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AM Business Notebook

>>Unemployment Claims Down 

(Washington, DC)  --  The number of Americans filing for first-time unemployment claims dropped last week by 20-thousand to 201-thousand people.  Numbers out from the Labor Department this morning show the figures are the lowest since January and well below analysts predictions of 225 thousand. Continuing unemployment claims also fell by 21-thousand to an almost eight-month low.



>>Fed Decides To Skip Rate Hike

(Washington, DC)  --  The Federal Reserve is once again pausing interest rate hikes.  From March 2022 through May 2023 the Fed raised rates at ten successive meetings.  The Fed has been raising rates to combat inflation.   However, the Central Bank indicated it still expects one more rate hike before the year is over.



>>Stellantis Announces Layoffs Due To Strike

(Detroit, MI)  --  Stellantis has issued a statement saying they will be laying off workers at their Toledo Machining Plant.  The move comes as the UAW strike against the Detroit automakers continues.  The company said they will layoff 68 employees at the facility and they may have to layoff more workers at a facility in Kokomo, Indiana.  The UAW has stated that more auto plants will be shut down if a new contract is not reached by Friday.



>>FTC Names 3 Amazon Executives In Prime Lawsuit

(Washington, DC)  --  The Federal Trade Commission is publicly naming three Amazon executive it says were key players in what the agency calls a scheme to enroll and keep Prime customers.  The FTC on Wednesday amended a lawsuit it filed against Amazon in June.  The agency said vice presidents Neil Lindsay, Russell Grandinetti, and Jamil Ghani knew the online retail and entertainment giant was enrolling customers in Amazon prime without their knowledge, but chose not to do anything about it.



>> Homeowners Struggle To Afford Home Insurance Amid Climate Change

(Brooklyn, NY)  --  More homeowners are struggling to afford insurance on their houses as climate change impacts premiums. A report from First Street Foundation says insurance companies and lawmakers alike underestimated the situation. States in the western US especially are seeing higher costs for wildfire damage. The report says the best way for homeowners and businesses to protect themselves is "through insurance as a risk transfer mechanism." However, it says insurance companies are "quickly changing the ways in which they operate across much of the country."



>>Taiwan Tesla Supplier To Build First U.S. Factory

(Taipei)  --  A Tesla supplier from Taiwan is building its first U.S. factory in New Mexico.  Gear company Hota Industrial Manufacturing says it will invest 99-million dollars to build its first plant outside Asia, and that construction will begin early next year in the town of Santa Teresa, near the Mexican border.  New Mexico Governor Michelle Lujan Grisham says the state will provide three-million dollars in funding, and possible tax credits.  Taiwanese companies are also building in Arizona, where chipmaker TSMC has committed 40-billion dollars to building two factories that would support chipmaking capacity in the U.S.



>>Toshiba $14B Takeover Bid Successful

(Tokyo)  --  Toshiba says a 14-billion dollar takeover offer from private equity firm Japan Industrial Partners is successful.  The announcement in Tokyo on Thursday paves the way for the electronics-to-power station maker to go private.  It returns Toshiba to domestic ownership after years of battles with activist overseas shareholders.  



>>CA Woman Sues McDonald's Over Scalding Hot Coffee

(San Francisco, CA)  --  A California woman is suing McDonald's claiming she was scalded by hot coffee.  A lawsuit filed earlier this month says 85-year-old Mable Childress was left with severe burns after buying coffee at a McDonald's drive-thru in San Francisco last June.  The suit claims her coffee lid was improperly secured by restaurant staff, and that the lid came off when she tried to drink from the cup, resulting in severe burns.  The suit also claims Childress requested help from several staff members but they ignored her.  She's accusing the restaurant of gross negligence and is seeking over 25-thousand dollars in damages.

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