Twitter is in danger of fraying as engineers come out of Musk’s upheaval
SAN FRANCISCO – Elon Musk’s managerial bombshell dropping on Twitter has so thinned the ranks of the software engineers who keep it up and running that programmers who were fired or resigned this week say Twitter could soon wear out so badly that it may actually crash. Musk concluded a very public discussion with nearly two dozen programmers about how to proceed by ordering them to be fired. Hundreds of engineers then quit after giving anyone who wasn’t “extremely hardcore” until Thursday to jump ship with a severance pay. The latest round of departures means the platform is losing workers just as it prepares for the 2022 FIFA World Cup which kicks off on Sunday, one of the busiest events on Twitter.
US home sales fell in October for the ninth consecutive month
NEW YORK – Previously occupied US home sales fell in October for the ninth straight month at the slowest pre-pandemic sales pace in more than 10 years as homebuyers faced sharply higher mortgage rates, prices of houses on the rise and fewer properties on the market. Existing home sales fell 5.9% last month from September to a seasonally adjusted annual rate of 4.43 million, the National Association of Realtors said on Friday. Sales were down 28.4% from October last year and are now at the slowest annual pace since December 2011, excluding the sharp slowdown in sales that occurred in May 2020 near the start of the pandemic. The national median home price rose 6.6% in October from a year earlier to $379,100.
Stocks close higher on Wall Street but continue to fall for the week
NEW YORK – Shares closed higher on Wall Street but still posted weekly losses after several days of erratic trading. Some retailers posted big gains after reporting surprisingly strong quarterly results and providing investors with encouraging forecasts. Gap, Ross Stores and Foot Locker all rose sharply. Energy stocks fell along with crude oil prices. The S&P 500 was up 0.5% on Friday. The Nasdaq closed slightly higher and the Dow Jones Industrial Average was up 0.6%. Bond yields have risen. The yield on the 10-year Treasury note, which helps set mortgage rates, rose to 3.82%.
Biden Says Inflation Help Is Coming But ‘It Will Take Time’
WASHINGTON – President Joe Biden warns that “it will take time” for inflation to subside. But he says legislation he signed into law in August will soon help limit health care and energy costs. He made the remarks Friday while meeting with business and union leaders in his first public event since returning from a trip to Egypt and Asia. Biden was buoyed by the Democrats’ stronger-than-expected performance in the midterm elections, but he could be entering a dangerous phase for the economy. The White House stressed a strong job market to try to allay worries about a potential recession on the horizon. However, the Federal Reserve has also raised interest rates to fight inflation by slowing growth.
High energy prices lead to coal recovery in the Czech Republic
OSTRAVA, Czech Republic — High energy prices linked to Russia’s war in Ukraine have paved the way for the return of coal to parts of Europe. Many people have turned to coal as a cheaper option than natural gas, jeopardizing climate goals and threatening health due to rising pollution. The trend raises concerns in a northeastern Czech region that has been working for decades to end its industrial legacy as the most polluted area in the country. Domestic production of lignite, the cheapest form, increased more than 20% in the first nine months of 2022 compared to a year earlier. Officials say it is the first increase after nearly a decade-long continuous decline.
Barbados spearheads push on funding for climate disasters
SHARM EL-SHEIKH, Egypt — As climate-induced disasters add to suffering, the staid international financial system designed for an earlier era may be on the brink of change, led by those on the front lines. Barbados Prime Minister Mia Mottley is leading a charge from developing nations at the COP27 climate conference in Egypt. Countries say they have had enough of high interest rates and lending barriers as they struggle to pay for increasingly frequent and costly climate disasters. ___
US bid to end American-JetBlue partnership goes to judge
WASHINGTON – The government and two major airlines are expressing sharply conflicting views on the impact of an airline alliance. Closing arguments were held Friday in federal district court in the government’s lawsuit to break up a partnership between American Airlines and JetBlue. The partnership allows the airlines to coordinate schedules and share revenue on many routes to and from New York and Boston. The government says it will reduce competition and cost consumers hundreds of millions of dollars a year in higher tariffs. Airlines say it is already opening new routes without raising prices. The case is an important test of the Biden administration’s aggressive enforcement of antitrust laws.
The S&P 500 gained 18.78 points, or 0.5%, to 3,965.34. The Dow Jones Industrial Average rose 199.37 points, or 0.6%, to 33,745.69. The Nasdaq rose 1.10 points, or less than 0.1%, to 11,146.06. The Russell 2000 Index of Smaller Companies added 10.61 points, or 0.6%, to 1,849.73.