Business Highlights: Vaccine Rule, Brainard on Price – Bharat Times English News

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Supreme Court stays COVID-19 vaccine rule for US businesses

WASHINGTON: The Supreme Court has halted a major push by the Biden administration to boost COVID-19 vaccination rates to nations, a requirement that employees of large businesses regularly get a vaccine or test and wear a mask at work. Wears. At the same time, the court is allowing the administration to move forward with a vaccine mandate for most health care workers in the US. A conservative majority of the courts concluded that the administration overstepped its authority by seeking to impose the Occupational Safety and Health Administration vaccine-or-testing rule on the US.

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Fed Nominates Brainard: Fighting Inflation Is Top Priority

WASHINGTON: President Joe Bidens’ candidate for the Federal Reserve No. 2 spot Lyle Brainard said on Thursday that combating high inflation is a top priority for central banks and added that he believes the Fed should sacrifice economic growth. without reducing it. Testing at his confirmation hearing before the Senate Banking Committee, Brainard said inflation is high, and working people around the country are worried about how far their paychecks will go. We are taking action … that I believe will bring inflation down, while continuing to allow the labor market to return to full strength over time, she said. ,

Twitter, Meta among tech giants summed up by Jan 6 panel

WASHINGTON: Months after requesting documents from more than a dozen social platforms, the House committee investigating the Capitol rebellion has issued subpoenas targeting Twitter, Meta, Reddit and YouTube after lawmakers said the companies initial responses were insufficient. The chairman of the committee, Rep. Benny Thompson, on Thursday called on companies to record misinformation about the 2020 election and their role in promoting domestic violent extremism on their platforms in the lead-up to the January 6, 2021 uprising. Two major questions for the select committee are how the spread of misinformation and violent extremism contributed to the violent attack on our democracy, and if any social media companies see their platforms becoming a breeding ground for people to radicalize violence. Thompson, D-Miss., said in the letter.

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Wall Street down again in tech stocks, Nasdaq down 2.5%

NEW YORK: Technology companies led a sell-off on Wall Street on Thursday that dragged major indices into the red for the week. The S&P 500 fell 1.4% after an early gain of 0.4%. The benchmark index was trading with gains for two days after a daily loss from the first day of trading in 2022. The tech-heavy Nasdaq fell 2.5%. The Dow Jones Industrial Average fell 0.5%. The sell-off came as investors anticipated the company’s earnings report and new data pointing to rising wholesale prices. Inflation has been a major focus for investors as they try to figure out how rising prices will affect businesses, consumers and Federal Reserve policy on interest rates in 2022.

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Record 9.7% jump in wholesale prices in 2021

WASHINGTON: Wholesale prices rose a record 9.7% for all of 2021, setting an annual record and providing further evidence that inflation still exists at all levels of the US economy. The Labor Department reported Thursday that its producer price index, which measures inflation before it reaches consumers, slowed on a monthly basis, rising only 0.2% in December compared to November, when prices rose 1%. , The 12-month increase in wholesale inflation to 9.7% was also lower than the revised 9.8% growth for the 12 months ended November. However, the government uses the December to December change for annual growth and the 9.7% growth on that basis was the fastest annual jump on record, far higher than the 0.8% growth in 2020 and 1.4% in 2019 .

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Teen Semis Will Allow Drivers in the US Test Apprenticeship Program

DETROIT: The federal government is moving forward with plans to move teens from one state to another in big rigs in a testing program. Currently, truck drivers crossing state borders must be at least 21 years old, but an apprenticeship program required by Congress to help reduce supply chain backlogs allows 18- to 20-year-old truck drivers to drive outside their home states. Will give The pilot program, detailed Thursday in a proposed regulation by the Federal Motor Carrier Safety Administration, will screen teens with any accident-caused driving-impairment violations or traffic tickets. But safety advocates say the program runs contrary to data showing that younger drivers are more prone to accidents than older drivers.

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US jobless claims rise from 23,000 to 230,000

WASHINGTON: The number of Americans applying for unemployment benefits rose last week to the highest level since mid-November, but is still low by historical standards. The Labor Department said Thursday that US jobless claims rose to 230,000 from 23,000 last week. The four-week moving average, which smoothes out week-to-week blips, rose from around 6,300 to around 211,000. Weekly applications, a proxy for layoffs, have increased in four of the past five weeks, a period that coincides with the spread of the Omicron version. Yet the jobs market has made a strong comeback from the coronavirus slowdown of previous years. Jobless claims mostly declined steadily for almost a year, falling below the pre-pandemic average of about 220,000 in a week.

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After wave of cancellations, Delta sees recovery in 2022

ATLANTA: Delta Air Lines lost $408 million in the last quarter of 2021, plunging down from the COVID-19 boom that shook the airline in December, and the carrier predicted Thursday that it would stop traveling in the spring. First he will have another quarterly loss. Heat. CEO Ed Bastian said 8,000 employees have contracted COVID-19 in the past four weeks. Sick workers and winter storms have resulted in more than 2,200 canceled flights since December 24. Cancellations have dropped sharply over the past few days, Bastian said, adding that Delta only had two coronavirus-related cancellations on Wednesday, but spiked flights cost the airline $75 million. And the latest outbreak, caused by the omicron type of virus, is expected to push back the recovery of industries by two months.

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The S&P 500 closed 67.32 points, or 1.4%, down at 4,659.03. The Dow Jones Industrial Average fell 176.70 points, or 0.5%, to end at 36,113.62. The Nasdaq closed down 381.58 points, or 2.5%, at 14,806.81. The Russell 2000 Index of Small Companies slipped 16.62 points, or 0.8%, to 2,159.44.

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