September 22, 2021

The World Live Breaking News Coverage & Updates IN ENGLISH

The World Live Breaking News Coverage & Updates IN ENGLISH

Apple’s new iPhone 13 is better, but not by much.

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, Apple’s new iPhone 13 is better, but not by much., The World Live Breaking News Coverage & Updates IN ENGLISH
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, Apple’s new iPhone 13 is better, but not by much., The World Live Breaking News Coverage & Updates IN ENGLISH

Daily Business Briefing

Sept. 14, 2021Updated 

Sept. 14, 2021, 5:20 p.m. ET

Sept. 14, 2021, 5:20 p.m. ET

Image, Apple’s new iPhone 13 is better, but not by much., The World Live Breaking News Coverage & Updates IN ENGLISH
Credit…Apple

It is a story that now happens just about every September: Apple introduced new iPhones that have slightly bigger screens, faster speeds and better cameras — but no new major advances.

In a prerecorded infomercial, Apple executives framed the improvements in the new iPhone 13 as significant innovations, but they result in a device that looks and performs much like the iPhones that Apple touted last year.

Apple said the new iPhones have a brighter screen, longer battery life and more powerful cameras and computer processors. Having already pushed the screen nearly to the edge of the device, Apple slightly increased its size by reducing the small notch at the top of the screen. Apple kept the same flat-edge design of the phone that it has used in other recent models.

Apple is hoping that by adding new features and making slight design improvements, customers will keep shelling out more money. It is a strategy that has worked for a long time. The iPhone, now in its 14th year, remains one of the world’s best-selling products and the centerpiece of Apple’s business. Over the first half of the year, the latest period available, Apple said iPhone sales rose 58 percent to $87.5 billion over the same period a year earlier.

That success is partly because Apple has built an intensely loyal customer base, and also because it has designed its products in a way that makes it difficult for customers to switch to the competition, like Samsung and Google. The iPhone also remains among the best smartphones on the market in several areas, including camera technology and screen resolution.

Apple spent much of its advertisement showing off the iPhone’s new “cinematic mode,” a camera technology that can automatically follow and focus on a subject, resulting in videos that more closely resemble professional movies.

Apple’s emphasis on advanced camera technology in its iPhones is a reflection of its hefty investment in artificial intelligence to compete with Google.

A few years ago, Google’s Pixel smartphones used the search giant’s prowess in artificial intelligence to leapfrog the iPhone’s camera capabilities. But over the last few years, Apple made several aggressive moves to catch up, acquiring several A.I. start-ups and hiring a top A.I. executive from Google, John Giannandrea. Partly as a result, its newer iPhone cameras have received higher ratings than the Pixel.

As in past years, Apple unveiled two separate versions of the new iPhone: the entry-level iPhone 13 and iPhone 13 mini, and the more expensive and advanced iPhone 13 Pro and iPhone 13 Pro Max. Apple largely kept prices flat from last year’s models.

The dominance of the iPhone has also brought Apple increased scrutiny and criticism from app developers, regulators and lawmakers. Having an iPhone app has become a necessity for many companies, which has enabled Apple to build an enormous business by charging a commission of up to 30 percent on some app sales.

But that practice has been at the center of legal and regulatory challenges in recent years. Last week, a federal judge ordered Apple to let app developers direct customers to other payment methods in their apps, which could enable them to avoid Apple’s commission. Regulators in the United States, Europe and India are also investigating Apple’s App Store practices.

Credit…Apple

Apple on Tuesday unveiled an array of new hardware offerings — including an update to its flagship iPhone — improving on previous models. But one metric remained mostly the same: the price.

The new iPhone 13 will cost $800, the same as last year’s iPhone 12, while the iPhone 13 Mini will cost $700, identical to last year. The more expensive models of the new phones, the iPhone 13 Pro and 13 Pro Max, will cost you $1,000 and $1,100, respectively, the same as last year’s premium versions.

