The average customer may see their monthly power bill drop by around $53.19 come Feb. 1 if the Guam Power Authority gets the power bill adjustment it wants.GPA General Manager John Benavente on Wednesday morning asked the Consolidated Commission on Utilities to allow GPA to lower its fuel surcharge, called the Levelized Energy Adjustment Clause, or LEAC.The 5-cent per kilowatt hour cut that GPA seeks would be about a 20.3% reduction to the current LEAC rate, which is the most expensive part of a customer's monthly power bill.At the reduced rate, the average customer using 1,000 kWh of energy a month would get a bill of $306.32, according to Benavente's presentation.If approved, it will run from Feb. 1, 2025 to July 31, 2025.The possible reduction in rates comes after the $100 monthly energy credit ratepayers have enjoyed since June 2022 expired in September, without funding.High fuel oil costs and surcharges have driven record high power rates in the post-pandemic years.Current LEAC rates are at 26 cents per kWh through Jan. 31, representing a bill of $359.52 for the average customer using 1,000 kWh a month.It's the second-highest rate through the past decade, the Pacific Daily News has reported.Rates were only higher between November 2022 and May 2023, after the Russian invasion of Ukraine spiked the price of oil and drove the average power bill to $400 a month, PDN files show.Benavente on Monday told the CCU that a barrel of fuel oil GPA needed to run its generators is now at about $100, down from $116 earlier this year.It could come close to about $95 a barrel, he added."What we were used to before is about $80, $85, a barrel so still not where it was before," Benavente told the CCU.On the subject of fuel costs, CCU Commissioner Simon Sanchez is hoping for the best."Pray for world peace, so it doesn't get crazy in the Middle East," he said.GPA is also getting caught up on fuel oil costs, after fronting about $47 million during the pandemic to stave off power bill hikes while the island was shut down.Benavente said GPA is on track to be about $4 million in the hole, or "under-recovered" on fuel costs by the end of January 2025.This past January, GPA was $33 million in the hole on fuel costs, PDN files show.Benavente told utility commissioners that GPA is still on track to knock power bills down further, with the activation of the new, more efficient Ukudu power plant in September 2025.He said this past September that falling oil prices and the Ukudu plant could bring the LEAC rate down to just 12.37 cents per kWh, about half of the current rate.The last time customers saw a fuel surcharge like that was in February 2020, when the average customer paid $229.08 a month on a LEAC rate of 13.4 cents per kWh.Announcement of GPA's plans to seek a lower LEAC rate comes just a day before the CCU's Thursday meeting, where commissioners will pick up discussion of evaluations for top officials at GPA and the Guam Waterworks Authority.Leadership could get raises, if their evaluation scores warrant it.LEAC discussion was already scheduled for this week on the CCU's annual meeting calendar, but commissioners in October opted to postpone final talk of performance evaluations until Nov. 21.Benavente declined a raise last year, as customers faced hundreds of hours of rolling blackouts post-Typhoon Mawar, and still high power bills.Power oversight chair Sen. Will Parkinson, who slammed the possibility of raises for utility leadership this time last year, was quick to endorse the proposed rate reduction Wednesday.He called on the CCU and the Public Utilities Commission to expedite the approval of the lowered rates."The affordability of essential utilities is critical to the well-being of our community," Parkinson said. "Lowering the LEAC rate not only eases the financial strain on our citizens but also stimulates our local economy by increasing disposable income for families and small businesses."

The average customer may see their monthly power bill drop by around $53.19 come Feb. 1 if the Guam Power Authority gets the power bill adjustment it wants.

Guam's average power bill could drop by $53.19 a month as GPA seeks rate reduction

<h3>Nvidia rivals chasing AI chip market</h3>SANTA CLARA, Calif. — Building the current crop of artificial intelligence chatbots has relied on specialized computer chips pioneered by Nvidia, which dominates the AI market. But the same qualities that make those graphics processor chips, or GPUs, so effective at creating powerful AI systems from scratch make them less efficient at putting AI products to work. That's opened up the AI chip industry to rivals who think they can compete with Nvidia in selling so-called AI inference chips that are more attuned to the day-to-day running of AI tools and designed to reduce some of the huge computing costs of generative AI.<h3>Panel urges toughening up US-China trade</h3>WASHNGTON — In its annual report to Congress released Tuesday, the U.S.-China Economic and Security Review Commission recommended that the U.S. toughen its trade relationship with Beijing. That would roll back a nearly 25-year-old decision that helped bring about China's rapid economic growth but that many in Washington now see as hurting U.S. interests. <h3>Dr. Oz picked to run Medicare, Medicaid</h3>WASHINGTON — President-elect Donald Trump says he is nominating Dr. Mehmet Oz, who hosted a long-running television talk show, to lead the Centers for Medicare and Medicaid Services. Oz, who ran a failed bid to represent Pennsylvania in the U.S. Senate, has been an outspoken supporter of Trump and in recent days expressed support for Robert F. Kennedy, Jr.'s nomination to lead Health and Human Services.<h3>Reuters taps Sally Buzbee to lead US, Canada operations</h3>NEW YORK — Reuters has hired Sally Buzbee, former executive editor of the Washington Post and Associated Press, to be its top news editor in the United States and Canada. Buzbee left the Post in June rather than carry out a new publisher's reorganization plan that would have effectively demoted her. She led the Associated Press' news operation before leaving for the Post in 2021. A longtime AP editor, she had run the outlet's Washington bureau before becoming senior vice president and executive editor in 2017.<h3>German police break up protest camp</h3>BERLIN — German police have broken up a protest camp housing environmental activists in a forest near the Tesla electric car factory outside Berlin, citing violations of public safety and order. The protesters had occupied the forest since the end of February over concerns about water and deforestation. Police eventually pulled six activists out of tree houses after they refused to leave and instead climbed high up some of the trees. <h3>Planning is key when closing a small biz</h3>NEW YORK — Figuring out what to do with a small business when an owner is ready to retire can be difficult, but it's best to have a plan well in advance of making a big change. Most people in the U.S. retire in their 60s, and about 51% of small business owners over the age of 55, according to the U.S. Census. The most common options include creating a succession plan for a family member or someone already involved in the business, selling the business to an outsider or simply winding down the business and shuttering it.</h2>

Business Digest 112024

Devon Trolley took the reins of Pennie, the state-based insurance marketplace, in 2023, replacing the program's founding executive director, Zach Sherman. She has focused her work on expanding access to quality and affordable health insurance. City & State spoke with Trolley on the latest legislative efforts in Harrisburg to address insurance affordability – and what many people may not know about the state's insurance marketplace. The interview has been edited for length and clarity.Where did your interest in the health policy space begin, and how did it lead you down this professional path?I really caught the policy bug after I did an undergraduate-master's combined program, I went to Washington, D.C. through the Winston Health Policy Fellowship. It was a few months of talking to everyone in D.C., in and outside the government and across the whole entire political spectrum of think tanks. As part of that fellowship, I had the opportunity to work in the Senate during the Affordable Care Act, and worked on some of the policies that were included in that law. Once that passed, I knew the rest of my career I'd either be implementing or working on some aspect of that – just because it was so transformative, and it focused on the uninsured and people who can't access the health care system when they need it. Your health insurance card is your key to the medical system, and if you don't have that, you don't get access to preventive care. What's the most common misconception you hear about Pennie?There are a couple of misconceptions. One is the claim that "it's private coverage, it's out of my price range." But the truth is, nine in 10 people receive financial savings based on a unique type of tax credit that you get right away. On average, that is $500 in savings. For example, instead of paying $600 a month that you would pay for a high-quality plan, we have ones for $50 and $100 – and what you pay per month is based on what you make, a sliding scale. We hear from people regularly that it's much more affordable than they thought it would be. Some people still think it's not quite affordable enough. We think it's a lack of awareness, people not even knowing that there is something that exists if you don't get coverage through your job or Medicare or Medicaid. We're trying to make sure there's more awareness that there is an option out there ... We're really the only place to come to get high-quality plans that are at a lower cost. There's a proposal in Harrisburg to provide new subsidies to help individuals pay for their insurance premiums. What are your thoughts on that issue?We're hopeful that the affordability program will come to full fruition. We have a couple of steps in place, and we're very much looking forward to bringing that program to life because we do, unfortunately, hear every day from people who want to enroll and it's just too much for them to get that coverage. Another benefit is that people can buy up to better coverage, a plan with lower deductibles and lower pocket costs. There are benefits across the board of that proposal that we're hoping comes to fruition.What is the current status of the enhanced premium tax credits?They expire at the end of 2025. There is a very large affordability focus right now. It's about providing information to leaders about the impact of not extending those; we sent a letter to the delegation with a lot of specific impacts on what that would do. But the amount that people pay per month would increase in some places by more than double. Those tax credits have allowed us to reach record numbers of enrollment through the marketplace. We are highly concerned about them not continuing. Is it safe to say that accessibility and affordability are at the forefront of your priorities?Yes, exactly. The enhanced premium tax credit from the federal perspective has eased the transition from Medicaid to Pennie. With Medicaid, there is not really a monthly cost. So if you make a little too much for Medicaid, when you come over to Pennie to look for a private plan, many of those individuals can find plans for zero monthly premiums or under $10 a month – and with a state affordability program, we could build on that to reach even more higher-income levels.

