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Tag: labor

  • On the front lines of the writers strike, meet the true rat czar of NYC: Scabby the Rat

    On the front lines of the writers strike, meet the true rat czar of NYC: Scabby the Rat

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    NEW YORK — For decades, a giant, inflatable rat with beady eyes, sharp teeth and a pustule-covered belly has loomed over union protests, drawing attention to various labor disputes.

    As New York City deals with an influx of actual rats, Scabby the Rat has become that rare thing, like Pizza Rat or Buddy the Rat — a rodent New Yorkers can rally behind.

    But in the era of TikTok and influencer culture, middle-aged Scabby faces a new challenge: staying relevant.

    “It’s kind of unfortunate, changing times, older members of the public know exactly what the rat is for,” said James Smith, union activity administrator for the NYC District Council of Carpenters. “The newer generation sometimes doesn’t — one person thought that we were protesting a building that needed an exterminator.”

    Nevertheless, Scabby’s not collecting hard-won retirement benefits just yet. Most recently, Scabby has been making the rounds at various picket lines in New York for the Hollywood writers strike organized by the Writers Guild of America East and other unions. Scabby is the “true rat czar of New York City,” said WGA East communications director Jason Gordon, referencing the more fun title for the city’s new director of rodent migration.

    At the picket line near HBO and Amazon’s New York offices on Wednesday, screenwriter Lisa Kron, 61, said she was “thrilled to see that we were being chaperoned by Scabby the Rat.”

    She’s seen Scabby out and about during her four decades living in New York, but this was her first time picketing with the rat.

    “It’s one of those great enduring symbols, it’s a great piece of visual protest,” she said. “It’s got humor and it’s got a shaming kind of message. And it’s very New York.”

    “It’s an attention grabber,” said Benjamin Serby, a professor at Adelphi University who has written about the history of Scabby. “It’s something that just is very effective, for whatever reason, at making people walking by or driving by, stop and ask: ‘What’s going on here?’”

    Although having a rat as a mascot seems quintessentially New York, Scabby the Rat was actually invented by a union in Chicago around the late 1980s (several claim credit), and other unions around the country quickly adopted the practice of using inflatables to draw attention to actions (pigs, roaches and cats are other popular inflatables to use as well, although they lack a catchy nickname).

    There are many Scabbys. At another union action in March at a Petco, Marty Flash sat in the cab of his truck used to ferry one of the NYC District Council of Carpenters’ eight rats around (most unions have several, or borrow from unions that do). Most of the District Council’s rats, along with a generator and gas can, stay in a locker at union headquarters or in organizers’ trucks so they can be quickly deployed.

    Flash, a carpenter for 35 years, has seen many reactions to the 10-foot-tall (3-meter-tall) rat, which, at the moment, was towering over Union Square in the truck’s bed.

    “In midtown Manhattan, it’s a tourist attraction. Little children get a real kick out of it. They come over, they want to touch it. Dogs are petrified of it,” he said. Flash said Scabby can inflate in about a minute and a half with a generator and deflate in about 30 seconds. Bigger rats — the rats range from 8 to 20-plus feet (more than 6 meters) — can take 15 minutes to fill up.

    Scabby’s name is a play on “scabs,” the derogatory term dating back to the 1800s for strikebreakers who cross picket lines to work. The oozing sores on his belly are a visual reference to the term. But Flash said workers at the sites visited by Scabby shouldn’t take offense, since the rat is protesting against contractors and companies, not the workers themselves.

    “Some workers think that we are against them. We’re actually fighting to get them more money, better pay and better benefits,” he said. “But it’s perceived as the rat is calling them a rat or implying that they’re ‘less than.’ Which is not our intention. … It’s to imply that a rat contractor is not paying their workers the fair pay.”

    Rats are made of PVC vinyl and cost between $8,000 to $20,000, according to Flash. One company, Blue Sky Balloons outside of Chicago, is responsible for most of the rats found in NYC. But they seem to be distancing themselves from the inflatables, The Guardian reported earlier this year. Blue Sky Balloons responded to an Associated Press query by saying they were new owners who weren’t associated with the rat, and didn’t respond to follow-up queries.

