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Business Highlights: Vaccine Mandate Enforcement, GE Split

Business Highlights: Vaccine Mandate Enforcement, GE Split

To enforce President Joe Bidens forthcoming COVID19 mandate, the U.S. Labor Department is going to need a lot of help. Its Occupational Safety and Health Administration doesnt have nearly enough workplace safety inspectors to do the job. So the government will rely upon a corps of informers to identify violations of the order: Employees who will presumably be concerned enough to turn in their own employers if their coworkers go unvaccinated or fail to undergo weekly tests to show theyre virusfree. Whats not known is just how many employees will be willing to accept some risk to themselves or their job security for blowing the whistle on their own employers.

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Whistleblowers to play key role in enforcing vaccine mandate

WASHINGTON: To enforce President Joe Bidens forthcoming COVID-19 mandate, the U.S. Labor Department is going to need a lot of help. Its Occupational Safety and Health Administration doesnt have nearly enough workplace safety inspectors to do the job. So the government will rely upon a corps of informers to identify violations of the order: Employees who will presumably be concerned enough to turn in their own employers if their co-workers go unvaccinated or fail to undergo weekly tests to show theyre virus-free. Whats not known is just how many employees will be willing to accept some risk to themselves or their job security for blowing the whistle on their own employers.

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The AP Interview: Facebook whistleblower fears the metaverse

BRUSSELS: Facebook whistleblower Frances Haugen is warning that the virtual reality world at the heart of the social media giants growth strategy will be addictive and rob people of personal information while giving the company another monopoly online. In an interview Tuesday with The Associated Press, Haugen said her former employer rushed to trumpet the metaverse recently because of the intense pressure it is facing after she revealed deep-seated problems at the company. The former product-manager-turned-whistleblowers allegations have drawn global attention for providing insight into what Facebook may have known about the damage its social media platforms can cause. Facebooks parent company denied it was trying to divert attention away from its troubles by pushing the metaverse.

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GE to end its run as a conglomerate, split into 3 companies

BOSTON: General Electric will divide itself into three public companies focused on aviation, health care and energy. The storied American manufacturer struggled under its own weight after growing to become a sprawling conglomerate. The breakup is the culmination of an arduous, yearslong reshaping of a symbol of American manufacturing might that could signal the end of conglomerates as a whole. The company has already rid itself of the products most Americans know, including its appliances last year and the light bulbs that GE had been making since the late 19th century when the company was founded. The announcement Tuesday marks the final stage, divvying up an empire created in the 1980s under Jack Welch, one of Americas first CEO superstars.

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Stocks end lower on Wall Street, ending 8-day winning streak

NEW YORK: Stocks ended moderately lower on Tuesday, ending an eight-day winning streak for the market that had been fueled by strong company earnings and economic data. The market was pulled lower by companies that rely on consumer spending and technology stocks, which had driven the market higher in recent days. Tesla lost 12% after its founder Elon Musk said he would sell 10% of his holdings in the electric car maker. PayPal dropped 11% after the companys cut its full-year outlook and revenue forecasts. General Electric shares rose 2.6% after it announced it would break into three different companies.

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Powell highlights Feds commitment to inclusive recovery

WASHINGTON: Federal Reserve Chair Jerome Powell said inequality can prevent the U.S. economy from reaching its potential. He underscored the Feds commitment to reducing unemployment as broadly as possible, including among disadvantaged groups. Powells comments illustrate one reason why the Fed has been hesitant to reverse its low-interest rate policies even as inflation has spiked to three-decade highs this year. Before the pandemic, the Fed kept its benchmark short-term interest rate pegged at nearly zero, and unemployment eventually fell to a 50-year low of 3.5%. The benefits of the strong pre-pandemic economy were widespread.

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Producer prices rise 8.6%, matching September record high

WASHINGTON: Inflation at the wholesale level rose 8.6% last month from a year earlier, matching Septembers record annual gain and offering more evidence that inflationary pressures are not yet easing. The Labor Department reported Tuesday that its producer price index which measures inflation before it hits consumers rose 0.6% last month from September. Excluding volatile food and energy prices, wholesale inflation was up 0.4% in October from September and 6.8% from a year ago. More than 60% of the September-October increase in overall producer prices was caused by a 1.2% increase in the price of wholesale goods as opposed to services.

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Casinos have best quarter ever; 2020 total exceeded already

ATLANTIC CITY, N.J.: Americas commercial casinos are marking the industrys best quarter ever and pushing U.S. casino revenue past what it was for all of 2020. Figures released Tuesday by the American Gaming Association show U.S. casinos are poised to have their best year ever in 2021 as more consumers feel comfortable visiting casinos amid the ongoing COVID19 pandemic, and as online and sports betting revenues continue to grow. U.S. casinos won nearly $14 billion in the third quarter of this year. They are on pace to break the annual record of over $43 billion set in 2019.

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DoorDash buys Wolt to expand in Europe as Q3 sales rise

DoorDash plans to expand in 23 countries with its purchase of Finnish delivery service Wolt Enterprises. San Francisco-based DoorDash announced the $8.1 billion transaction Tuesday. Wolt Co-founder and CEO Miki Kuusi will run DoorDash International when the transaction closes. DoorDash also reported higher-than-expected sales in the third quarter as it added new partners like Bed Bath & Beyond. Its DashPass subscribers reached a new high. The San Francisco-based delivery company said revenue grew 45% to $1.3 billion in July-September from the same period a year ago. That beat Wall Streets forecast of $1.2 billion, according to analysts polled by FactSet.

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The S&P 500 lost 16.45 points, or 0.4%, to 4,685.25. The Dow Jones Industrial Average fell 112.24 points, or 0.3%, to 36,319.98. The Nasdaq shed 95.81 points, 0.6%, to 15,886.54. The Russell 2000 index of smaller companies dropped 15.45 points, or 0.6%, to 2,427.29.

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first published:November 10, 2021, 04:06 IST