Biden, mulling tariff decision, will talk soon to China’s Xi
— President Joe Biden says he plans to talk to Chinese leader Xi Jinping soon as he considers whether to lift some Trump-era tariffs on Chinese goods. Biden isn’t saying when they might speak, but Biden is suggesting he’s getting closer to making a decision about the economic penalties. Biden told reporters Saturday in Delaware that he’s “in the process of making up my mind.” National security and economic aides are in the process of completing a review of the U.S. tariff policy. The tariffs imposed under President Donald Trump applied a 25% duty on billions of dollars of Chinese products. The penalties were intended to reduce the U.S. trade deficit and force China to adopt fairer practices.
COVID-19 vaccine and fisheries deals close WTO meeting
World Trade Organization members announced agreements Friday at the close of their ministerial conference, pledging to rein in harmful government policies that have encouraged overfishing and relax some controls on intellectual property in an effort to make coronavirus vaccines more widely available. The agreements were hard fought, coming after several nights of talks and extended periods when it appeared the meeting would yield no major deals at all. Although the parties were able to reach a compromise on vaccine technology, the divide remained so deep that both sides criticized the outcome.
Revlon, a makeup staple for generations, files for bankruptcy
For much of its 90 years, Revlon was the leading cosmetics empire, a mainstay in bathroom cabinets since the Great Depression. But in recent decades, the company has struggled under the weight of enormous debt and competition from new generations of cosmetic brands. Now coronavirus-related shutdowns in China and related supply chain snarls have added extra strain. This week, Revlon filed for bankruptcy protection, its financial statements awash in red ink. Revlon’s bankruptcy could be a sign of more trouble to come for consumer brands, bankruptcy advisers said. High inflation, rising interest rates and warnings of a recession have made shoppers more wary of opening their wallets.
Trial of new Alzheimer’s drug reports disappointing results
A closely watched clinical trial of a potential Alzheimer’s drug failed to prevent or slow cognitive decline, another disappointment in the long and challenging effort to find solutions for the disease. The decadelong trial was the first time people who were genetically destined to develop the disease — but who did not yet have any symptoms — were given a drug intended to stop or delay decline. The drug, crenezumab, failed to prevent early symptoms or slow cognitive decline, the latest setback in the long quest to find effective therapies for the disease.
Mortgage rates jump to 5.78%, rising at fastest pace since 1987
Mortgages rates climbed at their fastest pace this week since 1987, as inflation re-accelerated and the Federal Reserve raised its benchmark interest rate again to try to contain it. Rates on 30-year fixed rate mortgages averaged 5.78% as of June 16, according to Freddie Mac’s primary mortgage survey, up from 5.23% the week before — that’s the largest one-week increase in the survey in 3 1/2 decades. Mortgage rates have jumped more than 2.5 percentage points since the start of the year, while the average rate was 2.93% this week in 2021.
Verizon, AT&T delay some 5G service over airlines’ concerns
Verizon and AT&T won’t power up some wireless towers near airports until next summer to give airlines more time to make sure the new service won’t interfere with planes. But the airline industry is not happy about the deal. The Federal Aviation Administration said Friday that the companies agreed to hold off until July 2023. AT&T says it will control the strength of new 5G signals near runways so airlines have more time to retrofit planes. The FAA and airlines say 5G service using spectrum called C-Band can interfere with devices that measure a plane’s height above the ground. Airlines say they are being rushed to replace critical equipment.
Buttigieg: US may act against airlines on consumers’ behalf
Transportation Secretary Pete Buttigieg says he’s pushing airlines to hire more customer-service agents and take other steps to help travelers this summer. Buttigieg tells The Associated Press his department could take enforcement action against airlines that fail to meet consumer-protection standards, although he thinks that won’t be necessary. Buttigieg says he wants to see how the airlines do over the July Fourth holiday weekend and the rest of the summer. He held a virtual meeting on Thursday with airline executives where they described steps their companies are taking to avoid a repeat of the Memorial Day weekend, when about 2,800 flights were canceled.
Warren Buffett’s final charity lunch draws record $19M bid
An anonymous bidder has shelled out a record $19 million for a private lunch with billionaire Warren Buffet at a steakhouse in New York City. The meal with the Berkshire Hathaway CEO was offered on an eBay auction to benefit the San-Francisco based charity GLIDE. The winner can bring up to seven guests. This year’s event will be the first private lunch offered with the 91-year-old billionaire since the previous record-setting bid of $4.5 million in 2019. The past two auctions were called off due to the pandemic. Buffett, who says this will be the last charity lunch, has raised $53 million for GLIDE since the auction began in 2000.
Big crowds take to London streets to protest soaring costs
Thousands of people have marched through central London in a protest over the soaring cost of living in Britain. Huge crowds flooded into the British capital for the rally on Saturday to demand that the government do more to help people faced with bills and other expenses that are rising more quickly than their wages. Prime Minister Boris Johnson has been criticized for being slow to respond to the cost-of-living crisis. Demonstrators carried banners with messages such as “Cut war not welfare.” They booed when they passed by the prime minister’s residence at No. 10 Downing Street according to videos posted on social media.
By wire sources
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