Business - Page 6

Advocates say this Build Back Better provision is exactly what local newsrooms need

By Brian Stelter, The House version of the Build Back Better Act contains a provision that news media advocates have sought for years. It’s a payroll tax credit that supports local news organizations for employing journalists. The Joint Committee on Taxation pegs it at $1.67 billion over 10 years. The provision “would provide a credit up to $25,000 to defray employment taxes in the first year, and $15,000 in the next four years, for each employee,” Deadline’s Ted Johnson reported Thursday. “That would cover 50% of compensation up to $50,000 in the first year and 30% in the next four years.” Thus, it

Big rebound in jobs: America adds 531,000 jobs to the economy in October

By Anneken Tappe America’s jobs recovery gathered some steam last month as US employers added 531,000 positions in October. The unemployment rate fell to 4.6%, the lowest level since the economic recovery started in May 2020. The number of jobs added in October easily outpaced economists’ prediction of 450,000 jobs. It marked the first month since July that the official number didn’t undercut the consensus estimate. The US economy gained jobs across the board last month, with leisure and hospitality, manufacturing and transportation and warehousing leading the job gains. The leisure and hospitality sector was hit hardest during the pandemic recession and

Moderna warns its Covid vaccine shipments are falling short. Stock plunges

By Chris Isidore, Moderna fell short of profit and sales expectations for the third quarter, and the Covid vaccine maker warned that its full year shipments of the vaccine will not meet its forecasts. Shares of Moderna plunged nearly 20% at their low point of the day Thursday and closed down 18% for the day. The share price had more than tripled so far this year before Thursday’s plunge. The company earned $3.3 billion, on revenue of $5 billion in the quarter. But analysts surveyed by Refinitiv had forecast that income would reach $3.9 billion on revenue of $6.2 billion.

Pfizer revenue and profits soar on its Covid vaccine business

By Chris Isidore, Pfizer reported that earnings and sales more than doubled in the past quarter, and it raised its outlook for results the full year, thanks greatly to its Covid-19 vaccine. The company reported adjusted earnings of $7.7 billion, up 133% from a year earlier. Revenue soared to $24.1 billion, up 134%. Both easily cleared results forecast by analysts. The vaccine business alone was responsible for more than 60% of the company’s sales, as vaccine revenue rose to $14.6 billion from only $1.7 billion a year earlier. The company said its Covid vaccine sales accounted for $13 billion of

American Airlines cancels more than 600 flights on Sunday

By Pete Muntean and Ramishah Maruf, American Airlines canceled another 634 flights on Sunday, more than 12% of its total operations for the day, the company said Sunday. The airline has now canceled more than 1,500 flights since Friday, as it deals with weather issues and staffing shortages that started last week. “With additional weather throughout the system, our staffing begins to run tight as crew members end up out of their regular flight sequences,” American said in a statement to CNN on Saturday. Two days of severe winds in Dallas-Fort Worth, its largest hub, sharply reduced arrival capacity, the

Clark Atlanta University Wins First Place, $25K In Scholarships At National Black MBA Association Competition

By Clark Atlanta University Newsroom, On Friday, September 17, 2021 students from the Clark Atlanta University MBA program won first place in a highly competitive business case competition held at the National Black MBA Association Conference held in Chicago, IL. Clark Atlanta University’s first place team members were; Christine Fasuyi, Rasheeda Muhammed, and Shannon Smith. The students won top honors to include $25,000 in scholarhisps over Georgia Tech who placed second and the University of Michigan scholars who placed third. Clark Atlanta University MBA students in the preliminary round, beat Alabama A&M, Auburn University, Morgan State University, the University of

This warehouse worker became the face of a union push at Amazon. She’s still bracing for the fallout

Story by Sara Ashley O’Brien, When Amazon opened a sprawling warehouse in her community in March 2020, Jennifer Bates never guessed she’d find herself testifying before members of Congress one year later about the “grueling” conditions she experienced working inside it. Bates, grandmother of seven, had been excited Amazon was coming to Bessemer, Alabama, because of the economic growth she thought it would bring to the area — and the possibility that a job there would allow her to spend more time with family. What she found at Amazon instead was a job with 10-hour shifts that she felt were “more

Southwest’s service meltdown cost it $75 million

By Chris Isidore, Southwest Airlines says that its recent service problems, which prompted it to cancel more than 2,000 flights over a four-day period, cost the airline $75 million. That’s just one of the headwinds facing the discount airline. Southwest warned Thursday that it believes revenue will take a $100 million hit this quarter from the lingering effects of the Covid surge caused by the Delta variant — even though bookings have improved recently, especially during the upcoming holiday travel period. About $40 million of that hit is expected to come in October. Still, that’s an improvement from the revenue hit in

3 ways executives hold Black women back at work

Opinion by Denise Hamilton Despite promises from across the corporate world to diversify leadership and give people of all backgrounds equal opportunities, women of color remain stuck with little to no progress in sight. A recent study from McKinsey and LeanIn.org found that while women overall have more high-ranking roles than in previous years, women of color make up just 4% of C-suite executives, a percentage that hasn’t changed for several years. Women of color also continue to deal with discrimination at work, including just as many microaggressions as they did two years ago — all of which contribute to stress and burnout. But

With airline staff at a breaking point, passengers can expect more headaches to come

By Chris Isidore, Gregory Wallace and Pete Muntean, The problems at Southwest Airlines run deeper than the operational meltdown that caused more than 2,000 flight cancellations in recent days. And they’ll continue well after the airline is back on schedule. Although this weekend’s problems were mainly limited to Southwest, it is by no means the only airline struggling to restore staff and flights that were trimmed during the pandemic. Fixing these problems will be expensive and time-consuming — and are likely to cause further pain for passengers returning to the skies. Southwest said a number of issues caused the weekend cancellations, including

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