Apple has raised its phone prices over the years, with the increases sometimes spooking consumers. Sales of the more expensive iPhone X models that began at $1,000 in 2018 were slower than expected, for instance, causing Apple to mark down revenue estimates and cut prices in China.

The company responded in 2019 with a cheaper offering: $700 for the iPhone 11, down from $750 for the comparable iPhone XR the prior year. And last spring, it unveiled a new budget iPhone SE for $400. Some analysts thought the strategy might be shrewd during the pandemic, as people tried to save money.

Recently, iPhone sales have been through the roof, in part because the pandemic has furthered people’s reliance on technology.

The new Apple Watch announced on Tuesday, the Series 7, will cost $400, the same price as its last few models. Apple also introduced a cheaper watch last year, the SE, for $280.

Apple also unveiled a new iPad, which will cost $330, the same as last fall’s version. The only price jump announced at the event was for the new iPad mini, for $500, up from the company’s most recent $400 mini that came out in 2019.

Credit…Brooks Kraft/Apple

Apple on Tuesday introduced the new version of its entry-level $300 iPad with a 10.2 inch screen.

At its annual product event, which the company holds to set the stage for its holiday sales, the iPad was the first gadget to be showcased. The new tablet emphasizes video calls, a popular use for the devices during the pandemic. The new version includes improved cameras and special software to make video calls more pleasant by detecting people and automatically following their movements.

Apple also updated the iPad Mini, its smaller $500 tablet, giving it a new design and larger, brighter screen. It now includes flat edges, matching the aesthetic of newer iPhones, and the home button was removed to make more room for the 8.3-inch display.

The new tablets join an already crowded iPad portfolio. The company now offers five models of the iPad in various screen sizes with prices ranging from $300 to $2,400.

The iPad has been Apple’s fastest-growing product segment over the past 12 months, as more people bought the device while having to work, learn and socialize from home during the pandemic. Apple earned $30.4 billion from iPad sales in the 12 months ending June 30, up 41 percent over the same period a year earlier.

Jack Nicas contributed reporting.

Credit…Apple

The Apple Watch has posted steady growth for Apple in recent years, which the company wants to grow further.

On Tuesday at its annual product event, Apple unveiled new versions of the Apple Watch — called the Apple Watch Series 7 — with slightly larger screens. The new watches, which come in two sizes, are roughly the same size as last year’s models, but their screens have been stretched to the edges of the glass to make the display areas 20 percent larger. They also have a new design to make them more durable, with stronger dust resistance.

The company left the prices of the devices unchanged from last year’s models, with a starting cost of $400.

While Apple Watch is one of the company’s smallest product segments, it would be an enormous stand-alone business for other companies. Apple’s so-called wearables business, which also includes its AirPods wireless headphones, grew 28 percent to $37.5 billion in the year ending June 30 over the same period a year earlier.

Apple Watch is the No. 1 smart watch, with 36 percent of the worldwide market, according to Canalys, a research firm. Apple has consistently emphasized the Watch’s health benefits, including incorporating the ability to measure your blood’s oxygen saturation.

This year, Apple announced some new features of its Fitness Plus subscription, a digital fitness service with workouts. The company said it was introducing five-minute workouts, winter sports and Pilates workouts and a group option that allows up to 32 people to exercise simultaneously and interact.

It also created a “time to walk” mode that gets people outdoors while listening to Camila Cabello, Dolly Parton and others. Apple said it would roll out Fitness Plus, which costs $10 per month, to an additional 15 countries this fall.

To compete with the Apple Watch, Google acquired the wearables company Fitbit this year for $2.1 billion. Last year, Amazon introduced the Halo, a fitness band that tracks movements and uses a microphone to detect people’s moods.

Jack Nicas and Kellen Browning contributed reporting.

Apple issued emergency software updates on Monday after security researchers uncovered a flaw that allows highly invasive spyware to infect anyone’s iPhone, iPad, Apple Watch or Mac computer without so much as a click.