    But Flash says his union still sends their rats to Big Sky for repairs, which can cost up to $2,000. Repairs are needed often since most are years or decades old — so the unions try to take good care of their rats.

    “I baby this one with my life,” Flash said. “We have a pool of rats and generators that you take when you need. I just always keep mine with me because I’m familiar with this operation.”

    Not everyone likes Scabby. Sometimes the inflatable rat gets slashed or attacked by anyone from random passersby to disgruntled workers at sites. The rat has often been the subject of legal challenges by the companies Scabby targets. If he blocks the sidewalk or street, police can boot him. But Scabby is a survivor, winning its most recent legal challenge in 2021, when the National Labor Relations Board ruled that it was a protected form of expression.

    These days, Scabby also has to contend with new technology and social media. Its Facebook page, run by a retired union organizer, lets various unions post photos of Scabby at protests around the country, and some rats feature QR codes that give people information about campaigns. But Mike Piccirillo, president of Local 20 Carpenters Union, said a more recent addition to the union’s arsenal might overshadow Scabby.

    “Our LED sign truck is a lot more effective than the rat,” he said. “I’ve been in construction for 25 years, and most New Yorkers are numb to the rat. They just walk by it. Now the LED sign with its flashing lights actually gets their attention.”

    Yet — much like the currently surging rat population in New York — Scabby is unlikely to completely disappear anytime soon, as long as the rat keeps conveying his message of fair pay for workers.

    “People are drawn to it in part because it’s like an ironic symbol of defiance,” Serby said. “Something about this giant, ugly, toothy kind of scary-looking rat makes people feel permitted to express anger and defiance and outrage at employers.”

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  • Elon Musk says he’s hired new CEO for Twitter; is it NBCUniversal’s Linda Yaccarino?

    Elon Musk says he’s hired new CEO for Twitter; is it NBCUniversal’s Linda Yaccarino?

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    Twitter Chief Executive Elon Musk says he’s found a new CEO to run Twitter and its parent company, X Corp., and “she” starts soon.

    “Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in ~6 weeks!” Musk tweeted Thursday afternoon. “My role will transition to being exec chair & [chief technology officer], overseeing product, software & sysops.”

    Musk did not offer any clues as to the identity of Twitter’s incoming CEO, but late Thursday, the Wall Street Journal reported Linda Yaccarino, NBCUniversal’s head of advertising, was in talks to become the CEO.

    Yaccarino has worked at Comcast’s
    CMCSA,
    +1.28%

    NBCU for more than a decade, and has been an industry advocate in finding better ways to measure advertising’s effectiveness, according to the Journal.

    Yaccarino oversees global, national and local ad sales, partnerships, marketing, ad tech, data, measurement and strategic initiatives, according to her bio, which says she and her team have generated more than $100 billion in ad sales.

    “She knows metrics in advertising, and has played in different media,” Timothy Hubbard, assistant professor of management at the University of Notre Dame’s Mendoza College of Business, said in an interview. “I don’t know much about her, but she can balance Musk somewhat with her flexibility in advertising.”

    She and Musk appeared in a keynote conversation at a conference in Miami last month, according to Dateline, before NBCU and Twitter inked a major ad pact for the 2024 Olympics.

    Wedbush analyst Dan Ives said the move is good for the stock of Tesla Inc.
    TSLA,
    +2.10%
    ,
    where Musk is also CEO.

    “Musk stepping down as Twitter CEO sooner than thought is clearly good news overall for Tesla investors,” Ives said on Twitter. “Less time focused on Twitter platform and more time around Tesla SpaceX…balancing act too difficult and needed to make this move sooner rather than later.”

    In a note, Ives added: “With the tweet this afternoon, Musk’s reign as CEO of Twitter has finally come to an end and thus will be a positive for Tesla’s stock starting to finally remove this lingering albatross from the story,” and maintained Tesla’s outperform rating.

    Tesla shares advanced 1.6% in after-hours trading.

    After Musk acquired the social media giant for $44 billion, he posted a Twitter poll in December that asked if he should step down as CEO. A majority (57%) said yes, and he responded saying: “I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams.”

