Car rental agency

ECB set to raise interest rates for the first time in 10 years to fight inflation in the euro zone | Robins Kaplan LLP

The European Central Bank is today raising interest rates for the first time in more than a decade “as it steps up its fight against record inflation in countries that use the euro”. Like central bankers around the world, ECB President Christine Lagarde is trying to strike a balance between attacking rising prices via rate hikes without sending the fragile eurozone economy into a recession – NYTimes and Bloomberg and WSJ and MarketWatch and Marketplace

Tesla’s profits fell by nearly a third in the second quarter as “deliveries slowed due to shutdowns and shortages of raw materials at the automaker’s Shanghai plant.” Sales also fell in the second quarter, down $1.9 billion from the first quarter to $16.9 billion. Yet like Netflix’s results a day earlier, even with the losses, the EV giant beat expectations – NYTimes and WSJ and Bloomberg and MarketWatch and TechCrunch

The U.S. Senate advanced by procedural vote 63-34 a “bill to strengthen U.S. competitiveness with China” by providing, in part, “more than $52 billion in grants and tax credits companies that build semiconductors in the United States” – NYTimes and WSJ

Tech stocks rebounded on Wednesday, sending the Nasdaq up 1.6% with them – WSJ

In non-Musk Twitter news (which the company is probably happy to push far to the side), a former Blue Birder is heading to trial this week in San Francisco on charges that, from 2013 to 2015, he acted ” as an agent of a foreign power within the United States, to commit[ed] electronic fraud and money laundering[ed] money “thinking” of his access to Twitter user data, the collection of personal information of political dissidents and their transmission to Saudi Arabia in exchange for a luxury watch and hundreds of thousands of dollars” – NYTimes

Ride-sharing company Lyft laid off 60 employees and abruptly ceased its passenger car rental business, although it said it would continue to work with major car rental companies – WSJ and Bloomberg

Ford is also making cuts, planning to cut up to 8,000 jobs “in the coming weeks as the automaker tries to boost profits to fund its push into the electric vehicle market” – Bloomberg and WSJ

U.S. home prices hit a new high in June, even as sales “continued to fall”. The median sale price landed at $416,000, “up 13.4% on the year and the highest since records began in 1999” – WSJ and MarketWatch

New CNN President Chris Licht has chosen a new leadership team – largely made up of ‘insiders who worked for his predecessor, Jeff Zucker – to lead the network’s news and affairs divisions – NYTimes

Regulars will know my love of the national park. So let’s keep rolling with this ‘hidden gems’ feature of Acadia, Grand Canyon, Great Smokies, Yosemite and Zion – NYTimes

Be careful,

LOL