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AP Business Overview Brief, 9:29 AM EDT | Work

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Democrats Push Biden’s Climate, Health Priorities Toward Senate OK

WASHINGTON (AP) — The Senate worked through the night and into the morning as Democrats pushed to pass an election-year economic package. The bill is less ambitious than President Joe Biden’s original domestic goals. But it embodies a deep-seated party dream of slowing global warming, easing drug costs and taxing big business. It repelled more than a dozen Republican efforts to thwart it. “I think it will pass,” President Joe Biden told reporters at the White House. The House of Representatives is expected to give final congressional approval on Friday when it returns temporarily from summer vacation.

China July exports rise, trade surplus hits record high

BEIJING (AP) — China’s export growth continued to rise in July, pushing the trade surplus to a record high. China’s exports rose 18% year-on-year to her $333 billion, up from 17.9% in June, according to China Customs data. However, imports continue to be soft, with him up 2.3% in July compared to a year ago. This is lower than economists’ estimates of 4% and suggests weak domestic demand amid lockdowns across the country as China tries to contain her COVID-19 outbreak. China’s total trade surplus reached $101.3 billion in July, breaking a record set in June. The economy has recovered from the start of the year when manufacturing and logistics were disrupted by strict COVID-19 restrictions, including his two-month lockdown in Shanghai.

Demand for grocery delivery cools as food prices rise

U.S. demand for grocery delivery is cooling as food prices rise. Some shoppers have shifted to picking up cheaper groceries, while others are returning to stores. Grocery deliveries saw him grow five years in his first three months of the pandemic, according to experts. In June 2020, grocery delivery was his $3.4 billion business. But by June 2022, it had fallen by 26%. Consulting firm Chase Design says it’s hard for him to get shipping below $10 because of fuel and labor costs. With food price inflation at his 40-year high, the premium is hard to accept for some consumers.

‘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 franchising also presents many challenges. There are many rules and regulations to follow and long contracts that can be difficult to get out of.

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.

Traffic Problems Pile Up For Confused Subway Passengers In Boston

BOSTON (AP) — Every week seems to bring a new traffic accident story for Boston subway riders. There were runaway trains, subway cars spewing smoke and fire, fatal accidents, rush hour trains running on weekend schedules, and brand new subway cars that stopped running. It prompted an investigation by the Department of Transportation and worried political leaders. One of the more frustrating failures occurred when MBTA temporarily excluded all new orange and redline cars in his June. Republican Gov. Charlie Baker says the majority of trips end without drama, despite the trouble.

‘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. The war threatens the food supplies of countries like Lebanon, which has the highest food inflation rate in the world and depends almost entirely on the Black Sea region for its wheat. is an important first step towards reaching hungry people in parts of Africa, the Middle East and Asia. 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.