By Alexandra Meeks, CNN
It wasn’t too long ago that no one paid full sticker price when buying a new car, but with limited vehicle stocks due to supply chain issues, prices for detail of the cars exploded. And while that’s bad news for buyers, some automakers have seen their profits and revenue soar.
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1. Prisoner Exchange
The Biden administration has proposed a prisoner exchange to obtain the release of two Americans detained by Russia, Britney Griner and Paul Whelan. President Joe Biden offered to trade Victor Bout, a convicted Russian arms dealer serving a 25-year prison sentence in the United States. Multiple sources told CNN that the plan to trade Bout for Whelan and Griner had Biden’s backing after being in discussion since earlier this year. The president’s support for the exchange outweighs the opposition of the Justice Department, which is generally against prisoner exchanges. Secretary of State Antony Blinken announced Wednesday that the United States presented the “substantial proposal” to Moscow “weeks ago” for Whelan and Griner. Asked about the possible exchange, Kremlin spokesman Dmitry Peskov said “so far there is no agreement on this issue”.
Senate Majority Leader Chuck Schumer and Sen. Joe Manchin announced Wednesday an agreement on a energy and health billrepresenting a breakthrough after more than a year of negotiations that have collapsed time and time again. The deal now has a serious chance of becoming law as early as August — but will likely face furious GOP opposition and several other hurdles. Manchin’s support for the bill is notable given his stance earlier this month that he would not “unequivocally” support the climate or fiscal provisions of the Democratic economic package, which appeared to torpedo any hope the party had of passing legislation to combat climate change in the near future. The announcement comes at a crucial time for Congress, as the Senate is just over a week away from beginning a month-long recess when many Democrats will campaign for re-election.
3. Interest rate
For the second consecutive month, the Federal Reserve steeply raised interest rates three-quarters of a percentage point. Central bankers voted on Wednesday to raise rates to help dampen inflation. The action underscores how willing the Fed is to push the economy to temper rising costs for Americans amid the highest price increases since the 1980s. Inflation is hovering stubbornly at 40-year highs due to a variety of factors, including the Fed’s own policies at the times of the pandemic. The Fed’s action decisively shows confidence in the labor market health. But the speed at which interest rates are expected to rise underscores its growing concern over the soaring cost of living.
The extreme heat that has plagued parts of the United States in recent weeks is worsening drought conditions and having devastating consequences, including heat-related deaths and devastating wildfires. Many Southern states have been particularly hard hit by the heat waves, including Texas, where vital water and lush fields are necessary for the maintenance of livestock. Texas cattlemen have been particularly hard hit by drought, as the dry land and triple-digit temperatures make it difficult to maintain healthy livestock. As a result, ranchers are selling animals at a staggering rate not seen in more than a decade, foreshadowing worrying trends for consumer beef prices. Meanwhile, a relentless heat wave will continue to scorch the northwest and parts of the south today, with more than 30 million people in the United States under various heat alerts.
Meta, Facebook’s parent company, posted its first drop in revenue since its IPO in 2012, a sign that Facebook is in decline. In the three months to June, the company’s profit fell 36% year-on-year to nearly $6.7 billion, a huge reversal from a year earlier, when its profit doubled. . The number of monthly active users on the Facebook app also slightly decreased. It comes weeks after Meta CEO Mark Zuckerberg said the company would cut plans to hire engineers by at least 30% this year, telling employees in a Q&A session that ” this could be one of the worst slowdowns we’ve seen in recent times.” the story,” according to a Reuters report. Meta shares fell as much as 5% in after-hours trading on Wednesday after the earnings report before rebounding somewhat.
Saudi Arabia unveils plans for 106-mile-long vertical city
The internet is fascinated by this conception of a one-building city that could potentially house millions of people. Watch this short video to see what it would look like.
Sprite will no longer be sold in a green bottles
After more than 60 years, Sprite gets a makeover.
Rick Astley turns 35 with “Never Gonna Give You Up”
let’s have a little fun. The lyrics are over! I will never abandon you. I will never let you down. I will never run and…
Brendan Fraser transforms into a 600-pound man in ‘The Whale’‘
Discover the actor big transformation here.
‘Jeopardy’ now has two permanent co-hosts
It won’t exactly be a daily double, but “Jeopardy!” decided that two hosts are better than one.
President Biden will meet with Chinese President Xi Jinping today
A call is expected between President Biden and Chinese leader Xi Jinping today, amid poor relations between the two countries. The call comes as the United States faces a backlash from Beijing over a proposed tour by House Speaker Nancy Pelosi in Taiwan. The trip has raised concerns within the Biden administration, with national security officials working quietly to convince Pelosi of the risks a visit could pose during a highly sensitive time between Taiwan and China.
Tony Dowan actor and director best known for playing Wally Cleaver in the sitcom “Leave It to Beaver”, died Wednesday morning, according to his manager Frank Bilotta, citing Dow’s son, Christopher. He was 77 years old. News of the actor’s passing comes a day after a premature announcement of his death. No cause of death was shared, but Dow revealed in May that he had been diagnosed with cancer.
NUMBER OF THE DAY
It’s the size of a massive pink diamond recently discovered in the African nation of Angola. Named ‘Lulo Rose’, the diamond could be the largest gemstone found in 300 years, according to Australian miner Lucapa Diamond Company. It is now being assessed to determine its approximate cost, the company said. Large colored diamonds have fetched millions at auction in recent years.
QUOTE OF THE DAY
“I’ll guess myself for the rest of my life.”
— Mandy Gutierrez, Principal of Robb Elementarydefending himself on Wednesday against criticism on his management of school security before the massacre that killed 19 children and two teachers. “I feel like I did the training I was given to the best of my abilities,” she said when asked if she thought she should lose her job.
Raising the hottest pepper in the world
Meet the man behind the hottest pepper in the world – the “Carolina Reaper”. (Click here to see)
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