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Are America’s twenty-somethings doomed to become a lost generation?

America’s youngest workers started the year with a rare opportunity to slingshot their careers in the hottest job market in decades.

They’ll end 2020 facing some of the nation’s bleakest employment prospects and the most volatile job market ever for recent college graduates.

The unemployment rate for young people age 20 to 24 was 12.5% in September, the highest among adults. Joblessness for them peaked at nearly 26% at the height of the pandemic in April—quadruple the level two months earlier—a bigger jump than in any previous recession back to the 1940.

Although the overall U.S. labor market is gradually improving, it remains far below its pre-pandemic health. Jobless claims fell to 787,000 in the week ended Oct. 17 at the same time that the number of Americans on extended unemployment benefits rose, according to Labor Department data.

Economists say the longer that young people are forced to delay their … Read More

Pope names new cardinals, putting his stamp on Church’s future By Reuters

© Reuters. Pope Francis leads the Angelus prayer at the Vatican

By Philip Pullella

VATICAN CITY (Reuters) – Pope Francis named 13 new Roman Catholic cardinals on Sunday, including nine who are eligible to enter a conclave to elect his successor after his death or resignation.

The new cardinal electors, whom the pope listed in a surprise announcement while addressing pilgrims from his window overlooking St. Peter’s Square, include Archbishop Wilton Gregory of Washington D.C. He will become the first African-American to hold the rank.

The 13 new cardinals will be elevated to the high rank at a ceremony known as a consistory at the Vatican on Nov. 28, and the selection of more cardinal electors increases the possibility that the next pope will be someone who will continue Francis’ policies.

Francis has now appointed about 57% of cardinal electors, whose number rises to about 128 with the naming of

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The electric car frenzy is helping even troubled companies raise big money

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The conventional path to taking a company public is pretty simple: demonstrate some early success, then sell shares for capital that can be used to expand. This year, electric vehicle startups have gone public in droves on those terms, with multibillion-dollar valuations doled out to innovators like QuantumScape, a battery developer, and Hyliion, which makes electrified powertrains for freight trucks.

EVs are so hot right now that startups don’t need to be particularly promising or novel to nab funding. Raising money before turning a profit is no longer particularly notable, but when it comes to EVs, years of outright failure are apparently just fine by some investors.

The latest example came early this month when EV startup Faraday Future announced that it is negotiating to … Read More

Five children killed in attack on Cameroonian school, say officials By Reuters


DOUALA (Reuters) – Gunmen killed five children and badly wounded about nine others when they opened fire in a school in the city of Kumba in Cameroon’s Southwest region on Saturday, officials told Reuters.

The officials blamed the attack on secessionist insurgents who are seeking to form a breakaway state in Cameroon’s English-speaking west, though Reuters was unable to immediately confirm that.

“They attacked around noon. They found the children in class and they opened fire on them,” Kumba sub-prefect Ali Anougou told Reuters. He said that nine others had been seriously wounded and sent to hospital.

Anglophone secessionists have imposed curfews and closed schools as part of their protest against President Paul Biya’s French-speaking government and its perceived marginalisation of the English-speaking minority.

Last year, officials blamed separatists for kidnapping dozens of schoolchildren, charges the separatists denied.

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Walmart sues government to pre-empt allegations it helped fuel opioid crisis

Walmart Inc. sued the federal government in an effort to preempt regulators’ claims that the retailer added fuel to the U.S.’s opioid crisis by filling suspicious painkiller prescriptions in its pharmacies.

The world’s largest retailer argues in the suit that the U.S. Justice Department and Drug Enforcement Administration is scapegoating the chain to divert attention from the agencies’ failures to effectively address the public-health crisis over opioids.

Watchdog groups have “meticulously cataloged” the ways regulators have “failed to safeguard the public from improper diversion of prescription opioids,” Walmart’s lawyers said in the 54-page complaint. Walmart indicated it sued the government in anticipation of the DOJ filing its own lawsuit alleging the retailer mishandled the highly addictive pills. The company wants a judge to remove “unacceptable uncertainty” about its practices.

A spokesperson for the Justice Department didn’t immediately respond to calls for comment after regular business hours. James Pokryfke, a DEA … Read More

AIG settles U.S. tax shelter lawsuit By Reuters

© Reuters. Current information related to insurance company AIG is displayed above the floor of the New York Stock Exchange

NEW YORK (Reuters) – American International Group Inc (N:) agreed to settle a tax shelter lawsuit related to the entering of sham transactions designed to generate bogus foreign tax credits, Acting U.S. Attorney Audrey Strauss in Manhattan said on Friday.

AIG agreed to the disallowance of more than $400 million in foreign tax credits and the imposition of a 10% tax penalty, Strauss said.

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