Business News

Federal Reserve is edging closer to cutting rates. The question will soon be, how fast?

WASHINGTON (AP) — Two years after launching an aggressive fight against inflation and one year after leaving its benchmark interest rate at a near-quarter-century high, the Federal Reserve is expected to signal this week that it will likely reduce borrowing costs as soon as September. A rate reduction would amount to a momentous shift and a potential boost to the economy. Fed rate cuts, over time, typically lower borrowing costs for such things as mortgages, auto loans and credit cards. Still, a single cut in the Fed’s key rate wouldn’t by itself make much difference to the economy. As a result, the main question for the central bank will be: How fast and how far will it ultimately cut rates?

UK’s new Treasury chief axes projects to save costs and confirms deal to end doctors strike

LONDON (AP) — Britain’s new Labour government has axed several construction projects and withdrawn a winter fuel payment for millions of retirees to cover what it calls a newly found 22-billion-pound ($28 billion) shortfall in the public finances. It blames the former Conservative administration. The Treasury chief in her first major speech accused the Conservative government of covering up the dire state of the public purse following a review of departmental spending that she commissioned after Labour’s landslide victory. Reeves also confirmed that the government has reached agreement to end the long-running strike of doctors at the start of their career.

‘Deadpool & Wolverine’ smashes R-rated record with $205 million debut, 8th biggest opening ever

Marvel is back on top with “Deadpool & Wolverine.” The comic-book movie made a staggering $205 million in its first weekend in North American theaters, according to studio estimates Sunday. It shattered the opening record for R-rated films previously held by the first “Deadpool” ($132 million) and notched a spot in the top 10 openings of all time. Including international showings, where it’s racked up an addition $233.3 million, “Deadpool & Wolverine” is looking at a global opening of over $438.3 million. In the top domestic opening weekends ever, “Deadpool & Wolverine” is seated in 8th place between “The Avengers” and “Black Panther.”

McDonald’s same-store sales fall for 1st time since 2020 as tapped-out customers hold on to cash

McDonald’s global same-stores fell for the first time in nearly four years in the second quarter as inflation-weary consumers skipped eating out or chose cheaper options. The company says it’s working on fixes, like meal deals and new menu items, but it expects same-store sales to be down for the next few quarters. The Chicago burger giant said on Monday that same-store sales fell 1% worldwide in the April-June period. McDonald’s said nearly all of its U.S. franchisees have agreed to extend the company’s $5 meal deal through August. The company’s second-quarter revenue and profit also fell short of Wall Street’s forecasts.

Takeaways from AP’s story on inefficient tech slowing efforts to get homeless people off the streets

LOS ANGELES (AP) — Los Angeles is the nation’s epicenter of homelessness, where more than 45,000 people live in weather-beaten tent encampments and rusting RVs. But even in the state that is home to Silicon Valley, technology has not kept up with the long-running crisis. Billions of dollars have been spent to get homeless people off the streets, but outdated computer systems with error-filled data are all too often unable to provide even basic information. Better Angeles United is developing a series of apps that the nonprofit group hopes could revolutionize shelter and services for homeless people that includes a mobile-friendly prototype for outreach workers.

Can tech help solve the Los Angeles homeless crisis? Finding shelter may someday be a click away

LOS ANGELES (AP) — Can tech help solve Southern California’s homeless crisis? A Los Angeles nonprofit is developing software intended to revolutionize shelter and services in the nation’s epicenter of homelessness. Despite billions in spending, efforts to get people off the streets are being slowed by inefficient, outdated computer systems that often don’t work together and can contain error-ridden data. Better Angels United, founded by tech entrepreneur and philanthropist Adam Miller, has a team of tech experts building a mobile-friendly prototype for outreach workers. It is to be followed by systems for shelter operators and a comprehensive shelter bed database the region now lacks.

Stock market today: Wall Street drifts, and crude oil slides ahead of a frenetic week

NEW YORK (AP) — U.S. stock indexes are drifting ahead of a week full of earnings reports from Wall Street’s most influential companies and a Federal Reserve meeting on interest rates. The S&P 500 rose 0.2% Monday, coming off its first back-to-back weekly losses since April. The Dow Jones Industrial Average slipped 10 points, and the Nasdaq composite rose 0.2%. ON Semiconductor led the market after delivering stronger profit than analysts expected. Reports from Microsoft, Apple, Amazon and Meta Platforms will follow later this week. So will a meeting by the Federal Reserve, where officials may hint that a rate cut will arrive in September.

Even on quiet summer weekends, huge news stories spread to millions more swiftly than ever before

Phones blow up with text messages. News alerts chirp. Stories are always at your fingertips in a wired world. President Joe Biden’s announcement, coming without warning on a slow summer Sunday, illustrates how swiftly news spreads these days. Millions of people, no matter what they had been doing, knew within minutes. It’s faster than in past generations, in large part because most people carry a phone with a powerful computer in their hands at all times. That’s made journalists even more aware than ever about the need for speed in their jobs along with the damage that can be caused if haste makes mistakes.

Insider Q&A: LinkedIn is bullish on AI. Will that help job seekers?

Like many other tech companies, LinkedIn is all in on artificial intelligence systems that can create text, images and other media in response to queries. Last month, the professional networking platform rolled out new AI features that can help users search for jobs, tailor their resumes and create personalized cover letters from scratch. A May report by the market research firm Emarketer noted that consumer-facing brands have been showing more interest in LinkedIn thanks to new advertising formats and changes in user behavior on the Microsoft-owned platform. The Associated Press recently spoke with LinkedIn’s chief product officer about generative AI, the job market, brand marketing and TikTok creators.

President Milei renews his vow to scrap export taxes as Argentina’s powerful farmers get impatient

BUENOS AIRES, Argentina (AP) — Argentine President Javier Milei has told his country’s struggling farmers that he was committed to scraping export taxes and rescuing the key agricultural industry. Miller was addressing the gathering of farmers in flat caps and home-knit sweaters, a powerful group that helped vault him to power but has grown increasingly impatient with his progress. The country’s agricultural producers say they’re willing to give the libertarian president more time to deliver on his free-market promises. But many of them are disillusioned that seven months into Milei’s presidency, they remain hobbled by labyrinth currency controls, crushing export taxes and an uncompetitive exchange rate.