10-man Ivory Coast stages remarkable late comeback to beat Mali 2-1 and reach Africa Cup semifinals
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Oumar Diakité scored in stoppage time of extra time to send 10-man Ivory Coast into the semifinals of the Africa Cup of Nations with a dramatic 2-1 win over Mali. Ivory Coast finished the match with nine players as Diakité was booked for excessive celebrations. Simon Adingra equalized in the 90th minute to send the match to extra time. Diakité scored the winning goal in the 122nd minute. Ivory Coast had been down to 10 men since the second half when Odilon Kossounou was sent off. Mali had taken the lead in the 71st minute through Nene Dorgeles. Ivory Coast will face Congo in the semifinals. Cape Verde and South Africa played for the last semifinal place against Nigeria.
#IvoryCoast #Mali #AfricaCupOfNations #Soccer #Semifinals
House to vote on standalone Israel aid bill, setting up showdown with Senate
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House Republicans plan to vote on a bill to provide $17.6 billion in military assistance to Israel and U.S. forces in the region. The bill includes $3.3 billion more for Israel and does not include controversial offsets to the Internal Revenue Service. The Senate is expected to vote on a supplemental package that would fund border security and aid Ukraine, Israel, and the Indo-Pacific region. The House proposal does not include funding for Ukraine or a border security proposal. House Speaker Mike Johnson has criticized the Senate for failing to include the House in their negotiations and has put the onus on Democrats to vote against the bill. The bill would provide $9.7 billion to replenish missile and defense systems in Israel, $7.7 billion to replenish U.S. defense stocks sent to Israel and military operations in the region, and $200 million to protect U.S. personnel and aid in evacuations if necessary.
#Israel #MilitaryAssistance #BorderSecurity #Ukraine #HouseRepublicans #Senate
https://www.washingtonpost.com/politics/2024/02/03/house-israel-aid-ukraine/
The U.S. economy is booming. So why are tech companies laying off workers?
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Tech companies, including Google, Amazon, Microsoft, and others, have been laying off thousands of workers since 2022. Last year, over 260,000 tech workers were laid off, and the layoffs have continued into 2024. Despite the booming job market in other industries, tech layoffs have persisted. Companies are under pressure from investors to improve their bottom lines, leading to a focus on increasing profits by cutting high-paid workers. The layoffs have upended the culture of Silicon Valley and have left the tech workforce feeling despondent and confused. The continued cuts come as companies are looking for ways to squeeze more work out of fewer people. The layoffs are attributed to factors such as over-hiring during the pandemic, high interest rates, economic concerns, and inflation. The tech industry, once seen as glitzy and high-paying, has become less secure and less attractive to many workers. As a result, workers are more willing to take lower-paying jobs or seek alternative job opportunities.
#TechIndustry #Layoffs #JobMarket #SiliconValley #Economy
https://www.washingtonpost.com/technology/2024/02/03/tech-layoffs-us-economy-google-microsoft/
Cuba's president replaces the country's economy minister following delays to planned price hikes
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Cuban President Miguel Díaz-Canel has replaced the country's economy minister, Alejandro Gil, following a delay in implementing planned price hikes for fuel and transportation. The government had announced measures to increase prices but put them on hold due to a cyberattack. The economic crisis in Cuba has led to hundreds of thousands of people leaving the country. In addition to Gil, Science, Technology and Environment Minister Elba Rosa Perez was also removed from her post and replaced by Eduardo Martinez. The Food Industry Ministry will now be led by Alberto Lopez.
#Cuba #Economy #PriceHikes #Government #Cyberattack
Opinion | Why the U.S. economy is doing so well
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The U.S. economy is doing well due to Fannie Mae and Freddie Mac, which provide fixed-rate mortgages under 4 percent to almost 60 percent of U.S. homeowners. This is in contrast to other major world economies where banks issue short-term, floating-rate mortgages. Democrats saved Fannie and Freddie from being wound down a decade ago, which has contributed to the current boost in the U.S. economy.
