Business News

Aging bridges in 16 states will be improved or replaced with the help of $5B in federal funding

Federal transportation officials are providing $5 billion to replace or improve aging bridges in 16 states. The grants announced Wednesday by President Joe Biden’s administration come from a $1 trillion infrastructure package he signed into law in 2021. The largest project provides an additional $1.4 billion to help replace two bridges carrying Interstate 5 traffic over the Columbia River between Oregon and Washington. Other projects receiving $500 million or more include bridges in Cape Code, Massachusetts; Mobile, Alabama; and Harrisburg, Pennsylvania. More than 42,000 bridges across the U.S. are in poor condition, and they are on average 70 years old.

Retail sales unchanged in June from May, underscoring shoppers’ resilience

NEW YORK (AP) — Shoppers paused their spending in June from May, defying economic forecasts for a pullback and proving their resilience in the face of an uncertain economy. Retail sales were unchanged in June from May, after being revised upward to a 0.3% increase in May, according to the Commerce Department report on Tuesday. Last month, April sales were revised downward — a 0.2% decline, from unchanged. Sales rose 0.6% in March and 0.9% in February. That comes after sales fell 1.1% in January, dragged down in part by inclement weather.

Ex-regional Fed president: Inflation headed lower, with interest rates likely to follow

WASHINGTON (AP) — Loretta Mester, having worked in the Federal Reserve system her entire career, rose to become president of the Cleveland Fed for a decade until her retirement on June 30. During most of her years on the Fed’s interest-rate-setting committee, Mester was likely to favor relatively higher interest rates to contain inflation. This stance earned her the label of “hawk,” which describes officials who typically worry most about controlling inflation. Yet in a recent interview Mester reiterated that should inflation keep cooling, as she and other Fed officials expect, the central bank should cut rates this year.

After reshaping Las Vegas, The Mirage to be reinvented as part of a massive Hard Rock makeover

LAS VEGAS (AP) — The Mirage is about to vanish from the Las Vegas Strip. The iconic tropical island-themed hotel-casino that reshaped an industry and sparked a resort building boom closes Wednesday. That’s after a last-days frenzy of standing-room crowds wagering to win $1.6 million in pent-up slot machine progressive jackpot winnings that regulators say can’t be on the books when doors close. Its new operators, Hard Rock International and Florida-based Seminole Gaming, are planning a three-year renovation. They will replace the resort’s fire-spewing sidewalk-side volcano with a bright new guitar-shaped hotel with 600 rooms. They say Hard Rock Hotel & Casino, Las Vegas will open in 2027.

Can a lottery winner run an effective foundation? Meet Roy Cockrum

In the early 1980s, soon after graduating from college, Roy Cockrum was trying to make it as an actor in New York. He was hanging on by his fingernails, getting paid $40 a show for two supporting roles in the off-Broadway comedy “Vampire Lesbians of Sodom.” Then, in 2014, at age 58, Cockrum’s luck abruptly changed. Cockrum won America’s Powerball lottery, collecting a lump-sum check for $153 million. Instead of spending it all on himself, he decided to take half his after-tax winnings, about $60 million, and set up a foundation focused on helping U.S. nonprofit theaters rediscover their boldness.

Stock market today: Big tech stocks dive again as their split deepens with the rest of Wall Street

NEW YORK (AP) — Big technology stocks are dropping again, hurt by worries about potentially worsening trade tensions with China. That’s dragging market indexes to their worst day in months, but conditions may be less discouraging underneath the surface, and nearly as many U.S. stocks are rising as falling Wednesday. The split left the S&P 500 sagging by 1.1% a day after setting an all-time high. The Nasdaq composite was down 2.1% and on track for its worst day since January, also weighed by losses for Nvidia and other heavyweights. But the Dow Jones Industrial Average was adding 103 points, or 0.3%, to its record set a day earlier.

IMF’s economic view: Brighter outlook for China and India but tepid global growth

WASHINGTON (AP) — The International Monetary Fund has upgraded its economic outlook this year for China, India and Europe while modestly lowering expectations for the United States and Japan. But it says worldwide progress against accelerating prices has been slowed by stickier-than-expected inflation for services, from airline travel to restaurant meals. Overall, the IMF still expects the world economy to grow a lackluster 3.2% this year, unchanged from its previous forecast in April and down a tick from 3.3% growth in 2023. From 2000 through 2019, before the pandemic upended economic activity, global growth had averaged 3.8% a year.

Walmart retools its young adult clothing line in pursuit of fashion credibility

NEW YORK (AP) — Walmart has spent three years overhauling its mix of adult apparel to make it stylish as well as sensible for middle America. Now, the nation’s largest retailer is seizing the back-to-school shopping season to take another shot at fashion respectability. The company plans to relaunch its 30-year-old brand for teenagers and young adults on Tuesday with a new 130-piece fall collection aimed at Generation Z. The retooling of the No Boundaries label is part of a strategy to get customers to think of Walmart as a place to buy cool clothes as well as groceries. Winning over younger customers will be challenging given Walmart’s heavy competition and reputation for selling cheap basics.

Bank of England faces dilemma after potential Taylor Swift upside impact on UK inflation

LONDON (AP) — Inflation in the U.K. held steady at the Bank of England’s target rate of 2% in June. The Office for National Statistics said Wednesday that the largest upward contribution came from restaurants and hotels, with some economists attributing the increases to Taylor Swift’s tour of the U.K. The biggest downward contribution came from clothing and footwear, with widespread sales during the month. The flat annual reading compared to June a year ago was a tad higher than expected. Most economists had anticipated a modest decline to 1.9%. As a result, there are renewed doubts about whether the Bank of England will cut interest rates in August.

In a media world that loves sharp lines, discussions of the Trump shooting follow a predictable path

Authorities haven’t established why a 20-year-old Pennsylvania man attempted to assassinate former President Trump last week. With the shooter now dead, we may never know. But that hasn’t stopped media figures and politicians from drawing their own conclusions. It’s what the modern media world is built upon — drawing sharp lines, with little room for middle ground and impatience for the truth. President Joe Biden, Democrats, left-leaning or mainstream media and the amorphous “they” have all been blamed. Experts say the blamers are all serving a niche audience, where the incentive is to be loud and outrageous.