The daily business briefing: December 5, 2019

1. Trump rule could cut food stamps for 688,000

The Trump administration on Wednesday announced plans for a rule that would tighten work requirements for people who receive food stamps. The move will make it harder for states to keep people in the Supplemental Nutrition Program, known as SNAP, potentially cutting benefits to 688,000 recipients. The Agriculture Department estimated that the change would save about $5.5 billion over five years. Currently, able-bodied, 18- to 49-year-old adults with no dependents can receive three months of SNAP benefits over three years if they don't meet a 20-hour work requirement, although states with high unemployment can waive the limits. The new rule sets more strict criteria for waiving the work requirement, which Agriculture Secretary Sonny Perdue said would move people "from welfare to work."

The Associated Press Reuters

2. French unions strike to protest effort to change retirement system

French trade unions launched a major transportation strike on Thursday to protest possible changes to the country's retirement system. The unions planned to shut down much of the Paris Metro subway system, and domestic and international train lines. Air traffic controllers said they would join the protests, so airlines canceled many flights. The last time the French government tried to overhaul the retirement system, as President Emmanuel Macron wants to do now, was in 1995. Protests erupted then, too, bringing normal activity in the country to a halt for three weeks, until then-President Jacques Chirac backed down.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up

The Washington Post

3. Stock futures rise slightly as focus remains on trade

U.S. stock index futures edged higher early Thursday as markets continued to follow news on U.S.-China trade negotiations. Futures for the Dow Jones Industrial Average, the S&P 500, and the Nasdaq were all up by about 0.4 percent several hours before the opening bell on Wall Street. The three main U.S. indexes all closed higher on Wednesday after a report that the world's two biggest economies were close to reaching a "phase one" deal to end their trade war. Earlier this week, President Trump spooked some investors by saying there might be no deal before next year's elections. The U.S. is scheduled to impose tariffs on another $156 billion in Chinese goods on Dec. 15. Beijing reiterated Thursday that Trump must roll back new tariffs under any deal.

CNBC The Associated Press

4. New defect results in more Takata airbag recalls

A new defect in Takata airbags has been linked to at least one death in Australia, and resulted in the recall of another 1.4 million front driver inflators in the U.S., according to government documents released Wednesday. Takata has already filed for bankruptcy protection after a previous defect was blamed for at least 24 deaths and hundreds of injuries. Both defects can cause airbags to explode and send potentially lethal shrapnel through vehicles. With the new recall, BMW is warning owners of some of its older 3-series cars not to drive them. Audi, Honda, Toyota, and Mitsubishi vehicles from 1995 to 2000 also are being recalled, although a full list of models was not immediately available.

The Associated Press

5. OPEC meets to consider production cuts to lift oil prices

OPEC leaders are meeting Thursday to discuss deeper oil production cuts to boost prices. The group of oil exporters is expected to prolong previous cuts made over the last three years to counter oversupply that kept down prices over the last three years. The cartel is struggling to respond to an increase in production by non-members, especially the U.S. The latest meeting comes as tensions linger over the production cuts, with some members cheating and other complying. "I think the Saudi position is they're willing to cut more if needed, but they want better compliance," said Bhushan Bahree, executive director of global oil at research group IHS Markit. Also on Thursday, Saudi Arabia's state-run Saudi Aramco prices its shares for its stock market debut.

The Associated Press