Business Highlights: Powell’s Cons, Holmes Trial

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Two Democratic Senators Oppose Powell as Fed Chair

WASHINGTON: Two Senate Democrats will oppose Jerome Powell’s reappointment as Federal Reserve chairman, as President Joe Biden is expected to announce within days who he will pick for the nation’s most powerful economic position. Sense of Rhode Island. Sheldon Whitehouse and Oregon’s Jeff Merkle said Friday that Powell is insufficiently committed to tackling climate change, an issue that central banks around the world are increasingly facing. Whitehouse and Merkle joined the opposition with Sen. Elizabeth Warren. Warren has called Powell a dangerous person to lead the Fed because of his support for relaxing some bank rules.

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Stocks mostly end lower, but technical gains push Nasdaq higher

NEW YORK: Stocks closed mostly lower on Wall Street on Friday, though gains for many tech companies pushed the Nasdaq Composite to another record high and were earlier close to the 16,000 mark. The S&P 500 index lost 0.1% and the Dow Jones Industrial Average fell 0.8%. Several days of trading left the S&P 500 and Nasdaq higher for the week and the Dow lower. TurboTax maker Intuit jumped 10.1% after raising its profit forecast. Moderna jumped 4.9% after US regulators opened up coronavirus booster shots to all adults. Crude oil prices fell by 3.7 percent. The yield on the 10-year Treasury fell to 1.54%.

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Kick out Biden, DeJoy allies to nominate 2 to US Postal Board

WASHINGTON: President Joe Biden plans to nominate two new members to the US Postal Service Board of Governors. It is a possible first step towards the removal of Postmaster General Louis Dejoy. DeJoy, a Trump-era appointee, became a political lightning rod during the 2020 election as changes he made to the Postal Service slowed delivery times during a critical period when voters were trying to mail in their ballots. were trying. Biden is replacing two DeJoys backers on the board, Chair Ron Bloom and John Barger. The president is nominating Daniel Tangerlini and Derek Kahn to the board.

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America calms its case against fallen tech star Elizabeth Holmes

San Jose, Calif.: The government has put its case to rest in the trial of Silicon Valley’s fallen star Elizabeth Holmes. The move comes after prosecutors spent more than two months trying to prove Holmes had helped convince investors, patients and business partners that his startup Theranos was about to reshape health care. Pivot Point opens the door for Holmes and his team of lawyers to counter the evidence that casts him as a greedy, fame-obsessed thug. Holmes could take the stand to tell his side of the story and could avoid a possible 20-year prison sentence if convicted.

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California man jailed for bitcoin money laundering

Santa Ana, Calif.: A Southern California man has been sentenced to three years in federal prison for operating an unlicensed business that exchanged at least $13 million in bitcoin and cash. Federal prosecutors say that 50-year-old Hugo Mejia of the Ontario city structured his business to establish an anonymous conduit to launder money received from drug trafficking. Prosecutors say Mejia exchanged bitcoin for cash from May 2018 to September 2020, and vice versa. He says he took commission for the transaction. Mejia was sentenced on Thursday after pleading guilty to operating an unlicensed money remittance business and money laundering in July.

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Europe’s central bankers: not adding pinch with rate hike

Frankfurt, Germany: The head of the European Central Bank is repeating the message that it is not the time to raise interest rates. Christine Lagarde says the bank will not pressurize consumers who are facing rising prices due to high energy costs. High inflation is reinforcing other central banks to support the economic recovery from the coronavirus pandemic. Lagarde says that high inflation is caused by temporary factors such as costly oil and gas and lack of supply. It said the bank will resume some stimulus efforts next year, but it is highly unlikely that rates will rise from the current record low.

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Google reaches content deals with German publishers

Berlin: Google said on Friday that it has signed agreements with several major German publishers to avoid copyright disputes over the use of their content. The Internet giant said it had deals with publishers including news weekly Der Spiegel and Die Zeit, technology portals Golem and Netzwelt, as well as business publications Wirtschaftswoche and Manager Magazine. Several talks with various publishers are in an advanced stage, Google added in a statement.

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Japan cabinet fixes record stimulus package to help economy recover

TOKYO: Japan’s cabinet on Friday approved a record 56 trillion yen ($490 billion) stimulus package, including cash handouts and aid to ailing businesses, to help lift the economy out of an economy ravaged by the coronavirus pandemic. So to receive. The package has more than enough material and scale to give people a sense of security and hope, Prime Minister Fumio Kishida told reporters earlier in the day announcing the plan. According to the Prime Minister’s Office, the proposal received cabinet approval in the evening. It still needs parliamentary approval. He said Kishida had promised quick action and that parliament would convene next month.

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The S&P 500 lost 6.58 points, or 0.1%, to 4,697.96. The Dow Jones Industrial Average fell 268.97 points, or 0.7%, to end at 35,601.98. The Nasdaq closed 63.73 points, or 0.4%, up at 16,057.44. The Russell 2000 Index of Small Companies fell 20.43 points, or 0.9%, to 2,343.16.

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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