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U.S. weekly jobless claims at three-month high; seen trending down as Omicron subsides

By Lucia Mutikani WASHINGTON – The number of Americans filing new claims for unemployment benefits jumped to a three-month high last week, likely as a winter wave of COVID-19 infections disrupted business activity, which could constrain job growth this month. The third straight weekly increase in jobless claims reported by the Labor Department on Thursday was also influenced by unfavorable seasonal factors after the holidays. Coronavirus cases, driven by the Omicron variant, are subsiding and the seasonal factors, the model used by the government to iron out seasonal fluctuations from data, are seen normalizing soon, suggesting the recent surge in

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U.S. lawmakers call Tesla expansion in Xinjiang ‘misguided’

By David Shepardson WASHINGTON -The chairmen of two congressional panels on oversight and trade on Thursday assailed Tesla’s expansion in China’s far-western Xinjiang region, where detention camps have drawn heavy criticism, and asked the electric car maker about its Chinese product sourcing. “Your misguided expansion into the Xinjiang Uyghur Autonomous Region sets a poor example and further empowers the (Chinese government),” Democrats Bill Pascrell and Earl Blumenauer, who head two House of Representatives Ways and Means subcommittees, wrote in a joint letter to Tesla Chief Executive Elon Musk. Tesla made a New Year’s Eve announcement https://www.reuters.com/world/china/tesla-criticised-opening-showroom-chinas-xinjiang-region-2022-01-04 that it opened a

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Exclusive-Goldman, JPMorgan award bumper bonuses for top bankers

By Anirban Sen and Matt Scuffham -Goldman Sachs and JPMorgan Chase, Wall Street’s premier investment banks, this week informed staff of bumper bonuses for 2021, following a record-breaking year for Wall Street dealmaking. Goldman Sachs increased its annual bonus pool for top-performing investment bankers by 40% to 50%, people with direct knowledge of the matter said. JPMorgan Chase, the largest U.S. bank, increased its annual bonus pool for top-performing investment bankers by 30% to 40%, sources with direct knowledge of the matter said. Top performers in M&A advisory and equity capital markets enjoyed some of the biggest bonuses at both

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U.S. trade chief Tai says world can’t return to 2019 trading system

-U.S. Trade Representative Katherine Tai said on Thursday that global trade policy makers should not try to recreate the pre-pandemic trading system but build one that is more resilient, sustainable and supportive of higher living standards. Speaking in a virtual panel of the World Economic Forum, Tai cautioned against a backward-looking “return to normalcy” after two years of COVID-19-induced disruptions. “I think that it is time for us to acknowledge that our goal really shouldn’t be to try to go back to the way the world was, say in 2019, but to take lessons, very hard earned lessons, very painful

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Republican candidate for Georgia governor calls for election police unit

– David Perdue, a Republican candidate for Georgia governor, on Thursday called for the establishment of a police unit to investigate voter fraud, underscoring his campaign strategy of promoting falsehoods about wrongdoing in the 2020 election. Perdue, who has been endorsed by former President Donald Trump in his bid to unseat fellow Republican Brian Kemp, said that he was proposing an “Election Law Enforcement Division” to investigate and enforce election laws in Georgia. “This is about transparency and accountability. Georgians deserve confidence that only legal votes will be counted, and that anyone who tries to interfere with our elections will

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Exclusive-Goldman Sachs bonus pool for investment bankers up 40-50%

NEW YORK – Goldman Sachs increased its annual bonus pool for top-performing investment bankers by 40% to 50%, three people with direct knowledge of the matter said, after a record-breaking year for Wall Street dealmaking. Wall Street’s premier investment bank, which advised on some of the biggest M&A transactions across the world in 2021, said this week it would not shy away from handing out hefty bonuses to retain top talent, echoing comment from other banks. (Reporting by Anirban Sen in Bengaluru and Matt Scuffham in New York)

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U.S. preparing for possible future COVID variants -White House

WASHINGTON – The Biden administration is preparing for future variants of COVID-19, White House chief of Staff Ron Klain told MSNBC in an interview that aired on Thursday as the Omicron-related wave of cases appeared to be easing in parts of the country. “We’re prepared. We’re increasing the production of tests. We’re increasing the production of masks,” Klain said in the interview that was taped on Wednesday. “We have to be prepared for whatever comes next… there’s a lot of steps left in fighting this pandemic. We are taking those steps.” (Reporting by Susan Heavey; Editing by Raissa Kasolowsky)