City & State speaks with the Pennie Executive Director on the commonwealth’s health insurance marketplace

Q&A with Pennie Executive Director Devon Trolley

Canada Post and the postal workers union found slivers of consensus Tuesday amid talks with a special mediator, but "a lot of ground" remains between them on the key concerns as a countrywide strike entered its fifth day."On smaller issues, we were able to find some progress," said Canada Post spokesman Jon Hamilton in a phone interview."The special mediator has helped facilitate those discussions. So we're going to continue to be at it. We're committed to getting collective agreements," he said, adding that arbitration is off the table for now."There's still a lot of ground to cover."With deliveries at a standstill, the Crown corporation and the Canadian Union of Postal Workers continue to bargain over a pair of contracts — one for rural and suburban mail carriers that was discussed Monday, the other for urban carriers that was under the microscope on Tuesday.The union said progress was made due in part to the presence of Ottawa's top mediator, appointed to the task last week. Peter Simpson, director general of the Federal Mediation and Conciliation Service, spent the start of the week at a hotel in Ottawa shuttling between the parties' conference rooms in a back-and-forth of proposals and potential concessions."After 12 months of discussions, the employer finally began to move on the pressing issues. Resolving these issues could pave the way to agreements," union president Jan Simpson said in an update to members Tuesday."The urban unit will find out if there is movement on their side."About 55,000 employees represented by the Canadian Union of Postal Workers walked off the job on Friday, shutting down operations and halting deliveries as the busy holiday season kicks off.The union has called for a cumulative wage hike of 24 per cent over four years, while Canada Post has offered an 11.5 per cent increase.Other wedge issues include job security, benefits and contract work for parcel delivery on weekends.Negotiations between Canada Post and its unionized employees began in November 2023.The talks come as the federal delivery service faces an unprecedented financial crisis.In the first half of 2024, Canada Post lost nearly a half-billion dollars. It has reported $3 billion in losses since 2018, as Canadians sent fewer letters while competitors gobbled up even more of the parcel market. Households received seven letters a week on average in 2006, but only two per week last year, according to Canada Post's latest annual report, which dubbed the trend "the Great Mail Decline."Both the union and the Crown corporation have put forward service expansion around parcels as a way to boost revenue, but they differ on how to go about it. The union says full-time employees should deliver package shipments on weekends, while Canada Post hopes to hire contract workers."What's needed there is a new, flexible delivery model that allows us to provide parcel service on weekends and provide prices that are more competitive than the other services that Canadians are looking for when they're shopping online," Hamilton said.According to last year's annual report, the postal service's share of the parcel market eroded from 62 per cent before the COVID-19 pandemic to 29 per cent last year, as Amazon and other competitors seized on skyrocketing demand for next-day doorstep deliveries.On top of weekend work and wage bumps to make up for inflation, the union is seeking higher short-term disability payouts and ten paid sick days per year. It also wants to include corporate vehicles for rural and suburban mail carriers as well as paid meals and breaks."Unlike Canada Post's proposals, our demands offer real solutions: fair wages, health and safety, the right to retire with dignity and expansion of services at the public post office," said lead negotiator François Senneville in a statement earlier this month.Amid the sudden halt of Canada Post deliveries — government benefit cheques are among the few exceptions — business has shot up at other shipping outfits."We have seen a double-digit increase in volumes week over week as we continue to meet the needs of Canadians at this busy time," said Purolator — majority-owned by Canada Post — in an email.FedEx has implemented a "contingency plan" to manage higher volumes, said spokesman James Anderson.The last postal work stoppage took place starting in late October 2018, when employees carried out rotating strikes lasting 31 days.Previous postal strikes held in 2011 and 2018 ended when the federal government passed legislation sending employees back to work.

Canada Post and the postal workers union found slivers of consensus Tuesday amid talks with a special mediator, but

A ‘lot of ground’ remains between Canada Post, workers as strike talks progress

Analysts predict drop in gas prices before Thanksgiving; PA prices above national average The average cost of gas has been dropping around a penny a day. The number may not be enough to notice, but analysts predict gas around the nation will be under $3 a gallon by Thanksgiving."If they say under $3, I would be glad to fill this up for like under $30 or something. But under 30. Yeah, but I just don't believe it's going to happen. We'll wait and see," Dianne James of Penn Hills told Pittsburgh's Action News 4.According to AAA, Pennsylvanians are currently paying more for gas than any other state in the eastern United States.The Keystone State is also over the national average. As of Tuesday, AAA shows the average per gallon of regular gas costs $3.06. In Pennsylvania, that price climbs to an average of $3.25. The Pittsburgh area is paying even more at $3.32. A spokesperson for AAA says gas is about a quarter less per gallon than last year and we should see it drop further."We're seeing huge savings. And that's really due to crude oil. Crude oil right now sits at about $69 per barrel. So that is a pretty low, you know, we've been hovering around $70 per barrel, for the past, you know, three to six months, and we are continuing to see that trend down," Tiffany Stanley with AAA said. To see prices in your area,. The average cost of gas has been dropping around a penny a day. The number may not be enough to notice, but analysts predict gas around the nation will be under $3 a gallon by Thanksgiving."If they say under $3, I would be glad to fill this up for like under $30 or something. But under 30. Yeah, but I just don't believe it's going to happen. We'll wait and see," Dianne James of Penn Hills told Pittsburgh's Action News 4.According to AAA, Pennsylvanians are currently paying more for gas than any other state in the eastern United States.The Keystone State is also over the national average. As of Tuesday, AAA shows the average per gallon of regular gas costs $3.06. In Pennsylvania, that price climbs to an average of $3.25. The Pittsburgh area is paying even more at $3.32. A spokesperson for AAA says gas is about a quarter less per gallon than last year and we should see it drop further."We're seeing huge savings. And that's really due to crude oil. Crude oil right now sits at about $69 per barrel. So that is a pretty low, you know, we've been hovering around $70 per barrel, for the past, you know, three to six months, and we are continuing to see that trend down," Tiffany Stanley with AAA said. To see prices in your area,.

According to AAA, Pennsylvanians are currently paying more for gas than any other state in the eastern United States.

