China factory activity picks up in December as orders rebound ahead of holidays
BANGKOK (AP) — Surveys show that Chinese factory activity expanded for the first time in eight months in December, as orders picked up ahead of holidays and builders rushed to finish projects. The official purchasing managers index for manufacturing, a monthly survey of companies, rose to 50.1 this month, just above the 50 cut off for expansion versus contraction on a scale up to 100. Another, private sector, survey also was at 50.1 for December. The better-than-expected readings partly reflect easing pressure due to an extended truce in the trade tensions with the U.S. They also suggest manufacturers ramped up production ahead of New Year holidays, when many companies close for days. China’s Lunar New Year falls in mid-February this year.
December interest rate cut was a close call for some Fed officials, minutes show
WASHINGTON (AP) — Some Federal Reserve officials who supported cutting a key interest rate earlier this month could have instead backed keeping the rate unchanged, minutes released Tuesday show, underscoring the divisions and uncertainty permeating the central bank. At their December 9-10 meeting Fed officials agreed to cut their key interest rate by a quarter point for the third time this year, to about 3.6%, the lowest in nearly three years. The minutes underscored the deep split on the 19-member policymaking committee over what constitutes the biggest threat to the economy: weak hiring or stubbornly-elevated inflation.
Bulgaria to become the 21st country to join the euro, deepening EU ties despite fears
SOFIA, Bulgaria (AP) — Bulgaria is joining the euro on New Year’s Day. The East European nation of 6.4 million becomes the 21st member of the shared EU currency. A lot of people are wary of the switch away from the lev, fearing businesses will use the opportunity to raise their prices. Economists say those fears are overblown and that the change won’t be so drastic because Bulgaria fixed its currency to the euro in 1999.
DAZN to continue Belgian league broadcasts after arbitration ruling
BRUSSELS (AP) — DAZN says it will continue broadcasting Belgian league matches until the end of the season. This follows emergency arbitration initiated by the Pro League. Last month DAZN announced plans to let its contract expire under Belgian law. The company said it can’t comment on the arbitrator’s decision due to confidentiality but will keep producing and broadcasting Pro League content. The Pro League said DAZN must continue payments, production and negotiations with telecom operators. DAZN’s CEO in Belgium said interim measures don’t judge his company’s legal position and it expects further arbitration on compliance issues.
US applications for jobless benefits fell below 200,000 last week with layoffs historically low
WASHINGTON (AP) — Fewer Americans applied for unemployment benefits last week as layoffs remain low despite a weakening labor market. U.S. applications for jobless claims for the week ending Dec. 27 fell by 16,000 to 199,000 from the previous week’s 215,000, the Labor Department reported Wednesday. Analysts surveyed by the data firm FactSet forecast 208,000 new applications. Applications for unemployment aid are viewed as a proxy for layoffs and are close to a real-time indicator of the health of the job market. The total number of Americans filing for jobless benefits for the previous week ending Dec. 20 fell by 47,000 to 1.87 million, the government said.
The legendary Warren Buffett steps back this week and Berkshire Hathaway enters a new era
OMAHA, Neb. (AP) — Greg Abel faces the challenge of taking over Berkshire Hathaway from the legendary Warren Buffett this week. Many regard Buffett as the world’s greatest investor after he grew Berkshire from a struggling New England textile mill to the massive conglomerate it is today with shares that go for more than $750,000 a pop. Investors will be watching closely to see what changes Abel might make in Berkshire’s trajectory, but don’t expect any seismic shifts. Buffett isn’t going anywhere and Abel has already been managing all of Berkshire’s noninsurance businesses since 2018. Buffett will remain chairman and plans to continue coming into the office each day to help spot new investments and offer Abel any advice he asks for.
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