Update on the latest cases:
The shares go down
NEW YORK (AP) – Stocks fell broadly on Wall Street as major indices headed for large monthly losses. The S&P 500 fell 0.8% and is on track for a 4.4% loss in September. This would be the first monthly loss since January and the worst for the benchmark since March 2020. The Dow Jones Industrial Average fell 1.3% and the Nasdaq fell 0.2%. Banks and a range of businesses that provide consumer goods and services suffered some of the biggest losses. Bond yields fell slightly. The 10-year Treasury yield fell to 1.51%.
Unemployment claims increase for the 3rd week
WASHINGTON (AP) – The number of Americans claiming unemployment benefits rose for the third week in a row, a sign that the highly contagious delta variant could slow the recovery in the labor market. The Labor Department said claims rose by 11,000 last week to 362,000. Since surpassing 900,000 in early January, claims have mostly declined steadily as the economy rebounds from the closures last year. But they have recently increased as coronavirus cases rise again. The numbers, which are a proxy for layoffs, remain high: Before the pandemic hit the United States hard in March 2020, they were typically around 220,000 per week.
US slightly revises second quarter GDP estimate to 6.7%
WASHINGTON (AP) – The Commerce Department says the US economy grew at an annual rate of 6.7% from April to June. This is a slight improvement from his previous estimate of last quarter’s growth. The growth estimate for the second quarter – the last of three – is up from its previous estimate of an annual pace of 6.6%. This will likely mark a highlight for the expansion of the economy this year, as the coronavirus slows down some activity, government support programs end, and manufacturing supply chain issues persist.
RISE IN NATURAL GAS PRICES
Soaring natural gas prices: Threat for consumers this winter?
NEW YORK (AP) – Prepare for a nasty surprise on your winter heating bills. After years of exceptionally low levels, the price of natural gas in the United States has more than doubled since the same period last year. Wholesale prices in Europe and Asia are more than five times what they were a year ago. Soaring costs coincided with a robust recovery from the pandemic recession, with more homes and businesses burning all forms of fuel. This intensified demand is poised to contribute to rising heating costs in many parts of the world.
With Biden plan at stake, Pelosi pushes forward for $ 3.5 million deal
WASHINGTON (AP) – With President Joe Biden’s government overhaul agenda at stake, Democrats are heading into trouble. The vote promised Thursday on the first coin, a thinner $ 1,000 billion public works bill, falters amid stalled talks on its more ambitious package. Attention is focused on the Senses. Joe Manchin from West Virginia and Kyrsten Sinema from Arizona to clarify what pack size they can live with. House Speaker Nancy Pelosi has indicated she is moving forward, trying to strike a deal with Biden in time to vote on the $ 1,000 billion public works bill. Meanwhile, Congress moved closer to resolving a separate issue about sustaining government funding beyond Thursday’s fiscal year end.
Facebook executive defends teen policies on Instagram
WASHINGTON (AP) – Amid lawmakers’ outrage at Facebook for its handling of internal research into the damage to teens caused by Instagram, a Facebook executive told Congress the company was working to protect young people on its platforms. And she takes issue with how a recent newspaper article describes what the research shows. Antigone Davis, Facebook’s head of global security, was testifying Thursday for a Senate trade subcommittee. Davis was summoned to the panel as public pressure escalates against Facebook for privately compiling information that its Instagram photo-sharing service appears to be seriously harming some teens, especially girls, while publicly downplaying it. ‘negative impact of the popular platform.
MANDATES AP SURVEY-VACCINE
Biden vaccine mandate splits US on party lines: AP-NORC poll
A survey of Americans of President Joe Biden’s plan to require most workers to be vaccinated or regularly tested for COVID-19 reveals a deep and familiar divide: Democrats overwhelmingly support, while most Republicans are against . With the highly contagious delta variant resulting in up to 2,000 deaths per day, the poll released Thursday by the Associated Press-NORC Center for Public Affairs Research showed that overall, 51% say they approve of Biden’s requirement, 34% disapprove of it and 14% have no opinion.
