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AP Business Overview 2:33 PM EDT Overview | Work

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‘Semi-entrepreneurs’ see opportunities and challenges in franchising

NEW YORK (AP) — In the months after the pandemic hit, many people with corporate jobs took a fresh look at what they do for a living. I quit my job and looked for alternatives, such as opening a franchise with an established brand. say they like access to tools and operations they don’t get. But franchises also have many challenges. There are many rules and regulations to follow and long contracts that can be difficult to get out of.

Senate rule ruling undermines Democratic drug program with economic bill

WASHINGTON (AP) — The Senate’s bipartisan rule arbiter has struck a blow to the Democrats’ plan to curb drug prices. But lawmakers have largely left the rest of the sprawling economic bill intact as party leaders prepare for a first vote on a package that includes many of President Joe Biden’s key domestic goals. , was told to remove language that imposes hefty penalties on pharmaceutical companies that push prices above inflation in the private insurance market. It was the main price protection on the bill that you get from private insurance that you purchase yourself. Democrats are set to start a Senate vote on Saturday on a package that addresses climate change, energy, healthcare, taxes and deficit reduction.

Musk says Twitter deal could move forward with ‘bot’ information

Elon Musk said Saturday that he plans to buy Twitter for $44 billion if the company can confirm details about how the company measures whether user accounts are “spambots” or real people. The billionaire and Tesla CEO is trying to back out of an April agreement to buy the social media company, and Twitter sued him last month to complete the deal. I was. Musk countersued, accusing Twitter of misleading the team about the true size of his user base, and saying the other issues amounted to fraud and breach of contract. Both sides are heading for his October trial in Delaware state court.

‘What kind of recession?’: US employers added 528,000 jobs in July

WASHINGTON (AP) — U.S. employers flashed recession warning signs last month, alleviating recession fears, despite giving President Joe Biden some good news ahead of the midterm elections. , added a staggering 528,000 jobs. The unemployment rate has fallen further from 3.6% to 3.5%, matching his lowest level in more than 50 years reached just before the pandemic hit. COVID-19 hit the US in March 2020 and he said her 22 million jobs lost in April have all been restored. Economists had expected just 250,000 new jobs last month, down from June’s revised 398,000. Instead, July turned out to be his best month since February.

5 takeaways from July’s employment report

NEW YORK (AP) — July’s jobs report was a surprise in many ways. Employers created his 528,000 jobs last month, more than double the market’s expectations, despite fears of blistering inflation and a possible recession. The job market has now recovered all the jobs lost in the pandemic recession and the unemployment rate is back to pre-pandemic levels. The report shows that hiring continues at a rapid pace, contrasting with other signs of a slowdown in the US economy. A strong job market likely means the Federal Reserve must continue to aggressively raise interest rates to combat decades of high inflation.

Ukrainian grain shipments offer hope but won’t solve food crisis

BEIRUT (AP) — A ship carrying corn to Lebanon offers hope after becoming the first ship to depart Ukraine’s Black Sea port since Russia’s invasion. Lebanon has the highest food inflation rate in the world and relies on the Black Sea region for almost all of its wheat. It’s an important first step towards reaching parts of Africa, the Middle East and Asia where we live. But its small size means that the first shipments won’t drive down food prices or alleviate the global food crisis anytime soon. It states that it is for animal feed and not for human consumption.

Buffett’s company reports $44 billion loss, but its business is thriving

OMAHA, Nebraska (AP) — Warren Buffett’s firm reported a loss of $43.76 billion in the second quarter as the paper values ​​of its investments plummeted. But Berkshire Hathaway’s many operating companies are generally doing well, suggesting the economy as a whole is weathering the pressures of inflation and rising interest rates. Berkshire said on Saturday that an unrealized decline in the value of its investments of $53 billion had forced it to report a loss of nearly $44 billion, or $29,754 per Class A share. Buffett said Berkshire’s operating income is a more accurate measure of the company’s performance because it excludes investment gains and losses. Berkshire’s operating profit rose nearly 39% to $9.28 billion, according to the measure, beating Wall Street’s estimates.

Antitrust trial puts book publishing industry in jeopardy

NEW YORK (AP) — The Justice Department’s legal effort to block the merger of book-publishing giants Penguin Random House with Simon & Schuster is more than a showcase for the Biden administration’s tougher approach to corporate consolidation. . The ongoing trial in federal court in Washington is also a rare moment when the publishing industry itself is brought to justice. Throughout the first week of the trial, industry executives, along with agents and authors such as Stephen King, shared their views, took back disappointments, and clarified financial numbers.

Explainer: How can you tell when a recession started?

WASHINGTON (AP) — The U.S. economy has contracted for the second straight quarter, fueling fears that it is on the brink of a recession just two years after the pandemic recession officially ended. A six-month contraction is the long-standing informal definition of a recession. Yet Friday’s jobs report showed he created 528,000 jobs in July, proving once again that nothing is simple in a post-pandemic economy. Most economists, as well as Federal Reserve Chairman Jerome Powell, say the economy is not in recession yet, but more people expect a recession to begin later this year or next year. .

Hourly Workers Still Influence As U.S. Jobs Booms

NEW YORK (AP) — Hourly workers continue to switch jobs for higher wages as inflation soars. And with the unemployment rate still near his 50-year low, experts say options are likely to remain open for the foreseeable future. About one in five U.S. workers say they are very or somewhat likely to look for a new job in the next six months, according to a new Pew Research Center survey. increase. But for many at the bottom end of the pay scale, inflation has already eaten away or erased wage gains.

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