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  • What’s your retirement ‘number’? How to figure it out.

    What’s your retirement ‘number’? How to figure it out.

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    There’s a lot of numbers to weigh when it comes to retirement—but what’s your number? 

    Working Americans think they need $1.1 million to retire, according to the Schroders 2023 U.S. Retirement Survey, but how does each individual really figure out what they will need in a retirement that could last decades?

    “It is very difficult for someone at 35 to have any comprehension about what life at 65 will cost,” said Robert Gilliland, managing director and senior wealth adviser with Concenture Wealth Management. “You have no comprehension what $100 will buy in 30 years. It gets easier to imagine as you get closer to retirement but you need to start planning.”

    Read: What’s the magic number for retirement savings? Americans say it’s more than $1 million, but most will fall short of that goal.

    “We have people call us on a weekly basis to ask ‘do we have enough to retire?’ Yes, but it depends on what lifestyle you want,” Gilliland said. “We sit down with them, talk about the lifestyle they’re living now and the lifestyle they want to live if working was optional.”

    Start with a budget

    In the information gathering phase, you want to start with a budget. Look at your current expenses for everything from housing, food, utilities and transportation to extras like travel, gifts, and entertainment. You can keep a simple log or use more sophisticated budgeting software, but the key to the process is honesty, said John Leonard, vice president, client adviser with Spinnaker Trust. 

    “Be honest with yourself on what you really spend. It may surprise you,” Leonard said. “And think about your goals or what lifestyle do you want to live? Do you want to travel, move to a different state? What do you want your retirement to look like?”

    By retirement, you’ve likely paid down all or most of your debt and you’re no longer saving for retirement. So that will free up those funds. There will be some reduction in expenses, such as commuting costs or clothes costs associated with work, and you’ll likely be in a different tax situation with lower earnings, said Matt Fleming, wealth adviser executive with Vanguard.

    Plan for the long haul

    Plan for retirement to last several decades and base your budget around living to age 100.

    “You don’t want to plan for the average life expectancy. You want to plan conservatively and plan for expenses through age 100,” Fleming said. 

    Next, look at what potential sources of income you might have in retirement. That includes your 401(k), IRAs, pensions, savings and Social Security, plus any additional income streams such as rental properties, annuities or inheritance. Also, this is a good time to check on your insurance policies. To figure out your Social Security benefits, use the Social Security website at SSA.gov

    “Get to know your inflows and outflows,” said Fleming said.

    Vanguard estimates people should expect to have 75% to 85% of their preretirement income for retirement years, Fleming said.

    Another rule of thumb is the 4% rule, but that has evolved over time and may be lower now—as low as 2.5% to 3%, according to Gilliland. The original 4% benchmark suggested that a $1 million in savings and investments would allow you to spend an inflation-adjusted $40,000 each year in retirement with minimal odds of outliving your money. 

    Read: The 4% retirement spending rule may be too high. Could you get by on 1.9%?

    Social Security questions

    As far as whether to include Social Security in your planning, it depends on your age, experts said.

    “For those close to retirement, Social Security confidence is higher. For early accumulators just starting out in their retirement savings, we have little confidence Social Security will exist in a meaningful way,” Fleming said. “It’s better to overfund your plan than underfund.”

    Social Security’s combined trust funds will become depleted in 2034, with 80% of benefits payable at that time. The issue of how to “fix” Social Security has grabbed headlines in recent months with President Biden vowing to protect Social Security and Medicare and some politicians suggesting changes to the system. 

    Read: Social Security is now projected to be unable to pay full benefits a year earlier than expected

    “For those 45 and older, they will likely have Social Security. Generally, for those 35 and younger, we don’t talk about Social Security,” Gilliland said. “There will always be some form of Social Security. Politicians will want to be re-elected. Some form of Social Security will always be there—but how meaningful it will be, I don’t know.”

    Other factors to consider in budgeting include healthcare costs, travel expenses or helping with college tuition for grandchildren. 

    “People end up spending more in the first five to 10 years of retirement than they though they would—they’re active, traveling, involved with grandkids. They have an active lifestyle. Then spending goes down a bit until healthcare costs kick in,” Gilliland said 

    “People need to be aware and conscious of spending in this time,” Leonard said. “Put your expenses in buckets in terms of needs, wants and wishes.”