Gas prices predicted to drop under $3 before Thanksgiving

Is there a worrying trend in Scottish football's finances?</h1> With two SPFL clubs going into administration in the space of a month, it is reasonable to ask what is going on and whether this is the beginning of a worrying trend. The news of Dumbarton FC following Inverness Caledonian Thistle in facing insolvency may well come as a surprise to some fans but the shock is not being felt within the boardrooms of fellow clubs. An SPFL source told me that they are aware of other clubs facing financial issues but that no other administration announcements are imminent. Those seeking reassurance that these are isolated issues will not get it from those running the game. That is because they know the week-to-week challenges that many clubs face just to keep the administrators from the door . Those who run the clubs and fight those battles are never keen to talk publicly about financial concerns. A mixture of boardroom etiquette and a reluctance to tempt fate keep chats with journalists, mostly, off the record. What is clear though is that many share the same concerns for the same reasons. "The issues facing most small businesses are being felt in exactly the same way by some of this country's football clubs," said one club owner. The issue is nothing to do with the customer. Scottish football boasts the best attendances per capita in Europe. It is true that many clubs feared fans might stay away following Covid, but while their loyalty remains, many clubs feel the game in Scotland is suffering from the effects of the pandemic. Clubs are now paying back the government bounce back loans that were designed to keep small businesses afloat during the pandemic. Most drew down financial assistance to the tune of around £50,000 when games were played behind closed doors, and while that doesn't seem much, added to other concerns, it is far from insignificant to clubs that can't show turnover in the millions. "Clubs haven't recovered the same income since Covid," said another owner. Who is next?</h2> The biggest issue for most is a drop in sponsorship and hospitality revenue. Most lower league community clubs rely heavily on local businesses to keep them afloat. The butcher, the local takeaway or taxi firm are the ones who buy hospitality packages or sign sponsorship deals. When those companies feel the strain through the cost-of-living crisis, energy rises or the recent rise in National Insurance, they cut costs and very often football falls foul. "It's the part that nobody thinks about but it's so obvious," said one League One club's chairman. The loyalty of the fans isn't enough to financially wash the face of the majority of clubs in Scotland – in fact it's very often a small percentage of turnover for most. The majority of revenue comes through SPFL payments and sponsorship. The League is doing what it can to help ease the burden with record payments to clubs announced earlier this year but they know that without the support of local business, many will face ruin. Other issues mentioned include player wage inflation. One League One chairman told me that five years ago his players were earning on average £175 per week. That has now increased to around £300 per week. The spending power of some clubs with wealthy backers, determined to rise rapidly through the leagues could be the reason but the issue is being discussed with some concern in the boardrooms of some clubs who struggle to keep up. So, in terms of administration, who is next? That is also a topic of concern, and whispers at boardroom level surround a couple of well-known clubs in particular. We will not know for sure until the administrators come calling but given how some clubs are struggling, it seems a case of when and not if.

Dumbarton became the second club to slide in to administration this season after Inverness Caledonian Thistle.

Is there a worrying trend in Scottish football's finances?

American-based Trivela, who also own League Two side Walsall as well as Drogheda, have today reached an agreement with the Danish club to acquire an 80pc stake, with the move to be voted on by shareholders at an EGM next month. Silkeborg were founded in 1917 and are currently fourth in the Danish Superliga. The club, situated in central Denmark, won their only league title in 1994 and won the Danish Cup for the second time in their history last year. They reached the Conference League third qualifying round in August where they were knocked out by Gent. Kevin Doherty's side have benefitted from their relationship with Walsall of late, with the likes of Evan Weir and Douglas James-Taylor arriving on loan at the Louth club. The latter has made a big contribution this season, helping Drogheda to a first FAI Cup win since 2005 this month as well as Premier Division safety in last weekend's play-off win over Bray Wanderers. Trivela also added Togo grassroots club Trivela FC to their portfolio recently, with Silkeborg now set to become the group's fourth football club. Benjamin Boycott, Trivela Group's managing director, insists there will be shared benefits to the multi-club arrangement. "As I've always said to our supporters in Walsall and Drogheda, if and when we acquire more clubs, it will have to be of benefit to all parties – we won't do it just to do it," said Boycott, who will also be releasing a video message later this week to provide clarity on the news along with CEO Ben Sadler. "I hope that our supporters can see and feel the shared benefits thus far, with player collaboration on the likes of Evan Weir and Douglas James Taylor benefitting both DUFC and WFC, and shared supporter experiences such as this summer's Trivela Cup and the recent FAI Cup Final, which a number of Walsall supporters attended. "We believe that these benefits will be felt even more as we add Silkeborg to the Trivela family, with the potential for mutually-beneficial player movement between clubs, potential technical and administrative staff career advancement and development opportunities inside the group, shared commercial sponsorship deals, and even more shared supporter experiences between clubs. "This move into Denmark is a significant investment as well, being made due to the sporting and financial excellence of the football club, our belief in Denmark as a growth market, our strong belief in current management, and what we perceive to be excellent and mutually beneficial synergies between SIF and our current family of clubs."

Drogheda United owners Trivela are set to secure a majority share of Danish top-flight side Silkeborg IF, with player transfers between the pair likely going forward.

Drogheda United owners set to secure majority stake in Danish top-flight club

<li>With the threat of cutbacks , some government workers might look to shift to the private sector.</li><li>Career coaches told BI they're hearing from federal workers who want to beef up their résumés.</li><li>Experts advise networking and making résumé adjustments for transitioning to private sector roles.</li>When Donald Trump won the White House for a second time, Ayanna Jackson texted a colleague who revamps résumés to prepare for a possible surge in demand from government workers.Jackson, who founded and runs AEJ Consulting, an executive coaching and career-development firm in metro Washington, DC, wasn't overprepared. She said she's already seen an uptick in inquiries from federal workers looking to beef up their résumés and explore life in the private sector."That rush is definitely coming," she told Business Insider.Jackson said the increased demand is, at least in part, because some government workers are concerned about the Department of Government Efficiency. That's the quasi-government entity Elon Musk and Vivek Ramaswamy are setting up to slash public spending. That, with a cooperative Congress, could augur poorly for entire agencies .For government workers trying to dodge the DOGE — or who might just have philosophical differences with the incoming administration — landing a job in the private sector might require a different tack than getting ahead in government, career experts told BI.Laura Labovich, CEO of The Career Strategy Group, an outplacement firm in the Washington, DC, area, told BI that she has been hearing from workers ready to leave the government.She said that, unlike in the past, these employees aren't saying they're frustrated by difficulties in getting a promotion or pay."They just say, 'I want to leave,'" Labovich said.The 'hidden job market'</h2>To get started, Labovich said, workers should try to talk to people at employers where they might want to work and put the focus on finding people and companies — instead of open jobs. So, for someone who wants to work in a marketing department, making contact through LinkedIn or being introduced by professional contacts with people who work in that unit might help someone stand out. Job seekers might ask to set up a brief call to learn more about the department, she said. Related stories </h2>Labovich said that's important because of what's referred to as the "hidden job market." Unlike in government, where the race for a job often starts once a role is posted, it's better to be on a hiring manager's radar before a posting goes up in the private sector, she said.Beyond going big on networking, Labovich said, one of the biggest changes in looking for a private sector job will be the length of the résumé. She said that, unlike federal résumés that might run four to six pages, someone looking for a private sector job should typically keep the document to two pages unless it's for a C-suite position.Jackson offered similar advice about what corporate recruiters want: "They're going to give you six to nine seconds, tops, to scroll two pages max," she said.Don't just rely on AI</h2>Jackson advised against solely relying on artificial intelligence tools to compress a résumé that was a half-dozen pages long into two. AI, she said, can introduce errors and leave a résumé bloated with empty phrases and inaccurate metrics."You've got to articulate your specific results," Jackson said.For those remaking résumés for work outside the government, Jackson said, it's important to avoid relying on acronyms or namechecking obscure agencies that hiring managers and recruiters might not know.She recommended that those looking for work focus on soft skills that many employers say they want. This includes the ability to influence, communicate ideas, and solve problems.Jackson also said getting coaching before an interview is a good idea, especially for candidates who haven't gone through the interview process in a long time. She said workers must be ready to tell their stories without rambling and be able to demonstrate how they achieved goals and overcame obstacles.Both Jackson and Labovich recommended that job seekers use the STAR method for answering questions. This involves describing the situation or task the worker faced, the action they took, and the results of that effort.Consider other factors</h2>Richard Poulson, a partner at the law firm Willig, Williams & Davidson in Philadelphia, told BI there could be unique factors that government workers might have to consider.Poulson, who specializes in issues involving public safety workers, said that when public sector workers move to the private sector — in effect from being a regulator to the one being regulated — it might not be possible to work in the same field, with the same client, or on the same projects for some time."There may be restrictions in effect there," he said. "People need to make sure that they've got their eyes wide open before they make those decisions." A strong private sector can be a draw</h2>Lisa Simon, chief economist at Revelio Labs, which examines employment data, told BI that demand for public-sector jobs tends to wane as hiring heats up in the private sector.However, she said she expects private sector hiring to recover "fairly well" over the next six months or so, which could attract workers from the government willing to give up what can be attractive benefits.Simon said it's too soon to say how many public sector workers might choose to leave under the new administration — or be forced to — though she noted that there wasn't a major exodus of workers during the first Trump term.Stepped-up job growth in the private sector could worsen problems that some government agencies have had in attracting people, according to Poulson, the attorney.He said he would advise public sector workers who have a choice to consider how careers in government often span many power shifts in politics. Poulson also suggested that government workers focus on the importance of what they do."That tends to weigh more than the changes in administration that happen every few years," he said.