Apple has urged customers to run the latest software updates for the fixes to take effect, by installing iOS 14.8, MacOS 11.6 and WatchOS 7.6.2.

How to Fix Your iPhone’s Security Flaw 📱

, Apple’s new iPhone 13 is better, but not by much., The World Live Breaking News Coverage & Updates IN ENGLISH

Nicole PerlrothReporting from Silicon Valley

How to Fix Your iPhone’s Security Flaw 📱

, Apple’s new iPhone 13 is better, but not by much., The World Live Breaking News Coverage & Updates IN ENGLISH

Nicole PerlrothReporting from Silicon Valley

, Apple’s new iPhone 13 is better, but not by much., The World Live Breaking News Coverage & Updates IN ENGLISH
Gabby Jones for The New York Times

Apple issued a software update on Monday to fix a critical flaw in its products that had allowed governments to invisibly spy on Apple users without so much as a click.

Here’s how to update your iPhone with the software patch →

2h ago

Item 1 of 5

“This spyware can do everything an iPhone user can do on their device and more.” READ MORE →

Activision Blizzard, the company behind popular games like Call of Duty, said on Tuesday that it was hiring two executives, including a new head of human resources, as part of an effort to build a more inclusive workplace and grow revenue.

Julie Hodges, a senior vice president at the Walt Disney Company, will become Activision’s new chief people officer, the company said in a statement. Ms. Hodges will replace Claudine Naughton, who will leave this month “to pursue other interests,” the company said.

Sandeep Dube, a senior vice president at Delta Air Lines, will fill the role of chief commercial officer. That job has been vacant since March.

In July, Activision was sued by a California employment agency, which said the company had fostered a “frat boy workplace culture” in which women were routinely harassed and discriminated against. The lawsuit caused an uproar, with current and former employees speaking out online against misconduct and rallying outside an Activision office.

Activision’s chief executive, Bobby Kotick, apologized for failing to “provide the right empathy and understanding” in the company’s initial response to the lawsuit.

J. Allen Brack, the head of Activision’s Blizzard Entertainment subsidiary, where many of the accusations in the lawsuit were centered, stepped down in August. Blizzard’s head of human resources, Jesse Meschuk, also left.

Activision said Ms. Hodges would “lead all aspects of human resources, including diversity, equity and inclusion, talent acquisition, employee experience, learning and development, compensation and benefits, and work force planning.”

Ms. Hodges said in the statement that she shared “the company’s belief that a work environment should welcome all perspectives, experiences and backgrounds.”

Also in the statement, Mr. Dube said, “I couldn’t be more excited to join this team and work together to continue building our inclusive culture and to expand our audiences.”

Activision is under continued scrutiny. The Communications Workers of America, a labor union, filed a complaint last week with the National Labor Relations Board, accusing Activision of violating labor law by making coercive rules, actions and statements, as well as through interrogation. The complaint was reported earlier by Bloomberg.

Activision did not immediately respond to a request for comment.

Credit…Joe Raedle/Getty Images

A recent run-up in consumer prices cooled slightly in August, signaling that although inflation is higher than normal, the White House and Federal Reserve may be beginning to see the slowdown in price gains they have been hoping for.

Policymakers have consistently argued that a surprisingly strong burst of inflation this year has been tied to pandemic-related quirks and should prove temporary, and most economists agree that prices will climb more slowly as businesses adjust and supply chains return to normal. The major question hanging over the economy’s future has been how much and how quickly the jump will fade.

Data released by the Labor Department on Tuesday suggested that a surge in Delta-variant coronavirus cases was weighing on airfares and hotel rates, but it also showed that price increases for key products — like cars — were beginning to moderate, helping to cool off overall inflation. The Consumer Price Index rose 5.3 percent in August from a year earlier, the data showed. That was a slightly slower annual pace than the 5.4 percent increase in July.

On a monthly basis, price gains moderated to a 0.3 percent increase between July and August, down from 0.5 percent the prior month and a bigger slowdown than economists in a Bloomberg survey had expected.

