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AP Business Overview 3:13 PM EDT Overview | Jobs

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US stocks rock as investors await latest inflation update

Wall Street stocks are rocking as investors prepare for a busy week with an update on inflation. The S&P 500 gave up its early gains and fell slightly in Monday afternoon trading, while the Dow Jones Industrial Average rose slightly and the Nasdaq fell slightly. Small business stocks outperformed the broader market as a sign of investor confidence in the economy. He was one of the biggest winners for retailers and telecom stocks. Clean energy companies, including First Solar, are on the rise after the Senate approved a massive economic package for the Democratic Party’s election year. The government is due to release its July report on consumer and wholesale prices later this week.

Axios Media sold to Cox Enterprises

NEW YORK (AP) — Axios Media has been acquired by Cox Enterprises. Cox Enterprises says it plans to expand its online news provider into new markets and expand its coverage. Axios reported on Monday that the deal is worth $525 million to him, citing sources. Cox, the conglomerate that owns media companies such as The Atlanta Journal-Constitution and Dayton Daily News, made its first investment in Axios last year. Axios co-founders and former Politico journalists Jim VandeHei, Mike Allen, and Roy Schwartz will continue to own shares in the company and lead editorial and day-to-day business decisions.

American Airlines CFO on post-pandemic balance sheet fix

FORT WORTH, Texas (AP) — Derek Carr may have the toughest job in aviation. He is the Chief Financial Officer of American Airlines. So his job is to fix the debt-battered balance sheet so American Airlines can weather the pandemic. American Airlines has the largest debt of any U.S. airline and has a credit rating several notches below investment grade. Kerr recently told The Associated Press that American is navigating a bumpy recovery that has boosted earnings but also raised costs such as fuel and labor.

Water crisis looms in Sloviansk city in eastern Ukraine

Sloviansk, Ukraine (AP) — The city of Sloviansk in eastern Ukraine lacks running water, so residents have to manually fill their bottles with public pumps throughout the city. The rest of the city’s population has adapted to this new way of life. But local officials warn that the arrival of winter could set the stage for a humanitarian crisis. Most of the East Donetsk region has no gas for heating, and public wells and city water pipes can freeze in winter. The head of the military administration of the nearby city of Kramatorsk said that due to the lack of public facilities, people will turn to other means of heating and lighting their homes. And it increases the risk of fire.

Pfizer Acquisition Continues in $5.4 Billion Hematology Deal

Pfizer is acquiring sickle cell drug maker Global Blood Therapeutics in a deal of about $5.4 billion in a bid to accelerate growth after revenue surged during the pandemic. On Monday, it said its latest acquisition would boost research in rare hematology. Global Therapeutics makes his Oxybryta tablets to treat sickle cell disease. Pfizer has been cash-rich since his Comirnaty, a COVID-19 vaccine, and Paxlovid, a treatment, hit the market. The company has now announced deals totaling about $19 billion, including debt, since late last year.

Not so fast: California’s last nuclear power plant may run longer

LOS ANGELES (AP) — California’s last operating nuclear power plant may reach the end of its second life. Pacific Gas and Electric decided six years ago to close its twin-dome Diablo Canyon nuclear power plant by 2025. plant. Newsom is concerned about potential power shortages as the state transitions to solar and other renewable energy sources. But it’s not clear if the utility wants or is able to back out of a complex final agreement involving environmentalists and labor unions.

FAA allows Boeing to resume 787 Dreamliner deliveries

WASHINGTON (AP) — Federal safety officials have confirmed that Boeing can resume deliveries of the 787 Dreamliner jet. The Federal Aviation Administration said Monday that Boeing will begin shipping long-shelf planes in the coming days. Production has been marred by several issues, including gaps between panels in the 787’s carbon composite skins. As such, Boeing has been blocked from delivering aircraft for most of the past two years, with about 120 stalled while Boeing attempts to fix its production process. Once shipments resume, Boeing will regain an important source of funding.

Russia-Ukraine trade accusations over nuclear plant attack

Kyiv, UKRAINE (AP) — Russia and Ukraine have exchanged accusations that both sides are shelling Europe’s largest nuclear power plant in southern Ukraine. , claimed staff had been forced to reduce power at two reactors. Ukraine accuses Russian forces of storing weapons there and launching attacks. Nuclear experts warn that fighting near the Zaporizhia nuclear power plant is dangerous. Ukrainians are asking the United Nations to send a delegation to ensure the safety of the nuclear power plant. On the front lines, the fighting continued as the US pledged another billion dollars in new military aid to Ukraine. Ukraine said Russian forces had shelled seven areas on the final day, killing five people.

Japanese tech giant SoftBank posts $23 billion loss in quarter

TOKYO (AP) — Japanese technology company SoftBank Group Corp posted a $23 billion loss in the April-June quarter as investment values ​​fell amid global concerns about inflation and interest rates. His ¥3.16 trillion loss for SoftBank Group was a reversal from his ¥762 billion profit in the same period last year. The company said Monday that quarterly sales were up 6% from his. SoftBank’s portfolio has not been directly exposed to the war in Ukraine, but the company warned that global uncertainty, inflation and rising energy costs will hurt profitability. gave. President Masayoshi Son apologized and admitted that “things are really bad.”

BioNTech Reports Strong First Half, Expects Increased Demand

BERLIN (AP) — BioNTech, which worked with Pfizer to develop a potent COVID-19 vaccine, reports higher revenue and net profit in the first half of the year. The German pharmaceutical company said on Monday it expects demand to increase as it releases its latest vaccine targeting the new Omicron strain.BioNTech said the dynamic nature of the pandemic has caused changes in orders and earnings The company expects to release an improved vaccine for the latest Omicron variant in October 2022, which it hopes will lead to an improved version of the Omicron variant in October 2022. It said it could lead to a fall booster campaign.

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