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Inflation control laws may have little impact on inflation
WASHINGTON (AP) — The House of Representatives has given final approval to President Joe Biden’s landmark inflation-cutting bill as inflation approaches its highest level in 40 years. Its title raises an intriguing question. Economic analysis suggests that the answer is likely to be no. The bill, which will be submitted to the White House for Biden’s signature, does not directly address some of the main drivers of rising prices, from gas and food to rent and restaurant meals. Still, over time, the bill could save some Americans money by reducing the cost of certain prescription drugs for seniors, extending health insurance subsidies, and lowering energy prices. there is.
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Wall Street extends winning streak to fourth week
NEW YORK (AP) — Stocks have closed higher on Wall Street, with the S&P 500 rising for four straight weeks for the first time since November. The benchmark index rose 1.7% for him on Friday, with other indices also rising. Tech stocks led the big gains. Stocks rose as inflation cooled more than expected last month. Investors believe inflation has likely peaked and the Federal Reserve may be less aggressive about raising rates this year. Oil prices fell and bond yields were mixed.
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Amazon’s Ring and MGM kick off show with viral doorbell video
NEW YORK (AP) — Amazon-owned company Ring and Hollywood studio MGM are partnering to create television shows in the mold of “America’s Funniest Home Videos.” According to MGM, the 30-minute “Ring Nation” program will feature viral footage from Ring’s doorbell and smart home cameras. This series is the latest example of the amalgamation of Amazon’s various business units. It’s also a branding and marketing opportunity for Amazon, which acquired Ring in 2018. Since then, the company has addressed a series of privacy concerns surrounding Ring’s relationship with police departments across the country. The show will be hosted by comedian Wanda Sykes and will premiere in syndication on September 26th.
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Best Buy cuts headcount after lowering sales and profit forecasts.
NEW YORK (AP) — Best Buy, the nation’s largest consumer electronics chain, is cutting its workforce as it adapts to new shifts in consumer behavior as the virus wanes. Best Buy declined to say how many jobs it will cut, but The Wall Street Journal, which first reported the news, estimated that hundreds of jobs were cut at the store level. The job cuts come after Best Buy lowered its full-year sales and profit forecasts late last month. The reason given is that soaring inflation is curbing consumer spending on gadgets. The Minneapolis-based company a few days ago agreed with Walmart, who said rising prices on basic necessities are forcing shoppers to cut back on optional items.
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Russia’s GDP fell 4% in Q2 — first full quarter battle
MOSCOW (AP) — Russia’s gross domestic product contracted by 4% in the second quarter of this year. This is the first full quarter since Russia sent troops to Ukraine. The state statistics service reported a decline on Friday. Russia has been hit with a range of sanctions after it expanded into Ukraine in late February, including the disconnection of some Russian banks from the SWIFT international money transfer system and a large exodus of foreign companies. A report by the Rosstat service did not analyze why this year’s GDP was lower than the same quarter in 2021, but said there was a 15.3% decline in wholesale trade and a 9.8% contraction in retail trade. Russia has reported significant growth in GDP over the last four quarters.
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USA Today publisher lays off staff as other papers cut costs
NEW YORK (AP) — Newspaper publisher Gannett Co. on Friday cut back some of its newsroom staff as part of a cost-cutting effort to cut costs as revenues dwindle amid sluggish ad sales and customer subscriptions. confirmed to be dismissed. The McLean, Virginia-based company declined to provide details on how many people have lost their jobs. Gannett, which it owns, had more than 16,000 employees worldwide at the end of last year. Salaries included over 4,200 reporters, editors and photographers.
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Peloton Cuts Jobs, Raises Prices to Boost Profitability
NEW YORK (AP) — Peloton is laying off about 800 employees and raising prices on some equipment as part of its latest bid to monetize its business and free up cash. The move was revealed Friday by the company’s new CEO, Barry McCarthy, in a memo to employees of the high-end exercise bike and treadmill maker, which includes closing Peloton’s North American distribution network and This includes transferring its delivery operations to his third party provider. Peloton also plans to significantly reduce its North American store count, which currently has 86 stores. The move marks the latest change for McCarthy since he took office in February. He succeeds John Foley, who co-founded the business ten years ago.
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South Korea pardons Samsung’s Lee and others
SEOUL, South Korea (AP) — Samsung’s de facto leader has secured a pardon on his conviction for bribing the former president in a corruption scandal that overthrew the former South Korean government. It highlights that technology companies have a lot of influence in the country. Lee Jae-yong’s pardon is partly symbolic since he was paroled a year ago after serving an 18-month prison term that was supposed to end in July. Critics say the billionaire controls Samsung even while in prison. and may make it easier for the company to pursue investments and mergers. The Justice Ministry said Friday that Lee and other top business leaders will be pardoned on Monday.
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The S&P 500 rose 72.88 points, or 1.7%, to 4,280.15. The Dow Jones Industrial Average rose 424.38 points (1.3%) to 33,761.05. The Nasdaq rose 267.27 points, or 2.1%, to 13,047.19. The Russell 2000 index for small businesses increased by 41.36 points, or 2.1%, to 2,016.62.
