THE HOT STORY

Starbucks Workers United rallies outside Empire State Building

Starbucks is facing continued strike action as Workers United’s open-ended walkout enters a third week, with no progress in contract talks and 55 locations still closed. The union is demanding better pay, hours, and resolution of hundreds of alleged labor violations. A New York City rally outside the Empire State Building on Thursday led to 12 arrests. Demonstrators were joined by members of other unions, including the AFL-CIO and SEIU. “Their fight is a fight really for all of us, to workers across the country, to corporations like Starbucks, across the country that workers are fed up with the status quo, and they’re not going to take it anymore,” commented SEIU president April Verrett. Starbucks says 99% of stores remain open, and that it is investing $500m in workforce improvements.

CNBC

WORKFORCE

Jobless claims fall to three-year low

Newly-filed unemployment claims last week dropped to their lowest level in three years, according to the Labor Department, allaying fears of a sharp deterioration in labor market conditions and potentially arguing against another interest rate cut from the Federal Reserve next week. Initial claims for state unemployment benefits fell 27,000 to a seasonally adjusted 191,000 in the seven days to November 29th, the lowest level since September 2022. Economists surveyed by the Wall Street Journal had expected 220,000 new claims. The four-week moving average fell to 214,750, while continuing claims, reported with a one-week lag, dropped 4,000 to a seasonally-adjusted 1.939m. Filings tumbled 19,551 in California and decreased 8,349 in Texas; additionally, there were significant declines in Florida, New York, and Washington state.

Bloomberg

Reuters

Wall Street Journal

ECONOMY

Services sector hits nine-month high as activity strengthens

U.S. services activity expanded in November at the fastest pace in nine months, with the ISM services index rising to 52.6 as business activity strengthened and supplier delivery times lengthened, partly due to government-shutdown air traffic disruptions and tariff-related customs delays. Price pressures eased, with the services prices-paid index falling to a seven-month low, signaling some relief from inflation. Twelve industries, including retail, entertainment, and accommodation, reported growth, while five, including construction, contracted. New orders grew more slowly, but backlogs reached their highest level since February, suggesting early signs of a services-sector recovery even as manufacturing remains weak.

Advisor Perspectives

Bloomberg

LEADERSHIP

Activist campaigns more likely to target female CEOs

Female chief executives are more likely to be targeted by activism campaigns than their male counterparts, according to a report by The Conference Board shared exclusively with the Financial Times.

Financial Times

WORKPLACE

Security tech firm Verkada valued at $5.8bn

Security products maker Verkada has said it was valued at $5.8bn in its latest investment round led by CapitalG. Reuters note that the valuation comes as companies boost their investment in integrated security systems to safeguard staff and facilities, following the shooting of UnitedHealth executive Brian Thompson last year.

Reuters

TECHNOLOGY

AI companies' safety practices 'fail to meet global standards'

A new edition of the Future of Life Institute's AI safety index says the safety practices of artificial intelligence companies including Anthropic, OpenAI, xAI and Meta are "far short of emerging global standards." Max Tegmark, MIT professor and Future of Life president, observed: "Despite recent uproar over AI-powered hacking and AI driving people to psychosis and self-harm, U.S. AI companies remain less regulated than restaurants and continue lobbying against binding safety standards."

Reuters

INTERNATIONAL

Moët Hennessy workers set to strike in France

Some workers at LVMH's wines and spirits division Moet Hennessy are reportedly scheduled to take strike action today at the group's Champagne houses Moët & Chandon and Veuve Clicquot-Krug, in a dispute over annual bonuses. Reuters reports that the call to strike by branches of the CGT labor union is the first to apply across all of Moet Hennessy's larger brands from Hennessy cognac to Veuve Clicquot champagne.

Just Drinks

Reuters

More Japanese are opposed to actively accepting foreign workers

A recent survey by The Yomiuri Shimbun and Waseda University's Institute for Advanced Social Sciences found that 60% of Japanese respondents opposed the active acceptance of foreign workers, a rise from 46% in 2024. Concerns about public safety and cultural differences were prevalent, with 68% fearing safety deterioration. Interestingly, older respondents were more supportive of foreign workers, with 61% acknowledging their role in alleviating labor shortages. Additionally, 70% prioritized national interests over international cooperation, reflecting a growing trend of nationalism, particularly among younger voters.

Straits Times

Banks and fintechs at odds over Milei's labor reforms

Argentine President Javier Milei's planned labor reform could allow salaried workers to choose whether to have their paychecks deposited to a virtual wallet or a bank. Banks argue that fintechs would be riskier destinations for paychecks and pensions; fintechs say banks are trying to defend a "captive business." Bloomberg says the dispute is indicative of broader tensions across Latin America as rapidly expanding fintechs seek to encroach on services long dominated by traditional lenders.

Bloomberg

RTL to cut 600 jobs in Germany

European broadcaster RTL, part of media conglomerate Bertelsmann, plans to cut about 600 full-time jobs in Germany. The cuts are equivalent to roughly 10% of the broadcaster's German workforce. RTL Germany CEO Stephan Schmitter said the cuts would be implemented in a socially responsible manner through a special severance program and early retirement arrangements. "The media market is undergoing profound change,"Schmitter observed.

Reuters

OTHER

Phthalates continue to contaminate Americans' food

Despite evidence linking phthalates to serious health issues, including infertility and developmental disorders, regulatory actions have been slow. Today, phthalates are still present in food production, raising concerns about public health. A recent study estimated that phthalate-related diseases cost the U.S. $66.7bn annually. Experts argue that stronger regulations are needed, as current levels of exposure remain dangerous, particularly for vulnerable populations including pregnant women and children. The Washington Post has spoken to 14 current and former regulators at the Food and Drug Administration and Environmental Protection Agency, who blamed an institutional culture based on weak laws and a fear of litigation for why they did not ban or restrict phthalates.

Washingtonpost.com

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