Companies look to hire record numbers for the holiday season

GAME

Nintendo expects to sell fewer Switch consoles due to shortages and supply chain issues

Nintendo slashed its Switch sales target in the latest response to widespread component shortages and logistics bottlenecks, which it says show no signs of abating. The Kyoto-based company now aims to sell 24 million units this fiscal year, down from the previous target of 25.5 million units. Nintendo raised its full-year operating profit outlook to 520 billion yen ($ 4.6 billion) from 500 billion yen, although this remains well below analysts’ consensus estimate of 610. billion yen. – BLOOMBERG NEWS

SOCIAL MEDIA

British Culture Secretary warns Facebook of possible criminal prosecution

British Culture Secretary Nadine Dorries has warned that Facebook and its bosses are on the right track for criminal prosecution for failing to contain the damaging effects of her platform. “Why would we give them two years to change what they can change today? Dorries said. “Remove your harmful algorithms today and you will not be subject – named persons – to criminal liability and prosecution.” Dorries spoke to members of the joint committee tasked with drafting the bill on Thursday. The UK is currently reviewing an online security bill, which is expected to be managed by regulator Ofcom and presented for approval next month. “I am looking at three to six months for criminal liability,” she added. “I think it is absurd that the platforms have had two years to prepare for what would be criminal action. They know what they are doing wrong now. – BLOOMBERG NEWS

INTERNATIONAL

Apple criticizes French fine for allegedly blocking resellers

Apple accused French regulators of the competition of awkwardness when they slapped the company with a record fine of 1.1 billion euros ($ 1.3 billion) for allegedly excluding resellers of iPads and Mac computers. Apple attorney Melanie Thill-Tayara told Paris Court of Appeal judges that the watchdogs were based on a false “theory” that the US tech giant had entered into anti-competitive deals with two wholesalers, hurting premium resellers of non-iPhone products. and unfairly promoting its own stores and website. – BLOOMBERG NEWS

MOBILE PHONES

T-Mobile offers a free year of Paramount +

T-Mobile US will offer a free year of the Paramount + streaming service under an agreement with ViacomCBS, extending the mobile operator’s efforts to attract new customers through freebies. The service will be made available to T-Mobile and Sprint subscribers on regular monthly plans, as well as all of its home Internet consumers, the Bellevue, Wash., Based wireless operator said. The service begins November 9 and is open to new and existing Paramount + subscribers. – BLOOMBERG NEWS

AUCTIONS

Marie Antionette’s bracelet, Kobe Bryant’s Nike go under the hammer

A diamond bracelet that once belonged to Frenchwoman Marie Antoinette and a sapphire and diamond brooch with matching ear clips that once hung from a Russian Grand Duchess are among the items featured in the jewelry and other auction auctions. collection next week in Geneva. A pair of high-top Nike sneakers from late NBA star Kobe Bryant, the Los Angeles Lakers shooting guard who died in a helicopter crash in California last year, will also go under the hammer in the Swiss town on the edge of the Lake. The Nike Air Zoom Huarache 2K4 basketball shoes in blue, white and gold are expected to fetch up to 35,000 Swiss francs (approximately $ 38,000) at a sale on November 11 at Sotheby’s. Bryant wore the sneakers in a March 17, 2004 victory against the LA Clippers, according to the auction house. – ASSOCIATED PRESS

CREDIT CARD

Capitol One enters the high-priced credit card market

Capital One officially enters the fray for affluent travelers. The credit card giant on Thursday launched a new travel-focused card called Venture X. The $ 395-per-year credit card – which will initially include a 100,000-mile sign-up bonus as long as a minimum spending requirement is met – could challenge popular airline and hotel cards as well as American Express Platinum Card or JPMorgan Chase Sapphire Card. Reserve. – BLOOMBERG NEWS

AUTOMOTIVE

Toyota on the rebound

Toyota posted quarterly operating profit well above estimates, raised its annual outlook and unveiled a 150 billion yen ($ 1.3 billion) share buyback, reflecting confidence it can increase its production to meet strong demand for cars after parts shortages disrupted production. Shares of the world’s largest automaker by sales volume rose after forecasting an operating profit of 2.8 trillion yen for the fiscal year ended in March, against 2.5 trillion yen reported in August. Analysts expect an average of 3 trillion yen. For the last quarter of July-September, Toyota announced an operating profit of 750 billion yen, exceeding the 553 billion yen projected by analysts. – BLOOMBERG NEWS

FOOD

Record price worldwide

Global food prices surged last month, extending a march towards a record high and piling further inflationary pressures on consumers and governments. A United Nations index that tracks commodities from wheat to vegetable oils climbed 3% to a new ten-year high in October, threatening even higher grocery bills for already strained households test by the pandemic. It could also add to central banks’ concerns about inflation and risk worsening hunger in the world which is at its highest level in several years. Bad weather has hit harvests around the world this year, transportation costs have skyrocketed, and labor shortages have disrupted the food supply chain from farms to supermarkets. An energy crisis has also proved to be a headache, forcing the vegetable greenhouses to collapse. – BLOOMBERG NEWS

PHONE SERVICE

AT&T, Verizon Delay 5G Service Due to FAA Concerns Over Aircraft Interference

AT&T and Verizon will delay the rollout of their fast 5G service over some airwaves after U.S. aviation regulators raised concerns that it could interfere with aircraft electronics, federal officials said. The companies have confirmed the 30-day delay until January 5. The carriers’ decision followed an FAA warning to airmen on Tuesday that “action may be needed to address potential interference with sensitive aircraft electronics” of the new service on the airwaves in question. , known as the C band. The 5G spectrum is close to the radio signals used by radar altimeters, devices that measure how close an aircraft is to the ground. – BLOOMBERG NEWS

MORTGAGES

Rates are falling, but could be on the rise again

Mortgage rates fell for the first time in a month, but their rise is expected to continue. According to the latest data released Thursday by Freddie Mac, the 30-year fixed rate average has fallen to 3.09%. It was 3.14% a week ago and 2.78% a year ago. The 15-year fixed rate average slipped to 2.35%. It was 2.37% a week ago and 2.32% a year ago. – WASHINGTON POST


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