Business Update – August 31, 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Government tries to help those left out of student loan forgiveness
The Education Department is exploring strategies to do something to help the nearly 5 million people whose student loan debt forgiveness was “overlooked”. Former students who borrowed under the FFEL program are excluded from the loan forgiveness program, as those loans were privately owned.
Supplemental Security benefits fall short
Many are calling for updates to the Supplemental Security Income benefit, which has been the same for decades. Even though there are two payments in September due to a calendar quirk, there will be nothing in October, which means many recipients will fall short on their expenses.
Joint venture between Honda and LG to bring new EV battery plant to the US
Honda and LG Chem announced they will build a $4.4 billion electric vehicle battery factory in the US. It’s the latest move to increase the country’s domestic production of electric vehicle batteries to comply with new tax credit rules.
Crypto begins to recover a little bit
Crypto prices inched a bit higher on Monday, after a slide of over 20% last week. The tumble was attributed to Federal Reserve Chairman Jerome Powell saying that the economy is likely to need higher interest rates, for a longer time, to slow inflation.
Ad-supported Netflix likely to cost quite a bit less than standard service
After teasing its ad-supported plan earlier this year, Netflix is apparently considering charging users between $7 to $9 for the tier. The lower cost service would feature 4 minutes of ads per hour.
Pet supply sector anticipated to grow
Morgan Stanley estimates that a 4% increase in pet ownership has led to an 11% gain in per-pet spending, meaning pet-related stocks are prime for growth.
Stocks slide to start off the week
Stocks fell on Monday after last week’s sell-off amid increasing concerns over rising rates and tighter US monetary policy. The Dow Industrial Average, S&P 500, and Nasdaq were all down.
September is National Preparedness Month
With hurricane season approaching, the IRS is urging everyone to either develop or revise their emergency preparedness plan. Details can be found here.
Is quiet quitting revolutionary, or just passive aggressive?
The whole world seems to be talking about “quiet quitting,” and opinions on it vary. Fortune argues that Americans are “falling in love with passive-aggression, and it’s hurting our careers, relationships, and mental health.”
Labor Day sales to watch for this weekend
With the cost of living up, any spending that must be done should wait for a sale if you can help it. CNN has rounded up some of the best Labor Day sales for 2022, which can be found here.
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