Harris announces $ 1.25 billion to community lenders

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ECONOMY

Wholesale prices, driven by food, increased in May

Wholesale prices, boosted by higher food prices, rose 0.8% in May and rose by a record amount in the past year, another indication that inflationary pressures have been increasing since the economy began to reopen after the pandemic lockdowns. The Labor Department reported on Tuesday that the monthly gain in its Producer Price Index, which measures inflationary pressures before they reach consumers, follows a 0.6% increase in April and a 1% jump in March. Food prices rose 2.6%, while energy costs rose 2.2%. – ASSOCIATED PRESS

FINANCE

EF Hutton is back

Kingswood Capital Markets changes its name to EF Hutton, renewing the name of a brokerage founded in 1904 as it strengthens its profile in an effort to challenge rivals. The investment bank acquired the EF Hutton name because it was once synonymous with Wall Street, said chief executive Joseph T. Rallo and chairman David W. Boral. As part of the sale of the EF Hutton brands, Stanley Hutton Rumbough, grandson of Edward Francis Hutton, has the opportunity to invest and join the board of directors of the firm’s first four ad hoc acquisition companies, according to people familiar with the subject. EF Hutton’s blank check companies have yet to publicly file any documents with the Securities and Exchanges Commission, the people said. EF Hutton gained fame with television commercials of the 1970s and 1980s with the slogan “When EF Hutton speaks, people listen”. The company was embroiled in a fake deposit scandal in the mid-1980s which precipitated its eventual sale. – BLOOMBERG NEWS

RESTAURANTS

Bookings rebound to pre-pandemic levels almost everywhere in the United States

Restaurant reservations through Yelp exceeded pre-pandemic levels in nearly every state in the United States in May, with the notable exception of New York. Diners sitting in Texas and Florida, which lifted mask mandates earlier and reopened businesses at 100% capacity, more than doubled from May 2019, according to Yelp, a local review search provider. and reservation software. California had returned to pre-COVID-19 levels, while New York was still down from two years earlier. The increase may be partly due to an increase in the number of restaurant owners who adopted technology from online platforms like Yelp, OpenTable or Toast during the pandemic to help set up digital menus, take-out reservations and payments. without touching. Nationally, the number of diners seated via Yelp increased 48% to a record 3.7 million last month, compared to May 2019. – BLOOMBERG NEWS

TECHNOLOGY

Google and Apple targeted by EU watchdog

Google and Apple face a massive investigation into the “duopoly” power of their mobile ecosystems in the UK’s latest antitrust watchdog attack on Silicon Valley. The increasingly tech-focused Competition and Markets Authority has opened a 12-month market study on major aspects of iOS and Android systems, saying it fears corporate dominance may stifles competition. The investigation comes in addition to the regulator’s separate investigations into the two tech giants. AMC uses market research to gather information before upgrading surveys. The mobile review comes as the UK watchdog seeks to place itself at the forefront of tech regulation after stepping out of the shadows of European Union regulators at the end of the Brexit transition. – BLOOMBERG NEWS

INNOVATION

GM to develop railway locomotives

General Motors has signed an agreement to develop railroad locomotives powered by a hydrogen fuel cell and battery system. Under a non-binding agreement with locomotive maker Wabtec Corp., GM batteries and hydrogen technology will be used in locomotives to help railways reduce carbon emissions. Wabtec has already built a prototype battery locomotive. The Pittsburgh-based company said it was used with two diesel locomotives in a California test earlier this year that reduced emissions by 11%. Fuel cell locomotives will follow the full development of the electric version. – ASSOCIATED PRESS

WORKPLACE

American Express employees can work from home three days a week

American Express plans to allow employees to work from home for at least part of the week on a permanent basis as the financial industry continues to unveil plans to bring staff back to the office. Most employees in the US and UK will eventually work in the office Tuesday through Thursday and have the choice of working from home on Mondays and Fridays, the credit card giant said in a note to staff. The company will begin inviting more colleagues on September 13, with the intention of fully adopting its new hybrid schedule the week of October 4. – BLOOMBERG NEWS

CONSULTANT

PwC to teach business leaders about confidence

At a time when business leaders are increasingly expected to act as moral arbiters, professional services giant PwC has spotted a business opportunity: teaching executives to be more trustworthy. On Tuesday, he unveiled a plan to focus the firm, which offers a range of accounting and advisory services, around the concept of trust. (He also announced a target to invest $ 12 billion in recruitment, training and technology, with plans to add 100,000 new workers.) Executives are now regularly under pressure to speak out on issues such as than racial justice and the environment. And businesses are in the unusual position of being the most trusted institutions in society, more so than governments, nonprofit groups and the media, according to the latest edition of a long-standing investigation by the company. of public relations Edelman. – NEW YORK TIMES

E-COMMERCE

Shopify Expands Payment System to Retailers Selling on Google, Facebook

Shopify will open its online payment system to all retailers selling through Google and Facebook, expanding an existing collaboration with the two US giants and marking the first time the Canadian tech company has offered a product to merchants who don’t use its platform. -form. . Buyers who connect with retailers through Facebook or Google properties such as Instagram, YouTube or Google Maps will be able to pay for their purchase using Shop Pay, starting in July for Facebook and later in 2021 for Google. – BLOOMBERG NEWS

INTERNATIONAL

French court fines Ikea for spying on union representatives, employees and customers

A French court ordered furniture giant Ikea to pay some 1.1 million euros ($ 1.3 million) in fines and damages on Tuesday for a spy campaign against union representatives, employees and some disgruntled customers in France. Two former Ikea France executives were convicted and fined for this program and suspended prison terms. Among the 13 other defendants in the high-profile trial, some were acquitted and others given suspended sentences. – ASSOCIATED PRESS



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