___
Silicon Valley finds remote work is easier to begin than end
SAN FRANCISCO: Thriving Silicon Valley companies were among the first to embrace remote work during the pandemic, but theyve struggled over how to recall their high-paid employees to the office. Their varied — and sometimes quickly reversed — attempts to justify free food and expensive real estate may establish a new employment model that could ripple across much of U.S. business. And it may involve much less office work than once expected, which in turn could challenge one of Silicon Valleys most cherished notions – that open offices and employee perks are necessary to spark innovation.
___
Economic oddity: Record job openings and many unemployed
WASHINGTON: The disconnect is jarring: Across the United States, employers who are desperate to fill jobs have posted a record-high number of job openings. Theyre raising pay, too, and dangling bonuses to people who accept job offers or recruit their friends. And yet millions more Americans are unemployed compared with the number who were jobless just before the viral pandemic flattened the economy a year and a half ago. The puzzling mismatch is a reflection of an unsettled economy one that all but shut down at the height of the pandemic, then bounced back with unexpected speed and strength.
___
Fed survey finds growth downshifted in summer due to COVID
WASHINGTON: U.S. economic activity downshifted slightly to a moderate pace in July and August due to rising concerns about COVIDs delta variant, as well as supply chain problems and labor shortages, the Federal Reserves latest survey of the nations business conditions revealed. The Fed survey, released Wednesday, said the slowdown was largely attributable to a pullback in dining out, travel and tourism in most parts of the country, reflecting concerns about the spread of the delta variant. The Fed also said some sectors of the economy had been constrained by supply chain disruptions and labor shortages. It noted particular weakness in auto sales attributed to low inventories caused by a shortage of computer chips.
___
Elizabeth Holmes drawn as villain, underdog as trial begins
SAN JOSE, Calif.: The highly anticipated fraud trial of fallen Silicon Valley star Elizabeth Holmes began Wednesday with dueling portraits of the former entrepreneur sketched by prosecutors and defense lawyers. A federal prosecutor cast Holmes as a conniving entrepreneur who duped investors, customers and patients for years, even though she knew her startup, Theranos, was nearly bankrupt and its much-hyped blood-testing technology was a flop. Holmes defense team countered with a more heroic narrative describing her as a tireless worker who tried to develop a faster, cheaper and less invasive way to test blood samples.
___
Amazon to open 2 cashier-less Whole Foods stores next year
NEW YORK: There will be something missing at two Whole Foods stores opening next year: the rows of cashiers. Amazon, which owns the grocery chain, said Wednesday that it will bring its cashier-less technology to two Whole Foods stores for the first time, letting shoppers grab what they need and leave without having to open their wallets. Cameras and sensors track whats taken off shelves. Items are charged to an Amazon account after customers leave the store with them. But there will be an option for those who want to shop the old-fashioned way: Self-checkout lanes will be available that take cash, gift cards and other types of payment. One of the new stores will be in Washington, D.C., the other in Sherman Oaks, California.
___
Yellen warns US may hit debt limit in October
WASHINGTON: Treasury Secretary Janet Yellen is warning Congress that she will run out of maneuvering room to prevent the U.S. from broaching the governments borrowing limit in October. In a letter to congressional leaders Wednesday, Yellen said that she still could not provide a specific date for when she will be unable to keep the government funded, absent action by Congress to raise the debt limit. She implored Congress to act, citing broad bipartisan support. But Republicans have said they will oppose an effort by Democrats to deal with the debt limit by attaching a provision to an emergency budget bill that Congress will need to pass before the start of the budget year on Oct. 1.
___
Stocks slip as Fed report signals downshift in economy
WASHINGTON: Stocks are closing lower on Wall Street Wednesday following a Federal Reserve report that shows U.S. economic activity slowed this summer amid rising worries over resurgent coronavirus cases and mounting supply chain problems and labor shortages. The S&P 500 index fell 0.1%, the Dow Jones Industrial Average lost 0.2% and the Nasdaq composite gave back 0.6%. Technology stocks had some of the biggest losses. Chipmaker Advanced Micro Devices lost 2.%. Less risky investments, including consumer staples and utilities, made broad gains. The yield on the 10-year Treasury note fell to 1.34%. Oil prices rose 1.4%.
___
Report: Solar could power 40% of US electricity by 2035
WASHINGTON: A new federal report says solar energy has the potential to power up to 40% of the nations electricity within 15 years a 10-fold increase over current solar output. But it would require massive changes in U.S. policy and billions of dollars in federal investment to modernize the nations electric grid. The report by the Energy Departments Office of Energy Efficiency and Renewable Energy says the United States would need to quadruple its annual solar capacity as it shifts to a renewable-dominant grid as it moves to address the existential threat posed by climate change. The report comes as President Joe Biden warned its time for America to get serious about the code red danger posed by climate change or face increasing loss of life and property.
____
The S&P 500 fell 5.96 points, or 0.1%, to 4,514.07. The Dow Jones Industrial Average dropped 68.93 points, or 0.2%, to 35,031.07. The Nasdaq shed 87.69 points, or 0.6%, to 15,286.64. The Russell 2000 index of smaller companies gave back 25.88 points, or 1.1%, to 2,249.73.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor
Read all the Latest News, Breaking News and Assembly Elections Live Updates here.
Comments
0 comment