AP Business SummaryBrief at 10:52 p.m. EDT | Company

By on August 7, 2022 0

Quasi-preneurs see opportunities and challenges in franchising

NEW YORK (AP) — In the months since the pandemic, many people in corporate jobs have taken a fresh look at what they do for a living. Some quit their jobs and looked for alternatives, including opening a franchise with an established brand. Quasi-preneurs who open franchises say they like the opportunity to buy a proven brand and access to tools and operations you wouldn’t get if you were starting your own small business. But the franchise also comes with many challenges. There are lots of rules and regulations to follow and long contracts, which can be difficult to get out of.

Democrats’ climate, energy and tax bill clears first Senate hurdle

WASHINGTON (AP) — A divided Senate has voted to begin debating the Democrats’ election-year economic bill. The sprawling measure contains many of President Joe Biden’s climate, energy, health and fiscal goals. United Democrats pushed the 755-page measure through the Senate in a party vote. It was a preview of the votes on what should be a mountain of amendments, mostly from Republicans trying to derail the legislation. The package is a scaled-down version of Biden’s old multi-trillion-dollar bills that Democrats failed to advance. The measure has become a partisan battleground over inflation, gas prices and other issues that polls show are motivating voters.

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

Elon Musk said on Saturday his planned $44 billion takeover of Twitter should go ahead if the company can confirm some details about how it measures whether user accounts are “spam bots” or real ones. people. The billionaire and Tesla CEO tried to walk away from his April deal to buy the social media company, leading Twitter to sue him last month to complete the acquisition. Musk counterattacked, accusing Twitter of misleading his team about the true size of its user base and other issues he said amounted to fraud and breach of contract. Both sides are heading to trial in October in a Delaware court.

“What recession?” : US employers create 528,000 jobs in July

WASHINGTON (AP) — U.S. employers added 528,000 jobs last month despite early signs of an economic slowdown, easing fears of a recession and giving President Joe Biden good news ahead of the election mid-term. Unemployment fell another notch, from 3.6% to 3.5%, matching the more than 50-year low reached just before the pandemic took hold. The economy has now recovered the 22 million jobs lost in March and April 2020 when COVID-19 hit the United States. The searing numbers were reported Friday by the Labor Department. Economists had expected just 250,000 new jobs last month, down from a revised 398,000 in June. Instead, July turned out to be the best month since February.

5 key takeaways from the July jobs report

NEW YORK (AP) — The July jobs report was astonishing, in more ways than one. Despite soaring inflation and worries about a possible recession, employers added 528,000 jobs last month, more than double market expectations. The labor market has now recovered all the jobs lost due to the pandemic recession and the unemployment rate is back to where it was before the pandemic hit. The report shows that hiring continues at a rapid pace, contrary to other signs of a slowdown in the US economy. A strong labor market likely means the Federal Reserve must continue to aggressively raise interest rates to combat decades-high inflation.

Ukrainian grain shipments offer hope, not a solution to food crisis

BEIRUT (AP) — A ship carrying corn to Lebanon offers hope after it was the first to leave a Ukrainian Black Sea port since Russia invaded. The war has threatened food supplies in countries like Lebanon, which has the highest food inflation rate in the world and depends on the Black Sea region for almost all of its wheat. The shipment is a key first step in getting food trapped in Ukraine to Africa, the Middle East and parts of Asia where people are hungry. But the small scale means the initial shipments won’t drive down food prices or soon reduce a global food crisis. Experts also say that most trapped grain is for animal feed, not human consumption.

Buffett’s company announces $44 billion loss, but business thrives

OMAHA, Neb. (AP) — Warren Buffett’s company reported a second-quarter loss of $43.76 billion as the paper value of its investments plummeted. But Berkshire Hathaway’s many operating companies have generally performed well, suggesting that the overall economy is holding up to pressure from inflation and rising interest rates. Berkshire said on Saturday that a largely unrealized decline of $53 billion in the value of its investments forced it to report a loss of nearly $44 billion, or $29,754 per Class A share. Buffett claims that Berkshire’s operating profits are a better measure of company performance because they exclude investment gains and losses. By this measure, Berkshire’s operating profits rose nearly 39% to $9.28 billion, beating Wall Street estimates.

Antitrust lawsuit puts book publishing industry in the dock

NEW YORK (AP) — The Justice Department’s legal effort to block the merger of book publishing giants Penguin Random House and Simon & Schuster is more than just a showcase of the government’s tougher approach. Biden administration on corporate consolidation. The trial in federal court in Washington is also a rare moment for the publishing industry itself to be put in the dock. In the opening week of the trial, industry executives, as well as agents and authors such as Stephen King, shared opinions, relived disappointments and revealed financial figures they would otherwise have preferred to discuss. in private or confide in journalists.

EXPLANATOR: How do we know a recession has started?

WASHINGTON (AP) — The U.S. economy has contracted for two straight quarters, heightening fears that it is on the cusp of a recession, if not already in one, just two years after the pandemic downturn officially ended. . Six months of contraction is a long-standing informal definition of a recession. Yet Friday’s jobs report, showing strong job creation of 528,000 in the month of July, proves once again that nothing is simple in the post-pandemic economy. While most economists – and Federal Reserve Chairman Jerome Powell – say the economy is not yet in recession, many increasingly expect a downturn to begin later this year. or the next.

Hourly workers still have leverage as U.S. hiring soars

New York (AP) — As inflation soars, hourly workers continue to change jobs in search of higher wages. And with unemployment still near a 50-year low, experts say that option is likely to remain open to them for the foreseeable future. A new survey from the Pew Research Center shows that about one in five American workers say they are very or somewhat likely to look for a new job in the next six months. But for many of them at the bottom of the wage scale, inflation has already eaten away or wiped out any wage gains.

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