New U.S. Unemployment Claims Drop To 421,000
Washington, D.C., United States (AHN) – New claims for unemployment compensation dropped to 421,000 for the week ending Dec. 4, a decrease of 17,000 claims from the week before, according to the U.S. Department of Labor.
Not all jobless workers are insured by the unemployment compensation program. The advance seasonally adjusted rate of insured unemployed workers was 3.2 percent for the week ending Nov. 27, which was a decrease of 0.2 percentage point from the prior week’s unrevised rate of 3.4 percent, the DOL said in a statement.
The DOL also released the figures for the week ending Nov. 27 for the advance number of seasonally adjusted insured unemployment, which was 4,086,000. That was a decrease of 191,000 from the preceding week’s revised number of 4,277,000 insured unemployed.
Advance unadjusted figures for the week ending Nov. 27 showed the percentage of unemployed workers eligible for unemployment compensation was 3.3 percent. However, the unemployment rate during that week was 9.6 percent.
Figures for the number of unemployed Americans claiming benefits under all unemployment compensation programs was from a week earlier, or the week ending Nov. 13 was 8,297,938.
Extended unemployment compensation benefits, for jobless Americans who are covered by that insurance program, were available in 35 states and the District of Columbia for the week ending Nov. 20.
Those states were Alabama, Alaska, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Maine, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia and Wisconsin.
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Wal-Mart to stop extra $1 Sunday pay for employees
Bentonville, Arkansas, United States (AHN) – Wal-Mart Stores announced Wednesday that it will no longer pay its employees who work Sundays an additional $1 an hour. The new policy, however, would only cover workers hired after Jan. 1, 2011.
Current U.S. employees numbering 1.4 million will not be affected by the new policy, a Wal-Mart spokesman said.
The policy will also not apply to workers in Wal-Mart’s 49 Massachusetts and 10 Rhode Island outlets because the employees in the two states were not extended the extra $1 Sunday pay since their hourly rate for Sunday work is 1.5 times based on state labor regulations.
The policy is part of Chief Executive Officer Mike Duke’s strategy to reduce cost after Wal-Mart registered six consecutive quarters of sales declines at its U.S. operations.
On top of lower sales, operating expenses went up in 2009 to about $80 billion partly due to health benefits extended to workers.
To offset revenue reduction in its U.S. operations, Wal-Mart offered in November $2.4 billion to acquire a majority share in Massmart, a South African retail chain.
Wal-Mart is expanding its international business, particularly in emerging markets with high growth potentials.
Wal-Mart got the unanimous vote of the Massmart board, but needs the approval also of the South African regulators and 75 percent of Massmart stockholders.
The South African Commercial, Catering and Allied Workers Union expressed concern with the possible Wal-Mart buy-in because of the U.S. retail giant’s stand against unions.
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U.S. Gaming Revenues To Recover in Late 2011, 2014 Revenues to Reach $68B
New York, NY, United States (AHN) – The gaming industry which has been hard hit in recent years is slated is slated to rebound due to improved economic conditions triggering a recovery in U.S. gaming revenues in late 2011. However 2007 pre-economic meltdown gaming revenue levels will not return until 2012.
According to PwC’s Playing to win: The outlook for the global casino and online gaming market to 2014, U.S. gaming revenues will rise to $68.3 billion in 2014 from $57.2 billion in 2009, marking a 3.6 percent compound annual increase.
The report also found that U.S. will remain the largest region in 2014, however Asia Pacific will be the fastest growing region with a projected 23.6 percent increase compounded annually to $62.9 billion in 2014 from $21.8 billion in 2009.
“The gaming industry is facing an evolution, which presents both challenges and opportunities for the industry’s established players and those considering to enter the market,” said Mary Lynn Palenik, director, gaming, entertainment, media & communications practice, PwC US.
She goes on to say, “The explosion of entertainment choices for consumers will make it vital for the industry to produce an offering and experience that consumers want to spend money on.”
Regional Casinos will be Fastest Growing Category
Propped by the growth in racetrack casinos, regional casinos will be the fastest growing category during the next five years as investment in new and improved offerings and facilities continue to re-direct visitors and revenue.
Tribal casinos, which fueled growth at double digit annual rates through 2006, have experienced fewer openings over the last few years, a slower economy, and increased competition from regional casinos.
A return to double digit increases which filled coffers the first half of the decade is not expected. Rather, revenues at tribal casinos will increase from $26.5 billion in 2009 to $30.3 billion in 2014, a 2.7 percent compound annual increase.
The Nevada market – which includes Las Vegas, Laughlin and Reno – experienced double digit declines in 2008 and 2009, which can be attributed to the fact that Nevada casinos, more than any other casinos in the U.S., rely on foreign visitors where tourism has been down, as well as out-of-state visitation from regions that have also been significantly impacted by the global recession.
