Business Highlights: Twitter whistleblower, biotech push

___ Twitter whistleblower bringing security warnings to Congress

WASHINGTON (AP) — Peiter “Mudge” Zatko, the Twitter whistleblower who is warning of security flaws, privacy threats and lax controls at the social platform, will take his case to Congress on Tuesday. Senators who will hear Zatko’s testimony are alarmed by his allegations at a time of heightened concern over the safety of powerful tech platforms. Zatko, a respected cybersecurity expert, was Twitter’s head of security until...

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___ Twitter whistleblower bringing security warnings to Congress

WASHINGTON (AP) — Peiter “Mudge” Zatko, the Twitter whistleblower who is warning of security flaws, privacy threats and lax controls at the social platform, will take his case to Congress on Tuesday. Senators who will hear Zatko’s testimony are alarmed by his allegations at a time of heightened concern over the safety of powerful tech platforms. Zatko, a respected cybersecurity expert, was Twitter’s head of security until he was fired in January. He has brought the allegations to Congress and federal regulators, asserting that the influential social platform misled regulators about its cyber defenses and efforts to control millions of fake accounts.

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Biden’s midterm self-edit: Less talk about inflation woes

WASHINGTON (AP) — In recent speeches, President Joe Biden has stopped talking so much about inflation worries. Missing is a once-common refrain about families at the kitchen table straining under the rising costs of food and gasoline. It’s a self-edit ahead of the midterm elections in November, prompted in part by the easing of inflationary pressures. But Biden is also attempting to shift the spotlight to his legislative wins, the loss of abortion protections and the threats that he says are posed to democracy by the many Republican leaders still under the sway of former President Donald Trump. When he does talk about inflation, he insists his policies are bringing prices down.

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Biden to announce new support for US biotech production

WASHINGTON (AP) — President Joe Biden is announcing a new initiative to encourage biotech production and research in the U.S. It’s the latest move by the White House to boost domestic industry. Biden on Monday signed an executive order launching the initiative and later in Boston will address how biotech can help fight cancer during a visit to the John F. Kennedy Presidential Library. On Wednesday, the Democratic president’s administration will host a summit and announce new investments from several federal agencies. A senior administration official says the White House wants to support manufacturing biotech products developed in the U.S., rather than seeing American innovations produced abroad.

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Wall Street rallies further ahead of inflation report

NEW YORK (AP) — Stocks rose again on Wall Street ahead of a high-stakes report that will hopefully show inflation hammered the economy less hard last month. The S&P 500 climbed 1.1% Monday, while gains for tech companies pushed the Nasdaq up a bit more. Traders are making their final moves before a report on Tuesday that’s expected to show inflation slowed again during August. It likely won’t change minds at the Federal Reserve, which is preparing for another hefty hike to interest rates next week. A continued slowdown in inflation would give the Fed more of a chance of avoiding a scarring recession.

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UAW workers in Indiana, Stellantis reach tentative deal

KOKOMO, Ind. (AP) — United Auto Workers union members who went on strike Saturday at the Stellantis casting plant in Indiana, is announcing a tentative deal with the company. The UAW Local 1166 bargaining committee announced the agreement in a blog post, saying that a ratification vote would be held Monday. Stellantis confirmed the tentative deal. The strike was related to health and safety issues, including the company’s alleged refusal to repair and replace the plant’s air conditioning and heating systems. The 35-acre plant in Kokomo makes parts used in the power trains of Chrysler, Dodge, Jeep and RAM vehicles.

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Pressure mounts on US railroads and unions to reach a deal

OMAHA, Neb. (AP) — Freight railroads and their unions are facing increasing pressure from business groups and the White House to settle their contract dispute. They face a looming strike deadline on Friday and business groups say a stoppage halting deliveries of raw materials and finished products that so many companies rely on would be an economic disaster. The railroads have announced eight of the 13 deals they need to avert a strike, but two key unions representing conductors and engineers want the railroads to go beyond the 24% raises they are offering to address their concerns about working conditions.

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As small businesses raise prices, some customers push back

NEW YORK (AP) — Inflation isn’t only costing small businesses money. It’s costing them customers as well. For much of the pandemic, small business customers were largely tolerant of price increases and kept on spending. Now, owners are seeing some pushback. But with inflation close to a 40-year-high, there’s not much small businesses can do. Sixty-five percent have raised prices to offset higher costs, according to a Goldman Sachs survey. And 38% say they’ve seen a decline in customer demand due to price increases. With consumers forced to spend more for food and gasoline, businesses that sell non-essential goods or services are especially feeling the pinch.

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Hard Rock spends $100M to raise pay for non-tipped US staff

ATLANTIC CITY, N.J. (AP) — Hard Rock International says Monday it is spending over $100 million to give significant raises to 10,000 non-tipped workers, most of them in the U.S. The global gambling, entertainment and hospitality company is giving the employees an immediate increase to a minimum starting salary of $18 to $21 an hour. It’s designed to help employees deal with persistent inflation, and to help the company attract and retain top talent, lessening turnover. The raises apply to job categories including cooks, housekeepers, front desk clerks, security workers, cage cashiers and others.

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The S&P 500 gained 43.05 points, or 1.1%, to 4,110.41. The Dow Jones Industrial Average rose 229.63 points, or 0.7%, to 32,381.34. The Nasdaq added 154.10 points, or 1.3%, to 12,266.41. The Russell 2000 index of smaller companies advanced 23.24 points, or 1.2%, to 1,906.09.

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