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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.

BRUSSELS (AP) — The European Union says a new U.S. tax credit plan aimed at encouraging Americans to buy electric vehicles could discriminate against European producers and break world trade rules. The Inflation Reduction Act is nearing approval in Congress. It would grant a tax credit of up to $7,500 to lower the cost of an electric vehicle. To qualify, electric vehicles should contain a battery built in North America with minerals mined or recycled on the continent.

WASHINGTON (AP) — Falling gas prices gave Americans a slight break from the pain of high inflation last month, though the surge in overall prices slowed only modestly from the four-decade high it reached in June. Consumer prices jumped 8.5% in July compared with a year earlier, the government said Wednesday, down from a 9.1% year-over-year jump in June.

Elon Musk has sold nearly $7 billion worth of shares in Tesla as the billionaire gets his finances in order ahead of his court battle with Twitter. Musk disclosed in a series of regulatory filings that he unloaded about 8 million shares of his company Tesla in recent days. He is attempting to back out of an agreement to buy Twitter for $44 billion. Musk is by far the largest individual shareholder in both Tesla and Twitter.

WASHINGTON (AP) — Americans may finally be catching a break from relentlessly surging prices — if just a slight one — even as inflation is expected to remain painfully high for months. Thanks largely to falling gas prices, the government’s inflation report for July, to be released Wednesday morning, is expected to show that prices jumped 8.7% from a year earlier — still a sizzling pace but a slowdown from the 9.1% year-over-year figure in June, which was the highest in four decades.

DETROIT (AP) — A tax credit of up to $7,500 could be used to defray the cost of an electric vehicle under the Inflation Reduction Act now moving toward final approval in Congress. But the auto industry warns that the vast majority of EV purchases won’t qualify for a tax credit that large. That’s mainly because of the bill’s requirement that, to qualify for the credit, an electric vehicle must contain a battery built in North America with minerals mined or recycled on the continent.

BUDAPEST, Hungary (AP) — Hungary has accused Ryanair of consumer protection violations after it raised ticket prices to cope with a tax on what the government calls “extra profits.” Justice Minister Judit Varga wrote Monday on Facebook that an investigation found “unfair trade practices,” leading to a $777,058 fine. It's the first tied to the new tax, which led Ryanair and others to increase prices.

Pfizer is buying sickle cell drug maker Global Blood Therapeutics in an approximately $5.4 billion deal as it looks to accelerate growth after its revenue soared during the pandemic. Pfizer will pay $68.50 per share in cash for each GBT share. GBT is the developer of Oxbryta tablets, which directly target the root cause of sickle cell disease.

Elon Musk said Saturday that his planned $44 billion takeover of Twitter should move forward if the company can confirm some details about how it measures whether user accounts are ‘spam bots’ or real people. The billionaire and Tesla CEO has been trying to back out of his April agreement to buy the social media company, leading Twitter to sue him last month to complete the acquisition.

U.S. demand for grocery delivery is cooling as food prices rise. Some shoppers are shifting to less expensive grocery pickup, while others are returning to the store. Experts say grocery delivery saw five years of growth in the first three months of the pandemic.

WASHINGTON (AP) — Defying anxiety about a recession and raging inflation, America’s employers added a surprising 528,000 jobs last month, restoring all the jobs lost in the coronavirus recession as the country’s hiring boom continued. Unemployment fell to 3.5%, the lowest since the pandemic struck in early 2020.

Elon Musk accused Twitter of fraud in a countersuit over his aborted $44 billion deal for the social media company, which he said held back necessary information and misled his team about its true user base. According to The Washington Post, the countersuit filed by the billionaire and Tesla CEO filed on Thursday alleges that Twitter committed fraud, breach of contract, and violation of the Texas Securities Act.

DETROIT (AP) — The death toll from exploding airbag inflators made by Takata Corp. has risen to 19 in the U.S. and 28 worldwide. Authorities say the driver of a 2006 Ford Ranger pickup truck was killed in what should have been a minor crash last month near Pensacola, Florida. But the driver’s airbag inflator exploded, spewing shrapnel that hit the unidentified driver, a 23-year-old man.