But the report finds that over the five year forecast, Nevada will increase at a 4.1 percent compound annual rate to $12.5 billion in 2014 from $10.2 billion in 2009.
According to the report, Atlantic City is the only market where revenues in 2014 will be lower than in 2009. The region has suffered the most by the economic downturn and growing competitive pressures from regional casinos in Pennsylvania and New York. For the forecast period, PwC projects a 3.2 percent compound annual decline, from $3.9 billion in 2009 to $3.4 billion in 2014.
Moving forward analysts believe social networking sites will be a key distribution platform for online gaming services, resulting in collaborative partnerships between gaming brands and social networks.
Lotteries will also grow via interstate collaboration and online pooling while taking advantage of new online offerings.
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Wikileaks Discloses Spanish Copyright Legislation Influenced By U.S.
Madrid, Spain (AHN) – Spain’s Parliament is close to a vote on a proposed law to protect copyrights that was heavily influenced by the U.S. government, according to the latest Wikileaks disclosures.
The legislation resulted from pressure by the U.S. Embassy in Madrid to fight Internet piracy.
The proposal received a first round of approval by Parliament Sept. 23 and is undergoing final revisions in the Economic and Finance Committee.
Wikileaks, a Web site that publishes secret government documents, recently published 35 communications from the U.S. State Department involving Spanish government copyright laws from 2004 to 2010.
They show the U.S. government threatened to blacklist Spain by putting it on its Special 301 list unless its government toughened its anti-piracy laws.
Special 301 refers to a priority watch list of countries with lax anti-piracy laws that allow easy unauthorized downloading of copyrighted material, such as music and movies.
Countries on the list could be targeted for trade sanctions by the U.S. government.
The communications disclosed by Wikileaks, called cables, show the U.S. government was disappointed with the Spanish government for its slow progress in protecting copyrighted material on the Internet.
The cables were based on meetings between top Spanish economic ministers, industry representatives concerned about protecting their copyrights and U.S. officials.
The U.S. officials included Christopher Wilson, a top government trade representative, and Dan Glickman, chairman of the powerful Motion Picture Association, an advocacy group for the movie industry.
A 2004 cable from the U.S. Embassy says, “The picture of intellectual property piracy in Spain is a mix of third world and first world.”
Subsequent cables documented the reluctance of the Spanish government to change policies.
A turning point appeared to have been reached in 2007, when Spanish negotiators agreed to many of the suggestions by U.S. trade representatives.
“This is the road map of where we want to go and how,” a U.S. Embassy cable said in describing the plan for Spain to change its anti-piracy policy. “Our strategy requires a continuous and constant high-level attention from the embassy to this issue and occasional help from agencies in Washington over the next three or four years.”
But when no further action was taken by the Spanish, a 2008 cable from U.S. Ambassador Eduardo Aguirre suggests putting Spain on the Special 301 blacklist.
The pressure apparently worked. A year later, the Spanish Parliament incorporated anti-piracy provisions into the pending economic development legislation.
Some Spanish commentators say the cables reflect shameful concessions by their political leaders to U.S. pressure.
Spanish editorial writer Esperanza Hernandez wrote this week that Spanish officials “behaved in a way that was subservient in defending the interests of the United States to the detriment of the rights of Spanish citizens to access culture and knowledge through the Internet.”
Meanwhile, the U.S. State Department continues seeking ways to limit damage from the Wikileaks publications while more Internet service providers announce they will no longer host the Web site.
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Banks wane on euro zone debt worries
Britain’s top shares were lower as weakness in banks sparked by euro zone debt worries outpaced strength in commodities following weekend comments by Ben Bernanke. |||
David Brett
London – Britain’s top shares were lower on Monday, as weakness in banks sparked by euro zone debt worries outpaced strength in commodities following weekend comments by Ben Bernanke, which boosted hopes of more quantitative easing.
By 0903 GMT, the FTSE 100 was down 13.11 points at 5,732.21, having ended down 0.4 percent at 5,745.32 on Friday after downbeat US non farm payroll figures in the US.
Responding to the disappointing jobs data, US Federal Reserve Chairman Ben Bernanke told the ’60 minutes’ television programme at the weekend that the central bank could end up buying more than the $600 billion in U.S. government bonds it has committed to purchase if the economy failed to respond or unemployment stayed too high.
“Bernanke’s comments suggest that QE3 is a possibility,” Richard Hunter, head of equities at Hargreaves Lansdown, said.
“We’re still switching between risk on and risk off with investors itching to take profits as soon as the market gains some ground.”
