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US stocks plunge following global rout

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New York: US stocks extended losses in the morning session Tuesday as a renewed broad-based sell-off around the world rattled nervous investors. By midday, the Dow Jones Industrial Average slumped 314.56 points (1.90 percent), to 16,213.47. The S&P 500 dropped 36.43 points (1.85 percent), to 1,935.75. The Nasdaq Composite Index shed 67.98 points (1.42 percent), to 4,708.52. Tokyo equities dived with its benchmark Nikkei stocks index plunging 3.84 percent on Tuesday amid weak performances in other stocks markets.

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www.abc.net.au

Chinese shares slumped for a second day on Tuesday on weak economic data, with the benchmark Shanghai Composite Index dipping 1.23 percent to end at 3,166.62 points. China’s manufacturing purchasing managers’ index (PMI) came in at 49.7 in August, down from 50 for July and the lowest since August 2012, according to official data released Tuesday morning. European stocks also traded sharply lower as the heavy falls across the board weighed on market sentiment.

Adding more pessimism to the market, US economic data came out negative. The US August manufacturing PMI registered 51.1 percent, missing market consensus of 52.8 percent and a decrease of 1.6 percentage points from the July reading of 52.7 percent, said the Institute Supply Management (ISM) Tuesday. Meanwhile, the Department of Commerce announced on Tuesday that construction spending during July 2015 was estimated at a seasonally adjusted annual rate of 1,083.4 billion US dollars, 0. 7 percent above the revised June estimate, slightly below market expectations. On Monday, US stocks declined as recent economic data fueled speculations that the Federal Reserve would begin raising interest rates from September.

(IANS)

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US Government Begins Probe into Google Over its Labour Practices

"Four of our colleagues took a stand and organised for a better workplace. This is explicitly condoned in Google's Code of Conduct, which ends: 'And remember... don't be evil, and if you see something that you think isn't right -- speak up.' When they did, Google retaliated against them," the employee activist group wrote in the blog post

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Google Search Engine
Google Logo. Pixabay

The US government has launched a probe into Google over its labour practices following a complaint from four employees who have been fired by the tech giant.

The four workers who filed a lawsuit against the company last week, claimed they were fired from Google for engaging in legally protected labour organizing, reports CNN Business.

The National Labor Relations Board has begun a formal probe into the complaint.

The tech giant has been accused of “union busting” and retaliatory behaviour after it sacked four employees for allegedly violating the company’s data security policies.

In a statement, Google said it dismissed four individuals who were engaged in intentional and often repeated violations of its longstanding data security policies.

Google
US begins probe into Google’s labour practices. Pixabay

“No one has been dismissed for raising concerns or debating the company’s activities,” said the company on Monday.

Google is in the midst of controversy over its strained relationship with employees.

In an earlier blog post on Medium, an employee activist group, “Google Walkout for Real Change”, said that the company is illegally retaliating against prospective union organisers.

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“Four of our colleagues took a stand and organised for a better workplace. This is explicitly condoned in Google’s Code of Conduct, which ends: ‘And remember… don’t be evil, and if you see something that you think isn’t right — speak up.’ When they did, Google retaliated against them,” the employee activist group wrote in the blog post.

The new CEO of Alphabet Sundar Pichai faces extreme challenges as Google stares at several high-profile external probes into its alleged anti-trust market and data practices — from the US to the European Union regulators — including internal tensions with staff over discrimination at work and HR transparency. (IANS)

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