The collapse of Wall Street, the digital dollar

NEW YORK (AP) – Stocks fell broadly on Wall Street, leaving the market with another week of heavy losses, as a dire warning from FedEx about a rapidly worsening economy helped make investors more nervous. The S&P 500 fell 0.7% on Friday. The Nasdaq lost about 1% and the Dow lost about half a percent. FedEx had its biggest loss on record after it said a sharp decline in its business had worsened in recent weeks. Markets were already on edge as they were used to fight high inflation and high interest rates.


Treasury recommends exploring the creation of a digital dollar.

WASHINGTON (AP) — The Biden administration is moving a step closer to developing a central bank digital currency known as the digital dollar. Administration officials say it will help strengthen America’s leadership role in the global financial system. The White House announced Friday that the agencies have submitted nine reports since President Joe Biden issued an executive order in March to look at ways agencies monitor digital assets. One Treasury advisory is the US’s “prior policy and technical work on central bank digital currency.” Many other countries are already looking into or have created central bank digital currencies, according to the non-partisan think tank the Atlantic Council.


Serious breach of Uber spotlights hacker’s social trick

SAN FRANCISCO (AP) — Ride-hailing service Uber has shut down all of its services following what security experts are calling a major data breach. It says there is no evidence the hacker obtained sensitive user data. But the breach, apparently created by a lone hacker, has put the spotlight on an increasingly effective and sophisticated hack: the hacker apparently gained access by tricking an Uber employee into handing over his credentials. The screenshots the hacker shared with security researchers gave full access to the cloud-based systems where Uber stores sensitive customer and financial data. It is not known how much information the hacker took.


DOJ to use a ‘carrot and stick’ approach to corporate crime

WASHINGTON (AP) – A top Justice Department official has announced new incentives for companies that cooperate with corporate crime investigations and a $250 million congressional budget request to expand the work. Deputy Attorney General Lisa Monaco said the number of corporate crime prosecutions has declined over the past decade. To help address that, she is directing every department that prosecutes corporate crimes to develop programs that encourage companies to show misconduct. In some cases, if the violation is self-reported and the company fixes it, no one should face criminal charges. Companies are required to quickly come forward with evidence of suspected wrongdoing to find negligence.


Chinese consumer, factory activity is improving but still weak.

BEIJING (AP) — China’s official data showed consumer spending and factory output improved in August but were still weak. Forecasters have warned that the world’s second-largest economy is vulnerable to disruption due to repeated city shutdowns to combat the virus outbreak. Home sales fell as depreciation slowed. This will add to a slide in real estate activity in mid-2021 under the pressure of a government campaign to control debt caused by the recession. China’s leaders are trying to boost economic growth in the first six months of 2022, which slowed to 2.5% a year ago, less than half of the official target of 5.5%.


Oktoberfest is back, but the inflation of the brewers, the price of beer

MUNICH (AP) – Oktoberfest is on tap again in Germany after a two-year pandemic cancellation. The beer will be as cold and crispy as the roasted pork. Mayor Dieter Reiter said Saturday the return of the city’s special tourist event is “beautiful.” But brewers and visitors alike are under pressure from unexpected inflation in 2019. Energy, barley, hops, even paper and glue for labels, case cartons and steel barrels have all risen in price because of record inflation. Europe. At a time when the brewing industry was under pressure to increase prices, Reveller increased the price of a heavy mug by 15 percent.


PayPal says Suns sponsor won’t stay if server goes ahead.

SAN JOSE, Calif. (AP) — PayPal owner Robert Sarver says the company won’t sponsor the Phoenix Suns if he remains part of the franchise when the ban ends. PayPal now says its partnership deal with the Suns expires after the upcoming 2022-23 season, meaning Sarver’s one-year suspension from the NBA will expire. Later Friday, an NBA Players Association executive said the players wanted Sarver suspended from the league. Sarver was suspended and fined $10 million this week after an investigation into lewd, homophobic and racist speech and behavior during his 18-year tenure as owner of the Suns.


Germany takes control of 3 oil plants owned by Russia.

BERLIN (AP) – Germany has taken control of three Russian-owned oil refineries to ensure energy security ahead of an EU embargo on Russian oil next year. German officials announced Friday that two subsidiaries of Russian oil company Rosneft will be placed under the administration of a German government agency. As such, the agency controls the companies’ shares in German oil refineries. Chancellor Olaf Scholz said the move was a “broad energy policy decision to protect our country” and that “Russia is no longer a reliable energy supplier.” Rosneft owns about 12% of Germany’s oil refining capacity. He has already made it clear that he has no intention of stopping the import of fuel to Germany.


The S&P 500 lost 28.02 points, or 0.7%, to 3,873.33. The Dow Jones industrial average fell 139.40 points, or 0.5%, to 30,822.42. The Nasdaq was down 103.95 points, or 0.9%, at 11,448.40. The Russell 2000 index of smaller companies fell 27.04 points, or 1.5%, to 1,798.19.

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