| Another day brings another wave of mea culpas over the US recession that never happened. Indeed, there are increasing signs that CEOs don't think a downturn will strike anytime soon. Across the country, they are opting to reinvest more of their profits in expansion projects rather than handing the money back to shareholders. New data shows the average company pushed up capital expenditures by 15% in the second quarter and buybacks among corporate clients have been tracking below seasonal trends since May. This after Bank of America joined the party and reversed its recession call. Stocks however slid Thursday ahead of a US jobs report and the status of record-low unemployment, both of which may inform the Fed's next steps on inflation. Here's your markets wrap. —Margaret Sutherlin Donald Trump pleaded not guilty to charges he attempted to subvert American democracy in an effort to stay in power—what a Congressional investigative committee called the first attempted coup in US history. The Republican surrendered, was arrested and appeared before a federal magistrate in Washington on Thursday. The prosecution stems from his third and most serious indictment this year, with a fourth potentially to follow. This federal grand jury convened by Special Counsel Jack Smith alleged Trump spread lies about fraud during the 2020 election in order to undermine public faith in the vote, culminating in the deadly Jan. 6, 2021 insurrection. Trump faces criminal conspiracy charges that could bring him a 20-year sentence if convicted. US District Judge Tanya Chutkan, an appointee of President Barack Obama, will oversee the trial. As the value of NFL teams soars, football is being forced to welcome a new class of investors—ones from high finance—that has made major inroads in other sports like soccer and basketball. Hedge-fund manager David Tepper bought the Carolina Panthers for $2.3 billion in 2018, making him the only team owner at the time with a financial background. Now with Apollo Co-Founder Josh Harris's purchase of the Washington Commanders, it looks like finance has finally cemented itself in the NFL's inner circle.  Josh Harris greets Washington Commanders fans after a July 21 press conference in Landover, Maryland, introducing the team's new owners. Photographer: Tasos Katopodis/Getty Images Two US Navy sailors have been arrested on charges of providing sensitive US military information to China in exchange for money, in what the Justice Department called a relentless effort by China to get US secrets. Extreme weather is hammering China, and more is expected this month from typhoons to dangerous heat as the nation reels from deadly floods. Farms and cities face dueling crises of drought and inundation, hitting key agriculture sectors. Across northern China, where floods have been particularly devastating, some residents took aim at a Communist Party official who said cities outside Beijing were acting as a "moat" for the capital. They argue leaders sacrificed their safety to protect Xi Jinping's flagship projects. A natural gas well blowout in a remote region in Kazakhstan has triggered a huge methane leak, scientists say, underscoring the risks of prospecting for fossil fuels. The emissions from the site may do the same short-term climate damage as the annual emissions from at least 14,000 US cars.  A methane plume in eastern Kazakhstan observed by satellite on July 17. Source: Kayrros SAS. Data generated by Kayrros under a license from ASI Original PRISMA Product - © Italian Space Agency (ASI) - (2023) Domestic US airlines are slashing the prices of flights as more travelers head abroad. The result: JetBlue has cut its yearly outlook while Southwest Airlines and others signal they're under pressure—a reversal from a few months ago when industry leaders promised high demand would endure. America has a health-care crisis on its hands. About 100,000 registered nurses left the workforce in the past two years because of stress, burnout and retirement, and more than 610,000 more plan to leave by 2027 for the same reasons. This is what it looks like on the front lines. Almost six years after pharmaceutical billionaire Barry Sherman and his wife Honey became two of the wealthiest people ever to be murdered, Toronto police still haven't identified the killers. But along the way, they've turned up no shortage of potential suspects—and a bare-knuckled family drama. Watch the Bloomberg Originals video and read the story here.  Barry Sherman, founder of Apotex, a Canadian pharmaceutical firm. Photographer: Norm Betts Get the Bloomberg Evening Briefing: If you were forwarded this newsletter, sign up here to receive it in your mailbox daily along with our Weekend Reading edition on Saturdays. | 
No comments:
Post a Comment