Heat, Fire Still Gripping Much Of West

Parts of the U.S. are continuing to sizzle as July creeps toward setting a record for the hottest month ever recorded. Phoenix led the way Sunday, hitting its 31st consecutive day of at least 110 degrees. Thunderstorms forecast in Phoenix for both Monday and Tuesday could offer some relief. Meanwhile, erratic winds are blamed for spreading a massive wildfire still burning out of control in California’s Mojave National Preserve. Firefighters to the south reported progress against another major blaze that prompted evacuations.

Struggling China Signals More Support For Private Business

China’s government is taking unusual measures in an effort to bolster the country’s struggling economy. Economic confidence has taken a pounding for a number of reasons. President Xi Jinping’s most striking pledge may be the promise of renewed support for private businesses that generate most jobs and wealth. Over the past decade, they’ve felt under attack as the ruling Communist Party built up state-owned industries, tightened control over business and pressured them to pay for its technology and industrial ambitions. Entrepreneurs and investors are waiting to see what tax, spending or other steps the ruling party might take, and if it will rein in state companies that dominate the economy.

EU Economy Sees Growth In Second Quarter.

Europe’s economy is growing again — but not by much. Growth came in at 0.3% in the April-to-June quarter, following zero expansion in the three months immediately before. Stronger performance in Spain and France helped. But Germany, the largest of the 20 economies that use the euro, is holding things back with zero growth. High inflation is still sapping consumer spending power despite rebounding travel. Another factor is the series of interest rate hikes from the European Central Bank, which are making it harder to borrow to spend or invest.

Citigroup Acknowledges Likely Benefit From Slavery In 1800’s

Citigroup says some of the companies that came together to form the financial giant likely benefitted from slavery in the 1800’s.  Citigroup’s acknowledgement on Thursday came at a time when numerous institutions are re-examining their historic roots and the roles they played in slavery in the U.S. In research conducted last year, Citi found that none of its predecessor companies directly purchased, sold, or held slaves. But the research did find that some of predecessor entities likely “indirectly profited” from the institution of slavery. Citi traces its founding back to 1812 and creation of the City Bank of New York.

Intensifying heat wave descends on eastern U.S.

After weeks of baking the South and Southwest, the intensifying heat wave has descended on the eastern United States. Some 180 million Americans – about half the U-S population – are under heat watches and warnings. The National Weather Service says temperatures and heat index values will be well above 100 degrees until at least Saturday. Officials in New York City, Washington D.C., Philadelphia and other big cities urged people to avoid working or playing outside and to drink plenty of fluids.

Putin Pledges Grain Shipments To Africa Will Continue

Russian President Vladimir Putin has reaffirmed his pledge that Russia will maintain steady supplies of grain and other agricultural products to Africa. Speaking at a two-day Russia Africa summit Putin sought to court leaders by hailing the continent’s role in global affairs. He also offered to expand political and business ties with the continent. Putin declared Thursday that Russia intends to ship up to 50,000 tons of grain aid to Burkina Faso, Zimbabwe, Mali, Somalia, Eritrea and Central African Republic. He also vowed to take a close look at a peace proposal African leaders support for an end to the war with Ukraine.

Interest rates are likely heading higher once again

Interest rates are likely heading higher once again. The Federal Reserve did not raise its benchmark interest rate at its previous meeting. But many investors expect Fed officials will increase the rate by a quarter percentage point when they meet on Wednesday. Wall Street is hoping that the central bank will then hold rates steady for the rest of 2023. In a bid to fight inflation, the Fed has aggressively raised rates from near zero over the past two years. GC, Wash.

Twitter is getting a new logo

Twitter is getting a new logo. In a major rebranding of the his social media platform, Elon Musk has unveiled a new black and white “X” logo to replace Twitter’s famous blue bird. Musk, who bought the company for 44 billion dollars last year, replaced his own Twitter icon with a white X on a black background. And Musk said the posts on Twitter will now be called Xs instead of tweets.

US jobless claims fall again as labor market continues to flash strength

( ) -q-25- UNDATED (Correspondent Jeremy House) “the previous week.”

Fewer Americans applied for unemployment benefits last week.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The Labor Department reports applications for jobless claims fell by 9,000 to 228,000 for the week ending July 15th. The four-week moving average of claims, which evens out some of the weekly volatility, fell by 9,250 to 237,500. Overall, 1.75 million people were collecting unemployment benefits the week that ended July 8th, about 33,000 more than the previous week.

American Airlines made $1.3 billion in 2nd quarter as travel booms and fuel prices drop

( ) -q-17- UNDATED (Correspondent Jeremy House) “of jet fuel.”

American Airlines is reporting a $1.3 billion profit for the second quarter.

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TAG: Correspondent Jeremy House reporting. American is also raising its forecast of earnings for the full year.

