Over the past year, producer prices have risen 1.8%. Excluding the volatile food and energy categories, wholesale prices rose 0.2% in May from April and 2.3% from May 2018.
Inflation remains tame, enabling the Federal Reserve to stop raising interest rates after four hikes in 2018. Investors increasingly expect the Fed to cut rates amid signs the U.S. and world economies are decelerating.
States sue to stop $26.5B Sprint-T-Mobile deal
NEW YORK (AP) — A group of state attorneys general are reportedly planning a lawsuit to block a $26.5 billion merger of wireless carriers T-Mobile and Sprint.
It’s an unusual step ahead of a decision by federal antitrust authorities.
The reports from Reuters and The Wall Street Journal cite unidentified people familiar with the matter.
The Justice Department has not yet issued a decision. The Republican chairman of the Federal Communications Commission, the nation’s telecom regulator, supports the deal.
The companies say they need to bulk up to upgrade to a fast, powerful “5G” mobile network that competes with Verizon and AT&T. The companies are appealing to President Donald Trump’s desire for the U.S. to “win” a global 5G race while, consumer advocates and Democratic lawmakers worry about price increases and job cuts.
$1.6 billion pipeline to move North Dakota crude oil proposed
BISMARCK, N.D. (AP) — Two companies are proposing a $1.6 billion pipeline to move North Dakota crude oil, though the route has not been disclosed.
The proposed pipeline would be the biggest such project in the state since the Dakota Access pipeline that sparked violent clashes between protesters and law enforcement back in 2016 and 2017.
Houston-based Phillips 66 along with Casper, Wyoming-based Bridger Pipeline announced the joint venture called Liberty Pipeline on yesterday. It’s designed to move 350,000 barrels of oil daily from western North Dakota’s oil patch to Cushing, Oklahoma.
The route of the pipeline has not been disclosed publicly or to North Dakota regulators. The companies say in a statement the project “will utilize existing pipeline and utility corridors and advanced construction techniques to limit environmental and community impact.”
Is Beyond Meat overcooked?
NEW YORK (AP) — The price for a share of Beyond Meat almost tripled on the first day of trading in May and that was just a taste of what was to come.
The price has surged between 570% and 650% and today, industry analysts with J.P. Morgan had enough, but not for fear that there isn’t more room to run for the plant-based alternative to beef.
J.P. Morgan’s Ken Goldman and James Allen downgraded the stock to ‘neutral’ after a run that has cost short sellers $400 million, according to the research firm S3. J.P. Morgan just upped its price target Friday by $23, to $120 but even that could not keep pace. The stock closed Friday at $138.65.
Shares in Beyond Meat were down about 12% before the opening bell today.
Amazon to shutdown US restaurant delivery service
NEW YORK (AP) — Amazon is closing its U.S. restaurant delivery service, a 4-year-old business that failed to take off amid fierce competition from Uber Eats, Door Dash and others.
The service, called Amazon Restaurants, offered delivery in more than 20 cities in the U.S. It was expanded into the United Kingdom, but Amazon shut that down late last year. Still, Amazon.com Inc. has showed interest in delivering meals to diners’ doorsteps. Last month, it bought a stake in British food delivery company Deliveroo, whose kangaroo logo is a common sight on bicycles and scooters in Britain.
Daily HIV prevention pill urged for healthy people at risk
WASHINGTON (AP) — New recommendations urge doctors to prescribe a daily prevention pill to people at high risk of HIV infection.
Studies show Truvada cuts the chances that someone who’s still healthy becomes infected from risky sex or by injecting drugs. But with nearly 40,000 new HIV infections each year in the U.S., only a fraction of people who could benefit are prescribed the drug for prevention.
The U.S. Preventive Services Task Force says people at high risk of infection include those with a HIV-positive sexual partner, those who have sex without a condom with people at high risk of HIV, and those who inject drugs.
The recommendations were published today in the Journal of the American Medical Association.
House panel begins review of big tech market power
WASHINGTON (AP) _ The House Judiciary Committee is launching its investigation into the market dominance of Silicon Valley’s biggest names, including Facebook, Google and Amazon. The hearing today is looking at the tech giants’ impact on news outlets and local advertisers. Some lawmakers warn that the technology companies have become monopolies, and several Democratic presidential candidates say they should be broken up on antitrust grounds.
News media associations and journalism groups accuse the tech giants of jeopardizing the industry’s economic survival by putting out news content on their platforms without paying for it.
LONDON FIRE-U.S. LAWSUIT
US lawsuit filed over deadly fire at London’s Grenfell Tower
PHILADELPHIA (AP) — A lawsuit filed in the United States says faulty building materials helped spread a fire at London’s Grenfell Tower back in 2017.
More than 200 relatives of victims and survivors joined the suit, which targets U.S. companies that made products used at the complex. It was filed in a state court in Philadelphia today.
The blaze started in a refrigerator and raced up the side of the 24-story building two years ago June 14, killing 72 people.
The plaintiffs’ lawyers say the exterior cladding was made of highly flammable material that can’t be used in U.S. skyscrapers.
The suit names refrigerator maker Whirlpool, cladding manufacturer Arconic Inc. and insulation maker Celotex.
HOTEL CLEANERS-PANIC BUTTONS
New Jersey first to mandate panic buttons for hotel room cleaners
ATLANTIC CITY, N.J. (AP) — New Jersey’s governor has signed a law requiring most of the state’s hotels to provide their workers with wearable panic buttons they can press to quickly summon help in an emergency today.
The governor and several nationwide unions say New Jersey is the first state to mandate the devices, although at least two others are considering similar measures. The law takes effect in January and applies to hotels with 100 or more rooms. That includes all nine of Atlantic City’s casinos.
Iris Sanchez, a room cleaner at Caesars, says she’s relieved to know she’ll be going home safely each night after working.
In 2018, a room cleaner at Bally’s casino was pushed into a room by a man who then sexually assaulted her