Massachusetts employers’ confidence waned last month – The Boston Globe

Enterprise confidence in Massachusetts tumbled final month to its lowest stage of the previous year-and-a-half as employers fretted about rising rates of interest and inflationary stress, stock-market declines, and the looming chance of one other recession. The Related Industries of Massachusetts Enterprise Confidence Index fell 3.4 factors final month to 54.7, which places it greater than 7 factors under the place it was a yr in the past, however nonetheless above the breakpoint of fifty that signifies the temper is extra upbeat than pessimistic. Executives are complaining about lingering provide chain points, together with the uncertainties related to inflation, a risky inventory market and the warfare in Ukraine. The AIM index relies on a month-to-month survey of greater than 140 Massachusetts employers, and is calculated on a 100-point scale. ― JON CHESTO

TECHNOLOGY

Apple debuts pay-later service, updates to iPhone, Apple Watch

Apple on Monday unveiled a flurry of latest software program options and companies at its Worldwide Developer Convention, together with an up to date iPhone lock display screen and a pay-later choice that pushes the tech large deeper into finance. The brand new cost characteristic, referred to as Apple Pay Later, is a extremely anticipated addition to the Pockets app. Apple’s newest iPhone software program, iOS 16, will embrace the brand new lock display screen, letting customers personalize the characteristic and consider widgets — bits of software program that deal with easy duties. A characteristic referred to as Reside Actions will make it simpler to maintain observe of occasions or actions, resembling an NBA recreation or an Uber experience, senior vice chairman Craig Federighi stated on the occasion. The Apple Watch is also getting enhancements, resembling atrial fibrillation detection to assist with coronary heart well being. And the gadget’s newest software program will higher observe sleep to point what stage customers are experiencing at totally different occasions at evening. ― BLOOMBERG NEWS

LABOR

Supreme Courtroom sides with baggage employee on arbitration dispute

The US Supreme Courtroom sided with a Southwest Airways baggage-handling supervisor searching for to keep away from having to go to arbitration together with her bid for time beyond regulation pay, ruling in a case with doable implications for Uber drivers and Amazon warehouse staff. The justices unanimously stated Monday the supervisor isn’t lined by a federal legislation that requires enforcement of agreements to take claims to arbitration fairly than to court docket. The bulk stated the worker certified for an exception in that legislation for staff engaged in overseas or interstate commerce. The case was being intently watched due to the potential affect on different jobs within the transportation and transport industries. Uber, Lyft, and Amazon.com all filed briefs backing Southwest. The ruling didn’t explicitly say how staff in these industries might be affected. Writing for the court docket, Justice Clarence Thomas stated some staff are exempted from the arbitration legislation even when they don’t bodily cross a border. The ruling kicks the case again to a decrease court docket. It concerned Latrice Saxon, who works at Chicago’s Halfway Worldwide Airport as a ramp-agent supervisor, overseeing the loading and unloading of baggage onto and off planes. As a situation of her employment with Southwest, Saxon signed an settlement to take any wage disputes to arbitration, fairly than submitting a lawsuit. ― BLOOMBERG NEWS

FINANCE

Citigroup plans to rent 4,000 tech workers to faucet into ‘digital explosion’

Citigroup Inc. plans to rent greater than 4,000 tech workers to assist transfer its institutional shoppers on-line within the wake of the pandemic. Greater than 1,000 of the recruits will be a part of the markets expertise crew as a part of an aggressive development technique, Jonathan Lofthouse, head of markets and enterprise threat expertise, stated in an interview. “We’re attempting to digitalize as a lot of our consumer expertise as doable, back and front, and modernize our expertise,” he stated. “These companies that may digitalize quickest are going to create aggressive benefit.” Banks are upgrading decades-old expertise platforms to make companies obtainable remotely for each shoppers and staff, with multibillion-dollar packages that traders are watching intently for indicators that this largess will finally enhance returns. At Citi, Mark Mason, the chief monetary officer, stated in March the lender raised tech spending by 10 p.c to $10 billion final yr. JPMorgan Chase & Co. boss Jamie Dimon stated final month he simply needs “to get it carried out” on the expertise entrance, amid broader shareholder scrutiny of the financial institution’s bills. Knowledge specialists are particularly demand throughout banking and the broader jobs market. Lofthouse stated pay was a think about getting new staff by the door, however coaching and versatile working fashions would assist to maintain them. Citi at present has greater than 30,000 software program engineers. ― BLOOMBERG NEWS

SENIOR CARE

Nursing houses say staffing shortages put them liable to closing

Virtually three quarters of nursing houses say they’re liable to closing due to workers shortages, with greater than half working at a loss, based on a survey. If issues don’t enhance, most worry that assets received’t be sufficient to maintain them in enterprise for greater than a yr. Bills are 41 p.c larger than a yr in the past, and greater than half of these polled stated discovering staff is much more tough this yr, based on a research from the American Well being Care Affiliation launched Monday. The workers shortfalls are forcing houses to show away potential residents at a time when occupancy charges are already far decrease than earlier than the pandemic. The survey of 759 services final month reveals pressures aren’t easing within the beleaguered sector. AHCA, an business lobbying group, has stated greater than 400 services are liable to closing this yr as houses grapple with decrease enrollment and better labor and provide prices. The business has attracted extra scrutiny after COVID-19 swept by services, killing greater than 150,000 residents. The White Home has proposed regulation to boost high quality and decrease turnover, together with minimal staffing necessities. ― BLOOMBERG NEWS

AUTO INDUSTRY

Mercedes-Benz remembers almost a million autos over doable brake failure

Mercedes-Benz is recalling almost 1 million vehicles that had been bought all over the world between 2004 and 2015 over considerations that the brakes may fail, the corporate stated Monday. The quick recall impacts the ML and GL collection of sport utility autos, each of that are standard with drivers in america, in addition to the R-Class luxurious minivans, Mercedes stated in an e-mailed assertion. Exams confirmed that superior corrosion within the joint space of the brake booster housing in a number of the autos may trigger issues with the braking mechanism, the corporate stated. “After prolonged time within the discipline and at the side of important water publicity, this corrosion may result in a leakage of the brake booster,” it stated. The issue may result in “a rise within the brake pedal forces required to decelerate the car and/or to a probably elevated stopping distance.” Prospects who purchased one of many vehicles might be contacted with additional data, Mercedes stated. Greater than 933,400 autos are affected, stated Germany’s Motor Transport Authority, the company that issued the recall. ― NEW YORK TIMES