Business Highlights: Twitter sale on; Americans pessimistic
Deal back on? Elon Musk gets closer to buying Twitter
The tumultuous saga of Elon Musk’s on-again off-again purchase of Twitter has taken a turn toward a conclusion. The mercurial Tesla CEO proposed to buy the company at the originally agreed-on price of $44 billion. Musk made the proposal in a letter to Twitter that the company disclosed in a filing Tuesday with the U.S. Securities and Exchange Commission. It comes less than two weeks before a trial between the two parties is scheduled to start in Delaware. In a statement, Twitter said it intends to close the deal at $54.20 per share. Trading in Twitter’s stock had been halted for much of the day pending release of the news. It resumed trading late Tuesday and soared 22% to close at $52.
Report: Amazon freezes hiring on corporate retail division
NEW YORK (AP) —Amazon is implementing a hiring freeze on the corporate side of its retail business for the rest of the year. The New York Times reported Tuesday the company informed recruiters that all open job postings for such roles will close, and new openings will be available next year. The report also said the company recommended phone interviews and other recruiting efforts be canceled. According to the report, some roles - such as field positions - will be exempt. In an email, Amazon spokesperson Brad Glasser said the company expects to adjust its hiring strategies. Glasser declined to say if Amazon was implementing the hiring freeze.
Poll: Many pessimistic about improving standard of living
NEW YORK (AP) — While most Americans say having a good standard of living is important, more than half believe it’s unlikely younger people today will have a better life than their parents, according to a new poll. Black adults have a more positive outlook than Hispanic and white Americans on upward mobility, while Democrats were more likely than Republicans to say that structural factors such as education, race, gender, and family wealth contribute to one’s upward mobility.
US job openings sink as economy slows, cost to borrow rises
WASHINGTON (AP) — The number of available jobs in the U.S. plummeted in August compared with July, a sign that businesses may pull back further on hiring and potentially cool chronically high inflation. There were 10.1 million advertised jobs on the last day of August, down a huge 10% from 11.2 million openings in July. In March, job openings had hit a record of nearly 11.9 million. The sharp drop in job openings will be welcomed by the Federal Reserve. Fed officials have cited the high level of openings as a sign of strong labor demand that has compelled employers to steadily raise pay to attract and keep workers.
Iconic Goodwill gets serious with online for thrifters
NEW YORK (AP) — Thrifters who flock to Goodwill stores will now be able to do more of their treasure hunting online. The Goodwill Industries International Inc., the 120 year-old non-profit organization that operates 3,300 stores in the U.S., and Canada, has launched an online business as part of a newly incorporated venture called GoodwillFinds. Until now Goodwill had no centralized online division, with each store selling some of its donations online via third party websites such as eBay and Amazon. The new venture will help fund Goodwill’s community-based programs across the U.S. provide professional training, job placement and youth mentorship. It should also expand its base of customers.
US to require more rest between shifts for flight attendants
Flight attendants are about to get an extra hour of required rest between shifts. The Federal Aviation Administration said Tuesday that it will require the workers get at least 10 hours off between shifts, fulfilling a requirement that Congress approved in 2018. Acting FAA Administrator Billy Nolen says the extra hour of rest will increase safety on planes. The largest flight attendants’ union has been fighting for years to get more rest. The president of the Association of Flight Attendants, Sara Nelson, says the Trump administration tried to kill the idea with regulatory foot-dragging.
White House unveils artificial intelligence ‘Bill of Rights’
The Biden administration unveiled a set of far-reaching goals Tuesday aimed at averting harms caused by the rise of artificial intelligence systems, including guidelines for how to protect people’s personal data and limit surveillance. Officials say the Blueprint for an AI Bill of Rights does not set out specific enforcement actions, but instead is intended as a White House call to action for the U.S. government to safeguard digital rights in an AI-fueled world. The Office of White House Science and Technology Policy highlighted various federal agencies’ commitments to weighing new rules and studying the specific impacts of AI technologies.
World Bank: Ukraine’s war-torn economy will sink 35% in ’22
WASHINGTON (AP) — Devastated by Russia’s invasion eight months ago, the Ukrainian economy will plunge 35% this year. That’s according to a World Bank forecast Tuesday. The war has destroyed factories and farmland and displaced millions of Ukrainians. The 189-country anti-poverty agency estimates that rebuilding Ukraine will cost at least $349 billion, 1.5 times the size of the country’s prewar economy. Still, the bank’s assessment marks an upgrade from the 45.1% freefall it forecast in June. And it expects that the Ukrainian economy will return to growth in 2023, expanding 3.3% — though the outlook is highly uncertain and will depend on the course of the war.
The S&P 500 rose 112.50 points, or 3.1%, to 3,790.93. The Dow Jones Industrial Average rose 825.43 points, or 2.8%, to 30,316.32. The Nasdaq rose 360.97 points, or 3.3%, to 11,176.41. The Russell 2000 index of smaller companies rose 66.90 points, or 3.9%, to 1,775.77.