Government employees eyeing a shift to the private sector should consider networking and restrictions on working in their field amid Elon Musk plans.

Government workers who want a new job amid Elon Musk's efficiency plans may have to tap the 'hidden job market'

Canada's inflation rate rose to two per cent in October, up from 1.6 per cent in September, Statistics Canada said.The annual rate of inflation, which fell below the Bank of Canada's target of two per cent in September, beat the analyst expectation of 1.9 per cent slightly.Price hikes at the grocery store rose at a faster pace in October, at 2.7 per cent, compared to 2.4 per cent year-over-year in September.Finance Minister Chrystia Freeland said Tuesday's inflation numbers meant "good news" for Canadians."Inflation was two per cent in October. That means for the past 10 months, inflation in Canada has been within the Bank of Canada's target range," she said, referring to the goal of keeping it between one and three per cent.Freeland added, "Wages have outpaced inflation in Canada for 21 months in a row. And 1.4 million people more are working in Canada today compared to before COVID."The spike in grocery prices was led by the 7.3 per cent increase in the prices of fresh vegetables and 7.6 per cent increase for preserved fruit and fruit preparations.There was further cooling in shelter prices, with shelter price rising at 4.8 per cent in October instead of five per cent in September.Rent grew at a slower pace in Canada in October at 7.3 per cent year-over-year, compared to 8.2 per cent in September. Mortgage price growth eased as well, growing at 14.7 per cent annually in October, instead of 16.7 per cent in September.RBC economist Abbey Xu said that despite the slight uptick in inflation, the rate remains within the Bank of Canada's target rate of one to three per cent."Headline price growth held right at the mid-point of the BoC's target range," Xu said. Trending Now These Canada-U.S. border crossing hours are changing next year. Here's why</li> Putin signs new nuclear doctrine after U.S. missile decision for Ukraine</li>Robert Kavcic, senior economist at BMO Capital Markets, told Global News that the rate of inflation was "a touch higher than expected" but still fell within range."The core inflation measures were quite firm. Most core inflation readings accelerated in October, and there's been somewhat of a pick-up in recent months," he said."Ups and downs" in the inflation rate were to be expected, Xu said in a note on Tuesday morning."With continuing softness in labor markets, evidenced by declining job openings and rising unemployment, we still expect price growth will drift broadly lower. The BoC is data dependent, and will see another labour market report before the next interest rate decision in December."Xu said Canadians could expect a rate cut by the end of the year."Our base-case assumes an additional 50 basis point cut to the overnight rate by the Bank of Canada in December."Kavcic predicted a slightly lower rate cut in December. He said the Bank of Canada was likely to cut interest rates by 25 basis points, not 50.

Canada’s inflation rate rose to two per cent in October, up from the 1.6 per cent for September, Statistics Canada said on Tuesday morning.

Canada’s inflation rate rose to 2 per cent in October - National

Good ideas don't always outcompete bad ones. But willful foolishness usually has a cost. So it is with modern monetary theory. Ironically, this basket of economic fallacies, embraced by policymakers during the Biden-Harris administration, may have returned Donald Trump to the White House.Exit polls conclusively demonstrated voters are fed up with the high cost of living. The economy topped their list of concerns; three-quarters of the electorate attributed some degree of hardship to inflation. The de facto embrace of modern monetary theory-style fiscal and monetary extravagance over the past four years explains how we got here.For the unfamiliar, modern monetary theory is a fringe school of economic thought arguing that the federal government, as the sole issuer of legal tender, can issue virtually limitless amounts of new money to fund itself. Bucking thousands of years of evidence that such reckless policies lead to currency devaluation, advocates shirk all blame when inflation occurs, insisting instead that prices increased due to "corporate greed" and "price gouging." Perhaps some of that sounds familiar.Over the last four years, the federal government essentially stumbled into a modern monetary theory-style monetary crisis. The Biden-Harris administration began its term assuming it could "run the economy hot" while also avoiding inflation. They added another multi-trillion-dollar stimulus to Trump-era COVID relief spending, believing they could escape the repercussions of its price tag. Then inflation spiraled out of control.On the fiscal side, extravagant spending greatly increased government indebtedness. On the monetary side, running the printing press to keep interest rates low flooded financial markets with liquidity. The predictable result was too much money chasing too few goods — the classic recipe for dollar depreciation, better known as inflation.When the first signs of an inflationary spiral appeared in summer 2021, the White House responded with an official stance of denialism. Price level increases were only "transitory," they assured us, adopting a talking point from modern monetary theory theorist Stephanie Kelton . As the problem lingered beyond Kelton's predictions, the White House doubled down on fringe theories, such as blaming "corporate greed" instead of its own spending habits. As recently as July 2024, Council of Economic Advisors chair Jared Bernstein adopted the modern monetary theory-aligned inflation narrative of economist Isabella Weber, who contends that producers made an "implicit agreement" to exploit a price shock during the pandemic and extract profits from the public.Vice President Kamala Harris attempted to turn this conspiratorial reasoning into policy by proposing price controls at the grocery store — a scheme rejected by most economists , but championed by Weber , Kelton and other modern monetary theory advocates on the heterodox periphery of the profession.Modern monetary theory fooled Washington's elite because its message was seductive: If there's any slack in the economy and the government prints and spends in its own currency, policymakers don't need to worry about price hikes.The years 2020-2024 provided an unambiguous test of this theory. The answer: It's bunk. Consumer price inflation peaked at 9 percent during the summer of 2022. Central bankers were late to the game to tighten, even adopting the modern monetary theory talking point about "transitory" inflation for a brief but critical moment in early 2021. Elected Democrats scrambled to minimize the role their profligacy had played in forcibly raising the cost of living, culminating in Harris's grocery store price control proposal as the centerpiece of her economic platform.The flawed narratives of "transitory" inflation and "greedflation" can be viewed as desperate spin attempts in the face of obvious economic reality. Fed officials should have predicted the consequences of keeping money growth above economic growth for so long. President Biden and Vice President Kamala Harris should have recognized that continued fiscal follies would pressure the Fed to embrace money mischief, and that price controls simply made the administration look economically illiterate and out of touch. This rhetoric began as a convenient political argument for stimulus spending, then morphed into an act of self-deception on the part of the Harris campaign.As election day exit polling revealed, the electorate repudiated the modern monetary theory narrative. Americans are fed up with over-credentialed experts inventing new reasons to ignore basic economics. The laptop class has only itself to blame for elevating these fringe theories, thereby facilitating Trump's electoral comeback.Phillip W. Magness is the David J. Theroux Chair in Political Economy at the Independent Institute, Oakland, Calif. Alexander William Salter, an Independent Institute research fellow, is the Georgie G. Snyder Associate Professor of Economics in the Rawls College of Business at Texas Tech University and a researcher with TTU's Free Market Institute.

