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Krugman: Why we should, but won’t, reduce the budget deficit

Published Fri, 01 Nov 2024 08:33:03 GMT

Amid terrible events abroad and the takeover of the Republican Party by agents of chaos, the U.S. economy has been delivering lots of good news. All indications are that real gross domestic product is still growing fast; we’re adding jobs at an extraordinary pace, even as inflation continues to fall.There is, however, one piece of the economic picture that’s worrisome: Long-term interest rates have gone up a lot since early 2022, especially over the past six months.This spike in long-term rates is problematic in a couple of ways. It’s not a crisis, at least not yet. But in a better world we’d be taking action to bring interest rates down in a sustainable way. In particular, now would be a good time to rein in budget deficits.Why a problemHowever, the chances of serious action on the deficit anytime soon are near zero. And it’s important to understand why.First, why are high interest rates a problem? So far, there’s no indication that they’re about to cause a recession. In fact, the ...

Sunnyvale-based LinkedIn cuts over 600 jobs in second round of layoffs this year

Published Fri, 01 Nov 2024 08:33:03 GMT

By Dina Bass | BloombergMicrosoft Corp.’s LinkedIn is cutting about 668 roles across its engineering, product, talent and finance teams. These are the second such cuts this year as fewer companies use the hiring platform and corporate social network.LinkedIn is “continuing to invest in strategic priorities for our future and to ensure we continue to deliver value to our members,” the company said in a blog post Monday.As fewer employees look for new jobs and fewer companies hire, LinkedIn is facing less demand for its services. In May, the social network said it planned to shutter its Chinese jobs app and cut about 716 roles.Related ArticlesBusiness | California’s job market: More firings – fewer hirings and quits Business | Chipmaker Qualcomm to lay off over 1200 California workers Business | San Jose eyes fresh initiatives to spur AI job and innovation hubs Business | Tech, non-tech firms slash hundreds more Bay Area jobs ...

Choice Hotels offers nearly $8 billion for larger rival Wyndham Hotels & Resorts as travel booms

Published Fri, 01 Nov 2024 08:33:03 GMT

Choice Hotels International is asking shareholders of rival chain Wyndham Hotels & Resorts to sign off an a buyout worth nearly $8 billion after Wyndham broke off negotiations after six months, the company said Tuesday. “A few weeks ago, Choice and Wyndham were in a negotiable range on price and consideration, and both parties have a shared recognition of the value opportunity this potential transaction represents, said Choice CEO Patrick Pacious. ”We were therefore surprised and disappointed that Wyndham decided to disengage. While we would have preferred to continue discussions with Wyndham in private, following their unwillingness to proceed, we feel there is too much value for both companies’ franchisees, shareholders, associates, and guests to not continue pursuing this transaction.”Wyndham did not immediately respond to a request for comment early Tuesday. Choice, based in Rockville, Maryland, is offering $49.50 in cash and 0.324 shares of Choice common stock for eac...

Cambridge: Q3 Earnings Snapshot

Published Fri, 01 Nov 2024 08:33:03 GMT

CAMBRIDGE, Mass. (AP) — CAMBRIDGE, Mass. (AP) — Cambridge Bancorp (CATC) on Tuesday reported third-quarter earnings of $6.5 million.The Cambridge, Massachusetts-based bank said it had earnings of 83 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.15 per share.The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.06 per share.The bank posted revenue of $84.3 million in the period. Its revenue net of interest expense was $39.2 million, also beating Street forecasts. Three analysts surveyed by Zacks expected $38.2 million.Cambridge shares have fallen 28% since the beginning of the year. The stock has fallen 29% in the last 12 months._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CATC at https://www.zacks.com/ap/CATCSource

El Tribunal Supremo de la India rechaza legalizar el matrimonio entre personas del mismo sexo en una sentencia histórica para el colectivo LGBTQ

Published Fri, 01 Nov 2024 08:33:03 GMT

(CNN) — El Tribunal Supremo de la India rechazó reconocer legalmente las uniones entre personas del mismo sexo en una sentencia histórica que también subraya los derechos de la comunidad LGBTQ a no sufrir prejuicios ni discriminación.Los activistas habían intentado obtener el derecho a contraer matrimonio en virtud de la legislación india, lo que les daría acceso a los mismos privilegios que se conceden a las parejas heterosexuales. Aunque se les denegó, acogieron con satisfacción el reconocimiento de sus relaciones por parte del tribunal.Un tribunal constitucional de cinco jueces, presidido por el presidente del Tribunal Supremo de la India, emitió el martes el esperado veredicto, retransmitido en directo a todo el país y a multitudes que se congregaron fuera del tribunal para verlo con sus teléfonos móviles.Durante las dos horas que duró la lectura de la sentencia, el presidente del Tribunal Supremo, D. Y. Chandrachud, afirmó que la homosexualidad es un “fenómeno natur...

