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Dems push Biden’s climate, health priorities to Senate OK
WASHINGTON (AP) — The Senate is working through the night and into the morning as Democrats push an election-year economic package to pass. The legislation is less ambitious than President Joe Biden’s original domestic goals. But deep-rooted party dreams include dreams of slowing global warming, controlling drug costs and taxing big corporations. That mix, and the fact that the fallout polls are close to taking control of Congress, make the law a top priority for Democrats. Republicans are unanimously opposed. But Democrats control the Senate thanks to a tiebreaker vote by Vice President Kamala Harris, and are rejecting GOP amendments aimed at overturning the bill. The House has until Friday to approve the bill.
‘Quasi-preneurs’ see opportunity, challenges in franchising
NEW YORK (AP) — In the months since the outbreak, 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 likes 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.
‘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. Despite rising inflation and fears of a recession, employers added 528,000 jobs last month, more than double market expectations. 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 mean the Federal Reserve continues to raise interest rates sharply, meaning higher inflation for decades.
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 a key first step in making food available in Ukraine to 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.
The antitrust trial puts the book publishing industry on the docket
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 a sign of the Biden administration’s tough approach to corporate consolidation. The trial, which is taking place in federal court in Washington, is an unusual time for the publishing industry itself to be put in the dock. In the trial’s opening week, industry executives, along with agents and authors like Stephen King, shared comments, dismayed and revealed financial figures they’d rather discuss privately or talk to reporters in private.
Explainer: How do we know when failure has begun?
WASHINGTON (AP) — The U.S. economy has contracted for two consecutive quarters, raising fears that the economy is in recession if not simultaneously, two years after the pandemic officially ended. A six-month contraction is the definition of a prolonged, irregular recession. Yet Friday’s jobs report, showing a strong 528,000 jobs created in July, reaffirmed that nothing is easy in the post-pandemic economy. While most economists — and Federal Reserve Chairman Jerome Powell — say the economy isn’t in recession yet, many expect it to begin a recession sometime this year or next.
Hourly workers still have potential as U.S. employment continues to rise.
NEW YORK (AP) – As inflation eases, hourly workers are switching jobs to earn higher wages. And with unemployment still at a 50-year low, experts say that option will remain open to them for the foreseeable future. A new Pew Research Center survey finds that one in five American workers say they are very or very unlikely to look for a new job in the next six months. But for many at the lower end of the pay scale, inflation has eaten into or wiped out any wage gains.
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