Business news in brief
By The Associated Press
Appeals court upholds ruling that online archive violated copyright law
NEW YORK | An appeals court has upheld an earlier finding that the online Internet Archive violated copyright law by scanning and sharing digital books without the publishers’ permission.
Four major publishers had sued the Archive in 2020, alleging that it had illegally offered free copies of more than 100 books, including fiction by Toni Morrison and J.D. Salinger. The Archive countered that it was protected by fair use law.
In 2023, a judge for the U.S. District Court in Manhattan decided in the publishers’ favor. On Wednesday, the U.S. Court of Appeals for the Second Circuit concurred.
Nordstrom chain gets $3.76B bid from Nordstrom family
NEW YORK | Members of the Nordstrom family are teaming up with a Mexican retail group and are offering to take the department store retailer private at $23 per share cash, months after first expressing interest in a buyout.
The Mexican retail group, called El Puerto de Liverpool, operates more than 300 stores in Mexico and is that nation’s third-largest credit card issuer with over 7.2 million active accounts.
The Nordtrom family members and Liverpool own a combined 43% of Nordstrom stock. The current president and chief executive of Nordstrom are the fourth generation of the family to lead the Seattle-based chain.
Job openings fall as demand for workers weakens
WASHINGTON | America’s employers posted fewer job openings in July than they had the previous month, a sign that hiring could further cool in the coming months. There were 7.7 million open jobs in July, down from 7.9 million in June and the fewest since January 2021. Openings have fallen steadily this year.
Layoffs rose from 1.56 million to 1.76 million, the most since March 2023, though that level of job cuts is roughly consistent with pre-pandemic levels, when the unemployment rate was historically low. Layoffs have been unusually low since the economy’s rapid recovery from the pandemic recession, with many employers intent on holding onto their workers.
Overall, Wednesday’s report painted a mixed picture of the job market.
—From AP reports
