AP Business SummaryBrief at 9:00 a.m. EDT | Company
US inflation slips from 40-year high but remains high at 8.5%
WASHINGTON (AP) — Falling gasoline prices gave Americans a slight break from the pain of high inflation last month, though the surge in overall prices has slowed only slightly from the four-year high. decades reached in June. Consumer prices jumped 8.5% in July from a year earlier, the government said on Wednesday, compared with a 9.1% year-on-year jump in June. Month-over-month prices remained unchanged from June to July, the smallest such increase in more than two years. Yet prices are rising for a wide range of goods and services, making the situation worse for most Americans. Average paychecks are growing faster than they have in decades, but not fast enough to keep up with accelerating costs.
Trump says he will testify in New York inquest on Wednesday
WASHINGTON (AP) — Former President Donald Trump said he will be questioned under oath on Wednesday as part of the New York attorney general’s long-running civil investigation into his dealings with a real estate mogul. Trump posted on his Truth Social account that he was in New York for the deposition. The New York civil investigation is led by Attorney General Letitia James and involves allegations that Trump’s company misjudged the value of valuable assets and misled lenders and tax authorities. FBI agents recently searched his Mar-a-Lago estate in Florida as part of an independent federal investigation into whether he took any classified files when he left the White House.
China slams US chip law as threat to trade
BEIJING (AP) — China is criticizing a U.S. law aimed at encouraging U.S. production of processor chips and reducing dependence on Asian suppliers as a threat to trade and an attack on Chinese companies. The law signed this week by President Joe Biden promises subsidies and other assistance to investors in American chip factories. It responds in part to warnings that supplies could be disrupted if China attacks Taiwan, the world’s top producer of high-end chips. Beijing claims the autonomous island as part of its territory. China’s foreign ministry said the US chip law would “disrupt international trade and distort global semiconductor supply chains.” It says the law restricts business activity in China but gave no details.
Chinese youth face sluggish job market as COVID slows economy
BEIJING (AP) — China’s 11 million college graduates are grappling with a sluggish job market this summer as repeated shutdowns under China’s zero-COVID shutdowns have forced businesses to pull out and led to many restaurants and other small employers went bankrupt. When Liu Qian entered the workforce, she said she felt like her future had been shattered and she didn’t know if she could put it back together. The 26-year-old graduate sent in more than 100 applications and saw two openings she had interviewed for eliminated before landing a job. Countless others are still searching. China’s job shortage echoes the struggles of young people around the world to find work in depressed economies.
Russians are buying the latest products from H&M and IKEA as stores close
MOSCOW (AP) — Russians are grabbing Western fashion and furniture this week as H&M and IKEA sell the last of their inventory in Russia. H&M, based in Sweden, and IKEA, based in the Netherlands, suspended sales after Russia sent troops to Ukraine. They are now looking to offload their inventory of clothing and home furnishings as they wind down operations in Russia. IKEA’s sales are online only, while the H&M store in a Moscow mall saw a steady stream of young shoppers on Tuesday. Both companies are laying off staff as they scale back operations in Russia. H&M said on Tuesday that 6,000 workers would be affected. IKEA says it has 15,000 workers in Russia and Belarus, but did not immediately confirm how many would lose their jobs.
Serena’s pick: Williams’ tough decision resonates with women
NEW YORK (AP) — Serena Williams says she will soon be stepping away from tennis to focus on the birth of a second child. And her lengthy explanation, in an essay for Vogue, resonates with many women in sports and beyond. They say they understand all too well the words of the forward-thinking athlete: “Something has to give.” Many say they agree with Williams that it’s fundamentally unfair that women have to make such choices when male athletes don’t, and remember their own tough decisions in the fight to “have it all.” “. Williams has strongly hinted that she will be retiring after this month’s US Open.
European stocks up, Asia outpaces US inflation
BEIJING (AP) — European stock markets opened higher while Asia fell ahead of the release of U.S. inflation data that traders say will show upward pressure on prices is still too much. strong enough for the Federal Reserve to dampen interest rate hikes. Wall Street futures also rose, rebounding from the benchmark S&P 500’s fourth daily decline. Oil prices edged lower. US government data is expected to show headline inflation in July eased from the four-decade high of the previous month. But traders expect core inflation, which excludes volatile food and energy, leaving rents and other expenses, to rise slightly. This is despite other data showing a cooling in economic activity.
Elon Musk sells $7 billion worth of Tesla stock before fight on Twitter
Elon Musk has sold nearly $7 billion worth of Tesla shares as the billionaire gets his finances in order ahead of his legal battle with Twitter. Musk revealed in a series of regulatory filings that he had offloaded about 8 million shares of his Tesla company in recent days. He is trying to pull out of a deal to buy Twitter for $44 billion. Musk is by far the largest individual shareholder of Tesla and Twitter. Tesla shares rose nearly 2% before the opening bell on Wednesday. Shares of Twitter, up 16% in the past month, with most believing Musk faces a long chance of success in his legal battle with the company, rose another 3%.
Inflation is rising in Denmark and Norway, hitting food prices hard
COPENHAGEN, Denmark (AP) — Annual inflation in Denmark rose to 8.7% last month — rising at the fastest pace since 1983 — while neighboring Norway’s figure hit 6.8%. Statistics Denmark said on Wednesday that the price of goods has risen by an average of 13.2% over the past year, the biggest annual rise since February 1982. Statistics Norway says the July figures marked “a historical increase high food and non-alcoholic beverage prices. These prices increased by 10.4% over the year and by 7.6% from June to July. The agency says it has never measured a similar increase in food prices from month to month.
Cathay Pacific losses narrow as COVID-19 restrictions ease
HONG KONG (AP) — Hong Kong airline Cathay Pacific Airways said losses in the first half of the year declined as the relaxation of quarantine rules boosted passenger numbers. But he warned that quarantine restrictions imposed on his crew were limiting the airline’s ability to increase flight capacity. The company reported losses of about $637 million in the first six months, compared with $964.5 million in the same period last year. Hong Kong eased strict quarantine rules from 14 to seven days in mandatory hotel quarantine earlier this year, and to just three days from Friday. It remains one of the few places in the world, along with mainland China, to require mandatory quarantine for incoming travellers. The city’s airline is lagging behind rivals like Singapore Airlines.
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.