New figures showed that job openings increased in July, “a sign that the U.S. labor market remains vibrant even as the Federal Reserve tries to cool the economy by raising interest rates.” The job openings and labor turnover survey counted 11.2 million available positions in July and revised upward June’s figure, too, to the 11 million range - NYTimes and WSJ and Bloomberg and Marketplace
Stocks dipped again on Tuesday, the third straight day of losses across the board. Those strong jobs figures didn’t help the cause, “with investors believing upbeat economic readings could embolden the Fed to continue with big interest-rate increases” - WSJ and Bloomberg and MarketWatch
And over at the Fed, say goodbye to “soft landing” and welcome “growth recession” to the table. That’s quite the pivot, Chair Powell - Bloomberg
U.S.-based solar panel manufacturer First Solar announced this week that it would “invest up to $1.2 billion to build its fourth factory in the United States, in large part because Congress passed a major energy and climate bill that expands incentives for renewable energy” - NYTimes and WSJ
Mr. Buffet’s Berkshire Hathaway empire is cutting its stake in Chinese EV auto maker BYD, a move that came just “days before the car maker said its January-June profit tripled compared with a year ago” - WSJ
Twitter’s not buying Elon Musk’s new Twitter-whistleblower-driven theory for abandoning his $44 billion deal to takeover the company, calling the expanded justification for walking away from the transaction “invalid and wrongful” – Law360
SEC officials have sued insurance exec Greg Lindberg for his alleged “massive fraud” in which he and “a lieutenant defrauded insurers out of more than $75 million through a series of undisclosed related-party transactions and advisory fees paid to a Malta entity” - WSJ
Gazprom, Russia’s government-owned energy powerhouse, will again “temporarily stop natural gas flows through Nord Stream 1.” Though ostensibly for maintenance purposes, the cutoff is already being called “politically motivated” by German government authorities and energy execs - NYTimes and Bloomberg and WSJ
The Germans have other [related] problems, too. Eurozone inflation continued to rise in August, jumping .2% from a month earlier to 9.1%, a full 6% higher than it was last year - NYTimes
How supply chain issues in the past few years forced companies like Totino’s (and its General Mills parent) to get very flexible in its production of the brand’s famed pizza rolls. Like 25-different-ways flexible - NYTimes
There’s what you likely think of when I say Bingo (church basement, bad mic, a veteran crowd), and then there’s Bong’s Bing, a “no-holds-barred night out in Liverpool” complete with “a mashup of dance-offs, cheesy giveaways, ‘90s nostalgia acts and, in between, a few rounds of bingo” - WSJ
Stay safe,
MDR
