Thursday, July 14th, 2022
Prices Rising, 4th Vaccine Option & Netflix Ads
All the news you need in about 10 min:
This episode is brought to you by Zocdoc.com/newsworthy and Thrivecausemetics.com/newsworthy
Story Summaries
All the news stories mentioned in today's episode are listed with links below, so you can spend as much -- or as little -- time as you want to peruse the latest happenings.
Consumer Prices Jump Again
The latest Consumer Price Index, which measures what people pay for goods and services, came out this week. It shows that in June, prices went up 9.1% as compared to June of last year. The report also says prices went up 1.3% in just one month. Most of that increase had to do with the big jump in gas prices that hit a record last month. However, prices for food, rent, and electricity also went up. Some analysts say the biggest issue is how the world rebounded from the worst of the pandemic before factories and shipping companies were ready for a comeback. Then, the war in Ukraine made matters worse.
Read More: BLS, AP, NY Times, WSJ, CNBC
Gas Prices Dropping
Some economists think we could soon see inflation level off a bit. We are already seeing it with gas prices. Even though the national average topped $5/gallon last week, it’s more like $4.63 a gallon now. There is more supply since the government has been releasing oil from the reserves. There is also less demand because people seem to be cutting back. Assuming this trend continues, shipping prices for all goods will start to come down. Any company that relies on diesel or jet fuel could be able to lower their prices, too.
Read More: AAA, NY Times, Forbes, Miami Herald
Ukraine/Russia Grain Talks
Representatives from Russia, Ukraine, Turkey, and the United Nations met this week. They talked about ways to release a huge supply of grain that’s been backed up in Ukraine, blocked by Russian warships. After the meeting, officials say they agreed on key aspects of a plan. Right now, Ukraine is only exporting one-third of the grain it used to, so grain and other exports are piling up. Ukraine is running out of places to store its crops as food prices go up and food shortages get worse in some parts of the world.
Read More: United Nations, Reuters, AP, NY Times, WSJ
Biden Visits Israel
President Biden kicked off his first Middle East trip as president in Israel. There, he told leaders he’s determined to stop Iran’s nuclear program, and if it came down to it, he would be willing to use military force. Today, the U.S. and Israel are expected to unveil a joint declaration to commit to such a promise and expand upon a military partnership. Tomorrow, Biden is set to meet with Palestinian officials before heading to Saudi Arabia. Biden says he will confront the Saudis on human rights issues and talk about ways to stabilize the oil markets.
Read More: White House, Axios, WSJ, AP, NY Times
Child Rape Case Fuels Abortion Debate
Reports earlier this month said a 10-year-old girl from Ohio had been raped, then had to travel to Indiana to get an abortion since her home state now bans the procedure. Soon after, abortion advocates like President Biden pointed to the story as evidence of the cruel consequences of strict new abortion bans. However, some abortion opponents doubted whether the rape happened, saying there wasn’t enough evidence. That was before this week when police arrested a suspect for raping and impregnating an Ohio 10-year-old. Police confirmed the girl got an abortion in Indiana because of it and that the suspect confessed.
Read More: Columbus Dispatch, ABC News, NY Post, NPR
Novavax Covid Vaccine Authorized
The FDA authorized a fourth Covid-19 vaccine. This one is from Novavax. It comes in two doses, like the widely-used shots from Pfizer and Moderna. However, unlike those options, the Novavax one uses a different type of vaccine technology. It’s protein-based, like the vaccines already on the market for hepatitis B and whooping cough. In trials, the Novavax vaccine was more than 90% effective against mild, moderate, and severe Covid-19. Novavax also says its vaccines cause fewer side effects than the Moderna or Pfizer shots. The Novavax option should be available soon, pending sign-off from the CDC.
Read More: FDA, Novavax, CNBC, CBS News, CNN, Fox Business
First Black American in Statuary Hall
A statue of educator, civil rights leader, and presidential advisor Mary McLeod Bethune is now in the U.S. Capitol. That makes her the first Black American to be represented in the National Statuary Hall collection. That’s a collection of 100 statues, two from each state, inside a central room in the Capitol building. The statue of Mary McLeod Bethune replaces one of a confederate general from Florida. Bethune advocated for Black Americans from the schoolhouse to the White House and helped lay the groundwork for the civil rights movement. Democrats and Republicans came together this week to honor her.
Read More: AOC.gov, WaPo, AP, NY Times, Tampa Bay Times
Female Passengers Sue Uber
Uber is facing a new lawsuit. More than 500 women in multiple states are suing the company, saying they were kidnapped, sexually assaulted, harassed, stalked, and more. They blame the company for a range of things from negligence around hiring and supervising drivers to product design flaws. An Uber spokesperson told TechCrunch the company can’t comment on pending litigation, but it takes the report seriously. Uber also has new safety features. A couple of weeks ago, Uber released its second safety report, showing that sexual assault on the platform was down.
Read More: Slater Slater Schulman LLP, Uber, Fox Business, TechCrunch, Bloomberg, CNBC
Celsius Files for Bankruptcy
One of the biggest cryptocurrency lenders, Celsius Network, filed for bankruptcy protection. The company reportedly built itself on a pitch that it was less risky than a bank and had better returns for its customers. However, it didn’t have a lot of cushion for the current “crypto winter”. The bankruptcy filing isn’t a total surprise. Last month, Celsius Network suddenly froze customers’ withdrawals, swaps, and transfers. Celsius Network hopes to keep operating while the bankruptcy courts restructure the company.
Read More: See Filings, WSJ, CNBC, Reuters, The Verge
Panasonic to Build Largest EV Battery Plant
Panasonic says it will build the world’s largest electric vehicle battery plant in Kansas. It’s a $4 billion project that the governor calls the “largest private investment in Kansas history.” It will bring 4,000 permanent jobs to the state that will pay about $50,000 a year on average. You can expect a lot more EV battery factories like this one to be built soon since several automakers are now investing in that part of their businesses.
Read More: Gov. Kelly, Kansas City Star, KMBC, TechCrunch, Engadget
Netflix with Ads
A cheaper version of Netflix that includes ads seems to be on track to come out by the end of the year. This week, the streaming giant said it hired Microsoft to provide technology for the ads. Netflix hasn’t said exactly how much the ad-supported version will cost or an exact launch date. However, reports say Netflix employees have been told it will roll out sometime in 2022. For now, the cost of a Netflix subscription is between $10-20 a month in the U.S. Netflix says those ad-free versions aren’t going anywhere. This will just give users another choice.
Read More: Microsoft, Netflix, Ars Technica, Bloomberg, The Verge, Deadline
Thing to Know Thursday: Bastille Day
Today is Bastille Day. It’s a French holiday commemorating an uprising that helped usher in the French Revolution. People in France will spend the day remembering the history and celebrating. There are festivities planned like parades, concerts, and parties. There are also a lot of ways to celebrate Bastille Day in the U.S. For example, the French Consulate in New York City is hosting a festival in Central Park. There is an annual block party in San Francisco with performances, games, and wine. In New Orleans, Bastille Day celebrations take over the French Quarter.
Read More: History.com, CBS News, The Local, Taste France