Jobs report…Stocks open mixed…Global minimum tax meeting
WASHINGTON (AP) – U.S. employers added just 194,000 jobs in September, a second straight tepid gain and evidence that the pandemic still has a grip on the economy with many companies struggling to fill millions of open jobs. Friday’s report from the Labor Department also showed that the unemployment rate fell sharply to 4.8% from 5.2% in August.
NEW YORK (AP) – U.S. stocks are opening mixed on Friday after a disappointing jobs report thudded onto Wall Street and raised questions about whether the Federal Reserve will change its timeline to pare back its support for markets. The S&P was flat in early trading, on pace for a 1% gain for the week. The Dow and Nasdaq were also flat shortly after the open. Immediate reaction to the weak September jobs report saw Treasury yields fluctuate. Stocks of energy producers were leading the way after crude oil prices resumed their upward run.
LONDON (AP) – Ireland has agreed to join an international agreement establishing a minimum corporate tax of 15% around the world, ditching the low-tax policy that has led companies like Google and Facebook to base their European operations in the country. The Irish government initially refused to join the agreement. But it said Thursday it would join the Organization for Economic Cooperation and Development’s global minimum tax accord after compromises that will protect the country’s economic interests. A 12.5% corporate tax rate has been a cornerstone of Ireland’s economic policy since 2003. The announcement came before a meeting Friday where representatives of 140 countries are expected to approve the agreement.
LONDON (AP) – Google will no longer allow digital ads promoting false climate change claims to appear next to the content of other publishers, hoping to deny money to those making such claims and to stop the spread of misinformation on its platform. The company said Thursday in a blog post that it was rolling out a new policy will also apply to YouTube, which last week announced a sweeping crackdown of vaccine misinformation. Google says other publishers on the platform have grown increasingly uneasy when climate denial ads appear next to their content.
CONYERS, Ga. (AP) – The state attorney general’s office says a former Georgia state lawmaker and university regent has pleaded guilty to racketeering and been sentenced to serve eight years in prison. Dean Alford had been indicted in May on charges of racketeering, fraud and forgery relating to allegations that he faked contracts while seeking money from a financial company. Alford received a 15 year sentence with eight to be served in prison and the rest on probation. A condition of that probation is that he may not conduct any business with the state.