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VERBATIM: The figure continues the run of strong results from the nation’s airlines. The results beat Wall Street expectations. American and other airlines are getting a boost from strong ticket sales as travel recovers from the pandemic. And they are being helped by a huge drop in the cost of jet fuel.

Turkey raises its key interest rate to 17.5%

( ) -q-17- UNDATED (Correspondent Jeremy House) “Recep Tayyip Erdogan.”

Turkey’s central bank is raising its key interest rate to 17.5%.

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TAG: Correspondent Jeremy House reporting. The bank started cutting rates in late 2021 in line with Erdogan’s belief that lowering interest rates fights inflation, contradicting traditional economic theory.

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VERBATIM: It’s a further sign of commitment to orthodox economic policy following elections in May. The 2.5 percentage point hike came a month after the bank raised rates from 8.5% to 15%. That followed more than a year of rate-cutting prompted by President Recep Tayyip Erdogan.

Nokia profits fall as clients particularly in North America shun investments

( ) -q-21- UNDATED (Correspondent Jeremy House) “a year earlier.”

Wireless and fixed-network equipment maker Nokia has reported a fall in second quarter profit.

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TAG: Correspondent Jeremy House reporting. Net income attributable to shareholders was 415 million euros, down from 582 million euros the previous year. Nokia’s sales were down 3% at 5.7 billion euros.

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VERBATIM: The drop comes as clients especially in North America postponed investments due to a slowdown in economic growth and rising financing costs. The Espoo, Finland-based company reported net profit of 414 million euros for the April-to-June period, down 29% from 585 million euros a year earlier.

Facebook parent Meta makes public its ChatGPT rival Llama

( ) -q-17- UNDATED (Correspondent Jeremy House) “and commercial use.”

Facebook parent company Meta Platforms has built an artificial intelligence system that rivals the likes of ChatGPT and Google’s Bard but it’s taking a different approach.

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TAG: Correspondent Jeremy House reporting. Much like tech peers Google and Microsoft, the social media company has long had a big research team of computer scientists devoted to advancing AI technology. But it’s been overshadowed as the release of ChatGPT sparked a rush to profit off of “generative AI” tools.

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VERBATIM: It’s releasing the system for free. Meta CEO Mark Zuckerberg said it is partnering with Microsoft to introduce the next generation of its AI large language model. It is making the technology known as Llama 2 free for research and commercial use.

Chinese livestreamers set their sights on TikTok sales in U.S., Europe

( ) -q-21- UNDATED (Correspondent Jeremy House) “become better salespeople.”

Chinese livestreamers have set their sights on selling to TikTok shoppers in the U.S. and Europe.

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TAG: Correspondent Jeremy House reporting. It’s unclear whether their overseas ambitions can be realized given TikTok’s uncertain future in the U.S.

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VERBATIM: They are hawking everything from bags and apparel to crystals in hopes that overseas livestream shopping could vastly increase their sales. The livestream e-commerce market in China is forecast to reach 676 billion dollars this year. Boot camps have sprouted up in China to teach livestream hosts how to become better salespeople.

After Macron’s criticism, U.S. economist says she won’t take top EU job

( ) -q-23- UNDATED (Correspondent Jeremy House) “decision ‘with regret.'”

The European Union says the American candidate to become one of the bloc’s chief economists will now not take up the position because of the political controversy it has stirred.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: In a letter to the EU’s executive Commission, Yale economics professor Fiona Scott Morton wrote that she had “determined that the best course of action is for me to withdraw and not take up the Chief Economist position.” French President Emmanuel Macron led the objections to appointing an American to the job. EU Competition Commissioner said she accepted Morton’s decision “with regret.”

Bank of America net income jumps 19%, extending the rally for big banks

( ) -q-18- UNDATED (Correspondent Jeremy House) “a year earlier.”

Bank of America said its profits grew 19% last quarter.

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TAG: Correspondent Jeremy House reporting. Revenue of $25.2 billion came in just ahead of targets. Bank of America’s net interest income rose 14% to $14.2 billion in the second quarter.

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VERBATIM: Bank of America is the latest of the big banks to see its bottom line boosted by higher interest rates. The nation’s second-largest bank by assets posted a profit of $7.4 billion in the three months ended June 30. That’s up from $6.2 billion in the same period a year earlier.

Biden administration announces cybersecurity labeling program for smart devices

( ) -q-20- UNDATED (Correspondent Jeremy House) “participation is voluntary.”

The Biden administration and major consumer tech players are launching an effort to put a nationwide cybersecurity certification and labeling program in place.

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TAG: Correspondent Jeremy House reporting. Amazon, Best Buy, Google, LG, Logitech and Samsung are among industry participants. The labels are for products including baby monitors, home security cameras, fitness trackers, TVs and smart climate control systems. The labels could be ready by next year.

