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  • Eurozone growth soars record 12.7% but fears grow for winterUpdated: 10/30/2020 11:34 AM

    FRANKFURT, Germany (AP) — The European economy grew by an unexpectedly large 12.7% in the third quarter as companies reopened after severe coronavirus lockdowns, but the rebound is being overshadowed by worries that growing numbers of infections will cause a new downturn in the final months of the year. The upturn in the July-September quarter, and the worries about what's ahead, echoed the situation in the United States. Re-openings there led to strong third-quarter growth of 7.4% that recovered much of the drop from the first part of the year — but didn't dispel fears for the winter months.See full story
  • US consumer spending rose a moderate 1.4% in SeptemberUpdated: 10/30/2020 10:16 AM

    WASHINGTON (AP) — U.S. consumers increased their spending by 1.4% in September, a modest gain but far less than the big increases of late spring, adding to concerns that Americans remain cautious with the viral pandemic resurging across the country and impeding the economy. The September gain marked the fifth straight monthly increase in consumer spending, the primary driver of the U.S. economy, since the virus erupted in early spring and flattened the economy. But the recent slight increases reflect an economy weakened by the virus and by the failure of Congress to provide another stimulus package to struggling individuals and businesses.See full story
  • Mexico's economy grows in 3Q, but still well below last yearUpdated: 10/30/2020 10:12 AM

    MEXICO CITY (AP) — Mexico’s estimated gross domestic product in the third quarter of the year was 8.6% below that for the same July to September period the previous year, but showed signs of improvement, the country’s statistical agency said Friday. Even prior to the coronavirus pandemic, Mexico’s economy was in recession. That only deepened with the economic shutdown provoked by measures aimed at slowing the illness’ spread during the second quarter. The third quarter performance was considerably better than the April to June period when economic activity shrank 18.7% compared to the same period a year earlier.See full story
  • Losses mount for oil majors as pandemic grips global economyUpdated: 10/30/2020 9:51 AM

    NEW YORK (AP) — Exxon Mobil reported its third consecutive quarter of losses as the global pandemic curtails travel and cripples global economic activity. The energy giant on Friday posted a $680 million third-quarter loss and revenue tumbled to $46.2 billion, down from $65.05 billion during the same quarter last year. The string of losses and what could be a money-losing year is new territory for Exxon Mobil. “This is a business that’s made a billion dollars a quarter on average from 2011 to 2018 and it’s had a rough go,” said Peter McNally, global sector lead for industrials, materials and energy at Third Bridge, a research firm.See full story
  • US wages and benefits grow at sluggish pace amid pandemicUpdated: 10/30/2020 9:31 AM

    WASHINGTON (AP) — Wages and benefits for U.S. workers grew slowly this summer as employers sought to hold the line on pay gains in the midst of the pandemic. U.S. workers’ total compensation rose 0.5% in the July-September quarter, the second straight quarter of slower growth in wages, the Labor Department said Friday. Growth was the same as in the April-June quarter. That’s down from 0.8% in the first three months of the year. For the year ending in September, wages and benefits increased 2.4%, the slowest pace in three years.See full story
  • Global travel and tourism projected to shed 174 million jobsUpdated: 10/30/2020 8:41 AM

    LONDON (AP) — The global travel and tourism industry is on course to lose 174 million jobs this year if current restrictions to curb the spread of the coronavirus remain in place, a leading industry group warned Friday. While alarming, the projection from the World Travel & Tourism Council was lower than previously expected, largely because of a strong recovery in domestic travel in China and rebounds in other countries. In June, the council warned that there could be 197 million job losses worldwide in a sector that many nations are hugely reliant on economically.See full story
  • UK jobs market at crossroads as key support program ends Updated: 10/30/2020 7:15 AM

    LONDON (AP) — Hundreds of thousands of jobs hang in the balance as coronavirus cases surge in Britain and the government scales back its support for workers. Through the pandemic, a generous government salary support scheme kept unemployment in check, but it ends Saturday. It will be replaced by a less generous and more targeted program that seeks to encourage firms struggling with coronavirus restrictions, such as cinemas, pubs and restaurants, to keep workers, even if they only work one day a week.See full story
  • Scaled-back Thanksgiving plans leave turkey farmers in limboUpdated: 10/30/2020 6:45 AM

    For the turkey industry, this Thanksgiving is a guessing game. Millions of Americans are expected to have scaled-down celebrations amid the pandemic, heeding official warnings against travel and large indoor gatherings. That leaves anxious turkey farmers and grocers scrambling to predict what people will want on their holiday tables. Kroger — the nation’s largest grocery chain — said its research shows 43% of shoppers plan to celebrate Thanksgiving only with those in their immediate household. It has purchased more turkeys than usual — in all sizes — but it’s also predicting an increase in demand for alternatives, including ham, pork roast and seafood.See full story
  • Japan picks Mitsubishi Heavy to develop own stealth fighterUpdated: 10/30/2020 4:46 AM

    TOKYO (AP) — Japan has picked Mitsubishi Heavy Industries as a main contractor to develop the country's own next generation stealth fighter for launch in the 2030s, the defense minister said Friday. Separately, Mitsubishi announced that it was suspending its civilian aircraft project given uncertainties for the travel industry due to the coronavirus pandemic. The next generation fighters, currently known as F-X, are part of Japan's upgrading of its aging fighter jet fleet as the country builds up its military capability to counter growing threats from China and North Korea.See full story
  • Report: Fugitive tech boss was Austrian spy agency informantUpdated: 10/30/2020 4:25 AM

    BERLIN (AP) — German media report that a fugitive former top executive of payment company Wirecard was an informant for the Austrian spy agency BVT. Jan Marsalek, the former chief operating officer of Wirecard, faces allegations of fraud and other charges in connection with the company's sudden bankruptcy earlier this year. Munich-based Wirecard filed for protection from creditors in June after executives admitted that 1.9 billion euros ($2.2 billion) listed as being held in trust accounts in the Philippines probably did not exist.See full story

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