AP Business SummaryBrief at 3:01 a.m. EDT - Chengdu Light Box Co.,Ltd

Job vacancies, quits plunge in July in stark sign of cooling trend in the US labor market

WASHINGTON (AP) — Businesses posted far fewer open jobs in July and the number of Americans quitting their jobs fell sharply for the second straight month, clear signs that the labor market is cooling in a way that could reduce inflation. The number of job vacancies dropped to 8.8 million last month, the Labor Department said Tuesday, the fewest since February 2021 and down from 9.2 million in June. Yet the drop appeared to be even steeper because June’s figure was initially reported as 9.6 million. That figure was revised lower Tuesday.

US consumer confidence wanes with prices still high and signs of a cooling job market

American consumers are feeling less confident as summer comes to a close as high prices and interest rates weigh on their willingness to spend. The Conference Board, a business research group, said its consumer confidence index tumbled to 106.1 in August from a revised 114 in July. The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months. Both measures saw significant declines in August. Consumers’ view of current conditions fell to 144.8 from 153, and the index for future expectations slid to 80.2 from 88 in July. A reading below 80 historically signals a recession within a year.

Russia earns less from oil and spends more on war. So far, sanctions are working like a slow poison

The Russian currency has stabilized after dipping below 100 rubles to the U.S. dollar — but that doesn't mean the pressure is off Russia's economy. Western sanctions have cut into oil earnings, while government spending is heating up the economy, threatening to increase inflation. Russia's central bank can strongly influence the ruble exchange rate, and did that with a recent emergency interest rate increase. But long term, Russia's dwindling oil earnings and higher spending on imports will keep downward pressure on the ruble. Sanctions are working like a slow poison, reducing investment and undermining long-term economic growth. Some analysts suggest a lower price cap on Russian oil will increase the pressure.

10 drugs targeted for Medicare price negotiations as Biden pitches cost reductions

WASHINGTON (AP) — President Joe Biden is touting his administration's efforts to lower medical costs. Officials on Tuesday announced the first 10 drugs that would be targeted for Medicare price negotiations. The popular diabetes treatment Jardiance and the blood thinner Eliquis are on the list. Biden says “we’re going to keep standing up to Big Pharma and we’re not going to back down.” The Democratic president’s move faces litigation from drugmakers and criticism from Republican lawmakers. A pharmaceutical lobbying group says the list stems from “a rushed process focused on short-term political gain rather than what is best for patients.”

Stock market today: Asian shares boosted by Wall Street rise on consumer confidence and jobs

TOKYO (AP) — Asian shares are trading higher, boosted by a Wall Street rally that came on positive reports on consumer confidence and job openings. Benchmarks rose in afternoon trading in Tokyo, Seoul, Hong Kong and Shanghai. Australia’s S&P/ASX 200 jumped after the Australian Bureau of Statistics reported the monthly Consumer Price Index indicator rose 4.9% in the 12 months to July. That was lower than the expected 5.2%. On Wall Street, the S&P 500 rose 1.5%, while the Dow rose 0.8%. A strong job market has been credited as a bulwark against a recession, but it has made the Fed’s mission to tame inflation more difficult.

FBI and European partners seize major malware network in blow to global cybercrime

LOS ANGELES (AP) — U.S. officials say the FBI and its partners in Europe infiltrated and seized control of a major malware network that was used for more than 15 years to commit a gamut of online crimes including crippling ransomware attacks. They then remotely removed its malicious software agent — known as Qakbot — from thousands of infected computers. The operation was announced Tuesday in Los Angeles, where U.S. Attorney Martin Estrada said the criminal network had facilitated about 40 ransomware attacks alone over 18 months that officials said Qakbot administrators about $58 million. “Nearly ever sector of the economy has been victimized by Qakbot," he said.

For travelers who want to avoid babies and kids, one airline will test an adults-only section

DALLAS (AP) — One airline is betting that passengers will pay extra to sit away from babies and young children. Corendon Airlines says that it will sell an adults-only zone — no one under 16 allowed — on flights between Amsterdam and Curacao starting in November. The airline announced last week that it will set aside about 100 seats for adults on its Airbus A350 jets, which have 432 seats in all. A wall or curtain will separate the section from the rest of the passengers in back. It will cost the price of a ticket plus a reservation fee of 45 euros ($49) or 100 euros ($109) for the no-kids zone.

Amazon CEO says 'it’s probably not going work out' for employees who defy return-to-office policy

NEW YORK (AP) — Amazon employees have been pushing back against the company’s return to office policy for months — and it seems the ecommerce giant’s CEO has had enough. During a pre-recorded internal Q&A session earlier this month, Andy Jassy told corporate employees it is past the time to commit to the policy, which requires employees to be in the office three days a week. He then signaled that those who can't might be risking their jobs at Amazon. His comments were first reported by Business Insider, and later shared by Amazon.

When it comes to the Hollywood strikes, it's not just the entertainment industry that's being hurt

LOS ANGELES (AP) — It’s been more than 100 days since members of the Writers Guild of America stopped working and more than a month since the actors union joined them. The financial ripples that the strikes have caused are wide-reaching. It's affected the obvious industries like studio rentals, set construction, props and makeup to things like coffee shops near studios and dry cleaning for costumes. All across Los Angeles, companies large and small are feeling the effects. The last writers strike took three months to resolve and is conservatively estimated to have cost $2.1 billion. This time around, the number will be harder to measure.

US commerce secretary rejects Chinese appeal to ease export controls

BEIJING (AP) — U.S. Commerce Secretary Gina Raimondo says she rebuffed an appeal by Chinese leaders to reduce U.S. export controls on technology with possible military uses. But Raimondo says the two governments agreed to have experts meet to discuss disputes over protecting trade secrets. During a visit to revive frosty relations, Raimondo said she conveyed complaints to officials including China’s No. 2 leader, Premier Li Qiang, about Chinese restrictions on U.S. technology companies. Raimondo joined a series of American officials including Treasury Secretary Janet Yellen who have visited Beijing in the past three months. They are trying to restore relations that are at their lowest level in decades due to disputes over technology, security, Taiwan and other issues.