Global miner Xstrata rose 2.3 percent on newspaper reports Glencore, the world’s biggest commodity trader which holds a stake of nearly 35 percent in Xstrata, is preparing for a 6.3 billion pound ($9.94 billion) London Stock Exchange debut as early as April next year.
Platinum processor Johnson Matthey added 0.9 percent as Goldman Sachs upgraded its rating to “buy” from “neutral”, saying it is benefiting from higher platinum prices.
Anglo-Australian miner Rio Tintowas down 0.1 percent after it made a $3.5 billion bid approach for Africa-focused Riversdale Mining.
On the second line, British bank note printer De La Rue Plc soared 23 percent after confirming it had received a bid approach from an unnamed party.
French group Oberthur Technologies is the bidder, a source familiar with the matter told Reuters.
Pub owner Punch Taverns PLC rose 7.4 percent on Mail on Sunday reports of bid interest from private equity group CVC.
Banks were lower after Moody’s Investors Service cut Hungary’s credit rating on Monday.
Investors will also keep an eye on a meeting of euro zone finance ministers who will face pressure to increase the size of a 750 billion euro ($1,006 billion) safety net for crisis-hit members in order to halt contagion in the single currency bloc.
Tesco slipped 2.3 percent after UBS cut its rating on the world’s No.3 retailer to “neutral” from “buy”.
Cobhamfell 2.5 percent with traders citing a downgrade by BofA Merrill Lynch on the aerospace electronics group.
Back on the upside, Vodafone , up 0.9 percent, is close to selling its 44 percent stake in mobile phone operator SFR to France’s Vivendi , paving the way for Vodafone to buy back 5 billion pounds in its own shares in 2011, a UK newspaper said on Sunday.
No important British data will be released on Monday. ($1=.6338 Pound) – Reuters
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Food Supplier Nash Finch Sued For Sex Discrimination
Lumberton, NC, United States (AHN) – The U.S. Labor Department’s Office of Federal Contract Compliance Programs has filed an administrative complaint against a North Carolina company, Nash Finch Co., with systematic job discrimination against 80 women.
Minneapolis, MN-based Nash Finch is the second-largest publicly traded wholesale food distributor in the U.S. It has contracts with the federal government to provide goods and services to more than 200 military bases in the U.S. and overseas.
OFCCP charges that Nash Finch discriminated against 80 qualified women who had applied for positions as order selectors at the Lumberton, NC, plant. Order selectors pull stock from warehouse shelves to fill orders.
In monitoring files, the OFCCP found that the company hired 6 percent of qualified female applicants versus 26 percent of qualified male applicants.
Moreover, this was not the first instance of discrimination that the OFCCP found at a Nash Finch facility, according to the complaint.
Previous investigations at Nash Finch facilities in Norfolk, VA, St. Cloud, MN, and Omaha, NE, have found violations of the law and discrimination in the company’s policies and procedures that “created an uneven playing field for women, minorities and veterans seeking employment with the company,” according to an OFCCP statement.
“It is unacceptable that a company which profits from lucrative federal contracts would repeatedly violate the law in this manner,” said OFCCP Director Patricia A. Shiu. “Nash Finch has demonstrated an unfortunate pattern and practice of hiring discrimination, and the American taxpayers should not have to bankroll this company’s bad behavior anymore.”
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Fed workers told: Stay away from leaked cables
Sure, tens of thousands of U.S. diplomatic cables are out in the open, but the Obama administration is still warning federal government employees, and even some future diplomats, that they must refrain from reading any for themselves.
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South Korea trade pact could mean thousands of US jobs
WASHINGTON — The Obama administration is looking abroad to create thousands of jobs at home, with a newly forged trade agreement with South Korea — the largest since NAFTA 16 years ago — that could mean a big boost for the U.S. auto industry.
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Bond funds see outflows as global concerns mount
SAN FRANCISCO (MarketWatch) — Bond funds saw fresh outflows for the week ended Wednesday as global concerns over a European debt crisis, uncertainty in U.S. fiscal policy and China’s efforts to keep property prices in check all weighed on investor demand, EPFR Global analysts said in a report Friday. Global bond funds posted outflows for the second time in three weeks; high-yield bond fund redemptions hit a 26-week high; and emerging-market bond funds saw their first two-week outflow streak since early April 2009. Outflows from emerging-market bond funds were most concentrated in funds with “hard currency mandates,” the analysts said.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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U.S. Mortgage Jobs Expand
The Department of Labor reported that mortgage employment expanded by 1,100 jobs during October. The latest improvement was fueled by growth at both mortgage bankers and mortgage brokers. Helping October’s numbers were mortgage hirings at The PNC Financial Group Inc., First California Mortgage and Gold Star Mortgage Financial Group.
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