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McDonald’s expands U.S. test of Beyond Meat ‘McPlant’ burger

By Hilary Russ NEW YORK -McDonald’s Corp said on Thursday it will expand its U.S. test of a plant-based burger it created with vegan meat maker Beyond Meat Inc to about 600 locations next month. The restaurants – in San Francisco, California and Dallas-Forth Worth, Texas – will sell the so-called “McPlant” burger starting Feb. 14 for as long as supplies last in order to “help us understand customer demand,” the Chicago-based chain said in a post on its website. Shares of Beyond Meat, which makes the McPlant patty from peas, rice and potatoes, were up more than 5% at

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New York Mayor Adams to receive first paycheck in cryptocurrency

-New York City Mayor Eric Adams on Thursday said his first paycheck, to arrive on Friday, will be automatically converted into cryptocurrency via Coinbase Global Inc. The salary will be converted to ethereum and bitcoin, the statement added. The mayor last year said he would take his first three paychecks in bitcoin https://www.reuters.com/world/us/new-york-mayor-elect-eric-adams-says-he-will-take-his-first-paychecks-bitcoin-2021-11-04 and signaled his intention to make his city the “center of the cryptocurrency industry”. “New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations,” Adams said in a statement. Coinbase Global operates an exchange that

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Analysis-In Ukraine crisis, Germany faces tough decisions over gas pipeline

By Joseph Nasr and Sarah Marsh BERLIN – Germany could find itself in a no-win situation if Russia invades Ukraine, pitting Berlin’s main gas supplier against its most important security allies. Chancellor Olaf Scholz would face pressure from the United States and other Western allies to respond to any invasion by stopping the recently completed Nord Stream 2 pipeline from Russia to Germany going into operation. But doing so would risk exacerbating a gas supply crunch in Europe that has been widely blamed on a dearth of gas flows from Russia, and has caused energy prices in Europe to soar.

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Credit Suisse is fined $9 million in U.S. over research conflicts, customer safeguards

By Jonathan Stempel -A U.S. regulator on Thursday fined a unit of Credit Suisse Group AG $9 million for violating multiple laws and rules protecting investors, including ones involving potential conflicts of interest and the safeguarding of customer funds. The Financial Industry Regulatory Authority said the Swiss bank published more than 20,000 research reports between 2006 and 2017 that contained inaccurate disclosures about potential conflicts. It said about 6,400 reports omitted required disclosures, including that the companies had been clients in the last year or were expected to hire Credit Suisse for investment banking in the next three months. FINRA

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U.S. drops criminal case against MIT professor over China ties

By Nate Raymond BOSTON -The U.S. Justice Department on Thursday dropped charges against a Massachusetts Institute of Technology professor accused of concealing his ties to China when seeking federal grant money, in the latest setback for a crackdown on Chinese influence on American research. Federal prosecutors in Boston in a court filing https://tmsnrt.rs/3rwAjKl said new information had emerged concerning Chinese-born mechanical engineer and nanotechnologist Gang Chen’s alleged omissions that undercut the wire fraud and other charges he faced. He had been accused of failing to disclose, among other things, that he served as an “overseas expert” for the Chinese government

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New Jersey AG investigating police-involved fatal shooting in Long Branch

Long Branch, N.J. – The Attorney General’s Office is conducting an investigation of a fatal police shooting that occurred on November 6, 2021 in Long Branch, N.J. One male civilian sustained fatal injuries. The decedent has been identified as Mark D. Walker II, 34, of Woodbridge, Va. The members of the Monmouth County Emergency Response Team who fired at Mr. Walker are Patrolman Eric Voorand of the Manalapan Township Police Department, Patrolman Daniel Murphy of the Howell Township Police Department, and Patrolman Omar Akel of the Middletown Township Police Department. According to the preliminary investigation, members of the Monmouth County Prosecutor’s

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AG investigating fatal police shooting in Mantua

MANTUA – The Attorney General’s Office is conducting an investigation of a fatal police-involved shooting that occurred early on the morning of Sept. 14 in Mantua Township, N.J. One male civilian sustained fatal injuries. No other injuries were reported. The decedent has been identified as Charles Sharp III, 49, who lived at the address where the shooting occurred. According to the preliminary investigation, two uniformed officers of the Mantua Township Police Department arrived at a house on Elm Avenue in Mantua Township at approximately 1:35 a.m. on Sept. 14 in response to a 911 call. During an encounter outside the

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