The news on core inflation, which strips out volatile food and fuel prices to try to get a cleaner read of underlying price trends, was even more encouraging for policymakers hoping to see signs that price increases are slowing. That index picked up 0.1 percent on the month and 4 percent over the past year, down from 0.3 percent and 4.3 percent in the July report.

“We’re seeing the unwinding of a lot of factors that pushed inflation prints higher early in the summer,” said Guy Lebas, chief fixed-income strategist at Janney Capital Management. “We’ll see these rolling supply and demand imbalances gradually diminish into 2022.”

White House economists greeted the report as confirmation of their view that prices should stop climbing so quickly headed into 2022.

“We view the report as consistent with the story we, the Federal Reserve and the vast majority of forecasters have been talking about,” said Jared Bernstein, a member of the White House Council of Economic Advisers. “It’s one month, and we’re going to continue to vigilantly watch the data.”

Inflation has been running hot this year as the economy has reopened from the pandemic, causing airline fares and hotel room rates to bounce back from depressed levels. At the same time, supply chain snarls have pushed shipping costs higher, feeding into prices for all sorts of products, from lumber to toys. Labor costs have climbed for some companies, nudging inflation up around the edges, and rents are rising again as workers return to cities after fleeing during 2020.

But policymakers are betting that annual price gains will settle down toward the Fed’s 2 percent average target over time. Officials define their target using a different index from the data released on Tuesday, a measure known as the Personal Consumption Expenditures index. That gauge has also picked up this year, but by less, climbing 4.2 percent in the year through July.

“The rapid reopening of the economy has brought a sharp run-up in inflation,” Jerome H. Powell, the Fed chair, acknowledged in a speech last month. But “the baseline outlook is for continued progress toward maximum employment, with inflation returning to levels consistent with our goal of inflation averaging 2 percent over time.”

Central bankers are hoping that quick inflation will dissipate before consumers learn to expect steadily higher prices, which can become a self-fulfilling prophecy as shoppers accept loftier price tags and workers demand higher pay. A closely watched tracker of household inflation outlooks released by the Federal Reserve Bank of New York on Monday showed that expectations rocketed up to 5.2 percent in the short term and 4 percent in the medium term.

That data point is disquieting, but market-based inflation expectations have been relatively stable after moving up earlier this year, and real-world prices may begin to ease in important categories in the months ahead.

The price index for airline fares declined in August, the Labor Department report showed, which may have been partly because a virus surge affected travel and advance bookings.

But the price index for used cars also fell, a signal that inventories were returning to more normal levels, helping to restore some regularity to the pre-owned vehicle market. Cars have been in short supply this year amid a computer chip shortage tied to shipping snarls and factory shutdowns overseas, and a surge in prices for used vehicles has been a major contributor to overall inflation in the United States.

Prices are still picking up for new cars, and a measure of housing costs tied to local rental conditions — which makes up a big chunk of the overall price index — continued to climb at a steady pace.

Mr. Lebas said he thought those housing costs would help keep inflation slightly elevated into next year, perhaps in the mid-2 percent range.

That’s “higher than it’s been historically, but not scary high,” he said. “If that happens, it’s a win for the Fed.”

The central bank is closely watching inflation as it considers when and how to reduce the big bond purchases it has undertaken to help cushion the economy against the pandemic shock — a move that officials have repeatedly signaled could come this year. The report most likely confirmed expectations among key officials, keeping policy on its measured and heavily communicated course.

“At the margin, the recent data will dampen some of the more excitable inflation forecasts in the markets and at the Fed,” Ian Shepherdson, chief economist at Pantheon Macroeconomics, wrote in a note after the release.

Credit…Manu Fernandez/Associated Press

Spain’s government approved emergency measures on Tuesday to help households pay for the spiraling cost of electricity, and promised to cap profits made by electricity companies as a result of the recent jump in the price of natural gas.