    Healthcare costs

    Weigh factors such as getting Medicare at 65, and the impact of long-term care costs and the estimated $315,000 the average couple is expected to spend on healthcare alone in retirement, according to Fidelity Investment’s 2022 report.

    Gilliland said to plan for healthcare costs to grow at about 7% a year. Family history and your own health should also shape how you budget for healthcare, he said. 

    For those who haven’t started saving for retirement—don’t wait. Start now, no matter how small. Eventually, work toward a goal of putting 12% to 15% of your pay toward retirement, said Fleming.

    “The earlier you start, the better. Stick to a plan and revisit it on an annual basis. Keep checking in and rein in your spending if you’re not on track,” Leonard said. “Be conservative and lean on the side of caution.”

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  • Social Security’s COLA could be 3.1% in 2024, and buying power has dropped 36% since 2000

    Social Security’s COLA could be 3.1% in 2024, and buying power has dropped 36% since 2000

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    The buying power of Social Security has dropped 36% since 2000, meaning that oldest adults who retired before 2000 would need more than $500 a month extra just to maintain the same level of buying power, according to a new study by the Senior Citizens League, a pro-senior think tank.

    The Senior Citizens League also said it expects the 2024 cost-of-living adjustment for Social Security to be 3.1%, compared with the 8.7% increase in 2023’s COLA. The organization said last month it expected COLA for 2024 to be less than 3%. 

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  • Foreign businesses in China fear they’re being targeted in a ‘campaign’ of government crackdowns. It’s probably not that simple.

    Foreign businesses in China fear they’re being targeted in a ‘campaign’ of government crackdowns. It’s probably not that simple.

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    Foreign investors and businesspeople with exposure to China are becoming increasingly unnerved. And for good reason.

    In March, Chinese authorities detained an employee of Japanese drug manufacturer Astellas Pharma JP:4503 ALPMY for alleged espionage violations. The Chinese seem confident in their case. Beijing’s ambassador to Japan said there was ample evidence of wrongdoing, and, despite the uproar, the Astellas employee remains detained.

    That…

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  • Dow gains 450 points as U.S. stocks recover after 4 days of losses

    Dow gains 450 points as U.S. stocks recover after 4 days of losses

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    U.S. stocks recovered some ground on Friday, after four days of losses, as shares of regional banks rebounded and the main indexes received a boost from a strong April jobs and Apple’s better-than-forecast earnings.

    What’s happening

    On Thursday, the Dow Jones Industrial Average fell 287 points, or 0.86%, to 33,128. It remains on track for a 1.5% weekly drop.

    What’s driving markets

    In…

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  • Jobs report shows strong 253,000 increase in April. U.S. labor market not cooling much

    Jobs report shows strong 253,000 increase in April. U.S. labor market not cooling much

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    The numbers: The U.S. created a stronger-than-expected 253,000 new jobs in April and wages rose sharply, indicating there’s still lot of demand for labor even as the economy slows.

    The increase surpassed the 180,000 forecast of economists polled by The Wall Street Journal.

    The unemployment rate, what’s more, fell a tick to 3.4% from 3.5%,…

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  • Jobs report shows strong 253,000 increase in April. U.S. labor market not cooling much

    Jobs report shows strong 253,000 increase in April. U.S. labor market not cooling much

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    The numbers: The U.S. created a stronger-than-expected 253,000 new jobs in April and wages rose sharply, indicating there’s still lot of demand for labor even as the economy slows.

    The increase surpassed the 180,000 forecast of economists polled by The Wall Street Journal.

    The unemployment rate, what’s more, fell a tick to 3.4% from 3.5%,…

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  • ADP says U.S. added 296,000 private jobs in April, a nine-month high

    ADP says U.S. added 296,000 private jobs in April, a nine-month high

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    The numbers: Private-sector employment jumped by 296,000 in April and hit a nine-month high, payroll processor ADP said Wednesday, in a sign the U.S. labor market is still going strong.

