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Inflation in countries that use the Euro currency has reached 9.1 percent
LONDON – Inflation in European countries using the euro currency hit another record high in August. Annual inflation in the 19-nation eurozone rose to 9.1 percent in August, up from 8.9 percent in July. That’s according to the latest figures released Wednesday by the European Union’s statistics agency. Inflation is at its highest level since the euro began record keeping in 1997. Energy prices increased by 38.3%, food prices increased by 10.6%. The price of goods increased by 5% and the price of services increased by 3.8%.
Silver lining: Northeast drought benefits some businesses
BOSTON — There is a silver lining to the drought in the U.S. Northeast that has devastated farmers, dried up rivers and reservoirs, and brought water-use restrictions and brush fires to the region. The dry conditions benefited amusement parks, minor league baseball teams, construction contractors and other businesses that need warm, dry weather to attract paying customers and complete jobs on time. While a number of factors have affected the bottom line this summer, including inflation, labor shortages and supply chain issues, some businesses say things are going well overall, in part due to the weather.
Shares ended in lower trading, on pace for a weekly loss
NEW YORK – Stocks closed lower in a choppy trading day on Wall Street, on pace for a weekly loss after several days of declines. Losses in technology and retail stocks outweighed gains in communications and other sectors. The S&P 500 lost nearly 1% Wednesday after swinging between gains and losses. The Dow Jones Industrial Average and Nasdaq Composite also lost ground. Bed Bath & Beyond has lost nearly a quarter of its value after announcing a major restructuring and stock sale. Treasury yields rose and energy prices fell. After rising in July, the market closed in August.
German prosecutors searched JPMorgan offices in a tax investigation
BERLIN – German prosecutors have arrested Frankfurt-based JPMorgan Chase & Co. as part of a tax fraud investigation targeting several banks in Germany and beyond. They stormed the office. Cologne prosecutors said Wednesday that dozens of investigators began searching the offices of a Frankfurt-based financial institution and several audit and tax firms on Tuesday. The attack also targeted the private residences of four suspects. Prosecutors said the raid was related to an investigation into alleged tax evasion in the so-called Kum-X shares that cost the German government billions of euros. In a statement, JPMorgan said it had “visited” its Frankfurt offices this week and was cooperating with German authorities.
In addition to closing beds and shops, cut jobs in return auctions
NEW YORK – Bed Bath & Beyond says it will close stores and lay off workers to turn around the business. The Union, New Jersey-based home furnishings retailer said Wednesday it will close about 150 name-brand stores and cut its workforce by 20 percent. He estimates those cuts will save the company $250 million in the fiscal year. It also stated that it intends to sell additional shares to increase its financing and has raised more than $500 million in new financing. But he will keep the shopping baby chain, which he plans to sell earlier this year. Bed Bath & Beyond’s inventory is down more than 20 percent.
GM Ventures began building battery cells at its new Ohio plant
DETROIT – General Motors says a new electric vehicle battery plant it’s building in Ohio has begun producing cells that could help customers qualify for federal tax credits. The joint-venture plant near Warren, Ohio, is focused on training as it prepares to ramp up production. A spokesperson for the venture said the cells are in production but have not yet shipped. Currently, vehicles with GM Ultium batteries include Hummer EVs, Chevrolet Silverado EV pickups and the Cadillac Lyriq Electric SUV. Finally, the plant should help GM’s EVs meet the requirements to qualify for a $7,500-per-vehicle federal tax credit under the Depreciation Act.
States for tax reductions and discounts for historical profits
Jefferson City, Mo. — State governments are returning billions of dollars in money laundering to their residents. At least 31 states have enacted some form of tax reduction or reduction this year. That’s likely to grow when Missouri and Idaho convene in special sessions in September to consider tax breaks. The number of states issuing tax breaks is much higher than usual. States have more money due to increased tax revenue and federal pandemic aid. But there is division as to how far we should go. Democratic states have generally passed targeted tax cuts and one-time reductions, while some Republican states have reduced the fixed income tax rate.
The S&P 500 fell 31.16 points, or 0.8%, to 3,955. The Dow Jones industrial average fell 280.44 points, or 0.9%, to 31,510.43. The Nasdaq was down 66.93 points, or 0.6%, at 11,816.20. The Russell 2000 index of smaller companies lost 11.48 points, or 0.6 percent, to 1,844.12.
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