Highlights: Powell opposition, Holmes trial


WASHINGTON (AP) – Two Senate Democrats will oppose Jerome Powell’s re-appointment as Federal Reserve Chairman, as President Joe Biden is expected to announce in a few days who he will choose for the most powerful economic post in the country. Senators Sheldon Whitehouse of Rhode Island and Jeff Merkley of Oregon said on Friday that Powell was not sufficiently committed to tackling climate change, an issue central banks around the world are increasingly facing. Whitehouse and Merkley join Senator Elizabeth Warren in opposition. Warren called Powell a “dangerous man” to lead the Fed because of his support for easing certain banking regulations.


Stocks Usually Ends Lower, But Tech Gains Push Nasdaq Higher

NEW YORK (AP) – Stocks closed largely lower on Wall Street on Friday, although gains from several tech companies pushed the Nasdaq composite to a new high and its first close above 16,000 points. The S&P 500 Index lost 0.1% and the Dow Jones Industrial Average was down 0.8%. Several choppy trading days left the S&P 500 and Nasdaq higher for the week and the Dow lower. TurboTax maker Intuit jumped 10.1% after raising its earnings forecast. Moderna jumped 4.9% after U.S. regulators opened coronavirus booster shots to all adults. Crude oil prices fell 3.7%. The 10-year Treasury yield fell to 1.54%.


Biden to nominate 2 for US Postal Board, ousts DeJoy allies

WASHINGTON (AP) – President Joe Biden plans to appoint two new members to the United States Postal Service Board of Governors. It is a potential first step to remove Postmaster General Louis DeJoy. Appointed during Trump’s day, DeJoy became a political lightning rod in the 2020 election as changes he made to the postal service slowed delivery times during a key period when voters were trying to send their ballots. to vote. Biden replaces two of DeJoy’s backers on the board, Chairman Ron Bloom and John Barger. The president appoints Daniel Tangherlini and Derek Kan to the board of directors.


US advocates for fallen tech star Elizabeth Holmes

SAN JOSE, Calif. (AP) – The government has filed its case in the trial of fallen Silicon Valley star Elizabeth Holmes. The move came after prosecutors spent more than two months trying to prove that Holmes tricked investors, patients and business partners into believing his startup, Theranos, was on the verge of reshaping healthcare. The Pivot Point opens the door for Holmes and her team of lawyers to counter evidence that presents her as a greedy, celebrity-obsessed con artist. Holmes could step up to tell her side of the story and avoid a potential 20-year jail sentence if she is found guilty.


Californian jailed for Bitcoin money laundering

SANTA ANA, Calif. (AP) – A southern California man has been sentenced to three years in federal prison for operating an unlicensed business that traded at least $ 13 million in Bitcoin and cash. Federal prosecutors say Hugo Mejia, 50, of the city of Ontario, structured his business to establish an anonymous channel for laundering the proceeds of drug trafficking. Prosecutors say Mejia traded Bitcoin for cash and vice versa from May 2018 to September 2020. They say he charged commissions for the transactions. Mejia was sentenced Thursday after pleading guilty in July to operating an unlicensed money-transmission business and money laundering.


European central banker: do not add to the pinch with the rate hike

FRANKFURT, Germany (AP) – The head of the European Central Bank doubles down on the message that it is not time to raise interest rates. Christine Lagarde says the bank will not add to the pressure on consumers facing rising prices due to high energy costs. Rising inflation is prompting other central banks to consider curbing the economic rebound after the coronavirus pandemic. Lagarde says the higher inflation is caused by temporary factors such as more expensive oil and gas and supply shortages. She said the bank would “recalibrate” some stimulus efforts for next year, but that it is “highly unlikely” that rates will rise from current lows.


Google signs content deals with German publishers

BERLIN (AP) – Google on Friday announced that it had signed agreements with several major German publishers to avoid copyright disputes over the use of their material. The internet giant said it has made deals with publishers, including the news weeklies Der Spiegel and Die Zeit, tech portals Golem and Netzwelt, as well as business publications WirtschaftsWoche and Manager Magazin. “Many conversations with various publishers are at an advanced stage,” Google added in a statement.


Japanese government approves record stimulus package to turn around economy

TOKYO (AP) – The Japanese cabinet on Friday approved a record-breaking 56 trillion yen ($ 490 billion) stimulus package, including cash donations and aid to struggling businesses, to help the economy emerge from the crisis. doldrums worsened by the coronavirus pandemic. “The package has more than enough content and scale to provide a sense of security and hope for the people,” Prime Minister Fumio Kishida told reporters when announcing the plan earlier today. The proposal got Cabinet approval that evening, according to the prime minister’s office. It still needs parliamentary approval. Kishida has promised swift action and parliament will meet next month, he said.


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


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