Wholesale prices for natural gas across Europe have soared to levels almost five times where they were in 2019. The rising price is causing electric bills to jump, because gas is often used to generate electricity. Some other European governments have also recently outlined plans to help consumers, including Greece, where the government is setting up a fund to subsidize the electricity bills paid by households.

In Spain, the steep rise has become a political problem. Pedro Sánchez, the Socialist prime minister, leads a minority left-wing coalition government that relies on support from Unidas Podemos, a party committed to protecting the most vulnerable households. The package of emergency measures would, among other things, protect poorer families that cannot pay their bills by extending the grace period before utilities can cut off their power.

The government’s action was announced after Mr. Sánchez outlined his plans in a television interview on Monday night. Without providing details, he said about 650 million euros (about $770 million) of “extraordinary profits” would be taken from energy companies and “redirected to consumers.”

Some welcomed the government’s decision. “No Spanish government had ever dared to take on the energy companies that control our market as an oligopoly, so I consider this to be historic, but obviously it’s going to create a lot of anger in these companies,” said Javier García Breva, a former Spanish lawmaker and an expert on renewable energy.

But an opposition politician from the Ciudadanos party, Edmundo Bal, said Mr. Sánchez was hurriedly applying a “patch” on the energy problem, rather than seeking a long-term solution.

Electric companies said the moves would be counterproductive. Natural gas prices have risen across Europe because of a variety of factors, including a resurgence of global demand after pandemic lockdowns and a late-winter cold snap that drained storage levels.

Iberdrola, one of Spain’s three main electric companies, said energy prices were rising because of “international factors” and would not be restrained by the government’s action. The association representing Spain’s nuclear power producers threatened to suspend operations in response.

Mr. Sánchez pledged to reduce electric rates paid by consumers to the level of 2018, excluding inflation. The measures approved Tuesday include a cut on the electricity generation tax, which is paid by consumers, until the end of this year. In June, the government reduced the value-added tax paid on electric bills to 10 percent from 21 percent.

The latest data from the national statistics office shows that Spaniards last month paid about 35 percent more than a year earlier for their electricity, while the wholesale price of electricity has continued to climb in recent weeks.

Teresa Ribera, Spain’s minister for ecological transition, told reporters that the emergency measures would help reduce the monthly electricity bill paid by households by 22 percent.

To achieve this goal, the government will cap profits made by energy companies from the worldwide rise in natural gas prices until at least March, when the situation will be reviewed.

“The forecast for the coming months points to a spiral without precedent,” Ms. Ribera said, which in turn “impacts the well-being of families and the whole of the Spanish economy.”

Credit…Matt Rourke/Associated Press

Amazon announced Tuesday that it planned to hire 125,000 people in its U.S. operations in advance of the holiday shopping season. It said the average starting wage would be $18 an hour, a $1 increase from the increased average pay during the spring. Amazon’s minimum wage remains at $15 per hour.

The company already employs about a million people in the United States, almost doubling since the start of the pandemic, which supercharged the growth of online shopping. But the pandemic also made the competition for workers more intense. Amazon typically reviews its wages each fall, but this spring, it said it was moving those changes earlier in the year and announced a round of pay increases. In May, Amazon said it was hiring 75,000 workers with an average starting wage of $17 an hour.

But that hiring and pay boost was not enough to satiate Amazon’s labor needs, leading to the announcement on Tuesday of more hiring and wage increases.

“We’ve known for a long time that we have to be competitive on compensation and benefits,” Andy Jassy, Amazon’s chief executive, told CNBC on Tuesday, adding that the company’s average hourly salary was $18.32 an hour.

Amazon has been investing heavily in the warehousing and delivery infrastructure for its e-commerce business, to meet demand and speed up delivery times. It has opened more than 250 new facilities this year, with another 100 slated to open this month. It typically opens new building and hires in the fall before the holiday rush. UPS last week announced it was hiring 100,000 temporary workers for the holiday season.

Amazon’s expansion is not just in operations. This month, it said it was hiring for 55,000 open corporate and technology jobs globally as well, for roles in cloud computing, advertising and other growth initiatives.