Millennial Money: The questions you aren’t asking (but should) during open enrollment

Published Fri, 01 Nov 2024 08:33:03 GMT

Open enrollment is no one’s idea of a good time, but health coverage is a crucial part of your financial health. Whether you’re getting insurance through an employer or the Affordable Care Act marketplace, it’s important to ask the right questions before you choose a health plan for 2024.“Open enrollment is a great time to do a personal health audit,” says certified public accountant Charlene Rhinehart, a personal finance editor at drug savings site GoodRx. “Understanding your current and anticipated health care needs will help you decide which plan is the best fit.”Here’s how to weigh your options.ARE YOUR DOCTORS IN NETWORK?Plan networks change from year to year. If you love your doctor or specialist, make sure they’re still in the network of the plan you’re considering for 2024.You should also consider whether you want the option to go out of the network — which you can usually do in a preferred provider organization, or PPO, plan, although it will cost more. Health maintenance o...

Bank of America: Q3 Earnings Snapshot

Published Fri, 01 Nov 2024 08:33:03 GMT

CHARLOTTE, N.C. (AP) — CHARLOTTE, N.C. (AP) — Bank of America Corp. (BAC) on Tuesday reported third-quarter net income of $7.8 billion.The bank, based in Charlotte, North Carolina, said it had earnings of 90 cents per share.The results surpassed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 81 cents per share.The nation’s second-largest bank posted revenue of $44.41 billion in the period. Its revenue net of interest expense was $25.17 billion, which also topped Street forecasts. Nine analysts surveyed by Zacks expected $25.08 billion.Bank of America shares have decreased 19% since the beginning of the year, while the S&P’s 500 index has climbed 14%. The stock has declined 15% in the last 12 months._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BAC at https://www.zacks.com/ap/BACS...

‘So much fun’: Harvard student crosses Charles River in giant pumpkin

Published Fri, 01 Nov 2024 08:33:03 GMT

CAMBRIDGE, Massachusetts (WCVB) — A college student in Massachusetts says he achieved a longtime dream when he rowed across the Charles River in a giant pumpkin.Benjamin Chang, a senior at Harvard University, crossed the Charles in a pumpkin that weighed 1,500 pounds when he picked it up from a farm in New Hampshire. He paddled from the Cambridge side of the river to the Boston side and back, not far from the John W. Weeks Footbridge.Chang and his friends wheeled the pumpkin to the banks of the river along Memorial Drive Saturday morning and then spent nearly two hours carving out a place for him to sit inside of it with some basic tools, including a knife and a shovel.“There’s been so many roadblocks that have happened, and to actually be in the water in a giant pumpkin was so much fun,” Chang said.Chang and his friends also used the pumpkin watercraft to raise money for Harvard’s student-led bio-engineering lab. A couple of dozen people donated to the...

FDA plans to propose ban on hair-straightening chemical products linked to health risks

Published Fri, 01 Nov 2024 08:33:03 GMT

(CNN) — The US Food and Drug Administration is planning to propose a ban on certain hair-straightening products, such as chemical relaxers and pressing products, that have been linked to health risks, according to an entry in the Unified Agenda, which lists actions that administrative agencies plan to issue.The agency plans a proposed rule that would specifically ban hair-straightening products that contain formaldehyde and other formaldehyde-releasing chemicals like methylene or glycol.If such a proposed rule is issued, the FDA will receive public comments on it, and after reviewing those comments, the agency will decide whether further action is needed, spokesperson Courtney Rhodes said Friday.“Based on the comments, we might decide to end the rulemaking process, to issue a new proposed rule, or to issue a final rule. If we decide to issue a final rule, we publish the final rule in the Federal Register,” the FDA says on its website.Scientists have long identified an association be...

Police officer finishes McDonald’s DoorDash delivery after driver pulled over

Published Fri, 01 Nov 2024 08:33:03 GMT

BRENTWOOD, New Hampshire (WMUR) — A New Hampshire police officer fulfilled one New Hampshire man’s DoorDash order after the delivery driver was pulled over.David Eldredge from Brentwood was waiting for his DoorDash order last week to arrive when he said a police officer holding a McDonald’s bag approached his front steps.“There’s a knock on the door and I thought, oh, that’s DoorDash and there’s a police officer there,” Eldredge said. “After he left, I thought maybe I should’ve given him a tip.”Brentwood police said they pulled over the DoorDash driver for allegedly speeding. Brentwood officer Chris Spitalere said he ran all the driver’s information and it was all suspended, the license and registration for the car.“We had to take her car and get it off the road and gave her a ride and she got picked up,” Spitalere said.Spitalere said Officer Robert McConn showed up on the scene to help him out and l...