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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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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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Apple Moves up in The List of Top-Rated Employers

Facebook investors have increased pressure on Chairman and CEO Mark Zuckerberg to step down after a New York Times investigation suggested that the social network hired a Republican-owned political consulting and PR firm that "dug up dirt on its competitors"

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Apple
Facebook no longer best place to work in US, Apple gains ground.

Hit by users’ data scandals amid falling stocks this year, Facebook has lost the tag of best place to work in the US while Apple has moved up in the list of top-rated employers.

According to the leading job website Glassdoor’s annual “100 Best Places to Work in the US” list that came out on Wednesday, Boston-based management consulting firm Bain & Co. has been ranked No 1.

Facebook is now ranked No 7 — scoring 4.5 out of a perfect 5.

Apple moved up from No 84 to 71 with a score of 4.3. Microsoft moved up from No 39 to 34 as its score dropped from 4.4 to 4.3.

Microsoft-owned LinkedIn, however, is at sixth place with a score of 4.5, read the information on the Glassdoor website.

While Facebook was the best place to work in America last year, Cupertino-based tech giant Apple had tumbled to number 84 in 2017 from its 36th position in 2016.

Amazon didn’t even make it to the list, with an award score of 4.1, just outside of the top 100.

Apple, on the other hand, moved up in the ranking, from No. 84 to 71, though it maintained the same score of 4.3. Microsoft moved up in ranking from No. 39 to 34 on the list although their award score dropped from 4.4 to 4.3. Google was 8th while Salesforce came 11th.

Facebook
Facebook, social media. Pixabay

The Top-100 list by Glassdoor is for large organisations or those with at least 1,000 employees.

The Glassdoor list came at a time when media reports said several Facebook employees are looking for better opportunities as scrutiny of the company’s conduct rises following several cases of data leak and as its stock price take a beating.

According to a CNBC report earlier this week, Facebook employees are contacting former colleagues to look for jobs outside the company.

According to a report in the Wall Street Journal last month citing an internal survey at Facebook, just over half of Facebook employees (52 per cent) said they were optimistic about the future of the social networking platform — down by 32 per cent last year.

Also Read- U.S. President Donald Trump’s Take on Climate Change

Only 53 per cent of Facebook employees said the company was making the world better, which is 19 per cent lower than last year.

According to the report, Facebook’s “difficult year is taking a toll on employee morale, with several key measures of internal sentiment taking a sharp turn for the worse over the past year”.

Facebook investors have increased pressure on Chairman and CEO Mark Zuckerberg to step down after a New York Times investigation suggested that the social network hired a Republican-owned political consulting and PR firm that “dug up dirt on its competitors”.

Zuckerberg, however, has refused to quit. (IANS)