“We have a lot of businesses that are growing really rapidly,” Mr. Jassy said.

Credit…Chris Granger/The Times-Picayune/The New Orleans Advocate, via Associated Press

HOUSTON — Chevron announced on Tuesday that it would more than triple its modest spending on green energy by 2028, including investments in renewable fuels, hydrogen and capturing carbon before it can warm the atmosphere.

The announcement appears to be aimed at forestalling challenges from activist investors like Engine No. 1, the hedge fund that was able to elect three members to the Exxon Mobil board this year. It was not clear whether Chevron’s move would satisfy activists who are pushing American oil and gas companies to commit to achieving net zero emissions from their operations and the use of their products by 2050 as concerns over climate change grow.

The company pledged to spend roughly $10 billion on cleaner fuels and technologies. That is still a small portion of its total annual capital spending, which is projected to be $14 billion to $16 billion through 2025.

A fifth of the new spending will go to lowering emissions from Chevron’s exploration, production and refining operations.

“Renewable fuels, hydrogen and carbon capture target customers such as airlines, transport companies and industrial producers,” Jeff Gustavson, president of Chevron New Energies, said in a statement. “These sectors of the economy are not easily electrified, and customers are seeking lower carbon fuels and other solutions to reduce carbon emissions.”

Chevron, the second-largest American oil and gas company after Exxon Mobil, and other U.S. oil companies have fallen behind their European competitors in investing in clean energy in recent years but are slowly trying to catch up under growing pressure from investors. Harvard said last week that it would not make any new investment in fossil fuels.

Chevron said it hoped to finance its emission-reducing efforts with improved cash flow from higher oil and gas prices as the economy recovers from the pandemic.

“Chevron intends to be a leader in advancing a lower carbon future,” said Mike Wirth, the company’s chief executive.

Credit…Audra Melton for The New York Times

A sweeping bill that Democrats are assembling to spend heavily on education, child care, low-carbon energy and health care would also amount to a much larger tax cut for the poor and the middle class in its early years than the $1.5 trillion tax overhaul that was President Donald J. Trump’s signature legislative accomplishment in office, according to estimates released by Congress’s tax scorekeeper on Tuesday.

The proposal, introduced by House Democrats this week, would spend up to $3.5 trillion on social policy and other programs that are at the center of President Biden’s economic agenda. To help pay for that spending, the bill would raise taxes on high earners. It would cut taxes for lower- and middle-income families, the analysis by the congressional Joint Committee on Taxation found.

Households with income below $75,000 a year would see a total of $90 billion in reduced tax liabilities in 2023 under the Democratic proposal, largely driven by the temporary extension of an expanded child tax credit that Mr. Biden has pitched as a boon to parents and a means to halve child poverty. Middle-income families would then see a slight increase in their tax liabilities in 2027, after the increased benefit is set to expire, the analysis projects.

Households earning less than $20,000 a year would typically have a negative tax rate — effectively, they would receive payments from the federal government worth at least 10 percent of their annual income, on average, in 2023.

The Democratic plan would also increase taxes by more than $100 billion in 2023 for households earning $500,000 a year or more. Almost all of that increase would fall on households earning $1 million or more. Their average tax rate would rise from 30.2 percent to 37.3 percent.

The tax overhaul would reverse many of Mr. Trump’s tax cuts, which totaled nearly $2 trillion over the course of a decade by many estimates. That included $260 billion worth of benefits for individuals in the law’s second year, 2019, according to 2017 estimates by the joint committee. Three-quarters of those benefits went to households earning $100,000 a year or more.

About $35 billion went to households earning $75,000 or less. Tax cuts for individuals passed under Mr. Trump are set to expire in 2025.

Democratic leaders and Biden administration officials have pitched the tax components of their package as a way to finance social spending programs and a weapon to fight poverty. They have also stressed that the proposed tax increases on the rich will make the tax code more progressive, even as liberal groups have pushed party leaders to do more to tax large fortunes and the growing wealth of billionaires.

