Strike four: Facebook misses election misinfo in Brazil ads
Facebook failed to detect election-related misinformation in ads ahead of Brazil’s 2022 election, a new report from Global Witness has found, continuing a pattern of not catching material that violates its policies the group says is “alarming.” The advertisements contained false information about the country’s upcoming election, such as promoting the wrong election date and questioning the integrity of the election. It is the fourth such test of Facebook’s moderation system the human rights group has conducted over the past few months — and the fourth one Facebook has flubbed.
China cuts interest rate to shore up sagging economy
BEIJING (AP) — China’s central bank has trimmed a key interest rate to shore up sagging economic growth at a politically sensitive time when President Xi Jinping is believed to be trying to extend his hold on power. The ruling Communist Party has acknowledged it can’t hit this year’s official 5.5% growth target after anti-virus curbs disrupted trade, manufacturing and consumer spending. A crackdown on corporate debt caused activity in the vast real estate industry to plunge. Government data showed July factory output and retail sales weakened. The rate cut suggested Beijing’s worries about rising debt are at least temporarily outweighed by the political dangers of an economic slump and job losses.
High oil prices help Saudi Aramco earn $88B in first half
DUBAI, United Arab Emirates (AP) — Saudi oil company Aramco’s half-year profits peaked just shy of $88 billion as oil prices remain high globally. The oil and gas company, which is nearly entirely state-owned, said Sunday it also saw a 90% surge in net profits for the second quarter of 2022 compared to the same time last year. Aramco said the results set a new quarterly earnings record for the company since it floated around 5% of the company on the Saudi stock market in late 2019. Aramco said the profits were driven primarily by higher crude oil prices and volumes sold, and higher refining margins.
Japan ekes out growth as consumers splurge amid COVID surge
TOKYO (AP) — Japan’s economy grew at an annual rate of 2.2% for the April-June quarter from the previous quarter, as consumer spending rebounded with COVID-19 restrictions getting gradually lifted. Japan’s gross domestic product, or GDP, the sum of the value of a nation’s products and services, expanded 0.5% from January-March, during which the economy had stayed flat, according to preliminary government estimates released Monday. Economists had forecast 0.6% on-quarter growth. The annual numbers show how the economy would have grown if the quarterly rate were to continue for a year. Private consumption jumped at an annual rate of 4.6%.
Former Deutsche Bank Co-CEO Anshu Jain dies
NEW YORK (AP) — Anshu Jain, a fomer co-CEO of Deutsche Bank, has died, according to a statement by his family on Saturday. He was 59. Jain died of duodenal cancer, which he was diagnosed with in 2017. Jain was Co-CEO of Deutsche Bank from 2012 to 2015, where he helped build the firm’s global capital markets business. As Co-CEO along with Jürgen Fitschen, he was the first ever non-European to lead the German bank. Before that, he ran the corporate and investment bank division from 2010. After leaving Deutsche Bank he served as president of Cantor Fitzgerald from 2017 until his death.
Veteran Indian investor Rakesh Jhunjhunwala dies at 62
NEW DELHI (AP) — Veteran stock market investor and Indian billionaire Rakesh Jhunjhunwala, nicknamed India’s own Warren Buffett, died Sunday in Mumbai city, Press Trust of India news agency reported. He was 62. Prime Minister Narendra Modi led the tributes for the business magnate, who had an estimated net worth of $5.8 billion, according to Forbes. Also called the “Big Bull” of the country’s Bombay Stock Exchange, Jhunjhunwala was known for taking risks in the market and in his investments. His cause of death has not yet been released, although he was said to be suffering from various health issues, local media reported.
Climate bill: Could coal communities shift to nuclear?
PROVIDENCE, R.I. (AP) — A major economic bill headed to the president has “game-changing” incentives for the nuclear energy industry, experts say, and those tax credits are even more substantial if a facility is sited in a community with a coal plant that’s closing. Among the many things the transformative bill could do, nuclear energy experts say, is spur more nuclear reactor projects like one Bill Gates is planning in Kemmerer, Wyoming. Companies designing and building the next generation of nuclear reactors could pick one of two new tax credits available to carbon-free electricity generators. Both include a 10-percentage point bonus for facilities sited in fossil fuel communities.
What takes years and costs $20K? A San Francisco trash can
SAN FRANCISCO (AP) — What takes years to make and costs more than $20,000? A trash can in San Francisco. The pricey, boxy bin is one of three custom-made trash cans the city is testing this summer as part of its yearslong search for another tool to use against its dirty streets. San Francisco began its search for the perfect trash can in 2018 when officials decided it was time to replace the more than 3,000 round public bins that have been on the streets for nearly 20 years. What trash can the city gets will depend in part on the feedback from residents. The city promises the new bins will be in place by the end of 2023 and will cost a maximum of $3,000 each.
Inflation Reduction Act may have little impact on inflation
WASHINGTON (AP) — With inflation raging near its highest level in four decades, the House gave final approval to President Joe Biden’s landmark Inflation Reduction Act. Its title raises a tantalizing question: Will the measure actually do what it says? Economic analyses suggest that the answer is likely no — not anytime soon, anyway. The legislation, which now heads to the White House for Biden’s signature, won’t directly address some of the main drivers of surging prices — from gas and food to rents and restaurant meals. Still, over time, the bill could save money for some Americans by lessening the cost of certain prescription drugs for the elderly, extending health insurance subsidies and reducing energy prices.
Expanded IRS free-file system one step closer in Dems’ bill
WASHINGTON (AP) — The flagship climate change and health care bill passed by Democrats and soon to be signed by President Joe Biden will bring U.S. taxpayers one step closer to a government-operated electronic free-file tax return system. It’s something lawmakers and advocates have been seeking for years. For many Americans, it’s frustrating that beyond having to pay sometimes hefty tax bills, they also have to shell out additional money for tax preparation programs or preparers because of an increasingly complex U.S. tax system. Treasury Secretary Janet Yellen says, “It’s definitely something we should do, and when the IRS is adequately resourced, it’s something that will happen.”