Aurelia Butler

(Reuters) – A U.S. judge on Friday denied Elon Musk’s bid to move a Pennsylvania lawsuit over his $1 million voter prizes to federal court, moving the case back to state court.It was not immediately clear if the decision would affect the billionaire’s plan to keep awarding money until the U.S. presidential election on Tuesday. The decision was issued by U.S. District Judge Gerald Pappert in Philadelphia federal court.Musk has been giving $1 million checks to randomly selected registered voters who sign a petition supporting free speech and gun rights.Musk’s America PAC had awarded $1 million prizes to 14 people as of Friday and said the final prize will be given on Tuesday. Democratic Philadelphia District Attorney Lawrence Krasner sued Musk and his political action committee, which backs Republican former President Donald Trump, on Oct. 28 in a state court to try to block the giveaway. Krasner called the program an illegal lottery. Two days later, Tesla (NASDAQ:TSLA) CEO Musk and his America PAC sought to move it to federal court, arguing Krasner’s lawsuit raised questions about free-speech rights and election interference that belong in federal court. That prompted the state judge who had been overseeing the case to put it on hold. In arguing that the case belonged in state court, Krasner called Musk’s maneuver an attempt to “run the clock until Election Day.” Krasner did not allege the giveaway violates federal law.Philadelphia is the largest city in Pennsylvania, one of seven battleground states likely to determine the outcome of the race between Trump and his Democratic opponent, Vice President Kamala Harris. Musk’s offer is limited to registered voters in the seven states expected to decide the election – Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania and Wisconsin.Musk gave away the first $1 million at an Oct. 19 America PAC rally in Harrisburg, Pennsylvania’s state capital.The giveaway falls in a gray area of election law, and legal experts are divided on whether Musk could be violating federal laws against paying people to register to vote.The U.S. Department of Justice warned America PAC the giveaway could violate federal law, according to media reports, but federal prosecutors have not taken any public action.Musk has so far given nearly $120 million to America PAC, according to federal disclosures. More

The strength of economic data in recent months had “pushed the market to start pricing in an increased probability of a pause at one of the next two meetings. However, this should give the Fed enough room to continue with the path they laid out in the last SEP,” Jefferies said in a note, backing the Fed to cut rates by 25 basis points in November and December.The U.S. economy added just 12,000 jobs in October, falling well short of economists’ expectations for 100,000 job gains. The unemployment rate held steady at 4.1%.The weaker-than-expected jobs report was heavily distorted by the impact of hurricanes Helene and Milton, as well as the strike at Boeing (NYSE:BA), which sidelined about 33,000 workers, according to William Blair.”This was a very messy employment report for October,” William Blair said. “The underlying data was heavily distorted by the impact from hurricanes Helene and Milton, along with the strike at Boeing, which has sidelined about 33,000 workers (with another 10,000 also on strike at other companies).”While weather related disruptions were the main drag on payrolls during October, the underlying trend of labor market growth shows a trend that deccelerating.  “Attempting to cut through this trend by looking across a swath of data shows a labor market where growth is decelerating, where there are fewer job openings, where companies are facing increased pressure on margins from declining pricing power and rising interest costs, and where hours worked are tangibly slowing,” William Blair added.Looking deeper into the details of the employment rate, temp staffing volume, adjusted for seasonality, fell 7.0% year-on-year and the temp penetration rate was 1.64%, down 3 basis points month on month and off from March 2022’s 2.1% all-time peak. This dip, BMO said, is noteworthy  because historically, once “this metric falls below 1.85% the U.S. has been in a recession.”BMO cautioned, however, that this “monthly data series is notorious for revisions.”The weaker jobs report is expected to support the case for further monetary policy easing. “A further rate cut of 25 basis points looks the most likely outcome—a conclusion this report will only help support,” William Blair said.Goldman Sachs agrees, forecasting the FOMC to lower the fed funds rate by 25bp at the November and December meetings. More

ABUJA (Reuters) – Nigeria charged 76 people, including 30 minors, with treason and inciting a military coup after they took part in deadly August protests against economic hardship, court documents showed on Friday.Protesters in August demonstrated in Abuja, the commercial capital Lagos and several other cities to show discontent with economic reforms that have led to rampant inflation and inflicted increasing hardship on ordinary Nigerians. President Bola Tinubu has vowed to pursue the changes which he says are needed to keep the country afloat.Amnesty International said at least 13 people died during clashes with security forces on the first day of protests.A rights group said the minors have been held since August by the Nigerian police after participating in protests against worsening insecurity and deprivation in the country.The charge sheet said the suspects had been investigated between July and August. A police spokesperson did not answer calls seeking comment on the minors’ detention.The minors were granted bail and the case will come to trial in January, their lawyers said.Nigerians are grappling with a severe cost-of-living crisis and widespread insecurity which has damaged the farming sector, with armed gangs kidnapping residents and school children for ransom in the north. More

BUENOS AIRES (Reuters) -Argentina’s central bank cut its benchmark interest rate to 35% in a surprise move on Friday, boosting local markets and signaling growing optimism by the government that it can tame the country’s triple-digit inflation.The 500 basis point cut was the seventh time the policy rate has been lowered since outsider libertarian President Javier Milei took office in December when it was 133%. Bond prices rose on average 2% on the news and the country risk index fell.Milei has targeted the country’s inflation rate, long a drag on savings and economic activity. While annual inflation remains above 200%, monthly inflation has dropped sharply to around 3.5% from over 25% at the end of 2023.”The decision is based on the liquidity context and the drop observed in inflation expectations,” the central bank said in a statement, which also pointed to the government’s “strengthening of the fiscal anchor.”Milei’s government has overturned a deep fiscal deficit with major spending cuts, but the measures have hit economic growth and deepened a recession, while pushing up poverty rates over 50%.At 209%, Argentina’s annualized inflation rate remains among the world’s highest, though it has come down consistently in recent months, reaching its lowest level since late 2021 in September.Milei has presided over tough spending cuts during his roughly 11 months in office, including the elimination of energy and transportation subsidies.On Thursday, official data showed the government’s tax amnesty scheme attracted around $18 billion back into local banks, with the program’s initial stage extended through Nov. 8. More

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