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Company Highlights: Fed Minutes, Meta Fines

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Fed minutes: Officials cited strong hiring to justify hikes

WASHINGTON (AP) — Federal Reserve officials suggested at their last meeting that a continued round of strong hiring could keep inflation high and was a key reason they expected to raise inflation. interest rate this year more than they previously expected. In minutes of their mid-December meeting released on Wednesday, officials also pointed out that a slowdown in their rate hikes — from four consecutive three-quarter-point hikes to a half-point increase — “ was not a sign of weakening”. in their determination to bring inflation back to their target of 2%. The smaller increase also did not signal “a judgment that inflation was already on a persistent downward path,” according to the minutes.

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Meta fined 390 million euros in latest EU privacy crackdown

LONDON (AP) — European Union regulators on Wednesday slapped Facebook’s parent company Meta, hundreds of millions in fines for privacy violations and banned the company from forcing users of the bloc of 27 nations to accept personalized advertisements based on their online activity. The Irish Data Protection Commission has imposed two fines totaling €390 million ($414 million) in its ruling in two cases that could upend Meta’s business model of targeting users with ads based on what they do online. The company says it will appeal. A decision in a third case involving Meta’s WhatsApp messaging service is expected later this month.

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Twitter says it will ease ban on political advertising

SAN FRANCISCO (AP) — Twitter said it would relax its 3-year ban on political advertising, the latest change for Elon Musk as he tries to boost his revenue after buying the social media platform Last year. The company tweeted Tuesday evening that “we are relaxing our ad policy for cause-based ads in the United States.” Twitter banned all political advertising in 2019, responding to growing concerns about the spread of false information on social media. At the time, then-CEO Jack Dorsey said that while Internet advertisements are powerful and effective for commercial advertisers, “that power carries significant risks for politics, where it can be used to influence votes to affect the lives of millions”.

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Salesforce to lay off 8,000 workers in latest tech purge

SAN FRANCISCO (AP) — Enterprise software maker Salesforce is laying off about 8,000 employees, or 10% of its workforce, as big tech companies continue to cut payrolls that have grown rapidly during the pandemic lockdown. The cuts announced Wednesday are by far the largest in the 23-year history of a San Francisco company founded by former Oracle executive Marc Benioff. Benioff pioneered the method of renting software services for internet-connected devices – a concept now known as “cloud computing”. The layoffs come on the heels of a reshuffle in the upper ranks of Salesforce. Benioff’s handpicked co-CEO Bret Taylor, who was also chairman of Twitter at the time of its torturous $44 billion sale to billionaire Elon Musk, has left Salesforce.

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Stocks end higher after Fed meeting minutes and strong jobs data

NEW YORK (AP) — Stocks on Wall Street closed broadly higher on Wednesday after hesitating for much of the day as investors weighed the minutes of the Federal Reserve’s latest policymakers meeting and hailed the encouraging data on job vacancies. Major indexes rallied following a government report showing job vacancies rose more than expected in November. Stocks then shed some of their gains after minutes from last month’s Fed meeting highlighted how the central bank remains committed to keeping rates high to crush inflation. The S&P 500 rose 0.8% after falling 0.2% at the start. The Dow Jones Industrial Average rose 0.4% and the Nasdaq composite added 0.7%.

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U.S. job vacancies remained high in a sign of economic resilience

WASHINGTON (AP) — U.S. job postings fell in November but remained elevated, suggesting businesses are still determined to add workers, a blow to the Federal Reserve’s efforts to rein in jobs. hiring and wage gains. There were 10.46 million job vacancies on the last day of November, down slightly from 10.51 million in October, the Labor Department said Wednesday. Openings peaked at 11.9 million in March. Yet figures show that there are nearly 1.8 jobs for every unemployed person, down from a peak of 2 but historically very high. Before the pandemic, there were generally more unemployed people than jobs. Such a high number of job vacancies suggests that the economy is not yet in recession or about to fall into one.

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Coinbase will pay $100 million in settlement with New York regulators

NEW YORK (AP) — New York on Wednesday announced a $100 million settlement with Coinbase over what state officials said were major failures in the cryptocurrency trading platform’s systems to spot criminal activity. potential. According to the state Department of Financial Services, Coinbase’s anti-money laundering program and transaction monitoring system for suspicious activity was inadequate for a company of Coinbase’s size and complexity. The department said the volume of alerts generated by Coinbase’s transaction monitoring system has increased so rapidly that reports of suspicious activity have sometimes been filed months after the suspicious activity was first known. by Coinbase.

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Dave & Buster’s James ‘Buster’ Corley dies at 72

DALLAS (AP) — James “Buster” Corley, co-founder of the Dave & Buster’s restaurant and entertainment chain, has died. He was 72 years old. Corley died Monday at a Dallas hospital after police were called to his home in the Texas city, according to his family and police. Dave & Buster’s announced Corley’s death in a statement on Twitter Wednesday, but his cause and manner are still being investigated by local authorities. Corley and David Corriveau opened their first restaurant and gaming establishment in 1982 in Dallas. Dave & Buster’s has since grown to have dozens of locations across the United States.

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The S&P 500 gained 28.83 points, or 0.8%, to 3,852.97. The Dow Jones Industrial Average rose 133.40 points, or 0.4%, to 33,269.77. The Nasdaq added 71.78 points, or 0.7%, to 10,458.76. The Russell 2000 Small Business Index rose 21.81 points, or 1.2%, to 1,772.54.

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