Inflation slows but prices remain elevated as Iran war and spending on AI push up prices
WASHINGTON (AP) — U.S. inflation slowed last month and a measure of underlying price pressures also cooled, suggesting higher oil and gas prices from the Iran war are only having a limited impact on broader costs in the economy. Consumer prices rose 3.4% in July from a year ago, down slightly from 3.5% in June, the Labor Department said Wednesday. But inflation is still higher than before the Iran war began in February, when it was 2.4%. On a monthly basis, prices rose just 0.1% from June to July.
Researchers, advocates rail against government's efforts to end workforce data collection
Civil rights groups and researchers pleaded at a public hearing Tuesday for a federal agency to continue its annual collection of workplace demographic data. Twenty-two speakers testified at the Equal Employment Opportunity Commission’s hearing, which lasted more than two hours. Most opposed the proposal to toss a 60-year-old requirement for tens of thousands of private sector employers to submit annual workforce demographic reports to the EEOC. Six speakers, however, sided with the Trump administration’s stance that reporting such data is burdensome and encourages companies to adopt discriminatory practices to diversity their workforces.
Lawsuit seeks to ban Trump Media from charging for early access to president's posts on US policy
NEW YORK (AP) — President Donald Trump was sued in federal court Wednesday to stop him from making money off a new, paid service at his Truth Social company offering early, exclusive access to his posts on U.S. policy. The lawsuit alleges the service offering paying customers first-peek access to his posts on U.S. policy decisions violates the Constitution and that official announcements should be made available to everyone at the same time. The service is charging Wall Street firms as much as $100,000 a month to trade off the market-moving posts before others. Truth Social says the lawsuit is an attempt by left-wing activists to silence the president.
Google unveils latest Pixel phones with slimmer cameras and more AI features
Google on Wednesday unveiled its latest lineup of Pixel phones, with slimmer cameras that include more a powerful zoom and artificial intelligence features designed to help users accomplish things with fewer taps and swipes. With the improvements, the search giant hopes to give users a reason to buy new models and expand the number of people using its AI tools. Beginning Wednesday, U.S. customers can order the Pixel 11, Pixel 11 Pro and Pixel 11 Pro XL, starting at $900, $1,100 and $1,300, respectively. The Pixel Pro Fold, meanwhile, starts at $1,900. That’s a $100 increase for each phone from last year’s prices.
Brazil Supreme Court upholds laws that led to downfall of Amazon soy moratorium
RIO DE JANEIRO (AP) — Brazil’s Supreme Court has upheld state laws denying tax incentives to farmers who adhered to the country's soy moratorium. The court also affirmed the constitutionality of the voluntary agreement. For nearly 20 years, the pact barred the purchase of soy grown on deforested Amazon land. Major grain traders withdrew from the moratorium in January after top soy-producing states revoked tax benefits for participating companies. Brazil is the world’s largest soybean producer, accounting for about 40% of global output. The Brazilian Association of Vegetable Oil Industries said the ruling ends years of legal uncertainty but is unlikely to revive the pact.
Hiroshi Okuda, who led Toyota's climb as a global automaker, dies at 93
TOKYO (AP) — Hiroshi Okuda, the former chief executive of Toyota who led the Japanese automaker’s stellar rise in global markets, has died at 93. The company confirmed his death Wednesday but did not give the date or the cause of his death. Okuda was president then chairman of Toyota Motor Corp. from 1995 through 2006. In his 45-year career at Toyota, Okuda is especially remembered for having led the development of the gas-electric hybrid Prius in 1997, a model with the fuel-efficient technology that was ground-breaking at that time. Okuda was key in leading Toyota’s global expansion, setting up manufacturing plants in the U.S. and Europe.
Jury selection begins in Meta youth harms trial in California federal court
OAKLAND, Calif. (AP) — Jury selection began Wednesday in Meta’s federal trial over claims its platforms have harmed youth mental health and track children in violation of federal law. The trial is scheduled to begin next week and is expected to last six to eight weeks. Meta faces 29 states in the federal multidistrict lawsuit filed in 2023, but the Oakland trial will only include the first four — California, Colorado, Kentucky and New Jersey.
Civil rights agency moves to drop subpoena action against Nike in DEI-related investigation
NEW YORK (AP) — A federal civil rights agency is dropping a subpoena enforcement action against Nike, saying the company has complied with requests for information in an investigation into allegations that sportswear giant’s diversity policies discriminated against white employees. The Equal Employment Opportunity Commission filed the motion to dismiss in Missouri federal court Wednesday, seven months after asking the court to order Nike to fully comply with the subpoena. In its court filing, the EEOC said that between March and August, Nike had provided “information and documents responsive to the subpoena,” leaving “no remaining controversy” for the court to resolve.
Marc Anthony, Chayanne and more to play benefit concert for Venezuela and Colombia earthquake relief
Latin music stars Marc Anthony, Feid, and others are set to perform at a benefit concert in Miami on August 16. to raise money for those affected by recent earthquakes in Venezuela and Colombia. Proceeds from ticket sales and online donations will support rebuilding homes, restoring schools, and providing mental health support. Anthony's nonprofit, Maestro Cares Foundation, and the Univision Foundation will manage the funds. The concert will be livestreamed on TelevisaUnivision platforms and iHeartLatino. Additional benefits are planned, including a concert by Venezuelan conductor Gustavo Dudamel in Los Angeles.
Wall Street rises near a record as AI stocks climb and worries about inflation ease a bit
NEW YORK (AP) — Wall Street finished just shy of a record after several AI stocks reported better growth for the spring than analysts expected, while a report showed inflation across the United States was slightly less bad last month. The S&P 500 added 0.3% Wednesday for its first gain since setting its all-time high on Friday. The Dow Jones Industrial Average fell less than 0.1%, and the Nasdaq composite climbed 0.5%. Stocks like Nvidia and Super Micro Computer helped lead the way on signals that businesses continue to spend big dollars on AI infrastructure. Treasury yields eased following the latest inflation data.
