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US consumer prices rise 0.3% in August, lowest in 7 months
WASHINGTON: US consumer prices rose 0.3% last month, the smallest monthly increase in seven months and a hopeful sign that inflation pressures may be cooling. The Labor Department reported Tuesday that August’s profit was down from a 0.5% increase in July and a 0.9% increase in June. It was the smallest increase since a similar 0.3% increase in January. The August slump in prices was seen as an offer of hope that Americans were finally starting to get some respite from the rise in prices at the start of the year.
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Apple’s next iPhone mirrors previous years, adds more storage
San Ramon, Calif.: Apple unveiled its next iPhone line-up, which includes a model that offers max and other minor upgrades over previous years’ versions that has created a buzz among consumers ditching the latest technology during the pandemic. proved to be a big hit. The pre-recorded video event streamed on Tuesday gave Apple a chance to present a polished story after a turbulent few weeks, including a response to its plans to scan iPhones and tests targeting its iPhone App Store. There were mixed decisions involved. Like last year’s model, the new iPhone 13 will come in four different designs, priced between $700 and $1,100.
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US stocks may not resume early rise and fall
NEW YORK: Stocks fell back on Wall Street on Tuesday, the S&P 500’s sixth loss in the past seven trading days, after a blip the day before. The benchmark index lost 0.6 per cent. Markets had started higher after the latest inflation data came in better than economists expected, but those gains quickly faded. Bond yields fell after reports showed consumer prices rose just 0.3% last month, the smallest increase in seven months and a hopeful sign that inflationary pressures may be cooling. The yield on the 10-year Treasury note fell to 1.29%.
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Democrats Try Delicate Tax Maneuvering for $3.5 Trillion Bill
WASHINGTON: To pay for the broader social blueprint envisioned by President Joe Biden, House Democrats have begun serious work on a turn worthy of the most agile circus acrobats. They want to squeeze revenue from the 2% of Americans who make more than $400,000 a year, while leaving everyone else untouched, which Biden has pledged will see no tax hikes. For middle- and low-income earners, tax aid, not an increase, was on offer as lawmakers debated and drafted tax proposals for both the fund and Buttress Biden’s ambitious $3.5 trillion reconstruction plan on Tuesday. This includes spending on child care, health care, education and tackling climate change.
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Pandemic hasn’t dimmed Boeing’s rosy prediction for planes
Chicago: Despite the pandemic hurting air travel, Boeing says it is optimistic about long-term demand for airplanes. Boeing said Tuesday that it expects the aerospace market to be worth $9 trillion over the next decade. This includes aircraft for airline and military use and other aerospace products and services. That outlook is even brighter than the outlook given by Boeing in 2019, when it predicted industrywide sales of $8.7 billion over the next decade. In the US and around the world, air travel within countries is growing faster than cross-border travel, as the US and many other countries maintain high barriers to international travel.
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New crypto trading firm Radkl . billionaire cohen to invest in
NEW YORK: A cryptocurrency company started by partners of a major Wall Street trading firm has snatched the backing of billionaire investor Steven A. Cohen. The hedge-fund manager and owner of the New York Mets has agreed in principle to invest in Redcall, a crypto trading firm, although the deal is not final. The company is being launched by partners of GTS, a firm that trades one billion shares of US stocks a day. Radcal, pronounced like fanatic, plans to trade in cryptocurrency coins and exchanges. This is the latest foray from the traditional financial world to big names in crypto.
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Amazon introduces palm-swiping technology at Red Rocks concert venue
NEW YORK: Your palm could soon be your ticket to a concert. Amazon says it is bringing its palm-recognition technology to the Red Rocks Amphitheater in Denver and it will be available in other locations in the coming months. This is the first time the technology, called Amazon One, will be used outside some of Amazon’s stores, where shoppers can pay for groceries and snacks by swiping their palms. Starting Tuesday, Red Rocks concert members can sign up to have their palm linked to a ticket account by hovering their hand over an instrument. An Amazon account is not required to use the technology called Amazon One.
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SKorea to fine Google $177M for forcing software on devices
Seoul, South Korea: South Korea’s competition watchdog says it plans to fine Google at least 207.4 billion ($177 million) for preventing smartphone makers like Samsung from using other operating systems. Google said it plans to challenge the decision. The announcement came as South Korea began implementing an amended telecommunications law that prohibits app market operators such as Google and Apple from requiring smartphone users to pay with their in-app purchase systems. South Korea has always closely scrutinized how foreign technology companies behave in its market. Much of the focus in recent years has been on Google and Apple, with executives vowing to prevent them from abusing their dominant market position in the mobile Internet.
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The S&P 500 closed down 25.68 points, or 0.6%, at 4,443.05. The Dow Jones Industrial Average fell 292.06 points, or 0.8%, to end at 34,577.57. The Nasdaq closed 67.82 points, or 0.4%, down at 15,037.76. The Russell 2000 Index of Small Companies slipped 30.80 points, or 1.4%, to 2,209.98.
Disclaimer: This post has been self-published from the agency feed without modification and has not been reviewed by an editor
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