The Biden-Harris administration began their term assuming they could “run the economy hot” while also avoiding inflation.

Did modern monetary theory elect Donald Trump?

French President Emmanuel Macron told China's leader Xi Jinping on Tuesday that he shared the desire to see "durable peace" in Ukraine - a topic discussed at a G20 summit both are attending in Rio. Macron, making the comments at the start of their bilateral meeting on the summit sidelines, insisted France and China had a "convergence of views" on the conflict. In the face of a world "made of instabilities, tensions, and increasing wars," Macron said, China and France were in agreement. "You share like us the same concern following Russia's bellicose and escalatory declarations on nuclear doctrine," said the French president. "In the same way, in May... we both called for a ceasefire in Gaza, this must now extend to South Lebanon," he added. Paris, Macron said, would continue to promote "strategic autonomy, precisely to be able to talk with China in complete independence." Xi in turn told Macron the world was facing growing "risks and challenges" and that "the future trend may be more uncertain and unpredictable," according to video shared by Chinese state media. But, he said, the two countries' ties had "unique strategic and global significance." "I am willing to work with you to deepen strategic communication, strengthen mutually beneficial cooperation, and jointly respond to changes and challenges," Xi said. Macron in May hosted the Chinese leader when he made a state visit to Paris. Xi and Macron have each been holding numerous bilateral talks on the sidelines of the G20, which gathers the leaders of the world's biggest economies. While the summit has focused on climate issues and the wars in Ukraine and the Middle East, many of the participants are bracing for an imminent return to the White House of Donald Trump. Outgoing US President Joe Biden represented his country at the summit but cut a diminished figure as his peers looked past him, politically, to Trump and the "America First" policies the president-elect has pledged. In comments to journalists late Monday, Macron said Europe had a role to play in supporting "a collective multilateral effort" given increased trade confrontation between the United States and China. fff-oho/mlm

French President Emmanuel Macron told China's leader Xi Jinping on Tuesday that he shared the desire to see "durable peace" in Ukraine -- a topic discussed at a G20 summit both are attending in Rio."You share like us the same concern following Russia's bellicose and escalatory declarations on nuclear doctrine," said the French president.

Macron tells Xi he shares desire for 'durable peace' in Ukraine

In the transaction announced Tuesday, private equity funds managed by Blackstone will be used to acquire majority ownership of Jersey Mike's. The deal is "intended to help enable Jersey Mike's to accelerate its expansion across and beyond the U.S. market," the companies said, as well as aid ongoing technological investments. Blackstone and Jersey Mike's did not immediately disclose financial terms in their Tuesday announcement. But a source familiar with the matter confirmed to The Associated Press that the transaction would value Jersey Mike's at around $8 billion, a figure previously reported by The Wall Street Journal. The acquisition of the private company is expected to close in early 2025, subject to regulatory approvals and other closing conditions. Under terms of the agreement, Jersey Mike's founder and CEO Peter Cancro will continue to lead the business and maintains a ''significant equity stake" in the chain, the companies said. ''We believe we are still in the early innings of Jersey Mike's growth story and that Blackstone is the right partner to help us reach even greater heights," Cancro said in a prepared statement — adding that Blackstone ''has helped drive the success of some of the most iconic franchise businesses globally.'' Jersey Mike's roots date back to 1956, with a Point Pleasant, New Jersey storefront location that was originally called Mike's Subs. In 1975, Cancro, then a 17-year-old high school senior who had worked there since he was 14, bought the operation with the help of his football coach. The chain has expanded rapidly over the last decade, more than tripling its locations from 857 stores in 2014, to more than 2,800 this year, according to Technomic, a restaurant consulting company. Jersey Mike's posted sales of $3.3 billion in 2023, up 25% from the prior year, according to Technomic. It's the 30th largest chain in the U.S. based on annual sales. Its aggressive growth has helped Jersey Mike's take market share from rivals like Subway, which has been struggling with a glut of aging stores. Last year, Subway was acquired by Roark Capital, a private equity firm with expertise in restaurant management. Roark also owns Inspire Brands, which houses two other Jersey Mike's rivals: Jimmy John's and Arby's. Tuesday's agreement with Jersey Mike's follows a series of similar investments from Blackstone. Just earlier this year, the private equity firm acquired Tropical Smoothie Cafe in a deal that it said would also aid the chain's expansion. A U.S. Naval Academy graduate ripped down a tattoo shop's LGBTQ pride flag and put it in the trash, Annapolis police said in documents charging him with a hate crime. Sally Buzbee, the former executive editor of The Washington Post and The Associated Press, is joining Reuters as the news agency's top editor for the United States and Canada, the company said Tuesday.

Jersey Mike's, the quickly expanding sandwich chain, is being acquired by asset management giant Blackstone.

Jersey Mike's sandwich chain is acquired by private equity firm Blackstone for $8 billion

Baltimore Councilman John Bullock said he will keep fighting to raise the minimum wage for tipped workers next year. But the push comes after an election where Marylanders cited concerns around the cost of food and Massachusetts voters rejected a similar plan.Efforts to increase the base pay for service industry employees have faced headwinds in Maryland and beyond. The failed measure in Massachusetts would have incrementally increased tipped worker pay from $6.75 an hour to $15 an hour by 2029. In Michigan, there's a new bipartisan effort to stop the state's plan to gradually increase the base pay for tipped workers until it reaches the state's standard minimum wage in 2030. Bullock's bill, introduced in June, has been on hold until the next City Council term starts next month. It proposes raising the tipped minimum wage from $3.63 an hour to $15 an hour, plus tips, by 2029. While voters in other places rejected tipped wage increases, in Baltimore, the City Council would make the final call.Other returning council members backing Bullock's effort include Ryan Dorsey, Odette Ramos and Phylicia Porter. In the months since the bill was introduced, there's been no request for a public hearing — an important next step — and a soon-departing City Council president has not helped move it forward."We do believe there is a potential pathway forward looking at what some other cities have done," Bullock said. "Some have been successful in terms of getting legislation like this passed. Others, not so much."Last year, the Chicago City Council voted to increase the tipped wage in a way that's similar to what Baltimore is trying to do. And in a win for service industry employees, Arizona voters this month rejected a ballot measure that would have decreased the tipped minimum wage. Bullock said there's an appetite for this legislation in Baltimore. However, that has not been the case in the Maryland General Assembly.The One Fair Wage Act of 2024 was introduced in January, but the House and Senate versions of the bill failed to advance. The Prince George's County Council considered, but ultimately tabled, raising tipped wages there last year. In neighboring Washington, D.C., residents voted to eliminate the minimum wage for tipped workers in 2018, but the D.C. City Council overturned it. Voters again approved it in 2022, raising the base pay from $5.35 an hour to $16.10 by 2027.Efforts to raise the minimum wage have generally been popular in recent years. Gov. Wes Moore accelerated the state's mandated base pay this year to $15 per hour from a low of $12.80. The Economic Policy Institute estimated more than 341,000 workers were affected by the increase in Maryland.The exception to that bump was tipped workers, who often work in the food service industry and rely on the generosity of customers to make up the difference in pay. Many service industry employers use tips to ensure tipped their workers are hitting minimum wage.Bullock's bill, titled Fair Wages for Tipped Employees, proposes bumping the tipped minimum wage to $6 an hour starting on July 1, 2025, increasing by $2 annually until 2029. Once wages reach that point, employers cannot deduct any tip credit from the state-mandated $15 hourly wage."The idea, essentially, would be to phase out the tipped minimum wage, or subminimum wage," Bullock said. "Now, again, it would not take away the ability to give tips."The Restaurant Association of Maryland has been vocal against changing the tipped minimum wage or the tip credit, as it's also known. The organization was against efforts in Howard County, Montgomery County, Prince George's County and statewide."Despite what the activists supporting this legislation say, there is no such thing as a 'subminimum wage' for restaurant tipped employees," said Melvin Thompson, senior vice president of government affairs and public policy at the Restaurant Association of Maryland.Eliminating the tip credit would "quadruple labor costs for full-service restaurants" and would "significantly decrease" tips for servers, Thompson said. He points to service charges that have become more popular at restaurants nationwide, adding that customers are less likely to tip on top of that additional charge.Menu prices could increase and some businesses may have to eliminate jobs, Thompson said.One Fair Wage has advocated for the tipped wage increase in Baltimore and elsewhere — including in Massachusetts, where it just failed. One Fair Wage President Saru Jayaraman said they hope to get a Ways and Means Committee hearing in early 2025 once new council members are settled in for the next term."Right now, the $3.63 an hour is so antiquated and so out of step with the actual cost of living in Baltimore, it would be in the interest of any elected official to move this initiative, this bill, forward," she said.According to the U.S. Census Bureau, in the past, restaurants have paid more for workers because of a higher payroll and often raised prices. But employees were not usually laid off and the likelihood of going out of business does not increase just because the minimum wage goes up.Sebastian Martinez Hickey, state economic analyst at the Economic Policy Institute, agreed with some of these findings but noted the tipped minimum wage is not a simple issue for workers.While employers are required by law to ensure this gap is covered, he said it's "highly difficult to enforce" because employees have to be aware of the law and do their own calculations. If there is a discrepancy, workers must confront their employers."The tipped minimum wage inherently has the structural disadvantage for workers, and that results in both economic harm and places workers in situations where they can experience physical or verbal abuse," Martinez Hickey said.

