Fed Chair Jerome Powell is scheduled to speak at the central bank’s annual symposium in Jackson Hole, Wyoming, later today. Any indicators when the bank will start scaling back on asset purchases will be watched.
The moves in Asia follow a pullback on Wall Street, on news of deadly attacks at the Kabul airport in Afghanistan.
Peloton stock skids as company posts loss, cuts bike price
NEW YORK (AP) — Peloton’s shares slid in aftermarket trading. The exercise bike and treadmill company posted a loss for its most-recent quarter, and showed slower revenue growth, and cut the price of its most-popular product.
Peloton Interactive Inc. reported a net loss of $313.2 million in the quarter that ended June 30. That compared to a profit of $89.1 million the same period last year.
A portion of the latest quarter’s loss stemmed from the company having to recall its treadmill machine after it was linked to a death of a child and numerous injuries.
Peloton announced it’s cutting the price of its Peloton Bike to $1,495 from $1,895.
Apple loosens app store payment rules in lawsuit settlement
BERKELEY, Calif. (AP) — Apple has agreed to let developers of iPhone apps email their users about cheaper ways to pay for digital subscriptions and media by circumventing a commission system that generates billions of dollars annually for the iPhone maker.
The concession announced late Thursday is part of a preliminary settlement of a nearly 2-year-old lawsuit filed on behalf of iPhone app developers in the U.S.
It also addresses an issue raised by a federal court judge who is expected to soon issue a decision in a separate case brought by Epic Games, the maker of the popular video game Fortnite.
CREDIT CARD FRAUD
3 arrested, 1 at large in alleged credit card fraud
BOSTON (AP) — Federal investigators have arrested three individuals on charges of conspiring to deceive banks into allegedly processing more than $150 million in credit and debit card payments on behalf of merchants involved in prohibited and high-risk businesses.
Three were executives at Allied Wallet, Inc., a payment processing company headquartered in Los Angeles that served merchants doing business over the internet.
Investigators said the defendants allegedly created shell companies, designed fake websites that purported to sell low-risk retail and home goods and misrepresented the true nature of the transactions.
Allied Wallet obtained access to services that enabled them to accept debit and credit card payments over global electronic payment networks run by Visa, Mastercard, American Express, Discover and other cards.
Southwest trims schedule in effort to solve flight problems
DALLAS (AP) — Southwest Airlines is reducing the number of flights it will operate the rest of this year. Southwest has struggled all summer with high numbers of delayed and canceled flights.
CEO Gary Kelly said Thursday that the cuts in the schedule should create a more reliable travel experience.
The schedule cuts come two weeks after Southwest warned that it is not likely to make a profit in the third quarter without counting federal aid for payroll costs. The airline also lowered revenue forecasts because ticket sales have slowed and cancellations risen since the delta variant caused a surge in COVID-19 cases.
Cuba to recognize — and regulate — cryptocurrencies
HAVANA (AP) — Cuba’s government says it will recognize — and regulate — cryptocurrencies for payments on the island. A resolution published in the Official Gazette said the Central Bank will set rules for such currencies and determine how to license providers of related services within Cuba.
The popularity of such currencies has grown among a technologically savvy group in Cuba as it has become harder to use dollars, in part because of toughened embargo rules imposed under former President Donald Trump.
2020 CENSUS-MISSING COMMUNITIES
Latino city in Arizona grew, but census says it shrank
SOMERTON, Ariz. (AP) — The results of the 2020 headcount have many Latino and Black communities concerned about whether the latest numbers are accurate.
In Somerton, Arizona, a small city near the U.S.-Mexico border that is overwhelmingly Hispanic, leaders say the results make no sense. They’ve seen new housing developments pop up, and the town is building two new schools. But the census found fewer residents than in 2010.
Communities of color have traditionally been undercounted in the once-a-decade census. Experts say the pandemic and mistrust fueled by the Trump administration’s attempted political interference contributed to fewer people responding to the survey.