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US budget deficit surges to $134.5 billion in October

“The Treasury Department said Wednesday that the deficit last month totaled $134.5 billion, up from a shortfall in October 2018 of $100.5 billion” reports thebusinessjournal.com. The government ran up a deficit of $984.4 billion for the 2019 budget year that ended Sept. 30, 26% larger than in 2018.The Congressional Budget Office is forecasting that the deficit for 2020 will hit $1 trillion and will remain over $1 trillion for the next decade.(AP) — The federal government, which ended the 2019 budget year with its largest deficit in seven years, began…

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Daily on Energy: World on course to fall far short of emissions cuts envisioned in Paris agreement

“WORLD ON COURSE TO FALL FAR SHORT OF EMISSIONS CUTS ENVISIONED IN PARIS AGREEMENT: The world is way off track from cutting emissions consistent with the Paris climate agreement, despite rapid growth in renewables” reports washingtonexaminer.com. GOP CARBON TAX GROUP GOES PUBLIC WITH AD CAMPAIGN: A Republican-backed group pushing for Congress to pass a federal carbon tax a six-figure advertising campaign on Wednesday. Source: washingtonexaminer.com

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Nissan Cuts Profit Forecast After 70% Quarterly Plunge

“Nissan slashed its full-year operating profit forecast by 35% to 150 billion yen, which would be its worst full-year performance in 11 years” writes Min Read for reuters.com. Operating profit at Japan’s second-biggest automaker by sales came in at 30 billion yen ($275 million) in July-September versus 101.2 billion yen a year earlier.That compared with a mean forecast of 47.48 billion yen from nine analyst estimates compiled by Refinitiv.It now sees global retail sales at 5.2 million vehicles, down from a previous forecast for 5.5 million, bracing for its worst…

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As Gannett merger nears completion, union claims deal “threatens journalism”

“The deal calls for GateHouse parent New Media Investment Group to purchase McLean-based Gannett for $12.06 in cash and stock per share” writes Reporter Covering Economic for washingtonpost.com. Fortress backs New Media Investment Group, and is slated to come away with 4.5 million shares in the new company.The union suggests in its report that private equity giants Fortress Investment Group and Apollo Global Management are getting the best of the deal.After the deal was announced, New Media’s stock fell from nearly $11, and opened Friday trading at $7.86 a share.Gannett…

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The chief global strategist at JPMorgan Asset Management lays out 3 reasons why the Fed’s recent rate cuts could hold the economy back for 10 years — even as investors celebrate

“The expectation of low rates forever more is telling people there’s no need to borrow money now,” he said” writes Marley Jay for businessinsider.com. Next, he added that the promise of low rates has been eroding demand and spending for years, slowing growth.The first is that low rates don’t really help the US economy as a whole.But David Kelly — the chief global strategist at JPMorgan’s $1.9 trillion asset-management business — said those investors should hold off on sending a thank-you card. Source: businessinsider.com

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Bustle Digital Group employees are tweeting their layoffs, as at least 14 more writers and editors are cut

“Bustle Digital Group, a digital media conglomerate targeting millennial women, cut more employees Thursday following an October Insider report revealing staggered layoffs and cratering morale” writes Benjamin Goggin for businessinsider.com. According to tweets from affected employees, at least 14 full and part-time positions were eliminated, affecting lifestyle, books, and entertainment employees.In a statement provided to Insider, a Bustle Digital Group spokesperson downplayed the cuts, saying “BDG has recently hired dozens of writers and editors across our many properties — especially Nylon, Mic, Inverse, and Input.Insider also reported that Bustle Digital…

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Intuit Maximizes Financial Savings and Cuts Emissions in Leased Spaces

“Intuit has also seen substantial financial savings and strong ROI on our investments in energy efficiency, water conservation, and renewable energy” writes Alyssa Danigelis for environmentalleader.com. Before I started at Intuit, offsite renewable energy projects didn’t make sense for a company of our size in a leased environment. Source: environmentalleader.com

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WeWork’s coding bootcamp Flatiron School has laid off dozens of employees

“WeWork’s coding boot camp, Flatiron School, laid off dozens of employees on Thursday as the coworking giant slashes costs following its failed IPO. Less than 75 people were given notice on Thursday, according to one source familiar with the cuts” writes Becky Peterson for businessinsider.com. A day later, WeWork’s new chairman, Marcelo Claure, told employees at an all-hands meeting that the new leadership would be committed to “fast” and “transparent” job cuts.One employee who got laid off on Thursday said the cuts were framed as a restructuring, and the employees…

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