Republicans have criticized the legislative proposals and have refused to support any package that rolls back the 2017 tax cuts. Democrats are attempting to pass their tax and spending plan along party lines, without any Republican support, using the fast-track budget reconciliation process. But given the thin majorities in both chambers, Democrats can afford to lose no more than three votes in the House and not a single vote in the Senate.

Credit…Andy Rain/EPA, via Shutterstock

Job vacancies in Britain climbed to a record in August, rising above one million for the first time, as the labor market continued its uneven recovery, according to data released Tuesday by the Office for National Statistics.

As Britain has emerged from lockdowns, the demand for workers has soared. Every sector is seeking more workers, with restaurants, bars, hotels, and other accommodation and food businesses trying to hire the most over the summer.

It has helped push the unemployment rate down, to 4.6 percent, and has shrunk the number of people who are out of the work force.

Nearly a quarter of a million people were added to company payrolls in August, returning this part of the labor market (which doesn’t include the self-employed) to its prepandemic size, the statistics office said. But not every region had fully recovered. The number of employees was still down in London, in southeast England and in Scotland. And some of the workers on payroll were still receiving wage subsidies from the government’s furlough program.

The soaring vacancy rate has highlighted mismatches in the labor market. Even as people return to work, lots of businesses report they are struggling to hire. The workers they are looking for have either moved into different industries or left the country. And job seekers don’t have the right training or experience. Growth in the manufacturing sector has been hampered by the challenge of filling open positions. And businesses across Britain are running low on supplies because there are too few truck drivers.

Analysts predict that some of the gains in the labor market will be reversed when the furlough program ends this month and employers can no longer rely on the government to top up staff wages up to 80 percent for the hours they don’t work. At the end of July, there were 484,000 employers with 1.6 million workers still on furlough. Layoffs are expected; a group representing the travel sector said more than two-thirds of businesses with staff on furlough expected to cut jobs when the program ended.

“With the furlough scheme ending in little over two weeks’ time, we should expect a fresh rise in unemployment this autumn, particularly among furloughed staff that aren’t able to return to their previous jobs,” Nye Cominetti, an economist at the Resolution Foundation, a think tank studying living standards, wrote in a note.

Samuel Tombs, an economist at Pantheon Macroeconomics, said the end of the furlough program would increase unemployment and underemployment, as people can’t find as much work as they would like, despite the high number of vacancies.

“About 60 percent of staff on furlough are attached to small businesses employing fewer than 20 people, who are unlikely to have the financial strength to re-employ them for all their pre-Covid hours,” he wrote in a note to clients. Businesses with high vacancies are different from the ones using the furlough program, so people will need to retrain before they return to employment, he added, predicting that the unemployment rate would rise to 5 percent later this year.

Asian American investment professionals are getting stuck in middle management. More than 90 percent of respondents to a new poll said they had reached a ceiling that blocked them from climbing the corporate ladder.

And about two-thirds said Asian Americans and Pacific Islanders were stereotyped as lacking leadership skills, according to a series of interviews and a survey of 100 finance professionals in the United States published on Tuesday by the Association of Asian Americans in Investment Management.

At investment firms, Asian American and Pacific Islanders “fill middle management ranks, but their percentages plummet in senior management and C-suites,” the organization wrote in the report. “Our research shows that this bias and these racial assumptions are a deep-seated obstacle for some of the industry’s most accomplished professionals.”

Respondents said they were often tapped as technical experts and benefited from the perception that they are good workers. But their advancement stalled as they sought more senior roles that emphasize networking and communication skills.

One senior executive said colleagues often mistook her for other women of Asian descent and treated them as interchangeable. Another investment manager said she received the nickname “Stephanie 2.0,” because white male co-workers preferred her over another Asian American woman who had worked there before.

