Dems push Biden’s climate, health priorities toward Senate OK
WASHINGTON (AP) – The Senate is working through the night and into the morning as Democrats push their election-year economic package toward passage. The legislation is less ambitious than President Joe Biden’s original domestic goals. But he embodies the party’s long-held dreams of slowing global warming, moderating pharmaceutical costs and taxing big corporations. That mix-up and the approaching fall elections for control of Congress make the legislation a top priority for Democrats. Republicans are in unanimous opposition. But Democrats control the Senate thanks to the slim vote of Vice President Kamala Harris, and they are rejecting GOP amendments aimed at overturning the legislation. The House could give final approval to the bill by next Friday.
‘Quasi-preneurs’ see opportunities, challenges in franchising
NEW YORK (AP) — In the months after the pandemic hit, many people with corporate jobs took a fresh look at what they were doing for a living. Some quit their jobs and looked for alternatives, including opening a franchise with a well-known brand. Opening franchises “quasi-preneurs” say they like the ability to buy a proven brand name and access to tools and operations you wouldn’t have if you were starting your own small business. But franchising also has many challenges. There are many rules and regulations to follow and long contracts that can be difficult to get out of.
Musk says Twitter deal can move forward with ‘bot’ information
Elon Musk said on Saturday that his planned $44 billion takeover of Twitter should move forward if the company can confirm some details about how it measures whether user accounts are ‘spam bots’ or real people. The billionaire Tesla CEO has been trying to back out of his April deal to buy the social media company, prompting Twitter to sue him last month to complete the acquisition. Musk fired back, accusing Twitter of misleading his team about the true size of its user base and other issues that he said amounted to fraud and breach of contract. Both sides are headed for an October trial in a Delaware court.
‘What recession?’: US employers add 528,000 jobs in July
WASHINGTON (AP) — U.S. employers added 528,000 jobs last month despite warning signs of an economic slowdown, easing fears of a recession and giving President Joe Biden some good news for the midterm elections. Unemployment fell another notch, from 3.6% to 3.5%, matching the lowest level in more than 50 years reached just before the pandemic hit. The economy has now recovered all 22 million jobs lost in March and April 2020 when COVID-19 hit the U.S. Hot numbers were reported Friday by the Labor Department. Economists had expected just 250,000 new jobs last month, down from a revised 398,000 in June. Instead, July turned out to be the best month since February.
5 key points from the July jobs report
NEW YORK (AP) – July’s jobs report was stunning, in more ways than one. Despite runaway inflation and fears of a possible recession, employers added 528,000 jobs last month, more than double market expectations. The labor market has now recovered all the jobs lost from the pandemic recession and the unemployment rate is back to where it was before the pandemic hit. The report shows that hiring continues at a brisk pace, contrary to other signs of a slowdown in the US economy. A strong labor market probably means the Federal Reserve should continue to aggressively raise interest rates to combat decades of high inflation.
Grain shipments to Ukraine offer hope, not solution to food crisis
BEIRUT (AP) — A ship bringing corn to Lebanon is offering hope after becoming the first to depart from a Ukrainian Black Sea port since the Russian invasion. The war has threatened food supplies in countries like Lebanon, which has the world’s highest rate of food inflation and depends on the Black Sea region for almost all of its grain. The shipment is a key first step in getting food stranded in Ukraine to Africa, the Middle East and parts of Asia where people are hungry. But the small scale means the initial shipments won’t lower food prices or ease a global food crisis anytime soon. Experts also say that most of the trapped wheat is for animal feed, not for human consumption.
Buffett’s firm reports a loss of $44 billion, but its businesses are thriving
OMAHA, Neb. (AP) – Warren Buffett’s company reported a loss of $43.76 billion in the second quarter as the paper value of its investments fell sharply. But many of Berkshire Hathaway’s operating companies generally performed well, suggesting the overall economy is coping with pressure from inflation and rising interest rates. Berkshire said Saturday that a largely unrealized $53 billion decline in the value of its investments forced it to report a loss of nearly $44 billion, or $29,754 per Class A share. Buffett says Berkshire’s operating income are a better measure of company performance because they exclude gains and losses from investments. By that measure, Berkshire’s operating income rose nearly 39% to $9.28 billion, beating Wall Street estimates.
Antitrust lawsuit puts book publishing industry in the dock
NEW YORK (AP) — The Justice Department’s legal effort to block the merger of book publishing giants Penguin Random House and Simon & Schuster is more than just a showcase for the Biden administration’s tougher approach to corporate consolidation. The trial taking place in federal court in Washington is also a rare moment for the publishing industry itself to be put in the dock. During the trial’s opening week, industry executives, along with agents and authors like Stephen King, shared opinions, relived disappointments and revealed financial figures they would otherwise have preferred to discuss privately or confide to reporters.
EXPLAINER: How do we know when a recession has started?
WASHINGTON (AP) — The U.S. economy has contracted for two straight quarters, intensifying fears that it is on the brink of a recession, if not already in one, barely two years after the pandemic downturn officially ended. Six months of contraction is a long and informal definition of a recession. Still, Friday’s jobs report, showing a robust 528,000 jobs added in July, proves once again that nothing is simple in the post-pandemic economy. While most economists — and Federal Reserve Chairman Jerome Powell — say the economy is not yet in recession, many increasingly expect a downturn to begin later this year or next.
Hourly workers still hold sway as US employment grows
New York (AP) – As inflation skyrockets, hourly workers continue to switch jobs in search of higher wages. And with unemployment still near a 50-year low, experts say that option is likely to remain open to them for the foreseeable future. A new Pew Research Center survey shows that about one in five American workers say they are very or somewhat likely to look for a new job in the next six months. But for many people at the lower end of the pay scale, inflation has already eaten into or wiped out any wage gains.
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