UNITED AIRLINES VIRUS OUTBREAK
United says some workers threatened with dismissal have been vaccinated
WITHOUT DATE (AP) – United Airlines says only around 300 employees are fired for refusing to be vaccinated against COVID-19, about half of the number reported by the airline earlier this week. United said on Thursday that many employees facing dismissal had uploaded their vaccination cards and would not be made redundant. That cuts the number of airline workers facing layoffs from 593 to 320. United announced the vaccine requirement in August. The airline says about 99% of its employees have been vaccinated or have requested a medical or religious exemption.
Merck spends $ 11.5 billion on Acceleron, a possible blockbuster drug
NO DATE (AP) – Merck will spend approximately $ 11.5 billion to purchase Acceleron Pharma and its potential treatment for high blood pressure in the vessels that connect the lungs and heart. The drugmaker says it will pay $ 180 per share in cash for Acceleron under a deal expected to be reached in the fourth quarter. Acceleron is conducting advanced stage studies on a potential treatment for patients with life-threatening pulmonary arterial hypertension. Merck executives told analysts on Thursday that the drug has sales potential of several billion dollars. They hope to launch it in 2024 or 2025.
Production begins at new Alabama auto plant; hiring in progress
HUNTSVILLE, Alabama (AP) – Production begins at a new auto plant in Alabama and the Mazda-Toyota joint venture is still hiring workers. The first 2022 Corolla Cross vehicle was produced at Mazda Toyota Manufacturing, a joint venture between Mazda Motor Corp. and Toyota Motor Corp. In 2018, Japanese automakers selected Huntsville, Alabama, for the gigantic plant that will ultimately have the capacity to produce up to 300,000 vehicles per year: 150,000 each of a new Toyota SUV and a future Mazda crossover vehicle. The joint venture said Thursday it was in the process of hiring another 1,700 workers and plans to reach up to 4,000 employees once production is fully operational next year.
Hyundai-Kia reminder: turn signals may flash in the wrong direction
DETROIT (AP) – Hyundai and Kia are recalling more than 550,000 cars and minivans in the United States because the turn signals may flash in the direction opposite to that intended by the driver. The recall covers Hyundai’s Sonata mid-size car from model years 2015 to 2015, and Sonata gas-electric hybrids from 2016 and 2017. Kia’s Sedona minivan from 2015 to 2017 is also affected. Hyundai says the software in a junction box may not correctly interpret signals sent by a multifunction switch. The Korean automaker says it is not aware of any accidents or injuries caused by the problem. Resellers will update the software at no cost to owners. Hyundai will begin sending notification letters to customers on November 19, while letters will be sent to Kia owners from November 12.
ESTABLISHMENT OF LICENSED WORKERS BY AMAZON
Amazon settles down with 2 outspoken employees it laid off last year
NEW YORK (AP) – Amazon has reached an agreement with two former technicians who accused the company of illegally firing them last year for reporting the company. Former employees Emily Cunningham and Maren Costa have publicly criticized the Seattle-based company and pushed Amazon to better protect warehouse workers from COVID-19. They also wanted Amazon to do more to reduce its impact on climate change. Cunningham and Costa said the settlement means Amazon will have to pay them lost wages and post notices that the company cannot fire workers for organizing and exercising their rights. Amazon did not immediately respond to a request for comment Thursday morning.
CHURCHILL DOWNS-NEW LOCATION
Churchill Downs to Open Downtown Louisville Game Room
LOUISVILLE, Ky. (AP) – The company that owns Churchill Downs Racecourse has placed its own big bet by announcing plans to open a casino-style venue in downtown Louisville. With its new entertainment facility, Churchill Downs Inc. reinforces its commitment to betting on historic horse races. The company announced Thursday that the site will open with 500 historic horse racing machines. Slot machines in style allow people to bet on randomly generated past horse races. Such ventures have become lucrative sources of income for Kentucky racetracks. Churchill’s new business is slated to open in early 2023. Churchill Downs Racecourse is home to the Kentucky Derby.
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