to 64.7 in September after slumping to 66.8 in August, although a reading above 50 still indicates growth. Economists had expected the business barometer to edge down to 65.0.
The report said the orders backlogs index pulled back sharply to a six-month low of 61.1 in September, with companies saying supply shortages continue to weigh on production.
The new orders index also fell by 3.4 points to 64.4, as businesses continue to grapple with raw material shortages and a low supply of critical components like semiconductors.
MNI Indicators said the supplier deliveries index tumbled by 11.6 points to 81.2 in September, as firms reported worsening port congestion and ongoing problems with ocean, rail trucking, and even air cargo.
On the inflation front, the prices paid index slid by 3.2 points to a four-month low of 90.7, although many companies said prices were still an issue.
The report said the production index also edged down by 0.3 points to 60.7 in September, hitting its lowest level since June.
Meanwhile, the employment index was the only indicator that saw an increase, rising 4.1 points to 52.4, the highest since April.
Takeover Panel Announces Auction Procedure For Wm Morrison Supermarkets – Quick Facts
The Takeover Panel has established an auction procedure for Wm Morrison Supermarkets plc (MRW.L). The auction procedure will consist of a maximum of five rounds which will all take place on 2 October 2021. Each of Morrisons, Fortress and CD&R has agreed to the terms of the auction procedure.
Following completion of the auction procedure, the Panel will announce the prices of the offers. By 4 October 2021, each of the offerors is required to make an appropriate announcement of a revised offer, or a confirmation of its pre-existing offer. By 5 October 2021, Morrisons is required to make an announcement regarding board’s views on the revised offers, and any intended recommendation to Morrisons shareholders.
We Wanted to Split Up. OkCupid Had Other Ideas.
Did we really want to throw away 98 percent compatibility?
By Gayle Brandeis
China Liberal Education Rises 7% On Receiving Teaching Machine Patent
Shares of education services company China Liberal Education Holdings Ltd (CLEU) are rising 7 percent on Thursday’s trading as the company announced that its self-developed all-in-one teaching machine, AI-Space, was granted a utility model patent and an appearance design patent by the China State Intellectual Property Administration or CNIPA.
The name of the utility model is multimedia integrated device and the utility model patent certificate was obtained on September 24.
Currently at $2.0500, the stock has traded between $1.4200 and $9.8200 during the past 52 weeks.
Gold declines ₹ 154; silver cracks ₹ 1,337
Gold in the national capital on Thursday declined by ₹ 154 to ₹ 44,976 per 10 gram reflecting an overnight decline in international precious metal prices, according to HDFC Securities.
In the previous trade, it had settled at ₹ 45,130 per 10 gram.
Silver also dipped ₹ 1,337 to ₹ 57,355 per kilogram from ₹ 58,692 per kilogram in the previous trade.
In the international market, gold was trading with marginal gains at $ 1,733 per ounce and silver was flat at $ 21.64 per ounce.
"Gold prices have kept lower trading range hovering near $ 1,730 per ounce on U.S. FED tapering expectations," according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.
Amazon Settles Dispute With Two Employees Who Were Fired
Amazon has settled a labor dispute with two former employees it fired last year after they spoke out publicly against the company’s decisions on climate action as well as warehouse conditions during the pandemic. Terms of the settlement were not immediately available.
“We have reached a mutual agreement that resolves the legal issues in this case and welcome the resolution of this matter,” an Amazon spokesperson reportedly said.
The e-commerce giant had fired employees Emily Cunningham and Maren Costa in April 2020 for publicly criticizing conditions at its warehouses as being unsafe during the coronavirus pandemic. Cunningham and Costa, both worked as user experience designers for Amazon, were warned earlier for criticizing the company’s climate policies.
Amazon then said Cunningham and Costa were fired for “repeatedly violating internal policies.”
But the National Labor Relations Board had determined they were fired illegally and said in April 2021 it would issue a complaint for unfair labor practices, if the online retail giant does not settle the case.
Cunningham and Costa said Wednesday in a joint statement posted on Twitter that they have reached an agreement to settle the charge against Amazon. They also added that Amazon will pay them lost wages and will be required to post notices informing employees that they can’t be fired for organizing and exercising their rights.