AstraZeneca CEO warns U.S. pricing rules will delay new drugs
U.S. legislation requiring price negotiation for top-selling medicines will delay the launch of new drugs, AstraZeneca CEO Pascal Soriot warned.
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Analysis: Student loan relief to cost as much as $980B, favor top earners
The group estimated that between 69% and 73% of any debt forgiven would accrue to households that rank in the top 60% of the U.S.’s income distribution.
China attacks U.S. chip handouts while warning of market slowdown
China lashed out at a $52 billion program to expand American chipmaking, saying the landmark blueprint contains elements that violate fair market principles and targets Beijing’s own efforts to build a semiconductor industry.
Chipmakers’ pandemic boom expected to slow as recession looms
Even in an industry famous for its roller-coaster cycles, chipmakers are bracing for a particularly severe shift in coming months, when a record-setting sales surge is threatening to give way to the worst decline in a decade or more.
U.S. factory output increases for first time in three months
Tuesday’s industrial production report showed output of motor vehicles rose 6.6%, the most in four months. An easing of bottlenecks on semiconductor supplies is affording automakers more room to increase output.
Car-charging investment soars, driven by EV growth, government funds
More than $4.8 billion has been pumped into the electric-vehicle charging industry this year—a combination of roll-out announcements, debt financing, investment and acquisitions. And this is just the deals that have disclosed financial figures.
Egg prices falling fast in relief for U.S. consumers
Farms are repopulating birds that they had to kill during this year’s highly pathogenic avian influenza outbreak. The outbreak killed more than 30 million commercial and wild birds.
Nexstar Media Group to buy CW Network from Warner Bros., Paramount
The purchase underscores Nexstar’s commitment to traditional broadcasting at a time when TV is losing viewers to online services and other entertainment options. Nexstar, the nation’s largest local TV station owner, has two properties in Indianapolis.
Home affordability worsens in U.S. as higher mortgage rates bite
Families spent about 24% of their incomes on mortgage payments in the second quarter, up from 19% in the previous three months and from 17% last year.
U.S. consumer spending barely rose in June as inflation picked up
Businesses have already noticed changes in consumer behavior as inflation erodes workers’ discretionary incomes.
U.S. new-home sales fall more than forecast to two-year low
The figures reflect a cooling market as the Federal Reserve raises interest rates to soften demand in the broader economy and tame decades-high inflation.
Hybrid work reduced employee attrition rate by 35%, study shows
With the unemployment rate near its lowest level in five decades, even some of the staunchest critics of work-from-home have changed their tune to attract and retain employees.
FedEx reduces U.S. Sunday deliveries as e-commerce cools
FedEx accelerated the rollout of Sunday service in 2020 to handle an historic increase of residential deliveries after COVID-19 spurred lockdowns to stem the spread of the virus.
Microsoft, Google among latest tech giants to hit brakes on hiring
With recession fears mounting, many big tech companies are rethinking their staffing needs. Here’s a look at some of the dozens of companies that are tapping the brakes.
Older, younger bosses often disagree about remote work
The research exposes a generational divide in which executives closer to retirement age differ from younger managers in their 30s and 40s, who are generally more accepting of hybrid arrangements and keen to make sure they benefit everyone.
Shares in insurer formerly known as Anthem plunge on high medical costs
Investors were disappointed even as Elevance Health Inc. increased its full-year profit outlook and beat analysts’ projections for second-quarter earnings.
U.S. Senate votes to consider $52 billion in semiconductor funding
The 64-34 procedural vote on Tuesday night met the criteria set by Senate Majority Leader Chuck Schumer to add research and development initiatives circulated by Republican Todd Young of Indiana and Democrat Kyrsten Sinema of Arizona to the legislation, which could be passed by the Senate next week.
Uber could face suit by 500-plus female passengers over sexual assault complaints
Uber has long defended itself by asserting that it can’t be held responsible for behavior of its drivers, who aren’t employees but rather are contractors.
U.S. retail sales top forecast, keeping big Fed rate hike in focus
Nine of the 13 retail categories showed increases last month, according to the report, including furniture stores, e-commerce and sporting-goods stores.
Amazon Prime Day pushed web sales up 8.5%, to $11.9 billion
Amazon sold more than 300 million items over two days, more than any previous Prime Day, the company said Thursday. Best-selling items included diapers, beauty products and Apple watches, according to Amazon.