    The increase in hiring was much larger than expected. Economists polled by The Wall Street Journal had forecast a gain of 133,000 private sector jobs.

    The…

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  • Hotel housekeeping jobs have fallen by 102,000 during the pandemic. What happened?

    Hotel housekeeping jobs have fallen by 102,000 during the pandemic. What happened?

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    As some U.S. hotels hung on to practices they adopted during the early stages of the coronavirus pandemic — such as eliminating daily room cleanings — the number of hotel housekeepers fell by more than 102,000 last year from prepandemic levels, new data show.

    The total number of hotel housekeeping jobs as of May 2022 was 364,990, a 22% decline from the total of 467,270 such positions during the same period in 2019, according to numbers released last week by the Bureau of Labor Statistics.

    Unions…

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  • Hollywood writers go on strike, saying they face ‘existential crisis’

    Hollywood writers go on strike, saying they face ‘existential crisis’

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    Hollywood writers are on strike for the first time in 15 years, halting production of TV shows and movies.

    The Writers Guild of America announced Monday night its boards unanimously approved a strike effective 12:01 a.m. Tuesday. “Picketing will begin tomorrow afternoon,” the WGA said in a tweet Monday night.

    The WGA said the decision was…

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  • GM Lays Off Hundreds From Product Development in Latest Cost-Cutting Move

    GM Lays Off Hundreds From Product Development in Latest Cost-Cutting Move

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    GM Lays Off Hundreds From Product Development in Latest Cost-Cutting Move

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  • Big May Day events in Asia call for better labor conditions

    Big May Day events in Asia call for better labor conditions

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    SEOUL, South Korea — A large number of workers and activists in Asian countries are set to mark May Day on Monday with protests calling for higher salaries and better working conditions, among other demands.

    May Day, which falls on May 1, is observed in many countries as a day to celebrate workers’ rights with rallies, marches and other events.

    In South Korea, more than 100,000 people planned to attend various rallies across the country in its biggest May Day gatherings since the pandemic began in early 2020, according to organizers. Similar events to mark the international labor day were expected in other Asian countries since COVID-19 restrictions were drastically loosened worldwide.

    The two main rallies in Seoul, the South Korean capital, were expected to draw about 30,000 people each to listen to speeches by leading union members, sing songs and watch performances before marching through the streets, according to the organizers: the Korean Confederation of Trade Union and the Federation of Korean Trade Unions.

    Seoul police had planned to mobilize thousands of officers to maintain order and said they will sternly deal with any illegal activities such as assaulting police officers and occupying streets at undeclared locations.

    Rally participants will call for an increase in minimum wages, repeat their demands not to ease corporate punishment for industrial accidents, and protest what they call the government’s anti-labor policies. Their trade unions accuse the government of clamping down on some labor unions in the name of reforming their alleged irregularities.

    The conservative government led by President Yoon Suk Yeol has been pushing for a set of labor reform steps. It’s called for more transparent accounting records of labor unions and an end of what it calls illegal acts like unions pressing firms to hire union members and some workers coercing kickback-like payments from companies.

    Han Sang-jin, a spokesperson at the Korean Confederation of Trade Union, said his union members plan to stage a large-scale strike in July if their demands over labor issues aren’t met by then.

    In North Korea, the country’s main Rodong Sinmun newspaper published a lengthy editorial urging workers to lend greater support to leader Kim Jong Un, fulfill their set production quotas and improve public livelihoods.

    “We should become genuine socialist workers who uphold the ideas and leadership of the respected general secretary with pure conscience and fidelity,” the paper said, calling Kim by his title at the ruling Workers’ Party.

    Kim has been pushing for greater public support of his family’s rule as he’s calling for a stronger, self-reliant economy to overcome pandemic-related hardships and protracted security tensions with the United States over his nuclear program. Outside experts say North Korea hasn’t shown any signs of a humanitarian crisis.

    Workers in Indonesia marked the international labor day Monday with rallies in major cities across Southeast Asia’s largest economy. About 50,000 workers were expected to take part in traditional May Day marches in the capital, Jakarta, according to the Confederation of Indonesian Trade Unions, which represents 32 labor unions.

