Stocks gain … Wall Street salaries down … How long ’til Brexit? … Facebook “News Tab”
NEW YORK (AP) – Stocks are moving higher in morning trading on Wall Street. Technology companies are leading the gains, spurred by a solid profit report from Intel. Communications companies and banks also rose. But Amazon dropped after reporting its third-quarter earnings fell 26% from a year ago.
ALBANY, N.Y. (AP) – New York state’s comptroller says salaries on Wall Street dropped by 5.6% last year. Comptroller Thomas DiNapoli puts the average 2018 salary, including bonuses, for securities industry employees in New York City at $398,600. That’s down from $422,500 in 2017, which was the highest level since the 2008 financial crisis. The salary drop tracks with a decline in bonuses, which can account for more than a third of Wall Street wages.
BRUSSELS (AP) – European Union ambassadors aren’t saying for how long, but they are agreed that Britain needs an extension of its deadline for leaving the bloc. The current date is Oct. 31, next Thursday. Britain has asked for a three-month extension. A European diplomat, speaking anonymously because discussions are ongoing, says EU ambassadors will meet again Monday to discuss the length of the extension.
UNDATED (AP) – Facebook is introducing a “News Tab.” The new section in its mobile app will display news headlines selected by journalists. Publishers will be paid for the use of their material. The social network has long been at odds with news publishers who complain it benefits from sharing of their stories without paying for them.
LONDON, Ky. (AP) – Companies tied to West Virginia Gov. Jim Justice have been ordered to pay $35 million in damages for defaulting on a mining contract. The Lexington Herald-Leader reports the lawsuit stems from a 2005 deal in which Kentucky Fuel gained the right to mine coal in Breathitt County in exchange for royalties. The company, operated at the time by Justice, never mined the coal.