Business Recap AP Short at 12:14pm EST | Deal

Asia-Pacific leaders address trade and sustainability in Bangkok

BANGKOK (AP) — The war in Ukraine, great power rivalry in Asia, inflation and food and energy shortages are among the issues vying for attention at an Asia-Pacific summit. The gathering, the latest of three consecutive gatherings of world leaders, is the annual summit of the 21-member Asia-Pacific Economic Cooperation Forum. On Thursday, foreign and trade ministers were completing work on the year-long effort to form a consensus on a range of often controversial issues. The meetings are taking place in the Thai capital in a place surrounded by riot police and cordoned off in all directions. APEC’s official mission is to promote regional economic integration. Most of the business conducted takes place on the sidelines of the summit.

Rising food costs take a bite out of Thanksgiving dinner

Americans are preparing for an expensive Thanksgiving this year, with double-digit percentage increases in the price of turkey, potatoes, stuffing, canned pumpkin and other staples. Higher production costs are only part of the reason; disease, bad weather and war in Ukraine also contribute. Turkish supplies are at their lowest point since 1986 after a deadly bird flu wiped out farms, and prices have risen about 28%. But experts say there will be no shortage of whole birds because producers have shifted production to meet Thanksgiving demand. Meanwhile, stores like Walmart, Lidl, and Aldi are offering deals to reduce sticker shock.

Key Fed official says he is open to slowing hikes in December

WASHINGTON (AP) – Christopher Waller, a key Federal Reserve official, has added his voice to a growing number of Fed officials who have suggested the central bank will likely slow the pace of its interest rate hikes starting in December. . Waller, a member of the Fed’s board of governors, said he was open to raising the Fed’s key rate by half a point next month in light of evidence that inflation could cool down. In each of its four most recent policy meetings, the central bank raised its key rate aggressively by three-quarters of a point. The cumulative effect has been to make many consumer and business loans more expensive and to increase the risk of a recession.

Amazon begins mass layoffs among its corporate workforce

NEW YORK (AP) — Amazon has begun mass layoffs in its corporate ranks, becoming the latest tech company to reduce its workforce amid growing fears about the broader business environment. The company notified California regional authorities on Tuesday that it would be laying off about 260 workers at various facilities that employ data scientists, software engineers and other corporate workers. The company did not specify how many other layoffs it may be pending beyond those confirmed through the California filing. Some corporate employees in Seattle, Washington said on LinkedIn on Tuesday that they, too, were fired. In an announcement posted to its website on Wednesday, Amazon said affected employees were notified on Tuesday.

Asian benchmarks are largely down on lingering concerns over China

TOKYO (AP) – Asian stocks fell mostly amid concerns about the impact of China’s “zero-COVID” strategy mixed with hopes for economic activity and a return to normality in tourism. Benchmarks fell in Tokyo, Seoul, Hong Kong and Shanghai, while gaining in Sydney. Oil prices have gone down. Market watchers have noted concerns about how the Federal Reserve might not ease its aggressive interest rate hikes, which are aimed at curbing inflationary pressures. Retailers and tech companies led a large decline on Wall Street. China is maintaining its “zero-COVID” approach to completely eliminate the coronavirus. Localized lockdowns and other restrictions have caused a supply crunch for some of Asia’s biggest producers, denting economic growth.

The lawsuit accuses the largest US meat producers of wage fixing

DENVER (AP) — A federal class-action lawsuit is charging 11 of the largest US beef and pork producers with conspiring to depress wages and benefits for its workers. The lawsuit was filed in federal court in Denver last week. He argues that producers have worked together since at least 2014 to keep workers’ compensation below what the market would allow in violation of the Sherman Antitrust Act. He seeks to represent hundreds of thousands of other people who have worked jobs from slaughter to production at the 140 collective establishments of companies. The lawsuit claims they produce about 80% of the red meat sold to US consumers.

Musk testifies in lawsuit on Tesla compensation package

WILMINGTON, Del. (AP) – Tesla CEO Elon Musk is defending himself in a shareholder lawsuit challenging a compensation package he was awarded by the company’s board that is potentially worth more than $55 billion. Musk appeared in a Delaware courtroom on Wednesday. He denied dictating the terms of the 2018 pay package or attending board or committee meetings where the plan was discussed. Musk said instead that he is entirely focused on running the company. An attorney for the plaintiff shareholder spent much of his first cross-examination trying to get Musk to admit that he controls Tesla to such an extent that he can influence the board of directors to do his bidding.

Musk says he expects to find a new Twitter CEO ‘over time’

NEW YORK (AP) — Billionaire Elon Musk, who just took over as CEO of Twitter after buying the company, says he doesn’t want to be the CEO of any company. Musk took the witness stand Wednesday in a Delaware court to defend himself in a shareholder lawsuit challenging a compensation package he was awarded by the Tesla board that is potentially worth more than $55 billion. During the testimony, Musk said: “I expect to reduce my time on Twitter and find someone else to manage Twitter over time. Musk has emailed Twitter employees earlier telling them they need to be “extremely hardcore” to build “a revolutionary Twitter 2.0.” He said anyone who can’t keep up can resign.

Facebook continues to ban Trump – for now – despite the campaign

Donald Trump’s suspension from Facebook and Instagram will last for now despite his candidacy for president. Meta, which owns both platforms, said Wednesday it had no plans to lift Trump’s ban, which was imposed after the January 6, 2021 attack on the United States Capitol. Trump may not have long to wait to return, however, as the suspension is reconsidered in January. On YouTube, a ban imposed following the January 6 attack remains in place. Twitter’s new owner Elon Musk criticized the platform’s decision to boot the former president but said it would be up to a content moderation committee to decide whether to reinstate banned users.

Taiwan’s APEC envoy at center of tension over processor chips

TAIPEI, Taiwan (AP) — Taiwan’s APEC envoy is the 91-year-old billionaire founder of a computer chip-making giant that operated behind the scenes for decades before being thrust into the center of US-China tension over technology and security. Morris Chang’s dual roles highlight the clash between Taiwan’s status as a major supplier of technology to China and Beijing’s threats to attack the self-ruled democratic island of 22 million people, which mainland China’s Communist Party claims is part of its territory. Chang transformed the semiconductor industry when he founded Taiwan Semiconductor Manufacturing Corp. in 1987 as the first foundry that only makes chips for customers without designing its own.

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