The Baltimore City Council is weighing raising the tipped minimum wage, but some business owners argue that customers would be burdened with higher prices and service charges.

Could a higher minimum wage for tipped workers finally be on the menu in Baltimore?

Part two of an audit of the Guam Homeland Security/Office of Civil Defense will be released before year's end, this time looking at overtime costs at the agency.GHS/OCD had a total $42 million worth of costs flagged by auditors in June, which included payroll, contracting, inventory, and other transactions, according to a report from the Office of Public Accountability.Public Auditor Benjamin J. F. Cruz on Tuesday said the audit will look at overtime costs going back five years at GHS/OCD.Scrutiny of overtime costs comes after both Homeland Security leadership and federal auditors flagged high staff turnover at the office as contributing factors to GHS/OCD's failure to properly report spending of tens of millions of dollars in federal funds.Homeland Security and Civil Defense saw over a third of its staff, including some of its most experienced employees, leave in a nine-month period between fiscal 2022 and 2023, the Pacific Daily News reported in April 2023.The agency was also embroiled in an internal leadership dispute over that course of time, the PDN reported.OPA's June audit of the agencies noted GHS/OCD, which is supposed to be 100% federally funded, owed GovGuam's General Fund $8.4 million in federal reimbursements.The office had its grant funding restricted by the Federal Emergency Management Agency for repeated noncompliance with reporting, the audit found.The office is responsible for administering reimbursements from FEMA after disasters like typhoons. OPA also highlighted past federal audits questioning $34.7 million used by the agency between fiscal 2015 and 2022, which were not properly documented and may have to be repaid to the federal government.<h3>No oversight hearing from Legislature</h3>Cruz on Tuesday said GHS/OCD has put together a corrective action plan and is presenting it to FEMA.However, five months after the audit was released, lawmakers still have yet to convene an oversight hearing on the office to go over audit findings.Five different oversight hearings on the agency have been scheduled since July, the legislative calendar shows, but all have been canceled or rescheduled.The most recently canceled hearing was set for last week, Nov. 13, but was canceled as Tropical Storm Man-Yi passed over the island that same day.Emergency response oversight chair Sen. Dwayne San Nicolas' office did not respond Tuesday, when asked when a new hearing would be scheduled, and whether one would happen before the end of the 37th Guam Legislature's term.San Nicolas was not reelected to the 38th Guam Legislature, which takes office in January."We've been available forever, dressed up and ready to go to the hearings," the public auditor said Tuesday. "But I don't know when it's going to be rescheduled, if it's going to be rescheduled."The June audit recommended that the Office of the Governor and lawmakers work together to decide whether or not to give local money to GHS/OCD.Cruz on Tuesday said it remains a concern that the office could be required to return the $34.7 million.Republican Minority Leader Sen. Frank Blas Jr. said if the oversight hearing does not happen this term, he will be prioritizing it after the new Legislature takes office."That's going to be something that's going to be one of the first things I'm going to request for," he said.Blas is expected to lead the Legislature as speaker come January, under the new Republican majority.The senator said he had not received any official requests from FEMA for Guam to return any federal money after he sent a Freedom of Information Act request to GHS/OCD in September.But Blas, a former Homeland Security advisor, said he has been getting concerns from old federal contacts of his about reporting issues at GHS/OCD.He said he is concerned that audit findings will play badly for Guam if the incoming Trump administration or new members of Congress look at Guam's funding."My fear is that there may be some question and maybe some concerns with how the money is being spent, or where the money's being spent," Blas said. "Not so much that we have to pay for it, but we are going to lose this funding opportunity and any future opportunities that may be connected to it."GHS/OCD had to be given a chance to properly account for the issues, Blas said.

Part two of an audit of the Guam Homeland Security/Office of Civil Defense will be released before year’s end, this time looking at overtime costs at the agency.

OPA audits overtime at GHS/OCD

Some of Britain's biggest retailers have warned that job cuts and price hikes are 'inevitable' after Rachel Reeves ' monster national insurance raid. More than 70 businesses including Tesco , Asda and Sainsbury's sounded the alarm in an open letter to the Chancellor. Ms Reeves unveiled an extraordinary £25billion hike in employers' NICs in the Budget last month. The rate has been raised and the threshold at which firms must pay has been cut, with ministers adamant it was the only way to prop up public services. But the OBR projected that the fiscal package would boost inflation and unemployment. In the letter today, the companies cautioned that the huge tax increase, together with packaging levies and increases to the national minimum wage could cost retailers more than £7billion a year. 'We appreciate Government's focus on improving the fiscal situation and investing in public services; we also recognise the role businesses have in supporting this,' the letter said. 'But, the sheer scale of new costs and the speed with which they occur create a cumulative burden that will make job losses inevitable, and higher prices a certainty.' Also joining the chorus of signatures were the bosses of Aldi , Amazon UK, Boots, Lidl , JD Sports, Primark, Morrisons and Greggs . The group said they would 'welcome' the chance to meet with Ms Reeves and urged changes including phasing the reduction in the NICs lower earnings threshold, delaying timelines for packing levy implementations and revisiting business rates proposals announced in the Budget. 'By adjusting the timings of some of these changes, the Government would give businesses time to adjust and greatly mitigate their harmful effects on high streets and consumers,' it read. Another joint letter organised by UK Hospitality earlier this month raised fears that minimum wage jobs could become 'unviable' as a result of the NICs overhaul. Keir Starmer has defended the Budget's 'tough' fiscal decisions amid rising criticism from businesses and Farmers' Union protests over changes to inheritance tax. 'Make no mistake, I will defend our decisions in the Budget all day long 'I will defend facing up to the harsh light of fiscal reality. 'I will defend the tough decisions that would be necessary to stabilise our economy and I will defend protecting the pay slips of working people, fixing the foundations of our economy and investing in the future of Britain and the future of Wales, finally turning the page on austerity once and for all.'

More than 70 businesses including Tesco, Asda and Sainsbury's sounded the alarm in an open letter to the Chancellor.