    Thousands still angry at the new Job Creation Law gathered near the National Monument waving colorful flags of labor groups and banners with demands. They later marched to the Constitutional Court and near the heavily guarded Presidential Palace to demand the repeal of the legislation. More than 6,000 police personnel, backed by soldiers, were deployed to secure the capital and authorities blocked streets leading to the compound.

    The Job Creation Law amended more than 70 previous laws and was intended to improve bureaucratic efficiency as part of efforts by President Joko Widodo’s administration to attract more investment to the country. But critics remain unhappy, saying it will still benefit business at the expense of workers and the environment.

    “Job Creation Law must be repealed for the sake of working situation improvement,” said protester Sri Ajeng. “It’s only oriented to benefit employers, not workers.”

    Similar rallies were also held in Bandung, Yogyakarta, Surabaya and other cities around the country. They called on the government to pay more attention to Indonesian migrant workers overseas and make every effort to stop human trafficking and job outsourcing.

    In Japan, May Day celebrations in Tokyo and elsewhere were held over the weekend without any pandemic-related restrictions for the first time in four years. Prime Minister Fumio Kishida attended a Saturday event at a Tokyo park, which drew thousands of workers, politicians and representatives from major unions.

    “I am taking part today because I want to build on the momentum toward higher wages. The most important goal in my ‘new capitalism’ policy is higher wages,” Kishida told the crowd.

    The new capitalism program pushed by the ruling Liberal Democratic Party centers around the private sector and the government working together to get the Japanese economy growing. Unionized workers have been pushing to win wage increases amid inflationary pressures.

    At Tokyo’s Yoyogi park, thousands of labor union members, opposition lawmakers and academics gathered Monday for the May Day event, demanding enough wage increases to offset the impact of rising costs while their lives are still recovering from the damages of the pandemic. Monday’s May Day rally was held separately and organized by liberal-leaning groups.

    Union leaders said government measures for salary increases are insufficient to catch up with rising prices, and workers’ real wages have continued to decline. They criticized Kishida’s plan to double defense budget, which requires tax increases in coming years, and said the money should be spent on welfare and social security and improve the people’s daily lives.

    “We oppose major military expansion and tax increase, and demand a large-scale wage increase that exceeds price increase,” said Yoshinori Yabuki, head of Tokyo Regional Council of Trade Unions, one of organizers. “Let’s keep fighting as we workers unite and seek peace and democracy in Japan.”

    Participants chanted “Gambaro!” meaning, “Let’s do our best!” before they took to the street for a march.

    ___

    Associated Press writers Yuri Kageyama and Mari Yamaguchi in Tokyo and Niniek Karmini in Jakarta, Indonesia, contributed to this report.

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  • Kamala Harris Asks If She Can Put West Wing Docent Down As Reference

    Kamala Harris Asks If She Can Put West Wing Docent Down As Reference

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    WASHINGTON—Quietly applying to better jobs while still working her current one, Vice President Kamala Harris reportedly asked a West Wing docent Friday if she could put him down as a reference. “Hey, James—it’s James, right?—would you be okay with me putting you down as a work reference on my résumé?” said Harris, explaining that she needed to include someone from the White House, but didn’t want to raise any alarm bells with her team or her supervisor before she secured a new position elsewhere. “I feel like we’ve had a great rapport the three times we’ve spoken, and you know me about as well as any of my colleagues here. Also, you work in a different department, which is kind of perfect because no one knows I’m leaving yet. I’m trying to stay under the radar in case I don’t get the job I’m applying for—you know how it goes. You don’t have to lie or anything. Just pretend to be my boss if anyone calls and say how hard of a worker I am, how passionately I approach my duties, how I get along with everyone, etc. And, hey, if you’re interested in my job, I can definitely put in a good word for you to replace me.” At press time, sources confirmed the vice president had successfully secured a role as the White House’s summer intern.

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  • Amazon stock turns around as CFO admits AWS growth rates are declining further

    Amazon stock turns around as CFO admits AWS growth rates are declining further

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    Amazon.com Inc. shares zoomed higher in extended trading Thursday after the company posted its biggest quarterly profit since 2021, but shares turned around after the company’s chief financial officer said in a conference call that cloud revenue is decelerating in the current quarter.

