GOP on inflation, collapse on Wall Street

WASHINGTON (AP) – Gas prices have passed $ 3 a gallon. Prices for used cars and new furniture, plane tickets, department store coats, beef and a burrito in Chipotle are also on the rise. Economists say the price increases are fueled by the aftermath of a global pandemic and are unlikely to last. But Republicans hope to storm next year’s midterm elections, arguing that key parts of the economy have deteriorated under President Joe Biden and a Democrat-controlled Congress. They say high government spending triggered inflation and it hurt the purchasing power of ordinary Americans rather than triggering a promised boom.

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US stocks collapse; The S&P 500 has its worst week since February

NEW YORK (AP) – Stocks fell widely on Wall Street on Friday, sending the S&P 500 to its worst weekly loss since February. The index fell 1.3% and fell 1.9% during the week. Among the biggest losers were banks and other stocks that soared earlier this year due to expectations about the economy and inflation. Investors are still recalibrating their moves after the Federal Reserve signaled this week that it may hike rates sooner than expected. Short-term Treasury yields continued to climb, and the Dow Jones Industrial Average suffered its worst weekly loss since last October.

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Las Vegas pushes land swap to balance growth and conservation

CARSON CITY, Nevada (AP) – Cities in the western United States are preparing for tremendous growth in the coming decades despite a historic drought and dwindling water supplies. From Phoenix to Boise, officials are working to ensure they have the resources, infrastructure and housing supply needed to meet growth projections while balancing conservation. Their efforts are limited by the fact that some cities are surrounded by federal lands. US Senator Catherine Cortez Masto of Nevada wants to remedy the problem around Las Vegas by strengthening protections on some public lands while selling others to commercial and residential developers. Opponents argue that endorsement of these types of “swaps” is not sustainable, especially in areas that depend on dwindling water supplies.

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Latest version of Boeing 737 Max makes maiden flight

SEATTLE (AP) – Boeing’s latest version of the 737 Max airliner has taken off. A Boeing 737 Max 10 made an approximately 2.5-hour test flight over Washington state on Friday. The Max 10 can accommodate up to 230 passengers. It’s a slightly larger version of the Boeing planes that are already flying. Airlines started using these previous Max jets in 2017, but they were grounded around the world for nearly two years after two crashes that killed 346 people. The new model is designed to compete with a similar sized aircraft from European Airbus.

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AstraZeneca and EU both claim victory in fight for vaccine delivery

BRUSSELS (AP) – AstraZeneca and the European Union have both claimed victory in a court battle over claims the coronavirus vaccine maker was not producing vaccines quickly enough for the 27-country bloc. The court found on Friday that AstraZeneca had broken its contract with the European Commission. He ordered the company to deliver a cumulative total of 80.2 million doses by September 27. The company says it’s far less than the 120 million doses the Commission was looking for at the end of June. AstraZeneca was seen as a key pillar in the deployment of the vaccine in the EU. Its contract with the Commission provided for the initial distribution of 300 million doses. The Commission was convinced that the judge had ordered a strict schedule for the delivery of the vaccines.

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Mexican seniors lose jobs as grocery baggers

MEXICO CITY (AP) – Coronavirus pandemic and changing consumer habits threaten to end a decades-old practice of allowing older people in Mexico to earn extra income as grocery baggers . Baggers over 60 expected to return to stores last month as pandemic restrictions eased in Mexico City. But Walmart de Mexico, the country’s largest retailer, announced this week that they would not be allowed to return. The retail chain said customers no longer want other people to touch their groceries. Non-contract baggers received tips, but no wages. Many have staged protests in front of stores, claiming that the bagging work has helped them psychologically and financially.

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UK retail sales tumble as lock easing allows socialization

LONDON (AP) – Retail sales in Britain fell in May as people ventured to spend money in restaurants and pubs instead. The Office of National Statistics said on Friday that retail sales in May were 1.4% lower than the month before, when they jumped 9.2% after stores selling non-essential items were shut down. allowed to reopen in April after a closure of several months. The bureau said the biggest contribution to the May’s drop in numbers came from food sales, which fell 5.7% as restrictions were relaxed to allow pubs and restaurants to serve customers at home. inside. Analysts said the drop does not represent the start of a slowdown in Britain after its largest economic contraction in more than 300 years.

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German Lufthansa aims to quickly repay government aid

BERLIN (AP) – The chief executive of Lufthansa has said the company aims to repay billions of euros in aid provided to help the airline weather the coronavirus pandemic ahead of Germany’s federal elections at the end of September. Germany’s largest airline received a 9 billion euro ($ 10.8 billion) government bailout about a year ago. The German government is taking a 20% stake in the company, which also owns Austrian Airlines and Swiss airlines. Lufthansa CEO Carsten Spohr said on Friday that Lufthansa was one of the first companies to be rescued by the government and also wanted to be one of the first to pay back.

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The S&P 500 lost 55.41 points, or 1.3%, to 4,166.45. The Dow Jones Industrial Average lost 533.37 points, or 1.6%, to 33,290.08. The Nasdaq lost 130.97 points, or 0.9%, to 14,030.38. The Russell 2000 Small Business Index lost 49.71 points, or 2.2%, to 2,237.75.

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