U.S. House panel calls for cryptocurrency fraud oversight
The inquiries come as the cryptocurrency market has seen immense volatility, as bitcoin lost nearly half its value at one point this year and other cryptocurrencies fell even more.
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Indiana abortion clinics sue to block state’s near-total ban
The lawsuit claims the ban, set to take effect on Sept. 15, “strips away the fundamental rights of people seeking abortion care” in violation of the Indiana Constitution.
U.S. asks farmers: Can you plant two crops instead of one?
The USDA hopes to significantly increase the amount of wheat that U.S. farmers could grow every year, lessening the reliance on big wheat producers like Ukraine and Russia and eliminating bottlenecks.
Musk cites whistleblower as new reason to exit $44B Twitter deal
Tesla CEO Elon Musk and Twitter lobbed more accusations at each other Tuesday in the latest round of legal filings over Musk’s efforts to rescind his offer to buy the social media platform.
Consumers more confident in August as gas prices dip
Following three straight monthly declines, U.S. consumer confidence rebounded in August as inflation moderated and gas prices fell.
Job vacancies rise after 3 months of declines, dashing Fed hopes for cooling
The increase that the government reported Tuesday will be a disappointment for Federal Reserve officials, who are seeking to cool hiring by raising short-term interest rates to try to slow borrowing and spending, which tend to fuel inflation.
Indiana refinery fire expected to have little impact on gas prices
Patrick De Haan, head petroleum analyst at GasBuddy, which tracks gas prices nationally, called the Whiting facility closure a “temporary setback.”
Fed’s real-time payment system coming as soon as May
In development for effectively a decade, FedNow is expected to allow banks of any size to send payments to each other in real-time. That will allow bank customers to send real-time payments to one another on the same rails.
LG, Honda looking at Ohio, Indiana for $4.4B joint venture to make EV batteries
The plant’s site is still undecided, but construction will begin in early 2023, with mass production of advanced lithium-ion battery cells to start by the end of 2025.
EPA waives fuel rule in four states after Indiana refinery fire
The waiver lifts a Clear Air Act requirement that lower-volatility gasoline be sold in the states during summer months to limit ozone pollution. The refinery provides about 20% to 25% of the gasoline, jet fuel and diesel used by Indiana, Michigan, Wisconsin and Illinois.
Stocks see biggest drop in 2 months as Fed dashes hopes for easing rates
The losses came after Chair Jerome Powell said the Federal Reserve will likely need to keep interest rates high enough to slow the economy for some time in order to beat back the high inflation sweeping the country.
EPA to designate ‘forever chemicals’ as hazardous substances
The chemicals can accumulate and persist in the human body for long periods of time, and evidence from animal and human studies indicates that exposure to might lead to cancer or other health problems.
Moderna sues Pfizer over patents behind COVID-19 vaccine
COVID-19 vaccine maker Moderna accuses competitors Pfizer and BioNTech of copying Moderna’s technology in order to make their own vaccine.
Stocks fall as Fed chair says rates to remain high ‘for some time’
Federal Reserve leader Jerome Powell acknowledged the rate hikes will hurt the job market and U.S. households, but he also said the pain would be worse if inflation were allowed to fester.
Inflation eased in July, with consumer prices up a still-high 6.3%
According to a Commerce Department report Friday that is closely watched by the Federal Reserve, consumer prices rose 6.3% in July from a year earlier after posting an annual increase of 6.8% in June.
California, Washington plan to prohibit sales of new gas vehicles by 2035
The move by the California is likely to reshape the U.S. auto market, which gets 10% of its sales from the nation’s most populous state.
Insulin cap for Medicare patients signals hope for others
In January, the cost of insulin for patients on Medicare will be capped at $35 a month. But that cap doesn’t apply to those with private insurance, which is used by the majority of those in need of insulin.
Fewer Americans claim weekly jobless benefits
The number of Americans collecting traditional unemployment benefits fell by 19,000 the week that ended Aug. 13, to 1.42 million.
Government revision shows economy shrank 0.6% last quarter
In its previous estimate for the April-June quarter, the government had estimated that the economy had shrunk at a 0.9% rate.
Study: Pfizer COVID pill showed no benefit in younger adults
The researchers found that Paxlovid reduced hospitalizations among people 65 and older by roughly 75% when given shortly after infection. But people between the ages of 40 and 65 saw no measurable benefit, according to the analysis of medical records.