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Democrats hit a roadblock, but push Biden’s package through the Senate
WASHINGTON (AP) — Democrats have run into trouble in their push to pass an election-year economic package in the Senate. They are working furiously to address problems with the new corporate tax, which is supposed to pay for the party’s entrenched goals of reducing health care costs, investing in climate change and reducing the deficit. While the $740 billion measure is less ambitious than President Joe Biden’s initial vision, it is a major achievement and the reason senators stayed up all night during the voting session that began Saturday. So far, Democrats have repealed more than two dozen Republican amendments designed to overturn it.
China’s trade surplus reached a record high in July as exports increased
BEIJING (AP) — China’s export growth continued to grow in July, sending the trade surplus to record highs. China’s exports rose 18 percent year-on-year to $333 billion, up 17.9 percent from June, according to data from China Customs. Imports, however, were soft, rising 2.3 percent in July from a year ago. That was 4% below economists’ estimates and points to weak domestic demand amid a nationwide lockdown as China tries to contain the COVID-19 outbreak. In July, China’s total trade reached an all-time high of $101.3 billion, breaking the record set in June. The economy grew at the start of the year when severe COVID-19 restrictions, including a two-month lockdown in Shanghai, disrupted manufacturing and logistics.
When the price of food increases, the demand for grocery supplies slows down
Demand for U.S. grocery supplies is slowing as food prices rise. Some shoppers are switching to more expensive groceries, while others are returning to the store. In the first three months of the outbreak, grocery supplies saw a five-year increase, experts said. In June 2020, grocery delivery was a $3.4 billion business. But by June 2022, this had dropped to 26 percent. Consulting firm Chase Design says it’s difficult to get delivery fees below $10 because of fuel and labor costs. That premium is hard to swallow for some consumers at a time when food price inflation is at a four-decade high.
‘Quasi-preneurs’ see opportunity, challenges in franchising
NEW YORK (AP) — In the months since the pandemic hit, many people with corporate jobs have taken a new look at what they do to make ends meet. Some quit their jobs and looked for alternatives, including opening a franchise with an established brand. “quasi-preneurs” say opening franchisees like the ability to buy from a proven brand and access to tools and operations that you wouldn’t get if you started your own small business. But franchising also has many challenges. There are many rules and regulations to comply with and long contracts, which can be difficult to get out of.
Musk says Twitter deal could go ahead with ‘bot’ data
Elon Musk said Saturday that his proposed $44 billion takeover of Twitter must move forward if the company can confirm some details about how it will measure whether user accounts are ‘spam bots’ or real people. The billionaire and Tesla CEO are trying to back out of an April deal to buy the social media company, which Twitter sued last month to complete the acquisition. Musk has accused Twitter of misleading the team about the true number of users and other problems such as fraud and breach of contract. Both sides are headed to an October trial in a Delaware court.
Transit problems have increased for struggling subway riders in Boston.
BOSTON (AP) — Every week seems to bring new transit woes for Boston subway riders. There were runaway trains, subway cars spewing smoke and flames, fatal crashes, rush hour trains on weekend schedules, and new subway cars pulled from service. The situation has unnerved drivers, the Federal Transit Administration and political leaders. One of the craziest setbacks came in June after the MBTA temporarily pulled all new Orange and Red Line cars. Republican Gov. Charlie Baker said despite the problems, most of the trip will end without drama.
‘What recession?’: US employers add 528,000 jobs in July
WASHINGTON (AP) — U.S. employers added a staggering 528,000 jobs last month amid warning signs of a recession, easing fears of a recession and giving President Joe Biden some good news heading into the midterm elections. Unemployment fell another level from 3.6% to 3.5%, matching the 50-year low level reached before the pandemic. In March and April 2020, when Covid-19 hit the US, the economy recovered all of the 22 million jobs lost. Economists had expected just 250,000 new jobs last month, compared with a revised 398,000 in June. Instead, July proved to be the best month since February.
5 key takeaways from the July jobs report
NEW YORK (AP) — The July jobs report was impressive in more ways than one. Employers added 528,000 jobs last month, more than double market expectations, despite higher inflation and fears of a recession. The labor market has now regained all the jobs lost due to the fallout from the pandemic and the unemployment rate has returned to pre-pandemic levels. The report shows that, contrary to other signs of a slowdown in the US economy, hiring will continue at a brisk pace. A strong labor market will likely require the Federal Reserve to continue raising interest rates sharply to combat decades of high inflation.
Ukraine’s grain shipments offer hope, not a solution to the food crisis.
BEIRUT (AP) — A ship bringing corn to Lebanon promises to be the first to depart a Ukrainian Black Sea port after Russia invaded. The war has threatened food supplies in countries such as Lebanon, which has the world’s highest food inflation and depends on all wheat production in the Black Sea region. The shipment is the first step in bringing food from Ukraine to starving people in Africa, the Middle East and parts of Asia. But small quantities mean the initial shipment won’t lower food prices or ease an imminent global food crisis. Experts say most of the trapped grain is for animal feed, not for human consumption.
Buffett’s company has lost $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 investments fell. But Berkshire Hathaway’s several operating companies have generally performed well, indicating that the overall economy is weathering the pressure from rising inflation and interest rates. Berkshire said Saturday that a largely unrecognized $53 billion decline in the value of its investments forced it to report a loss of nearly $44 billion, or $29,754 per share. Buffett says Berkshire’s operating income is a better measure of a company’s performance because it doesn’t include investment gains and losses. By that measure, Berkshire’s operating income was up 39 percent to $9.28 billion, beating Wall Street estimates.
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