Business Highlights: Debt Limit



House to attempt to suspend borrowing power cap next week

WASHINGTON (AP) – House Democrats said on Friday they plan to take action next week to suspend the government’s borrowing power cap. At the same time, the White House stepped up pressure on Republicans by warning state and local governments that severe cuts were to come if the measure failed in the Senate. Republican Senate Leader Mitch McConnell said Republicans will not vote to raise the debt ceiling, so Democrats must act alone. McConnell says Republicans will not facilitate another “reckless spending frenzy.” The debt limit is the amount of money Congress allows the Treasury to borrow.


China investigation puts former World Bank officials under scrutiny

WASHINGTON (AP) – Former World Bank officials are under pressure after an investigation found they pressured staff members to change data on global business conditions to help promote China and some other governments. The World Bank has said it will end its “Doing Business” report following the investigation, which was carried out by law firm WilmerHale after internal claims of “data irregularities” in the editions 2018 and 2020 of the report and possible “ethical questions”. Involving bank staff.


US panel supports COVID-19 boosters only for high-risk seniors

WASHINGTON (AP) – An influential federal advisory group overwhelmingly rejected a plan to give Pfizer booster shots against COVID-19 to most Americans, but approved additional doses for those who are 65 years old or more or who are at high risk of serious illness. Friday’s twin votes were a blow to the Biden administration’s massive efforts to bolster protection for nearly all Americans amid the spread of the highly contagious Delta variant. The decision was made by a committee of external experts who advise the Food and Drug Administration.


Man Sentenced to 12 Years in $ 200 Million Phone Fraud Scheme

SEATTLE (AP) – A Pakistani resident has been sentenced to 12 years in prison for conspiring to “unlock” AT & T’s network phones, a scheme the company says cost him more than $ 200 million. Muhammad Fahd began bribing employees at an AT&T call center in Bothell, Wash., In 2012, to use their credentials to unlock phones, allowing them to be taken off the network. ‘AT&T, even though customers weren’t done paying for expensive devices. He later had them install malware on the company’s network, allowing him to unlock Pakistan’s phones. He paid three AT&T employees $ 922,000 from 2012 to 2017 before being arrested in Hong Kong.


China asks to join Trump’s abandoned Pacific trade pact

BEIJING (AP) – China has asked to join an Asia-Pacific free trade group of 11 countries in a bid to increase its influence in international politics. The Commerce Ministry said Beijing has submitted a request to New Zealand, which is acting as the representative of the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership. The CPTPP was previously known as the Trans-Pacific Partnership. He was promoted by then-President Barack Obama as part of Washington’s increased focus on relations with Asia. Obama’s successor Donald Trump withdrew from the group in 2017. The CPTPP, which entered into force in 2018, includes agreements on market access, labor movement and government procurement .


MacKenzie Scott Dominates Racial Equity Donation

Philanthropist MacKenzie Scott funded the organizations that received the most money for racial equity in 27 different states after George Floyd was murdered by police. According to an AP analysis of new preliminary data from the philanthropic research organization Candid, Scott was responsible for approximately $ 567 million donated to these organizations. Hundreds of millions of dollars have been donated to HBCU powerhouses like Morehouse College and other little-known groups. In at least 11 states, Scott provided the majority of racial equity-focused contributions to primary recipients. But the scope of his impact could be much greater in some states, mainly because it’s unclear how all of his donations were fragmented into individual groups.


Stocks tumble on Wall Street, abandoning the gains of the week

NEW YORK (AP) – Shares closed lower on Wall Street on Friday, marking a weak end to a checkered week of trading. The S&P 500 index lost 0.9%. The benchmark index suffered its second consecutive weekly loss. The Dow Jones Industrial Average fell 0.5% and the Nasdaq fell 0.9%. About 80% of the benchmark S&P 500 stocks fell and all sectors except healthcare were in the red. The biggest bottlenecks in the market have been technology and communications companies. Energy prices have fallen. The yield on the 10-year Treasury bill rose to 1.38% from 1.33% a day earlier.


Union Pacific CEO sees strong economy emerging from pandemic

OMAHA, Neb. (AP) – As CEO of Union Pacific, Lance Fritz has had to find ways to keep freight moving during the coronavirus pandemic as the economy nearly came to a halt and then came back to life. Now it is working to clear a large backlog of imported shipments. In the spring of 2020 – at the height of the pandemic restrictions – the volume of shipments fell by more than 20% before rebounding sharply later in the year. The railways had to quickly downsize their staff while ensuring they had enough people to cover virus-related illnesses and quarantines before rehiring at a rapid pace to handle the volume comeback. Current shipping volumes are almost equal, with 2019 signaling that demand has returned to pre-pandemic levels and the economy is strong, although it has weakened somewhat recently as cases of the virus have increased. increase.


The S&P 500 lost 40.76 points, or 0.9%, to 4,432.99. The Dow Jones Industrial Average lost 166.44 points, or 0.5%, to 34,584.88. The Nasdaq lost 137.96 points, or 0.9%, to 15,043.97. The Russell 2000 Small Business Index rose 3.96 points, or 0.2%, to 2,236.87.


Previous Rocket Companies (RKT) Flat As The Market Sinks: What You Need To Know
Next Applications accepted for the SMIF economic development scholarships - Albert Lea Tribune

No Comment

Leave a reply

Your email address will not be published.