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JPMorgan profit jumps 35%, but CEO says geopolitics and gov’t inaction have led to ‘dangerous time’
NEW YORK (AP) — JPMorgan Chase’s third-quarter profit soared 35% from last year, fueled by a rapid rise in interest rates, but the bank’s CEO, Jamie Dimon, issued a sobering statement about the current state of world affairs and economic instability. Dimon said the Russia-Ukraine and Israel-Palestinian wars, high levels of government debt and deficits and high inflation are contributing to what he calls “the most dangerous time the world has seen in decades.” Two other big Wall Street banks reported results Friday, with Wells Fargo also reporting a big increase in net income while Citigroup had a more modest gain in profits.
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Microsoft closes deal to buy Call of Duty maker Activision Blizzard after antitrust fights
Microsoft has completed its purchase of video game-maker Activision Blizzard for $69 billion, closing one of the most expensive tech acquisitions in history that could have repercussions across the video game industry. The notice that the deal has gone through came seven hours after Microsoft got final approval from Britain’s competition watchdog, which reversed its earlier decision to block the $69 billion gaming deal, removing the last obstacle for the transaction. The nearly two years it took to close the deal reflected concerns from rivals and government regulators that Microsoft could use its growing collection of games to lessen competition.
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UAW breaks pattern of adding factories to strikes on Fridays, says more plants could come any time
DETROIT (AP) — The United Auto Workers union isn’t adding any factories to those that are now on strike, but its president says more walkouts could begin at any moment. Until this week the union had been announcing additional striking factories on Fridays. But UAW President Shawn Fain told workers in a live video appearance that the companies started gaming the system, waiting until Fridays to make progress in bargaining. Fain says the union will no longer stick to a pattern or give the companies an extra hour or extra day. He said the union is still bargaining hard with General Motors and Jeep maker Stellantis. But he criticized Ford, which said Thursday that it had reached the limit of how much money it will spend to settle the strike.
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‘Barbenheimer’ was a boon to movie theaters and a headache for many workers. So they’re unionizing
NEW YORK (AP) — In the movie industry, it isn’t just actors and writers who have been battling management. Movie theater workers also have been taking action. Over the past two years, employees have formed or attempted to form unions at the Film Forum and Anthology Film Archives in Manhattan, the Amherst Cinema in Massachusetts and Alamo Drafthouses in San Francisco and Austin, Texas. Workers at Alamo theaters in Brooklyn and Manhattan recently voted to unionize, even after management officials urged them not to. While “Barbenheimer” was a boon for movie theaters, it was the breaking point for many workers.
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Goodbye to more DVDs? Best Buy plans to phase out sales of physical movies in the coming months
NEW YORK (AP) — Best Buy is saying goodbye to movie-watching with physical discs. The consumer electronics retailer plans to phase out its DVD and Blu-ray sales by early 2024 — with physical movies set to be sold in-stores and online as they are today through the holidays. Video games will not be impacted. In a statement confirming the news to The Associated Press, Best Buy said that the way consumers watch movies and TV today is much different than it was decades ago. Best Buy isn’t the only company to move away from physical movies in recent months. Last month, Netflix’s DVD-by-mail service, for example, officially came to a close as the company’s iconic red-and-white envelopes made their final trip.
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EU warns China that European public could turn more protectionist if trade deficit isn’t reduced
BEIJING (AP) — The European Union’s top foreign policy official has warned that public sentiment in Europe could turn more protectionist if the bloc’s trade deficit with China is not reduced. Speaking in Beijing on Friday, Josep Borrell called for improved access for European companies that want to export to or invest in China. Borrell is the latest EU official to visit China as the two sides lay the groundwork for a leaders summit later this year. He held talks later Friday with China’s Foreign Minister Wang Yi.
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Refrigeration chemicals are a nightmare for the climate. Experts say alternatives must spread fast
PHILADELPHIA (AP) — Refrigerants are chemical fluids that have made air conditioning and refrigeration possible, but they are hundreds or even thousands of times more powerful at warming the planet than carbon dioxide, the most notorious greenhouse gas. Although it’s not meant to happen, they leak and get into the air. The AC in your car may leak. Scientists estimate that HFCs, the most common type of refrigerant currently in use, could contribute to up to 0.5°C of global warming by the end of the century. Laws exist to regulate these planet-warming fluids, but they don’t cover all the bases. The industry and climate experts are pushing for sustainable alternatives. Even using carbon dioxide works as a more sustainable alternative under the right conditions.
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When it comes to heating the planet, the fluid in your AC is thousands of times worse than CO2
Air conditioning has made life in many hot places possible, but the special fluids that make it work are extremely hazardous to the climate. Refrigerants used in fridges, freezers, and cars change from a fluid to gas to transport heat away from the place you want cooled. They can absorb several thousand times more heat than water or other common fluids, making them great for cooling systems, but bad for climate change when they escape. In 2016, the Kigali Amendment to the Montreal Protocol phased down the use of one damaging group of refrigerants 85% by 2036. According to the most recent report from Intergovernmental Panel on Climate Change, it will meaningfully prevent some warming of the Earth if fully enforced.
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The S&P 500 fell 21.83 points, or 0.5%, to 4,327.78. The Dow Jones Industrial Average rose 39.15 points, or 0.1%, to 33,670.29. The Nasdaq composite fell 166.98 points, or 1.2%, to 13,407.23. The Russell 2000 index of smaller companies fell 14.54 points, or 0.8% to 1,719.71.