Oprah and CNN: AT&T merges media business with Discovery
NEW YORK (AP) – US telecommunications giant AT&T Inc. combines its WarnerMedia operations with Discovery Inc. The deal will combine HBO and CNN with HGTV and Oprah Winfrey. And it’s another example of the breakneck speed at which streaming has changed the media world. The $ 43 billion deal was announced Monday after AT&T CEO John Stankey and his counterpart David Zaslav worked out the details at Zaslav’s Manhattan brownstone for the past two months. The hope for the newly merged company is that with more material to choose from than either of them can offer on their own, it can count Netflix, Amazon and Disney among the top streamers.
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Businesses wait for their customers to return in downtown stores
NEW YORK (AP) – Sandwich shops, bakeries, and other small businesses wait with cautious optimism for their customers to return in many inner cities where businesses have closed their offices and shut down commuting. With cities reopening and more people vaccinated, office workers are expected to return – especially when big companies like Goldman Sachs and Bank of America give employees dates by when they should be back in the office. However, many companies are expected to give employees the flexibility to work from home. And some companies have closed offices and are completely isolated.
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The Biden Plan would select winners and losers on the path to green jobs
WASHINGTON (AP) – Some companies are looking forward to President Joe Biden’s huge infrastructure proposal designed to help transform the automotive sector as electric vehicles move from a luxury niche to the American mainstream. Biden’s plan reflects efforts to accelerate certain industries with the belief that they will become engines of growth in the decades to come. In Georgia, school bus manufacturer Blue Bird has a vision of selling a few hundred electric buses per year for every 15,000. In Michigan, Ford plans to produce an all-electric version of its F-150 pickup. Biden will visit Ford’s Michigan electric vehicle center on Tuesday.
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US equities continue to slide from records amid fears of inflation
NEW YORK (AP) – US stocks closed slightly lower on Monday, taking more losses on last week’s stumble as inflation worries continue to plague Wall Street. The S&P 500 lost 0.3% after falling 1.4% last week from its record high. Big tech stocks weighed the heaviest in the market. The sector has been responsible for wide swings in both directions over the past few weeks as investors weigh the effects of rising inflation and a broad economic recovery. Energy and materials companies outperformed the rest of the market and helped contain losses. Small company stocks closed higher.
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88% of the children are paid monthly from July
WASHINGTON (AP) – According to the Treasury Department, 39 million families will receive monthly child benefits as of July 15. The payments are part of President Joe Biden’s $ 1.9 trillion coronavirus relief package. The law extended the child tax credit by one year and allowed monthly benefits to be paid in advance. Almost 88% of children receive the benefits without their parents having to take any additional measures. Qualifying families receive a payment of up to $ 300 per month for each child under 6 years old and up to $ 250 per month for children 6-17 years of age. The child tax credit was previously capped at $ 2,000.
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US officials are demanding heavy fines against more passengers
WASHINGTON (AP) – Federal regulators continue to pursue heavy fines against a few passengers alleged to be disrupted. The Federal Aviation Administration announced Monday that four passengers on past flights would face fines totaling more than $ 100,000, including a $ 52,500 fine on a man arrested after trying had to open the cockpit door and slap a flight attendant in the face. Airlines have reported a spate of worrying incidents in the past few months, many of which have involved passengers who appear drunk or refuse to wear face masks – this is still a federal requirement, even after health officials issued guidelines on how to wear masks last week have loosened.
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The World Economic Forum cancels the big event in 2021 amid a pandemic
GENEVA (AP) – World Economic Forum organizers say they have decided to cancel their annual gathering, which usually takes place in Davos, Switzerland, every year due to concerns about the COVID-19 pandemic. After several attempts to find a suitable date and location, and most recently agreed on the hope of holding it in Singapore in August, the forum said it would not continue the meeting. Organizers said the forum’s next annual meeting will take place on Monday in the first half of next year, with the final date and location yet to be determined.
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The S&P 500 fell 10.56 points, or 0.3%, to 4,163.29. The Dow Jones Industrial Average fell 54.34, or 0.2%, to 34,327.79. The Nasdaq fell 50.93 points, or 0.4%, to 13,379.05. The Russell 2000 Smaller Business Index rose 2.49 points, or 0.1%, to 2,227.12.