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1. RECESSION OR NOT, GDP RETREATS AGAIN
The U.S. gross domestic product (GDP) — arguably the biggest, most closely watched economic measure there is — fell for the second consecutive quarter. After sliding 1.6% earlier this year, GDP dropped another 0.9% in the second quarter. Most Econ 101 textbooks will tell you that two straight quarters of GDP decline meant your economy was in a recession; today, however, the definition is more flexible, and some economists say the jury is still out on whether the U.S. is officially experiencing a recession. YOU DECIDE
Our patience is definitely in a recession with these prices:
Gasoline costs motorists a pretty penny across the U.S. [AP Photo/Nam Y. Hu]
2. SCHUMER CHEERS PRO-CLIMATE BILL
Senate Majority Leader Chuck Schumer, D-N.Y., proclaimed that the Inflation Reduction Act of 2022 — the result of an agreement late Wednesday with Sen. Joe Manchin, D-W.Va. — “will be the greatest pro-climate legislation that has ever been passed by Congress.” The legislation, which contains nearly $740 billion to bankroll new initiatives, takes an all-of-the-above energy approach with investment in renewables, hydrogen, nuclear, and fossil fuels. The legislation is poised to pass the Senate if all 50 Democrats vote in its favor, though the support of centrist Sen. Kyrsten Sinema of Arizona remains in question. THE DETAILS
Blocking legislation … never cinematic, but sometimes Sinematic.
3. JETBLUE AGREES TO ACQUIRE SPIRIT
After a monthslong bidding war, JetBlue Airways agreed to buy Spirit Airlines for $3.8 billion, just one day after Spirit terminated a merger agreement with fellow budget airliner Frontier. JetBlue’s takeover of Spirit will create the country’s fifth-largest airline if the deal can win approval from antitrust regulators. Analysts say the deal — expected to close by 2024 — could open the door for more mergers among smaller airliners. DISSECTING THE DEAL
How does the most intriguing love triangle of 2022 involve cheap airline companies?
JetBlue agreed to pay $33.50 per share in cash for Spirit. [AP Photo/Wilfredo Lee]
4. AMAZON, APPLE BEAT ESTIMATES AFTER ALL
Although investors of Apple and Amazon were bracing for the worst, both companies posted better than expected revenue for their most recent quarters. Amazon reported revenue of $121.2 billion, ahead of the $119.1 billion Refinitiv analyst estimate, though earnings per share came in at a loss of 20 cents. Apple, meanwhile, reported $83 billion in revenue, slightly ahead of the $82.8 billion Refinitiv estimate, and earnings finished at $1.20 versus the $1.16 estimate. CHEDDAR NEWS
Great to see underdogs like Amazon and Apple thriving.
5. KENTUCKY NAILED BY DEADLY FLOODS
At least eight people are dead and hundreds have lost their homes after heavy rainfall triggered flash floods in eastern Kentucky. Gov. Andy Beshear said he expects the death toll will rise to double digits in "one of the worst, most-devastating flooding events" in state history. Earlier this week, two people in the St. Louis area were killed after that region was hit by record rainfall from the same frontal system. WEATHER CHANNEL
Bonnie Combs watches with her granddaughter Adelynn Bowling as her property is flooded by the North Fork of the Kentucky River in Jackson, Ky. [AP Photo/Timothy D. Easley]
6. INSTAGRAM ROLLS BACK VIDEOS
After weeks of criticism — including from Kim Kardashian — Instagram will no longer feature algorithm-based recommended videos to users on the app’s homepage. Adam Mosseri, head of Instagram, made the announcement after users complained that Instagram was copying TikTok’s video-based style and straying too far from its roots as a photo-sharing app. Like TikTok, the maligned test version of the app showed full-screen photos and videos. But now, that version will be phased out and Instagram will reduce the number of recommended posts, which are a TikTok staple. THE VERGE
Note to self: Do NOT mess with the way Kim Kardashian uses Instagram.
7. BEYONCÉ’S ALBUM LEAKED EARLY
Beyoncé’s seventh studio album Renaissance is slated for release today, but a fan in France tweeted Wednesday that the album was already sitting on store shelves, causing the BeyHive to swarm across social media looking to get their hands on the source of the early drop. Beyoncé is known for running a tight ship when it comes to the release of her projects, so HOW DOES THIS HAPPEN?
8. VALUE OF JUUL OFF 95%
Tobacco company Altria announced during its latest earnings report that its stake in JUUL is worth $450 million, which is less than 5% of its original $12.8 billion valuation. The write-down comes amid the FDA’s move to ban JUUL’s vape products, though a federal appeals court temporarily blocked the ban and the FDA subsequently reopened JUUL’s application. Analysts say Altria believes that if JUUL can receive that FDA authorization, “it would revitalize one portion of the company's reduced risk product (RRP) strategy.” UP IN SMOKE
9. MEGA'S MILLIONS GROW TO BILLION-PLUS
Still without a winner, the Mega Millions jackpot increased to an estimated $1.1 billion, with the next drawing set for tonight. The jackpot is now the third largest ever behind the $1.5 billion prizes won in 2018 and 2016. It only costs $2 to buy a ticket, but your chances of winning are a staggering one in 302.5 million, so good luck with that. AGAINST ALL ODDS
10. REAL-LIFE 'SQUID GAME' COMING SOON
No, it won’t include death. Netflix and Immersive Gamebox are teaming up to bring an interactive version of the hit Korean series Squid Game to life. Here’s how it works: Groups will enter digital smart rooms known as Gameboxes, where they’ll be given 456 lives — the total number of players in the first season of Squid Game — and must navigate tasks inspired by the show without losing lives. Intended for ages 16 and up, the multiplayer experience is set to debut in September in New York before moving to other cities. EARLY LOOK
When’s the real-life Succession coming? An interactive experience as a billionaire sounds like fun too.
Head into the weekend feeling caught up on all the latest in entertainment. We've got you covered with more on Beyoncé's "Renaissance leak," Sydney Sweeney’s comments on Hollywood wages, "Jeopardy!" finally landing its permanent hosts, and the sneakily large impact of Future. CHEDDAR NEWS
Rapper Future has released nine albums and 68 singles. [Photo by Owen Sweeney/Invision/AP, file]
BECAUSE WE'RE ALL WATCHING SOMETHING THIS WEEKEND…
Get your weekend going with these streaming recommendations from the Cheddar News staff, including "Shania Twain: Not Just a Girl," "Watcher" and "Hightown," along with throwback picks "Drunk History," "Attack the Block" and "Little Miss Sunshine." CHEDDAR NEWS
Shania Twain belts it out at the 2022 Coachella Valley Music and Arts Festival. [Kevin Mazur/Getty Images for ABA]
**LOVE **HATE **ATE
One thing we love: Ctrl+F. Sure, it’s no copy/paste or undo/redo — and thank goodness for save — but when it comes to keyboard shortcuts, it’s still one of the elites. (Yes, we know: It's Command+F on a Mac.)
One thing we hate: Burning our tongue and having meals ruined for the foreseeable future. See ya next week, tastebuds.
One thing we ate (or drank): Vietnamese coffee! Sensational.