WASHINGTON (AP) — The average long-term U.S. mortgage rate fell below 5% for the first time in four months this week, just after the Federal Reserve jacked up its main borrowing rate in an aggressive effort to get inflation under control. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate dropped to 4.99% from 5.3% last week.

WASHINGTON (AP) — More Americans applied for jobless benefits last week as the number of unemployed continues to rise modestly, though the labor market remains one of the strongest parts of the U.S. economy. Applications for jobless aid for the week ending July 30 rose by 6,000 to 260,000 from the previous week’s 254,000, the Labor Department reported Thursday.

NEW YORK (AP) — This back-to-school shopping season, parents are focusing on the basics while also trading down to cheaper stores as surging inflation takes a toll on their household budgets. That is particularly true for parents in the low- to middle-income bracket. Last week, Walmart noted higher prices on gas and food are forcing shoppers to make fewer purchases of discretionary items, particularly clothing.

The OPEC oil cartel and its allies have decided to boost production in September at a much slower pace than in previous months. The move Wednesday comes amid high oil prices and unstable energy supplies exacerbated by the war Russia is waging on Ukraine. The group considered what effects staggering inflation and rising COVID-19 rates may have on global demand for fuel in the fall, with gasoline prices at the pump still high.

WASHINGTON (AP) — American employers posted fewer job openings in June as the economy contends with raging inflation and rising interest rates. The Labor Department said Tuesday that job openings fell to a still-high 10.7 million in June from 11.3 million in May. In its monthly Job Openings and Labor Turnover Survey, the Labor Department said that the number of Americans quitting their jobs fell slightly in June while layoffs fell.

WASHINGTON (AP) — Renowned author Stephen King is set to take the stand at a federal antitrust trial in Washington, D.C. King is scheduled to be a witness for the Justice Department on Tuesday as it bids to block the proposed merger of two of the world's biggest publishers, No. 1 U.S. publisher Penguin Random House and No. 4 Simon & Schuster.

DALLAS (AP) — Southwest Airlines is reporting higher profit and record revenue, but its shares are down because of concern over rising costs. Southwest said Thursday that second-quarter profit more than doubled to $760 million. Revenue jumped by about two-thirds, as passengers packed planes to take summer vacations.

OMAHA, Neb. (AP) — Norfolk Southern continued to struggle with the delivery delays that have plagued freight railroads this year and reported flat second-quarter profit as the number of shipments it delivered slipped 3%. The Atlanta-based railroad still beat Wall Street expectations as rate increases and higher fuel surcharges helped it generate $819 million profit, or $3.45 per share.

WASHINGTON (AP) — Fewer Americans applied for jobless benefits last week, but the previous week’s number was revised upward significantly, with claims breaching the 250,000 level in back-to-back weeks for the first time in more than eight months. Applications for jobless aid for the week ending July 23 declined by 5,000 to 256,000 from the previous week’s 261,000, the Labor Department reported Thursday.

JetBlue has agreed to buy Spirit Airlines in a $3.8 billion deal, a day after Spirit and Frontier Airlines agreed to abandon their merger proposal. JetBlue will acquire Spirit for $33.50 per share in cash, including a prepayment of $2.50 per share in cash payable once Spirit stockholders approve the transaction.

WASHINGTON (AP) — The Federal Reserve raised its benchmark interest rate by a hefty three-quarters of a point for a second straight time in its most aggressive drive in three decades to tame high inflation. The Fed’s move will raise its key rate, which affects many consumer and business loans, to its highest level since 2018.

Boeing is reporting a $193 million second-quarter profit for shareholders, but the results are falling short of Wall Street expectations. Boeing's normally steady defense business is down from a year ago. Boeing said Wednesday that it generated more cash by delivering more airline jets than it has since the start of the pandemic. But the company is still unable to deliver any of its 787s, a plane that Boeing calls the Dreamliner, because of production problems.

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