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A deflationary bill may have little effect on inflation.
WASHINGTON (AP) — The House has given final approval to President Joe Biden’s landmark inflation-reduction legislation as inflation worsens to the highest level in four decades. The title raises an intriguing question: Does the measure actually do what it says it does? Economic analyzes suggest the answer is no — anytime soon, anyway. The legislation now headed to the White House for Biden’s signature does not directly address some of the main drivers of price increases — from gas and food to rent and restaurant meals. Still, over time, the bill could save some Americans money by lowering prescription drug costs for seniors, extending health insurance subsidies, and lowering energy prices.
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Wall Street extended its winning streak into the 4th week
NEW YORK (AP) – Stocks closed higher on Wall Street, giving the S&P 500 its first four-week winning streak since November. The benchmark index gained 1.7% on Friday, and other indexes also rose. Tech stocks led the broader rally. Inflation cooled more than expected last month, lifting stocks. Investors recognize that inflation is likely to peak, allowing the Federal Reserve to be less aggressive in its rate hikes than it has been this year. Crude oil prices fell, while bond yields were mixed.
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Amazon Ring, MGM to launch a show with viral doorbell videos.
NEW YORK (AP) — Amazon-owned companies Ring and Hollywood studio MGM are teaming up to create a TV show in the form of “America’s Funniest Home Videos.” MGM said the half-hour “Ring Nation” program will feature viral footage from Ring’s doorbell and smart home cameras. The series is the latest example of Amazon’s integration of its various business arms. It will provide a branding and marketing opportunity to Amazon, which bought Ring in 2018. Since then, the company has dealt with privacy issues surrounding the ring and its relationship with police departments across the country. The event will be hosted by comedian Wanda Sykes and syndicated on September 26.
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Best Buy cuts jobs after slashing sales and profit outlook
NEW YORK (AP) — Best Buy, the nation’s largest electronics chain, is cutting jobs in an effort to adjust to new changes in consumer behavior as the virus slows. Best Buy declined to say how many jobs it was cutting, but The Wall Street Journal, which first reported the news, estimated it would be in the hundreds at the store level. The job cuts come as Best Buy cut its annual sales and profit forecast late last month as rising prices cut consumer spending on gadgets. The Minneapolis-based company echoed Walmart, which said a few days ago that higher prices on basic necessities are forcing shoppers to cut back on must-have items.
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Russia’s gross domestic product fell 4% in Q2 – the 1st full quarter of a fight
MOSCOW (AP) — Russia’s gross domestic product rose 4% in the second quarter of this year, the first quarter since Russia sent troops to Ukraine. The State Statistics Service reported the decline on Friday. Following Russia’s incursion into Ukraine at the end of February, several sanctions were imposed, including the suspension of some Russian banks from the SWIFT international transfer system and the deportation of top foreign companies. The report of the Rosstat service did not analyze why this year’s GDP was lower than the same quarter of 2021. However, there was a 15.3% decrease in wholesale trade and a 9.8% decrease in retail trade. Russia has seen strong GDP growth over the past four quarters.
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The publisher of USA Today, other papers are asking for the ax to cut costs.
NEW YORK (AP) – Newspaper publisher Gannett Co. confirmed Friday that it is laying off some newsroom staff in an effort to cut costs as revenue plummets as ad sales and subscriber subscriptions decline. The McLean, Virginia-based company declined to provide details on the number of people losing their jobs. Gannett, which owns USA Today and more than 200 other daily American newspapers, ended the year with more than 16,000 employees worldwide, according to the company’s annual report. Its payroll includes more than 4,200 reporters, editors and photographers.
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Peloton cuts jobs, adds value to profitability
NEW YORK (AP) – Peloton is laying off about 800 workers and raising prices for some of its equipment in its latest bid to make the business more profitable and free up cash. The moves were announced in a memo Friday from the company’s new CEO, Barry McCarthy, to employees who made the high-performance exercise bikes and treadmills. The actions include closing Peloton’s North American distribution network and shifting its delivery operations to third-party suppliers. Peloton plans to reduce store locations in North America, which currently has 86, but the company did not say how many locations it would close. The moves mark the latest changes since McCarthy took office in February. He succeeds John Foley, who co-founded the business 10 years ago.
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South Korea to pardon Samsung Lee and other giants
SEOUL, South Korea (AP) — The de facto head of Samsung has been convicted of bribing the former president in a corruption scandal that rocked the former South Korean government. The no-nonsense move underscored the tech company’s huge influence in the country. Lee Jae-yong’s pardon is partly symbolic after he was paroled 18 months ago after serving a prison term that ends in July. Critics say the billionaire has maintained control of Samsung even after his prison term. Still, the pardon will allow the heir to the electronics juggernaut to maintain full control and make it easier for the company to pursue investments and mergers. The Justice Ministry announced Friday that Lee and other top business leaders would be pardoned on Monday.
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The S&P 500 jumped 72.88 points, or 1.7%, to 4,280.15. The Dow Jones industrial average gained 424.38 points, or 1.3 percent, to 33,761.05. The Nasdaq rose 267.27 points, or 2.1 percent, to 13,047.19. The Russell 2000 index of small companies added 41.36 points, or 2.1 percent, to 2,016.62.
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