https://www.washingtonpost.com/opinions/2024/02/02/us-economy-mortgage-rates-fannie-freddie/
Labor market appears strong for workers despite recent job cuts
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The labor market is expected to continue its gradual slowdown in early 2024, with the January jobs report predicted to show the 37th consecutive month of job gains. Economists expect employers to add 177,000 jobs, a smaller gain than last year's monthly average of 225,000 jobs. Despite recent high-profile layoffs, the overall labor market appears healthy, with robust consumer spending allowing employers to hire at a fast enough rate to keep up with population growth. Wages continue to outpace inflation, boosting workers' spending power. The Federal Reserve has announced that it is not ready to begin cutting interest rates without greater certainty that inflation has been tamed. However, some economists are not concerned about layoffs triggering a broader economic meltdown, as most laid-off workers are likely to find new jobs fairly quickly in the current low-unemployment environment. The labor market has been buoyed by booming industries such as health care, government, and leisure and hospitality. These industries are less reactive to high interest rates and have recently become more attractive to workers due to improved pay and benefits packages and streamlined hiring processes.
#LaborMarket #JobCuts #Economy #InterestRates #Unemployment #Inflation
https://www.washingtonpost.com/business/2024/02/02/january-jobs-employment/
Stock market today: Asian shares mostly rise after Wall Street rebound led by tech stocks
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Asian shares mostly rose on Friday, following a Wall Street rally led by big tech stocks. Japan's Nikkei 225 added 0.5%, Australia's S&P/ASX 200 jumped 1.5%, and South Korea's Kospi surged 2.7%. However, Hong Kong's Hang Seng shed 0.4% and the Shanghai Composite index dropped 2.4%. On Wall Street, the S&P 500 gained 1.2%, the Dow Jones Industrial Average rose 1%, and the Nasdaq composite leaped 1.3%. Big Tech stocks, such as Microsoft and Alphabet, played a significant role in the market rebound. The positive sentiment was also supported by reports suggesting a solid economy and easing inflation pressures. Merck and Etsy reported stronger-than-expected profit and revenue, while New York Community Bancorp fell after reporting a loss and cutting its dividend. Peloton Interactive dropped after giving a revenue forecast that fell short of expectations. Traders are betting that the Federal Reserve will begin cutting interest rates in May. In energy trading, benchmark U.S. crude rose to $74.09 a barrel, and the U.S. dollar was little changed against the Japanese yen and the euro.
#StockMarket #AsianShares #WallStreet #TechStocks #Nikkei225 #S&p/asx200 #Kospi #HangSeng #ShanghaiComposite #S&p500 #DowJonesIndustrialAverage #Nasdaq #Microsoft #Alphabet #Merck #Etsy #NewYorkCommunityBancorp #PelotonInteractive #FederalReserve #InterestRates #CrudeOil #UsDollar
AP-NORC poll finds an uptick in positive ratings of the US economy, but it’s not boosting Biden
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A new poll from The Associated Press-NORC Center for Public Affairs Research finds that 35% of U.S. adults call the national economy good, up from 30% a year ago. While 65% still call the economy poor, that’s an improvement from a year ago when 76% called it poor. President Joe Biden's approval rating on handling the economy is at 35%. Democrats remain far more likely than Republicans to describe the economy as good, 58% to 15%. Recent data on the economy has shown that growth accelerated last year even as inflation returned closer to the Federal Reserve’s 2% target. The poll of 1,152 adults was conducted from January 25-29, 2024.
#UsEconomy #JoeBiden #Ap-norcPoll
US worker paycheck growth slowed late last year, pointing to cooling in a very strong job market
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Pay and benefits for America’s workers grew at the slowest pace in two and a half years in the final three months of last year, with compensation as measured by the Employment Cost Index rising 0.9% in the October-December quarter, down from a 1.1% increase in the previous quarter. Compared to the same quarter a year earlier, compensation growth slowed to 4.2% from 4.3%. The slowdown in wage gains could make the Federal Reserve more comfortable cutting its rate as early as March, with most analysts expecting the first cut to occur in May or June. The Federal Reserve considers the Employment Cost Index one of the most important gauges of wages and benefits. The slowing wage growth could contribute to the cooling of inflation and is likely to be welcomed by Federal Reserve policymakers.
#UsWorkerPaycheckGrowth #JobMarket #FederalReserve #Wages #Compensation