The National Weather Service declared heat alerts through Saturday for most of Washington, northern Idaho, California and Oregon, as the northwestern U.S. sees persistent high temperatures.
Staff at Britain’s largest container port Felixstowe voted in favor of striking in a dispute over pay, joining a wave of labor action in the nation.
A backup of more than 60 tankers, triple the normal queue, has formed off the coast of Mexico as ships wait for storage spaces to unload their fuel cargoes. Importers are facing penalties of up to $40,000 a day for the stranded ships, with state-owned Pemex incurring the bulk of the fees.
House lawmakers followed the U.S. Senate Thursday in passing a $280 billion bill to boost U.S. computer chip production and tech competitiveness with China. Major chip makers hailed the approval and said they were moving ahead on various projects that had been stalled awaiting funding.
The average U.S. mortgage rate fell from 5.54% to 5.30% yesterday, according to Freddie Mac, as purchase demand tumbles amid elevated home prices.
JetBlue Airways agreed to buy Spirit Airlines for $3.8 billion, ending a months-long bidding war with Frontier for control of the U.S. budget airline market. The deal now faces an uphill battle getting approval from regulators.
In the latest news from second-quarter earnings season:
Apple limited its quarterly profit decline to 11% after weathering supply constraints and shutdowns in China, while iPhone sales remained resilient.
Amazon posted a net loss for the second straight quarter as cloud-unit strength was offset by weakness in core online retail operations. Still, the firm’s shares rose over 13% in after-hours trading on promising revenue gains.
Comcast’s subscriber growth was flat for the first time in company history, a sudden downshift amid rising competition from 5G telecom providers.
Pfizer’s revenue jumped 47% in the second quarter on $8.1 billion in global sales of its COVID-19 antiviral Paxlovid.
Southwest saw earnings double to $760 million, a record, fueled by a sharp rebound in travel demand and higher ticket prices.
Mastercard saw gross dollar volumes rise 14% but warned that runaway inflation is sapping spending from lower-income customers.
Shares of Roku fell 25% Thursday after the streaming firm posted a surprise loss of $112.3 million on declining advertising dollars.
Euro zone inflation climbed to another all-time high of 8.9% in July, driven by soaring energy and food costs as calls rise for the bloc’s central bank to make more aggressive interest-rate hikes. Germany, the euro zone’s biggest economy, saw similar inflation numbers.
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