___
House to try to suspend limits on borrowing rights next week
WASHINGTON: House Democrats said Friday they plan to take action next week to suspend the cap on the government’s lending authority. At the same time, the White House pressured Republicans by warning state and local governments that serious cuts would lie ahead if the measure fails in the Senate. Senate Republican leader Mitch McConnell has said Republicans will not vote to raise the debt limit and that Democrats must act on their own. McConnell says Republicans will not facilitate another reckless spending spree. The debt limit is the amount Congress allows the Treasury to borrow.
___
Investigation puts former World Bank officials under scrutiny over China
WASHINGTON: Former World Bank officials are under pressure after an investigation pressured staff members to turn data on global trade conditions in favor of China and some other governments. The World Bank said it would close its Doing Business report in the wake of the investigation, which was conducted by law firm WilmerHale following internal claims of data irregularities in the 2018 and 2020 editions of the report and potential ethical matters involving bank employees .
___
US panel only for elderly, high risk . Supports COVID-19 Booster for
WASHINGTON: An influential federal advisory panel has overwhelmingly rejected a plan to give most Americans a Pfizer booster shot against COVID-19, but it has backed additional doses for those who are 65 or older. have or are at high risk of serious disease. The twin votes represented a colossal blow to the Biden administration on Friday to shore up the safety of nearly all Americans amid the spread of the highly contagious Delta variant. The decision was made by a committee of outside experts who advise the Food and Drug Administration.
___
Man sentenced to 12 years in $200 million phone-fraud scheme
Seattle: A Pakistani resident has been sentenced to 12 years in prison for conspiracy to unlock a phone from the AT&T network, a scheme the company says cost more than $200 million. Muhammad Fahd began bribing employees of an AT&T call center in Bothell, Washington, in 2012 so that they could use their credentials to unlock the phone, removing them from the AT&T network, even though Only customers may not have completed payment for expensive equipment. He later had them install malware on the company’s network, so that he could unlock the phone from Pakistan. He paid $922,000 to three AT&T employees from 2012 to 2017 before being arrested in Hong Kong.
___
China applied to join the Pacific trade deal abandoned by Trump
BEIJING: China has applied to join an 11-nation Asia-Pacific free trade grouping in an effort to increase its influence on international policies. The commerce ministry said Beijing submitted an application to New Zealand, which acts as a representative of the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership. The CPTPP was formerly known as the Trans-Pacific Partnership. It was promoted by then-President Barack Obama as part of Washington’s emphasis on ties with Asia. Obama’s successor, Donald Trump, dropped out of the group in 2017. The CPTPP, which took effect in 2018, includes agreements on market access, movement of labor and government procurement.
___
Mackenzie Scott dominates charity for racial equity
Philanthropist Mackenzie Scott has funded the organizations that received the most money for racial equity in 27 different states following the police killing of George Floyd. Scott was responsible for about $567 million given to these organizations, according to an AP analysis of new preliminary data from the philanthropic research organization Candid. Millions of dollars have been gifted to HBCU powerhouses such as Morehouse College and other little-known groups. In at least 11 states, Scott provided the majority of racial equity-oriented contributions to the top recipients. But in some states the scope of his influence can be huge, mainly because it is not clear how all of his donations are divided into different groups.
___
Stocks fall on Wall Street, deliver weeks of gains
NEW YORK: Stocks closed lower on Wall Street on Friday, marking a weak end to an up-and-down week of trading. The S&P 500 index dropped 0.9%. The benchmark index suffered its second consecutive weekly loss. The Dow Jones Industrial Average fell 0.5% and the Nasdaq 0.9%. Roughly 80% of stocks in the benchmark S&P 500 fell, and every sector except health care was in the red. Technology and communications companies were the biggest drag in the market. Energy prices fell. The yield on the 10-year Treasury note rose to 1.38% from 1.33% a day earlier.
___
Union Pacific CEO sees strong economy coming out of pandemic
Omaha, Neb.: As Union Pacific’s CEO, Lance Fritz has had to find ways to keep freight moving during the coronavirus pandemic as the economy nearly comes to a halt and then comes back to life. Now he’s working to help it overcome a large backlog in imported shipments. At the height of the pandemic shipping volume restrictions in the spring of 2020 fell more than 20% before rebounding sharply later that year. Railroads had to cut staff quickly, while making sure they had enough people to cover virus-related illnesses and quarantine, before working at a brisk pace to handle a return to volumes again. Current shipping volumes are also around 2019 with indications that demand has returned to pre-pandemic levels and the economy is strong, although it has weakened slightly recently as virus cases rise.
___
The S&P 500 fell 40.76 points, or 0.9%, to 4,432.99. The Dow Jones Industrial Average ended 166.44 points, or 0.5%, down at 34,584.88. The Nasdaq fell 137.96 points, or 0.9%, to 15,043.97. The Russell 2000 Index of Small Companies rose 3.96 points, or 0.2%, to 2,236.87.
Disclaimer: This post has been self-published from the agency feed without modification and has not been reviewed by an editor
read all breaking news, breaking news And coronavirus news Here