Uncertainty over the Fed’s tapering plans, urban businesses looking to adapt to the diminished presence of office workers, the costs associated with delaying a return to the office, and a radical new wind turbine design are among the top business news items this morning.
A slowdown in hiring in August is likely to weigh on the Federal Reserve’s plan for tapering bond purchases. While this policy was based on the assumption that the labor market would see continued healthy growth amid strong hiring, fewer jobs are being created as the U.S. grapples with a new wave of COVID-19 infections.
As businesses delay a return to office or downsize their office space, urban businesses are looking to adapt to a diminishing pool of commuter customers. A New York Times article looks at how companies are changing how they operate and how downtown businesses are developing new revenues streams, pursuing new opportunities, and otherwise responding to the situation.
Companies that are delaying their return to the office due to the spread of COVID-19 variants are experiencing significant costs as a result. Businesses must also assess factors such as whether they can implement policies to allow a safe resumption of in-person work and what effect prolonged remote work may be having on their employees’ mental health.
A Norwegian company has developed a new design for offshore wind turbines that it says could generate as much as five times the energy of its competitors. The Wind Catching Systems design consists of a tall square grid of more than 100 small blades, and the business plans to debut a prototype next year.