THE HOT STORY

U.S. job openings hit five-month high in October

Job openings in the U.S. edged up to 7.67m in October, the highest in five months, driven by gains in retail, wholesale trade, and health care. The Labor Department's latest Job Openings and Labor Turnover Survey (JOLTS) also suggested that the broader labor market showed signs of slowing as layoffs rose to 1.85m, the highest since early 2023, and hiring dropped by 218,000 to 5.15m. The quits rate, a key confidence indicator, fell to its lowest level since May 2020. Despite the slight increase in vacancies, the data reflect reduced labor demand amid economic uncertainty and higher business costs. The Federal Reserve is widely expected to respond later today by announcing a cut in interest rates.

CNN

Bloomberg

Wall Street Journal

LEGAL

Starbucks faces global protests as unions rally behind striking US baristas

Starbucks workers and union supporters in 10 countries, including the U.K., Germany, and Australia, are staging coordinated protests today in solidarity with 3,000 striking U.S. baristas. The U.S. workers, represented by Starbucks Workers United, are calling for better pay, staffing, and resolution of hundreds of labor disputes. While Starbucks says the strike has had minimal business impact, international demonstrations aim to escalate pressure amid stalled contract talks and ongoing labor tensions.

BBC News

ECONOMY

Small business sentiment rose last month

Confidence among small businesses in the U.S. edged up in November, with optimism boosted by higher sales expectations, the National Federation of Independent Business (NFIB) reported on Tuesday. The organization's small-business optimism index rose 0.8 point to 99, ahead of the unchanged 98.2 expected among economists polled by the Wall Street Journal. Six of the 10 components that make up the gauge increased, while three decreased. One was unchanged. A net 19% of small companies said they plan to create new jobs in the next three months, up four points from October, and the largest share so far this year. Labor quality continued to rank as the primary issues affecting small business owners. The survey also found that the net percent of owners raising average selling prices rose 13 points from October to a net 34%, which was the highest reading since March 2023 and the largest monthly jump in the survey's history.

Bloomberg

RTT News

Wall Street Journal

Jersey City’s credit grade is cut

Jersey City’s credit grade has been cut by Moody's Ratings to A2 from A1. The ratings agency said the rating reflected a financially “struggling city with a deteriorating liquidity profile.” Moody's kept its outlook at negative despite observing that Jersey City’s fast-paced economy and high-earning, well-educated population bolster its investment-grade rating.

Bloomberg

TAX

Hawaii may scale back income tax cuts for high earners

Hawaii Gov. Josh Green has signalled that the state could reduce or delay planned income tax cuts for high-income residents to address a worsening budget deficit, driven by an estimated $3bn loss in federal funds over six years. The 2024 tax law, which promised the largest state tax cuts in history, could cost over $1.1bn annually by 2029. Green said limiting breaks for wealthier taxpayers - those earning over $250,000 - could save up to $1.8bn and help fund essential services including food and housing. Final decisions will be debated with lawmakers when the new budget is released on 22nd December.

Honolulu Civil Beat

INTERNATIONAL

Young U.K. workers shift towards skilled trades

Reuters reports on how 'hands-on' jobs such as construction and plumbing are gaining appeal among young British workers at a time when white-collar roles are viewed as more vulnerable to disruption by AI and automation than manual labor. In Britain, one in six employers expects the use of AI tools to allow them to reduce their headcount in the next 12 months, according to a recent survey conducted by the Chartered Institute of Personnel and Development. "There's a lot of anxiety among young people right now that their jobs are [being] automated away," observes Bouke Klein Teeselink, a lecturer and AI researcher at King's College, London.

Reuters

Temperature increase is accelerating in Arab Region

The Arab region had its hottest year on record in 2024, and the rate of warming has accelerated in recent decades, accompanied by more intense heatwaves and droughts as well as extreme rainfall and storms, according to the inaugural World Meteorological Organization (WMO) report on the State of the Climate in the Arab Region. “2024 was the hottest year on record for the Arab region – a continuation of a long-term trend. Temperatures are rising at twice the global average, with intense heatwaves that are pushing society to the limits. Human health, ecosystems and economies can’t cope with extended spells of more than 50 °Celsius – it is simply too hot to handle,” said WMO Secretary-General Celeste Saulo.

World Meteorological Organization

Financial Times

Italian fashion houses face labor abuse probe

Multiple Italian fashion houses, including Gucci, Prada, and Versace, have been asked to provide governance and supply chain documents in a police probe into labour abuses at subcontractors. Authorities are investigating potential links to worker exploitation uncovered in Chinese-owned workshops, though none of the 13 brands involved is currently under investigation. The move is part of a broader effort by Italian prosecutors to clean up the luxury supply chain and support government plans for legal certification of ‘Made in Italy’ goods.

Reuters

South China Morning Post

The economic miracle of China’s midday naps

The midday nap, or wuxiu, is growing in popularity in China. Workers need at least an hour’s snooze at midday because, very likely, they will work (an illegal) three shifts.

Financial Times

OTHER

Global billionaire population hits record 2,900 in 2025

The number of billionaires worldwide has risen to 2,900, collectively controlling $15.8tn in wealth, according to a new report from UBS. This marks an increase from 2,700 billionaires with $14tn in 2024, driven by tech sector valuations, rising share prices, and investment gains. UBS recorded 287 new billionaires, the second-highest annual increase since tracking began in 2015, split between entrepreneurs and heirs, including Colossal Biosciences founder Ben Lamm and 15 members of two German pharmaceutical dynasties. The rise reflects a broader generational transfer of wealth, with inheritance playing a growing role. The U.S. remains the dominant region, though billionaire clients surveyed by UBS reported declining short-term investment appeal in North America (63%, down from 81%), with growing interest in Western Europe and Asia.

Wall Street Journal

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