“There were tons of personal comments and stories” about discrimination and bias at work, Jim Park, the head of the organization, said in an interview. “We’re at a moment in time in our community where people are beginning to say, ‘You know what? We do need to start to speak up.’”

  • U.S. stocks fell on Tuesday, with the S&P 500 declining 0.6 percent, erasing Monday’s gains, while the Nasdaq composite was 0.5 percent lower.

  • The Labor Department reported that consumer prices rose 5.3 percent in August from a year earlier, in line with economists’ expectations. The rise in prices from July to August, of 0.3 percent, was slower than forecast and could ease pressure on Federal Reserve as it weighs the risks from elevated inflation.

  • Yields on 10-year U.S. Treasury notes fell to 1.29 percent from 1.33 percent.

  • European stock indexes were flat, with the Stoxx Europe 600 little changed. Asian markets closed mixed on Tuesday.

  • Shares for Apple fell about 1 percent its annual product event on Tuesday, where the tech giant unveiled the latest iPhones, iPads and Apple Watch The new iPhone 13 will cost $800, the same as last year’s iPhone 12.

Denis P. Coleman III will be the next chief financial officer of Goldman Sachs, succeeding Stephen M. Scherr, who will retire at the end of January, the bank said Tuesday.

Mr. Coleman, 47, has served as co-head of Goldman’s global financing group in its investment banking arm since 2018. He joined the company in 1996 as an analyst and moved up the ranks to run loan businesses in the United States and Europe.

“His strong foundation across capital markets and risk management position him well to succeed,” Goldman’s chief executive, David M. Solomon, said in a statement.

Mr. Scherr, 57, has been with Goldman for 28 years and has served as finance chief since 2018. He formerly ran the consumer and commercial banking business.

The announcement came days after Bank of America named Alastair Borthwick as its chief financial officer on Friday in a sweeping overhaul of top management. The biggest U.S. lenders are reshuffling their leadership ranks as bosses who steered the companies out of the 2008 financial crisis get closer to retirement.

  • Boeing sold 23 planes in August after cancellations and accounting adjustments, its seventh straight month of net new sales. Separately, the company said it expected aviation to grow substantially in the years ahead, estimating a $9 trillion market for aerospace products and services over the next decade and predicting that travel will fully return to prepandemic levels by 2023 or 2024.

  • Intuit, the parent company of TurboTax and QuickBooks, will acquire Mailchimp, a company best known as a provider of email marketing services, the companies announced on Monday. The cash-and-stock deal, which is subject to regulatory approvals, will value Mailchimp at about $12 billion.

    The deal is Intuit’s largest to date and is a notable expansion into customer-relationship management for a company largely know for its finance software. Intuit hopes to combine Mailchimp’s digital marketing services with QuickBooks, its accounting program, to help small businesses manage their customers as well as their books.

  • Fox Corporation announced on Monday that it had bought the celebrity gossip brand TMZ from AT&T’s WarnerMedia. Financial terms of the deal were not disclosed. Three people with knowledge of the discussions said the deal valued TMZ under $50 million.

    Harvey Levin, who co-founded TMZ in 2005, will continue in his role as managing editor, Fox said in a news release. Under the deal, Fox will run TMZ’s flagship website and culture website TooFab.com, as well as its syndicated television programs and celebrity bus tours.

  • James N. Gianopulos was ousted as chief executive of Paramount Pictures on Monday, with his status as the consummate Hollywood insider having curdled into a liability, at least to ViacomCBS, the conglomerate that owns Paramount, where streaming, streaming, streaming is the new currency of the realm.

    Brian Robbins, 58, who runs Viacom’s children’s television business, will succeed Mr. Gianopulos, 69, ViacomCBS said. Mr. Gianopulos, or “Jim G” as everyone in Hollywood refers to him, will remain a consultant until the end of the year, ViacomCBS said.

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Today in the On Tech newsletter, Shira Ovide writes that Facebook’s botched V.I.P. system shows that even tech superstars can suffer from the bureaucratic quagmires and muddled decision-making that afflict many large institutions.

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