Business Briefs – December 4, 2019

Survey: Businesses Added Just 67,000 Jobs In November

WASHINGTON (AP) – A private survey finds that U.S. companies added just 67,000 jobs in November, barely half the gain of the previous month. Payroll processor ADP said that manufacturers, construction firms and mining companies cut 18,000 jobs combined. November’s job gain is the fewest in six months and economists said that it suggests hiring could be weakening. Yet job gains frequently fluctuate from month-to-month, so last month’s meager increase could also be a one-time blip. ADP’s figures don’t include government hiring and frequently diverge from the government’s official report, which is to be released Friday and is expected to show an increase of 190,000 jobs.

OPEC Nations Grapple With Oversupply of Oil

(AP) – The world may be heading for an even greater oversupply of oil, and that possibility is hanging over members of the OPEC cartel as they head into negotiations Thursday. The oil-producing nations will decide whether to stick with production cuts they’ve endured for the past three years, relax them or deepen them in the hopes of propping up oil prices. But the group dynamics are complicated by Saudi Aramco’s upcoming stock market debut and the fact that some nations haven’t been complying with the existing cuts, leaving Saudi Arabia in a precarious position.

EU Climate Leadership in Doubt As Bloc Set to Miss 2030 Goal

MADRID (AP) – The European Union says it will likely miss its target for reducing greenhouse gases by 2030, dealing a blow to the bloc’s efforts to be a leader in the fight against climate change. The European Environment Agency said Wednesday that existing measures put the EU on course to cut its emissions of carbon dioxide and other planet-warming pollutants by 30% in the next decade compared with 1990 levels.

Local Union Leaders Send Fiat Chrysler Contract to Members

DETROIT (AP) – Union leaders from Fiat Chrysler factories are sending a new four-year contract to a membership vote. The 47,000 members of the United Auto Workers union at the company will vote on the deal starting Friday. Local leaders assembled on Wednesday in Detroit to go over the pact. It includes a $9,000 bonus per worker upon ratification. The company also has promised $4.5 billion worth of new investments in U.S. factories.

Financial Fraud More Fraught When Perpetrator Is Known

(AP) – Perpetrators of identity theft and other financial fraud increasingly tend to be someone the victim knows, experts say. While people worry about having their identity or money stolen by strangers online, family, friends and acquaintances are increasingly the ones stealing and profiting from personal information, according to one survey. This creates a tricky and potentially expensive situation for victims to resolve. Experts say this type of fraud is underreported, with many victims ashamed to come forward. They also recommend a number of strategies for protecting your own personal information and that of loved ones.

Bankruptcy Judge Considers $1.3m Bonus for Purdue Pharma CEO

WHITE PLAINS, N.Y. (AP) – The judge overseeing the bankruptcy case of OxyContin maker Purdue Pharma will consider whether the company’s CEO should get a bonus equal to half his $2.6 million salary. Attorneys general representing about half the states say no. They argue in court filings that chief executive Craig Landau bears some responsibility for a national opioid epidemic that they claim the company’s signature painkiller helped fuel. Purdue says maintaining its bonus program is essential to keep employees on the job and performing while it goes through bankruptcy proceedings.

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