Home News The daily business briefing: July 16, 2019

The daily business briefing: July 16, 2019

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1.

House Speaker Nancy Pelosi (D-Calif.) Said Monday that the House wouldn’t increase the debt ceiling unless it’s a component of a funding deal. Treasury Secretary Steven Mnuchin informed reporters that Congress might need to increase the debt ceiling until its August recess when there is not any budget agreement before then. Otherwise, he said, the national government will not have enough money to cover all of its invoices. Lawmakers have until the end of September to hammer out a deal deal, as that’s when funding for many agencies is scheduled to run out. The Treasury Department can simply issue debt up to the limitation placed by Congress. Because President Trump’s inauguration, overall government debt has risen by about $3 trillion, to more than $22 trillion.
[Politico, The Washington Post]

2.

Amazon workers in Minnesota, Germany, and the U.K. held strikes during a of the online retail giant main sales days of this year, protesting working conditions and wage practices on Monday. “Amazon has the means to do so much more for all of its employees,” Amazon warehouse worker William Stolz informed CNBC out of Minnesota at the start of a two-day Prime Day event anticipated to bring in global sales of up to $5.8 billion. “We would like to see workers have better job security, better treatment for those that are injured, bringing back some of the benefits and bonuses that we used to have.” An Amazon spokesperson said the firm provides”great employment opportunities with excellent pay — ranging from $16.25-$20.80 an hour, and comprehensive benefits.”
[Quartz, The Associated Press]

3.

U.S. stock index futures were little changed early Tuesday as investors anticipated a tide of quarterly earnings reports. Citigroup, the very first big Wall Street bank to report this week, said Monday that its second quarter earnings rose by 7% from a year ago, boosted by higher interest rates and a reduced tax rate. Citigroup reported gain of $1.95 per share, up from $1.63 per share this past year and exceeding the $1.81 per share analysts projected. JPMorgan Chase and Goldman Sachs, among many banks reporting prior to the bell Tuesday, also beat earnings expectations. Investors will be looking for signs of what the banks expect as the global economy slows and the Federal Reserve believes lowering interest rates to boost U.S. growth.
[The Associated Press, CNBC]

4.

Tesla announced Tuesday that it was updating its alternatives and costs to reevaluate its electric-car offerings. The business said it had been dropping the”Standard Range” versions of Model S Condo and Model X sport-utility automobile, leaving only the”Long Range” and”Performance” versions as base options. With the shift, the starting costs will rise to $84,990 for its Model X and 79,900 for its Model S, excluding any purchasing incentives. Tesla also said it was lowering the starting cost for the Model 3, its initial four-poster automobile, to $38,900. Tesla produced a record 72,531 Model 3 sedans from the next quarter, and some employees said they took shortcuts, like decreasing testing for water flows, at Tesla’s open-air”tent” mill to fulfill aggressive production objectives.
[Reuters, CNBC]

5.

The head of codebreaker and computing pioneer Alan Turing will soon be about Britain’s new 50-pound note, the Bank of England announced Monday. Turing helped decipher Nazi Germany’s secret codes with his own”Turing bombe,” a predecessor of contemporary computers. Following the war, nevertheless, he had been prosecuted for homosexuality, that was then illegal. He died in 1954 at age 41, after eating a cyanide-laced apple. He received a posthumous apology and royal pardon in the last few decades. Turing had been”a giant on whose shoulders so many now stand,” Bank of England Governor Mark Carney said. The U.K. has redesigned its 10- and 20-pound notes, that comprise the pictures of author Jane Austen and artist J.M.W. Turner, respectively.
[The Associated Press]

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