Big Tech Legislation, Mortgage Supervisor

0
25

WASHINGTON (AP) – House panel pushes forward with ambitious legislation that could reduce the market power of tech giants Facebook, Google, Amazon and Apple and force them to separate their dominant platforms from their other industries activity. Conservative Republican lawmakers haggled legislative language and raised concerns over perceived anti-conservative biases on online platforms, but were unable to stop the bipartisan momentum behind the package on Wednesday. The drafting session and the votes of the House Judiciary Committee are the first steps in what promises to be a uphill battle through Congress. Many Republican lawmakers denounce Big Tech market dominance but do not support a complete overhaul of antitrust laws.

___

Supreme Court: mortgage supervisor structure unconstitutional


WASHINGTON (AP) – The Supreme Court has ruled that the structure of the agency that oversees mortgage giants Fannie Mae and Freddie Mac violates the principles of separation of powers in the Constitution. Judges on Wednesday referred the case over the Federal Housing Finance Agency to a lower court for further proceedings. This agency oversees Fannie Mae and Freddie Mac and was established during the 2008 financial crisis. White House press secretary Jen Psaki said the president would appoint a new head of the Federal Housing Finance Agency after the Supreme Court decision, but it does not give a timetable.

___

Surprise drop of 5.9% in new home sales; prices hit record highs

WASHINGTON (AP) – New home sales fell 5.9% in May, the second monthly decline, as median home prices continued to soar, reaching an all time high. Falling sales in May pushed sales down to a seasonally adjusted annual rate of 769,000, the Commerce Department reported on Wednesday. The median price of a new home sold in May jumped to $ 374,400, up 18.1% from a year ago. The new home sales report follows a report released Tuesday by the National Association of Realtors that found existing home sales fell for a fourth consecutive month in May.

___

Stocks end mixed sluggish day on Wall Street as calm returns

NEW YORK (AP) – A listless day on Wall Street ended Wednesday with mixed signs, as nervousness continues to fade from the market after last week’s shake by the Federal Reserve. The S&P 500 slipped 0.1% after previously weaving between very modest gains and losses. This is 0.3% below its record set a week and a half ago. The Dow Jones fell 0.2%, while the Nasdaq added 0.1% to its record set a day earlier. The majority of S&P 500 stocks fell, but the gains of companies that do best when the economy is healthy kept the losses low.

___

Yellen: Not raising the debt ceiling would be “catastrophic”

WASHINGTON (AP) – Treasury Secretary Janet Yellen told a congressional panel that failure to raise the federal debt ceiling would have “absolutely catastrophic consequences” that could lead to a financial crisis. Testifying before a Senate supply subcommittee on Wednesday, Yellen said in response to questions that it was important for Congress to move quickly to address the debt limit, which has been suspended for the past two years. This suspension is due to expire on July 31, when the limit will revert to the debt level at that time. The debt subject to the limit currently stands at $ 28.3 trillion.

___

High Court backs companies challenging California labor law

WASHINGTON (AP) – The Supreme Court has sided with California farm businesses in challenging state regulations that give unions access to farm property in order to organize workers. Following this decision, California will have to modify or abandon the regulations put in place in 1975 after the efforts of union leader Cesar Chavez. The judges ruled 6-3 along ideological lines for farm businesses. The ruling is another potential setback for unions following a High Court ruling. The case concerned a settlement that granted unions access to farms and other agricultural businesses for up to three hours a day, 120 days a year, in order to organize workers.

___

Antivirus pioneer John McAfee found dead in Spanish prison

MADRID (AP) – John McAfee, creator of antivirus software McAfee, was found dead in his prison cell near Barcelona in an apparent suicide, hours after a Spanish court approved his extradition to the United States to do so facing tax charges punishable by decades in prison. Security personnel at Brians 2 Penitentiary near the town in northeastern Spain attempted to resuscitate McAfee, who was 75 years old. But the Catalan regional government said the prison medical team had finally certified his death. A government statement indicates that the authorities are still investigating but that “everything points to death by suicide”.

___

Long-time Southwest Airlines CEO to step down next year

DALLAS (AP) – Change is coming in the direction of Southwest Airlines. Southwest announced Wednesday that longtime CEO Gary Kelly will step down next February and be replaced by Robert Jordan, the airline’s executive vice president of business services. Dallas-based Southwest said Kelly, who is 66, plans to remain executive chairman until at least 2026. Kelly has served as CEO since 2004, leading the nation’s fourth-largest airline through a recession in 2008 and now the pandemic. Jordan, the new CEO, has overseen projects at Southwest, including the acquisition of AirTran Airways and the overhaul of the airline’s frequent flyer program.

___

Large American banks to employees: return to the office vaccinated

NEW YORK (AP) – The big investment banks on Wall Street are sending a message to their employees this summer: Go back to the office and bring your vaccination card. Morgan Stanley said this week that all employees will be required to certify their immunization status. Those who are not vaccinated will be forced to work remotely, which could potentially put their jobs at risk, as senior executives at the bank have said they want everyone to be back in the office by September. Morgan Stanley, based in New York City, is one of many large banks requiring employees to return to the office and also provide documents proving they have received a coronavirus vaccine or make a formal statement confirming the vaccination.

___

The S&P 500 lost 4.60 points, or 0.1%, to 4,241.84. The Dow Jones Industrial Average lost 71.34 points, or 0.2%, to 33,874.24. The Nasdaq rose 18.46 points, or 0.1%, to 14,271.73. The Russell 2000 Small Business Index gained 7.52 points, or 0.3%, to 2,303.47.


Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here