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The Morning Ledger: Employers Drop Requirements As Job Market Tightens |
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A job seeker, left, shakes hands with a company representative at a career fair in Brooklyn, N.Y., U.S., Feb. 2018. PHOTO: GABBY JONES/BLOOMBERG NEWS
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Good morning. U.S. employers are abandoning preferences for college degrees and specific skill sets as an increasingly tight labor market challenges executives focused on managing their company's growth, reports the WSJ's Kelsey Gee.
Under pressure: Employers looking to tamp down hiring costs are left with three options: Offer more money upfront, lower their standards or retrain current staff in coding, procurement or other necessary skills. This marks a sharp reversal from the immediate aftermath of the financial crisis, when companies could be pickier.
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Slice and dice: To attract more entry-level employees, toy maker Hasbro Inc. divided four marketing jobs, which it previously designed for business-school graduates with M.B.A.s, into eight lower-level positions. The new full-time roles included a marketing coordinator, retail-planning analyst and trade merchandiser. Hasbro originally sought candidates with a two-year degree but ultimately dropped any college requirement, a spokeswoman said.
Fit for purpose? In the first half of 2018, the share of U.S. job postings requesting a college degree fell to 30% from 32% in 2017, according to labor-market research firm Burning Glass Technologies. Minimum qualifications have been drifting lower since 2012, when companies sought college graduates for 34% of those positions. Still, the proportion of Americans with a bachelor's degree keeps rising.
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Athenahealth Inc., Booz Allen Hamilton Holding Corp. and Caterpillar Inc. are among the companies slated to report earnings today.
President Trump is set to host Italian Prime Minister Giuseppe Conte at the White House in Washington, D.C., with trade likely to be on the agenda, reports the Financial Times.
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This week, central banks including the U.S. Federal Reserve, Bank of Japan and Brazil’s central bank will hold policy meetings. On the data front, the eurozone will see second-quarter gross-domestic product figures, while the U.S. will receive figures on
personal income and jobs.
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The U.K. Financial Reporting Council has closed its investigation into the audits of financial statements of Globo PLC by Grant Thornton UK LLP, the regulator said in a statement. Globo, a company that provided enterprise mobility management services, went into administration in November 2015.
The investigation under the FRC's Accountancy Scheme focused on the direction, supervision and performance of Grant Thornton's group audit. "Following consideration of all the relevant evidence gathered during the investigation (...), the Executive Council concluded that there was no realistic prospect of a finding of Misconduct," the FRC said in its statement.
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Facebook CEO Mark Zuckerberg spoke to EU lawmakers in May, a few days before Europe’s new privacy law went into effect. PHOTO: JOHN THYS/AGENCE FRANCE-PRESSE/GETTY IMAGES
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Facebook Inc.’s advertisers in Europe are on the front lines of its efforts to tighten privacy practices, and their frustrations help explain why the social-media giant’s troubles are far from over.
For more than a decade, American Express Co.'s foreign-exchange unit recruited business clients with offers of low currency-conversion rates before quietly raising their prices, according to people familiar with the matter.
Some CBS Corp. directors discussed over the weekend whether Chief Executive Leslie Moonves should step aside from the company pending its investigation into allegations he sexually harassed women, according to people familiar with the matter.
Dutch brewer Heineken NV slashed its margin forecast for the year, blaming a strong euro and its business in Brazil even as it reported solid volume growth for the first half, reports MarketWatch.
Ant Financial Services Group, which grew out of Alibaba Group Holding Ltd., controls the world’s largest money-market fund, handled more payments last year than Mastercard Inc. and is more valuable than Goldman Sachs Group Inc. That has drawn the ire of Chinese banks.
Walmart Inc. is exploring a subscription video-streaming service that would seek to challenge Netflix Inc. and Amazon.com Inc. by offering programming that targets Middle America, according to people familiar with the plans.
Some Amazon.com Inc. sellers are tricking the company's algorithms, threatening to undermine the integrity of one of the world’s largest web marketplaces, which collects nearly half of every U.S. retail dollar spent online.
Shareholders of Walt Disney Co. and 21st Century Fox Inc. approved the $71 billion deal between the two companies on Friday, clearing another hurdle for a deal that will rattle the media and entertainment landscape and could inspire a wave of similar tie-ups.
IEX Group Inc., a startup stock exchange, has discovered it isn’t easy to pull corporate America away from the New York Stock Exchange and Nasdaq Inc. So far, it has failed to list any companies.
EuroChem Group AG, a maker of nitrogen and phosphate fertilizers, is getting into the potash-mining business, a move that could shake up a market dominated by a handful of producers in North America and the former Soviet Union.
Meal kits may make cooking easier, but getting a box of pre-portioned ingredients and instructions to a customer’s door is one of the most complicated logistics riddles in the food business.
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A new report from the U.K. Parliament calls for tech companies such as Facebook Inc. to be liable for harmful and misleading material on their platforms, warning of a “democratic crisis” being created by the spread of misinformation.
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Walgreens Boots Alliance Inc., CVS Health Corp. and AT&T Inc. top the list of U.S. companies with the most operating lease liabilities that will need to be added to their balance sheets under the new leasing standard, reports Accounting Today.
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Chief of Staff John Kelly, left, and Larry Kudlow, director of the National Economic Council, arrive at the White House, Washington, D.C., July 2018. PHOTO: CARLOS BARRIA/REUTERS
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Larry Kudlow, the director of the National Economic Council, said Sunday the U.S. will “immediately” start negotiating with the European Union to forge trade agreements on farm and energy products, promising “an actual transaction” right away to sell more soybeans, beef and liquefied natural gas to European countries.
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U.S. consumers are starting to see higher prices for recreational vehicles, soda, beer and other goods that now cost more to make as a result of recent tariffs on metals and parts.
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Trade concerns slightly dimmed U.S. consumers’ outlook on the economy in July. The University of Michigan said Friday its index of consumer sentiment was 97.9 this month, down from June’s final reading of 98.2. This comes after the U.S. economy grew at 4.1% in the second quarter, the fastest pace in nearly four years.
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Prices for California almonds have fallen by more than 10% over the past two months, reflecting expectations for a bumper crop and steep tariffs imposed this year by China.
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The U.S. Federal Reserve is preparing for two possible scenarios as the jobless rate drops: accelerating or steady inflation. Fed researchers are poring over studies for clues on how inflation behaves as unemployment falls.
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U.S. companies building new pipelines for the Permian Basin are making them bigger amid surging shale production in West Texas and New Mexico.
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FactSet Research Systems Inc., a Norwalk, Ct. provider of financial information and data application systems, has appointed Helen Shan as chief financial officer, effective September 2018.
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Ms. Shan joins from Marsh & McLennan Cos where she served as CFO for Mercer, a professional services firm. Prior to Mercer, Ms. Shan was vice president and treasurer at Marsh & McLennan Cos and Pitney Bowes Inc. There will be a transition period with the current CFO Maurizio Nicolelli, who will remain employed through December 2018, Factset said in a statement. Compensation details were not immediately available.
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