Reporting GE’s third-quarter results, GE Chairman and CEO Larry Culp said the company delivered “another strong quarter as orders, margins and cash improved.” The results benefited from “continued signs of recovery” in the aviation market, Culp said, but he stressed that GE’s focus on continuous improvement and lean management was driving broader operational and financial progress. He also said that the company was managing through significant challenges, such as supply chain disruptions and onshore wind market pressure due to the U.S. production tax credit (PTC).
“GE is operating from a position of strength today,” Culp told investors.
Source: Third-Quarter Earnings Results: Strong Performance Continues | GE News
More than 580,000 Americans are homeless. The median sale price for a home has just surpassed $400,000. Homeownership is on the decline.
This, by all accounts, is a national emergency — and one House Democrats had proposed $330 billion to tackle as part of their Build Back Better plan. This package was both a once-in-a-generation investment and also barely enough to scratch the surface. Now, even those proposed investments are being cut down as part of negotiations over the final package.
Perhaps more worrisome is the apparent lack of willingness to tackle the root of the problem.
Source: Congress’s Build Back Better Act won’t save the housing market – Vox
Nearly every year since 2011, America seems to teeter on the edge of a crisis as the national debt comes dangerously close to hitting the “debt ceiling,” and the president and Congress fight over raising it. The “debt ceiling” is really just a limit on how much debt the country can take on. While the US isn’t the only country to have one, it is the only country to have legislation that regularly puts it on the brink of economic disaster.
The current US debt is nearing $29 trillion. That’s a trillion with a T. Is that too much? And who does it affect?
Source: Why is the US always hitting a “debt ceiling”? – Vox
Senators grilled executives from TikTok, Snapchat and YouTube Tuesday as they continue to weigh proposals aimed at boosting kids’ online safety. Executives from the companies made one thing clear during the hearing — they don’t want to be tied to Facebook.
Source: Hillicon Valley — TikTok, Snapchat seek to distance themselves from Facebook | TheHill
The pandemic required many people around the world—except essential workers, such as in health, transport, care and nutrition—to work remotely and maintain social distance to prevent the spread of the coronavirus. As an atypical form of employment differing from the standard model based on the workplace, remote work existed before Covid-19. Yet it has been effected more than ever during the lockdowns and beyond, despite being associated with serious violations of rights.
The International Labour Organization defines the phenomenon as work performed fully or partly at a location apart from the default workplace, including one’s own residence, co-working spaces or other sites and houses. As an umbrella concept, it embraces telework, where workers use information and communications technology (ICT) to carry out work remotely. Telework and work at home constitute subcategories of remote work which can be designed, and combined, in several ways.
Source: Is remote work an ecological alternative? – Selen Uncular
Despite the progress in statutory minimum wages across many European Union member states over the last decade, there are important divides. In 2019, around 7 per cent of employees in the EU were statutory minimum-wage earners—earning no more than 10 per cent above or below the minimum wage rate in each member state. Across countries, this rate ranges from 10-15 per cent in some central- and eastern-European member states (Romania, Poland, Bulgaria and Lithuania) and Portugal to less than 4 per cent in Czechia, the Netherlands and Slovenia.
Against a background of generally notable minimum-wage hikes in many member states over the last decade—with statutory rates growing faster than average wages in most cases—a growing share of employees have fallen within the range of statutory minimum-wage levels. The 7 per cent proportion of minimum-wage earners in the EU is an increase from 5.5 per cent in 2010.
Source: Minimum wage—yet another gender divide? – Carlos Vacas-Soriano
What has a bigger market cap than General Mills, HP, or Nokia?
Would you believe it’s dog-theme cryptocurrency Shiba Inu? It’s true. After a crazy run, Shiba Inu now has a market cap of $38.5 billion. As Chris Morris wrote for Fortune: “The crypto that was long dismissed as a joke is up 777% in the past 30 days and hit an all-time high Wednesday amid talk that Robinhood might be considering listing it. That has boosted its market cap to a level that puts it alongside some of the biggest companies in the world—and in many cases, surpassing them.”
Source: What’s behind Shiba Inu coin’s stunning rise—up 777% in 30 days | Fortune
The recent report in the Financial Times that China tested a nuclear-capable hypersonic weapon has pundits, members of Congress, and even Chairman of the Joint Chiefs of Staff Gen. Mark Milley worried about a “Sputnik moment.” Given the failure of the United States’ own test of a hypersonic missile last week, it seems to many that a hypersonic missile gap has opened, harming U.S. security.
But even if China’s test means it has perfected a new way to deliver a nuclear warhead—a big if—it’s no cause for alarm. A new nuclear delivery system will not meaningfully shift the balance of military power with the United States, nor would it enable a Chinese attack on U.S. partners and allies in East Asia. China already had an assured ability to conduct a nuclear strike on the United States. This test just makes it harder to pretend otherwise.
Source: Don’t Turn the Chinese Missile Test Into a ‘Sputnik Moment’
GlobalFoundries will sell 55 million ordinary shares at a price of $47 apiece through an initial public offering.
The New York-based semiconductor company said Wednesday it will list the shares on the Nasdaq Global Select Market under the ticker symbol “GFS” and expects the IPO to kick off Thursday, Oct. 28, and run through Monday, Nov. 1.
GlobalFoundries is selling 30,250,000 shares through the IPO. Mubadala Investment Company PJSC, the Abu Dhabi government’s investment unit, is offering 24,750,000 shares.
Source: GlobalFoundries Sets IPO Share Price at $47 – GovCon Wire
The soldiers in rural Myanmar twisted the young man’s skin with pliers and kicked him in the chest until he couldn’t breathe. Then they taunted him about his family until his heart ached, too: “Your mom,” they jeered, “cannot save you anymore.”
The young man and his friend, randomly arrested as they rode their bikes home, were subjected to hours of agony inside a town hall transformed by the military into a torture center. As the interrogators’ blows rained down, their relentless questions tumbled through his mind.
“There was no break – it was constant,” he says. “I was thinking only of my mom.”
Source: Myanmar military uses systematic torture across country