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VERBATIM: The program is to help consumers choose smart devices that are less vulnerable to hacking. Officials liken the new U.S. Cyber Trust Mark initiative to the Energy Star program, which rates appliances’ energy efficiency. The initiative will be overseen by the Federal Communications Commission. Industry participation is voluntary.

Divisions over the Ukraine war cause a rift at the EU-LatAm summit

High anxiety has set in on the closing day of a summit between European Union and Latin American leaders. What was supposed to be a harmonious get-together has turned into a diplomatic fracas over the war in Ukraine. Ambassadors worked through much of the night and into Tuesday morning to find even the blandest text to condemn Russia for its invasion of Russia. Talks have been hung up over the reservations of some Central and South American nations like Cuba, Venezuela and Nicaragua.

A slight improvement in Germany’s economy

( ) -q-27- UNDATED (Correspondent Jeremy House) “the second quarter.”

Germany’s central bank says the country’s economy appears to have returned to slight growth in the April-to-June period after shrinking for two consecutive quarters.

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TAG: Correspondent Jeremy House reporting. The bank said that private consumption apparently stabilized, thanks to a solid labor market, pay increases and the lack of a further significant increase in inflation.

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VERBATIM: Germany’s national statistics office said in late May that Europe’s biggest economy contracted by 0.3% in the first three months of this year. That marked the second consecutive decline that is one definition of a recession. Gross domestic product declined by 0.5% in last year’s fourth quarter. In its monthly report, the Bundesbank said that economic output appears to have “increased slightly” in the second quarter.

EU and Latin American leaders hold a summit hoping to rekindle relationship

( ) -q-20- UNDATED (Correspondent Jeremy House) “sides seem wider.”

European Union and Latin American leaders are gathering for a major summit of long-lost relatives.

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TAG: Correspondent Jeremy House reporting. In addition, division over anything from the war in Russia to trade, deforestation and slavery reparations has given extra spice to a two-day summit starting Monday that will now already be considered a success if all agree to meet more rapidly from now on.

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VERBATIM: Whether it will also be a joyful meeting of long-lost friends remains to be seen. It has been eight years since their last such encounter. COVID-19 pandemic and Brazil’s three-year departure from the 33-nation Community of Latin American and Caribbean States had made the Atlantic Ocean separating the two sides seem wider.

Virgin Galactic plans its next commercial flight to the edge of space for August

( ) -q-22- UNDATED (Correspondent Jeremy House) “be on board.”

Virgin Galactic is aiming for early August for its next flight to the edge of space.

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TAG: Correspondent Jeremy House reporting. Hundreds of people have purchased tickets over the years, including celebrities, scientists and entrepreneurs from around the world.

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VERBATIM: The company has announced that the window for the commercial flight from Spaceport America in the New Mexico desert will open August 10. This flight is expected to include ticket holders who have been waiting for years for their chance at weightlessness aboard the space tourism company’s rocket-powered plane. Virgin Galactic is expected next week to release more details about who will be on board.

UnitedHealth shares rebound after health care giant beats Street 2Q forecasts

( ) -q-25- UNDATED (Correspondent Jeremy House) “pharmacy benefit manager.”

UnitedHealth beat second-quarter expectations as an acquisition and more Medicare Advantage customers fueled revenue growth that balanced a jump in care use.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The health care giant also raised the low end of its 2023 earnings forecast range after its profit jumped 8% to $5.47 billion in the quarter. UnitedHealth runs a health insurance business that covers more than 50 million people, mostly in the United States. It also has an Optum business that provides care and runs one of the nation’s largest pharmacy benefit managers.

JPMorgan second quarter profit jumps 67% with a boost from First Republic takeover

( ) -q-21- UNDATED (Correspondent Jeremy House) “a year earlier.”

JPMorgan Chase says its second-quarter profits rose by 67%.

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TAG: Correspondent Jeremy House reporting. Revenue rose to $42.4 billion. The results beat Wall Street forecasts.

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VERBATIM: The nation’s largest bank made more loans to customers and took advantage of higher interest rates as well as its recent acquisition of First Republic. JPMorgan says it earned $14.5 billion in the three months which ended June 30. That’s compared to a profit of of $8.65 billion in the same period a year earlier.

US applications for jobless benefits fall again as labor market continues to defy the Fed actions

( ) -q-26- UNDATED (Correspondent Jeremy House) “a given week.”

The number of Americans applying for jobless benefits fell again last week.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The Labor Department says applications for jobless claims fell by 12,000 to 237,000 for the week ending July 8th as the labor market continues defy the Federal Reserve’s attempt to cool it by raising interest rates. The four-week moving average of claims fell by 6,750 to 246,750. Jobless claim applications are seen as a proxy for the number of layoffs in a given week.