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AM Business Notebook

>>Unemployment Ticks Up In October

(Washington, DC) -- The unemployment rate is ticking up. Numbers out from the Labor Department this morning show the unemployment rate rose a tenth of a percent in October to three-point-nine-percent. Analysts had expected the rate to hold steady at three-point-eight percent. Payroll jobs increased by 150-thousand for the month. It's the highest unemployment rate since January 2022.

 

>>Jurors Find Sam Bankman-Fried Guilty

(New York, NY) -- Jurors have found FTX founder Sam Bankman-Fried guilty on seven federal counts of fraud and conspiracy. Nearly 20 witnesses testified over a month-long period on the cryptocurrency exchange founder's case. Bankman-Fried faces more than 100 years in prison. Once expected to run all the way up to Thanksgiving, the trial moved swiftly, with jurors deliberating for a little over four hours before coming to a verdict. Bankman-Fried will be sentenced in March 2024. Lead counsel Mark Cohen said in a statement that Bankman-Fried maintains his innocence and will "continue to vigorously fight the charges against him."

 

>>FTC: Amazon Made $1-Billion Through Secret Price-Raising Algorithm

(Seattle, WA) -- Federal regulators are accusing Amazon of using a secret algorithm that raised the prices Americans paid for purchases by more than a billion dollars. The claim made public Thursday is part of the Federal Trade Commission's antitrust suit against the online retail giant. An Amazon spokesperson said the FTC "grossly mischaracterizes" the pricing tool and that the company stopped using it several years ago.

 

>>Councils Review Contracts For GM, Stellantis

(Detroit, MI) -- United Auto Workers Union National Councils for General Motors and Stellantis are in Detroit reviewing the tentative contract agreements with the automakers. The Stellantis council will be reviewing the deal before deciding if union members can ratify the contract. The national council for General Motors will be meeting today. Voting by Ford employees took place Wednesday with many saying they favored the contract.

 

>>Uber and Lyft Settle New York Wage Theft Suit, Will Pay $328 Million

(San Francisco, CA) -- Uber and Lyft are agreeing to pay a combined 328-million-dollars to settle allegations that the companies unlawfully withheld wages from drivers. It was also alleged the companies failed to provide mandatory paid sick leave. New York Attorney General Letitia James said it is the largest wage-theft settlement it's won. More than 100-thousand drivers could be eligible to receive the funds and benefits under the agreements.

 

>>Six Flags And Cedar Fair Merge

(New York, NY) -- Six Flags and Cedar Fair are merging to create a powerhouse theme park company. Together, the companies control 27 amusement parks and 15 water parks in North America. Both operate in different parts of the continent-Cedar Fair owns Knott's Berry Farm in California along with parks in Texas and Ontario and its flagship in Ohio, while Six Flags has about 20 parks in the US, two in Mexico and one in Canada. The new company will keep the name Six Flags but trade under Cedar Fair's stock ticker, FUN.

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