    Amazon AMZN reported that first-quarter revenue grew to $127.4 billion from $116.44 billion in the same quarter last year. Profit reached $3.17 billion, or 31 cents a share, improving from a loss of 38 cents a share a year ago, which was Amazon’s…

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  • Australia lifts minimum wage for skilled migrant workers

    Australia lifts minimum wage for skilled migrant workers

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    CANBERRA, Australia — Australia will end a decade-old freeze on the minimum wage for skilled migrant workers as part of an overhaul of what the government described Thursday as a broken migration system that fosters exploitation and favors attracting low-paid employees over filling critical skill shortages.

    “What has emerged is a system where it is increasingly easy for migrants to come to Australia in search of a low-paid job, but increasingly difficult for migrants with the skills that we desperately need,” said Home Affairs Minister Clare O’Neil. “One of the reasons there is so much exploitation in Australia is because we have allowed low-wage migration programs to operate in the shadows.”

    Australia has long had one of the highest rates of immigration of any country within the Organization for Economic Cooperation and Development. But the migrant workforce that used to settle permanently has become increasingly temporary.

    The Temporary Skilled Migration Income Threshold had been frozen by a previous government at 53,900 Australian dollars ($35,600) a year since 2013. A new minimum wage of AU$70,000 ($46,300) would apply from July 1, O’Neil said.

    A government statement released Thursday said that “around 90% of all full-time jobs in Australia are now paid more than the current TSMIT, undermining Australia’s skilled migration system.”

    The Australian economy was “stuck in a productivity rut” that migrant workers could help resolve, O’Neil said.

    All temporary skilled workers in Australia, many of whom had become “permanently temporary migrants” living on various visas in the country for years, would be given clearer pathways to permanent residency by the end of the year, she said.

    Speaking to the National Press Club, O’Niel criticized outdated preferred occupation lists that no longer reflect the needs of the economy or emerging technology industries, among other aspects of the migration system under the previous government that ruled for nine years until May 2022.

    “Our migration system is suffering from a decade of genuinely breathtaking neglect,” she said. “It is broken, it is failing our businesses, it is failing migrants themselves. And, most important of all, it is failing Australians.”

    O’Neil commissioned a review in November of Australia’s migration program that found 1.8 million temporary migrants were living within a national population of 26 million.

    The review reported: “It is not in Australia’s national interest to maintain a large proportion of temporary entrants with no pathway to citizenship as it undermines our democratic resilience and social cohesion.”

    In September, the government increased its permanent immigration intake to 195,000 — an increase of 35,000 — for the current fiscal year that ends June 30 as the nation grapples with skills and labor shortages.

    Australia’s unemployment rate was 3.5% in March, which many consider maximum employment.

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  • Fed ‘accident’ could slice 20% off the S&P 500, stock market strategist David Rosenberg warns. Here are 3 ways to protect your money now.

    Fed ‘accident’ could slice 20% off the S&P 500, stock market strategist David Rosenberg warns. Here are 3 ways to protect your money now.

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    David Rosenberg honestly doesn’t want to be bearish on stocks or bash the Federal Reserve. The veteran market strategist will get no satisfaction if he’s right about Americans having to slog through recession and consequently endure deflation, job losses and a wallop to the stock market.

    “As I play the role of economic detective, I can see the smoking gun,” says Rosenberg, a former chief North American economist at Merrill Lynch and now president of Toronto-based Rosenberg Research.

    Who’s…

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  • NBCUniversal CEO Jeff Shell leaves company following misconduct investigation

    NBCUniversal CEO Jeff Shell leaves company following misconduct investigation

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    Jeff Shell, chief executive of Comcast Corp.’s NBCUniversal, abruptly left the company Sunday following an investigation into a complaint of inappropriate conduct.

    “We are disappointed to share this news with you,” Comcast CMCSA CEO Brian Roberts and President Mike Cavanaugh said in a statement. “We built this company on a culture of integrity. Nothing is more important than how we treat each other. You should count on your leaders to create a safe and respectful workplace. When our principles and policies are violated, we…

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