Tesco, Asda, Sainsbury's, Boots and Amazon warn job cuts and higher prices are 'inevitable' after Rachel Reeves' monster £25bn national insurance raid

Frommer began writing about travel while serving in the U.S. Army in Europe in the 1950s. When a guidebook he wrote for American soldiers overseas sold out, he launched what became one of the travel industry's best-known brands, self-publishing "Europe on 5 Dollars a Day" in 1957. Frommer's philosophy — stay in inns and budget hotels instead of five-star hotels, sightsee on your own using public transportation, eat with locals in small cafes instead of fancy restaurants — changed the way Americans traveled in the mid- to late 20th century. He said budget travel was preferable to luxury travel "because it leads to a more authentic experience.'' That message encouraged average people, not just the wealthy, to vacation abroad. It didn't hurt that his books hit the market as the rise of jet travel made getting to Europe easier than crossing the Atlantic by ship. The books became so popular that there was a time when you couldn't visit a place like the Eiffel Tower without spotting Frommer's guidebooks in the hands of every other American tourist. Frommer's advice also became so standard that it's hard to remember how radical it seemed in the days before discount flights and backpacks. "It was really pioneering stuff,'' Tony Wheeler, founder of the Lonely Planet guidebook company, said in an interview in 2013. Before Frommer, Wheeler said, you could find guidebooks ''that would tell you everything about the church or the temple ruin. But the idea that you wanted to eat somewhere and find a hotel or get from A to B - well, I've got a huge amount of respect for Arthur.'' The final editions of Frommer's groundbreaking series were titled "Europe from $95 a Day." The concept no longer made sense when hotels could not be had for less than $100 a night, so the series was discontinued in 2007. But the Frommer publishing empire did not disappear, despite a series of sales that started when Frommer sold the guidebook company to Simon & Schuster. It was later acquired by Wiley Publishing, which in turn sold it to Google in 2012. Google quietly shut the guidebooks down, but Arthur Frommer — in a David vs. Goliath triumph — got his brand back from Google. In November 2013 with his daughter Pauline, he relaunched the print series with dozens of new guidebook titles. Frommer also remained a well-known figure in 21st century travel, opinionated to the end of his career, speaking out on his blog and radio show. He hated mega-cruise ships and railed against travel websites where consumers put up their own reviews, saying they were too easily manipulated with phony postings. And he coined the phrase ''Trump Slump'' in a widely quoted column that predicted a slump in tourism to the U.S. after Donald Trump was elected president. Frommer was born in Lynchburg, Virginia, and grew up during the Great Depression in Jefferson City, Missouri, the child of a Polish father and Austrian mother. "My father had one job after another, one company after another that went bankrupt," he recalled. The family moved to New York when he was a teenager. He worked as an office boy at Newsweek, went to New York University and was drafted upon graduating from Yale Law School in 1953. Because he spoke French and Russian, he was sent to work in Army intelligence at a U.S. base in Germany, where the Cold War was heating up. His first glimpse of Europe was from the window of a military transport plane. Whenever he had a weekend leave or a three-day pass, he'd hop a train to Paris or hitch a ride to England on an Air Force flight. Eventually he wrote "The GI's Guide to Traveling in Europe," and a few weeks before his Army stint was up, he had 5,000 copies printed by a typesetter in a German village. They were priced at 50 cents apiece, distributed by the Army newspaper, Stars & Stripes. Soon after he spent his month's vacation from the law firm doing a civilian version of the guide. "In 30 days I went to 15 different cities, getting up at 4 a.m., running up and down the streets, trying to find good cheap hotels and restaurants," he recalled. The resulting book, the very first ''Europe on 5 Dollars a Day,'' was much more than a list. It was written with a wide-eyed wonder that verged on poetry: "Venice is a fantastic dream," Frommer wrote. "Try to arrive at night when the wonders of the city can steal upon you piecemeal and slow. ... Out of the dark, there appear little clusters of candy-striped mooring poles; a gondola approaches with a lighted lantern hung from its prow." Eventually Frommer gave up law to write the guides full-time. Daughter Pauline joined him with his first wife, Hope Arthur, on their trips starting in 1965, when she was 4 months old. "They used to joke that the book should be called 'Europe on Five Diapers a Day,'" Pauline Frommer said. In the 1960s, when inflation forced Frommer to change the title of the book to "Europe on 5 and 10 Dollars a Day," he said "it was as if someone had plunged a knife into my head." Asked to summarize the impact of his books in a 2017 Associated Press interview, he said that in the 1950s, ''most Americans had been taught that foreign travel was a once-in-a-lifetime experience, especially travel to Europe. They were taught that they were going to a war-torn country where it was risky to stay in any hotel other than a five-star hotel. It was risky to go into anything but a top-notch restaurant. ... And I knew that all these warnings were a lot of nonsense.'' To the end of his life, he said he avoided traveling first class. ''I fly economy class and I try to experience the same form of travel, the same experience that the average American and the average citizen of the world encounters,'' he said. As Frommer aged, his daughter Pauline gradually became the force behind the company, promoting the brand, managing the business and even writing some of the content based on her own travels. Her relationship with her father was both tender and respectful, and she summed it up this way in a 2012 email to AP: ''It's wonderful to have a working partner whose mind is a steel trap, and who doesn't just have smarts, but wisdom. His opinions, whether or not you agree with them, come from his social values. He's a man who puts ethics at the center of his life, and weaves them into everything he does.''

Arthur Frommer, whose "Europe on 5 Dollars a Day" guidebooks revolutionized leisure travel by convincing average Americans to take budget vacations abroad, has died. He was 95.

Arthur Frommer, travel guide innovator, has died at 95

Six Flags Entertainment Corp., the owner of Kings Dominion, released its first quarterly report since its merger with Cedar Fair.In the report, CEO Richard Zimmerman said the company intends to review its portfolio of parks, optimize its assets, narrow management's focus and reduce debt. That comment led some fans to worry the park will close or sell some of its properties.But the company said it does not plan to close parks and that it will invest more than $1 billion over the next two years to enhance the guest experience.Six Flags and Cedar Fair completed their merger on July 1, and the combined company, which includes 42 amusement and water parks, operates under the Six Flags brand.In its first quarterly report, the combined company reported net revenue of $1.35 billion and net income of $111 million. Zimmerman cited higher-than-usual attendance during the fall, when the weather is cooler and parks operate Halloween themes.Zimmerman, who was previously general manager of Kings Dominion, said the company would "review the park portfolio over time, to optimize the asset base, narrow management's focus and help reduce net leverage."Six Flags intends to take those savings and invest them back into its parks, the CEO said. On Thursday, the Charlotte-based company released an investment framework that will cost at least $500 million in each of the next two years to build new rides and themed areas, upgrade dining spots and enhance the parks' technology.The company announced several new rides to open in 2026, but Kings Dominion was not on the list. The park has built a large, new roller coaster called Rapterra due to open in 2025.Kings Dominion's new roller coaster is revealedBrian Sterowski, a Kings Dominion fan who posts park updates on his YouTube page, said he isn't worried Kings Dominion will close, but he could see it being sold to a competitor, such as Hershey Entertainment and Resorts Co., which operates Hershey Park in Pennsylvania. Kings Dominion is one of the larger parks in the company and has received regular investment through the years.Sterowski said a park such as Six Flags America, in Bowie, Maryland, is more susceptible to closing because of the high value of its real estate.</h2>

Six Flags Entertainment Corp., the owner of Kings Dominion, released its first quarterly report since its merger with Cedar Fair.

Kings Dominion parent Six Flags plans to invest in parks, but fans worry

Channel 7 has axed its Gold Coast news bulletin in the latest shake-up at the network, with with the last broadcast to air on Thursday night. The station will keep its bureau at the Gold Coast but the output will be included in a statewide news report at 6pm. Some staff have been offered positions in the Brisbane bureau, while non-editorial departments including sales are expected to continue unchanged. The shutdown of the local Gold Coast edition, which ran at 5.30pm ahead of the metro bulletin, follows a raft of well-publicised redundancies at the Seven Network including popular Queensland anchor Sharyn Ghidella and weatherman Paul Burt. Ghidella spent 17 years with the Seven Network and her run as presenter of the Brisbane bulletin alongside Bill McDonald and later Max Futcher saw it rise to the top of the rankings. She was fired in July this year after getting a call while at the hairdresser and has since moved to Channel 10 where she presents the 5pm Queensland bulletin. Burt, who joined Seven in 2013, filed weather stories from the Gold Coast and gained a cult following, often appearing on the beach or in crosses during wild weather such as cyclones and torrential rain. He was also let go in the July round of cost cutting, along with the Gold Coast bureau's chief of staff, with one insider saying at the time that 'it would make it pretty hard to put the bulletin together'. A statement from the Seven Network said the move would not diminish its news coverage. 'Seven's Gold Coast news operation will be streamlined to run as a multi-faceted bureau, with its award-winning stories and hot button issues to be given more prominence in the nightly metropolitan news at 6pm,' a spokesperson said. 'Gold Coast viewers will receive the full hour of Seven's Afternoon News at 4pm, the full hour of The Chase Australia at 5pm, followed by 7NEWS live at 6pm.' Anthony De Ceglie, 7NEWS director of news and current affairs and Seven West Media editor-in-chief, confirmed the bureau would not be closed. 'This is about bringing together and modernising both our Gold Coast local news and Brisbane's unrivalled 6pm bulletin hosted by Max Futcher and Sarah Greenhalgh,' he said. 'This change in direction in no way diminishes our commitment to news coverage on the Gold Coast. Quite the opposite. 'For viewers, it means more people across the region can get home from work, school and play in time for 6pm, and the issues and stories that matter to them most will have an even stronger voice in the all-important nightly news.' An email sent to staff said the ditching of the 5.30pm local edition would 'turbocharge' the bureau's ability to input crucial Gold Coast stories into the metropolitan news bulletin.

Channel 7 is axing its Gold Coast news service, with the last bulletin to air on Thursday night.

Channel 7 axes popular nightly Gold Coast news bulletin - with last show to go to air on Thursday night

<h3>Treasury pick may predict tariff plans</h3>WASHINGTON — One of the top remaining vacancies in President-elect Donald Trump's proposed Cabinet is his treasury secretary, and the views of his top contenders reflect broader questions about how Trump might wield tariffs in his new administration. Billionaire investor Scott Bessent has talked up tariffs as a negotiating ploy. Cantor Fitzgerald CEO Howard Lutnick, who is co-chair of Trump's transition operation, has expressed support for broad tariffs. Trump is looking at other potential candidates as he decides who can best implement his economic agenda — and how big a role tariffs will play.<h3>Spirit Airlines files for bankruptcy </h3>Spirit Airlines has filed for bankruptcy protection and will attempt to reboot as it struggles to recover from the pandemic-caused swoon in travel and a failed attempt to sell the airline to JetBlue. Spirit is the biggest U.S. budget airline. It has lost more than $2.5 billion since the start of 2020 and faces looming debt payments totaling more than $1 billion over the next year. Spirit says it expects to operate as normal as it works its way through a prearranged Chapter 11 bankruptcy process. The airline says customers can continue to book and shouldn't see any disruption to their travel plans while the process unfolds.<h3>US safety ratings will get major update</h3>DETROIT — Automobile safety ratings will get a major update starting with the 2026 model year when regulators add new driver-assistance technologies and tests for protecting pedestrians. The National Highway Traffic Safety Administration said Monday that it has finalized the changes, which were required by the 2021 bipartisan infrastructure law. In addition to the five-star ratings for crash tests, the agency will add four new technologies including pedestrian automatic emergency braking, lane-keeping assist, blind spot warning, and intervention if a driver tries to move toward a vehicle in a blind spot. The new rule also strengthens test procedures and performance standards for technology that's already included in the ratings, such as automatic emergency braking.<h3>Food retailers offer turkey dinner deals</h3>NEW YORK — With Thanksgiving less than two weeks away, food retailers are trying to tempt Americans who haven't recovered from recent price inflation. Walmart, Target, Aldi and other grocers are offering turkey dinner deals and other promotions. Market research firm Datasembly says a 15-item Thanksgiving meal costs an average of $65.51 this year, down nearly 3% from last year but 42% higher overall than in 2019.<h3>Amazon, SpaceX challenge labor agency</h3>Attorneys for Amazon and SpaceX have argued in a federal appeals court that the structure of the National Labor Relations Board is unconstitutional. A panel of three judges at the 5th U.S. Circuit Court of Appeals in New Orleans heard separate oral arguments in both lawsuits on Monday. The two companies initiated the cases after the labor agency filed complaints against them in disputes about workers' rights and union organizing. A ruling in favor of the companies could immensely diminish or paralyze the nearly century-old NLRB.</h2>

Business Digest 111924

(Bloomberg) - Petrobras plans to boost spending on new oil drilling and other projects by almost 9% to $111 billion in the next five-year plan. Most Read from Bloomberg Paris to Replace Parking Spaces With Trees </li> New York's Transit Agency Approves $9 Congestion Toll </li> In Cleveland, a Forgotten Streetcar Bridge Gets a Long-Awaited Lift </li> A Bug's Eye View of Mexico City's Modernist Architecture </li> Amtrak Wins $300 Million to Fix Its Unreliable NJ-to-NYC Service </li> The Brazilian oil giant's eight-person executive office proposed that amount for the 2025-2029 period, according to a filing Monday. The plan still needs the approval of Petroleo Brasileiro SA's board of directors and is scheduled to be released on Nov. 21. Most of the outlays — roughly $77 billion — will go to exploration and production projects in Brazil and abroad. Chief Executive Officer Magda Chambriard said recently that Petrobras expects to drill more wells next year. Refining and related business lines such as fertilizer and logistics will account for about $20 billion in expenditures. Overall crude and natural gas output is forecast to reach the equivalent of 3.2 million barrels a day by the end of the five-year timeline. That's unchanged from the 2028 target set forth in the current long-range plan and may raise concern among analysts about the pace of output growth. "We continue to suspect that the ramp up in upstream volumes could be more gradual than in the previous plan given the phasing of new production units," Jefferies analysts Alejandro Demichelis and Pedro Baptista wrote in a note to clients. Folha de S. Paulo earlier reported the proposal. The state-controlled company also raised the regular dividend payout for the five-year span by $5 billion to at least $45 billion, or 13%, with the potential for another $10 billion in extraordinary payouts. Petrobras' American depositary receipts extended gains after the announcement, rising as much as 2.7% in New York. Preferred shares rose 2.5% in Sao Paulo. Investors are still awaiting additional details about oil-price assumptions, debt targets and other variables underpinning the spending plan. Chambriard, who rose through the ranks at Petrobras before helming Brazil's oil regulator in the 2010s, has eased concerns that Petrobras would take costly detours into less-profitable renewable projects at the expense of offshore drilling that made th nation a key source of non-OPEC crude. Petrobras won't completely abandon renewables, even as it prioritizes self-sufficiency in fuel production, Brazilian Mines and Energy Minister Alexandre Silveira said on the sidelines of the G20 conference in Rio de Janeiro. -With assistance from Leda Alvim and Martha Beck. (Updates with analysts' comment in fifth paragraph, Brazilian energy minister in final paragraph.) Most Read from Bloomberg Businessweek Trump's Impossible Task: Delivering for the Working Class and Billionaires </li> Why Tech Billionaires Love the Author of Jurassic Park </li> Democrats Let MAGA Co-Opt the Healthy Food Movement </li> Wall Street Is Too Pumped About Trump to Worry About His Policies </li> Jaylen Brown Is Taking On Nike With $200 Sneakers </li>

(Bloomberg) -- Petrobras plans to boost spending on new oil drilling and other projects by almost 9% to $111 billion in the next five-year plan. Most Read from BloombergParis to Replace Parking Spaces With TreesNew York’s Transit Agency Approves $9 Congestion TollIn Cleveland, a Forgotten Streetcar Bridge Gets a Long-Awaited LiftA Bug’s Eye View of Mexico City’s Modernist ArchitectureAmtrak Wins $300 Million to Fix Its Unreliable NJ-to-NYC ServiceThe Brazilian oil giant’s eight-person executive

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