>>Inflation Slowing
(Washington, DC) -- Consumer prices were up three percent in June from a year earlier, about on track with analyst expectations. Numbers out from the Labor Department this morning show inflation continuing to cool from last year's 40-year-high. It's the 12th consecutive month that annual inflation has been cooling off. The closely-watched consumer price index rose just point-two percent in June from a month earlier, with gasoline and rent costs driving much of the increase.
>>Mortgage Rates Hit Highest Levels This Year
(Washington, DC) -- Mortgage rates are at their highest since November. The Mortgage Bankers Association says average rates for the 30-year fixed rate mortgage went over seven percent last week, up from six-point-eight-five the week before. The MBA said markets expect the Federal Reserve will need to continue to hold rates higher longer to slow inflation.
>>UPS, Union Negotiations Breakdown
(Atlanta, GA) -- The clock is ticking to avoid the largest strike in the U.S. since the 1950s. Talks between UPS and the Teamsters Union fell apart again. A majority of the 340-thousand UPS workers voted to authorize a strike by July 31st, and economists warn it could cause major disruption the U.S. economy.
>>SAG-AFTRA Strike Looms
(Los Angeles, CA) -- Hollywood studios are preparing for a possible actors strike. SAG-AFTRA's current contract with studios will expire at 11:59 p.m. Pacific time Wednesday. If a deal isn't reached by then an actors work stoppage will happen, joining writers already on strike for more than two months. The deadline comes the same day that nominations for the Primetime Emmys are set to be announced.
>>Bank of America Ordered To Pay $250 Million In Fines
(Charlotte, NC) -- Bank of America is being ordered to pay hundreds of millions of dollars in fines. The bank is accused by federal regulators of multiple violations including overcharging customers on fees and opening accounts without customer consent. The Consumer Financial Protection Bureau has ordered Bank of America to pay customers more than 100-million dollars and another 90-million dollars in fines. Bank of America is also being ordered to pay 60-million dollars in penalties by the Office of the Comptroller of the Currency. The CFPB said Bank of America's practices are illegal and undermine customer trust.
>>Microsoft Able To Close Deal With Activision
(Redmond, WA) -- Microsoft will be able to finalize its Activision Blizzard merger after a federal judge decided not to block it. U.S. regulators had asked for a temporary hold on the 69-million-dollar deal while legal challenges to it progress. Now Microsoft can close the deal to acquire the video game giant that's responsible for big franchises including "Call of Duty" and "World of Warcraft." The judge wrote that the government "has not shown it is likely to succeed on its assertion" that the merger will smother competition in the video game markets.
>>No Mega Millions Grand Prize Winner, Jackpot Grows To $560M
(Undated) -- The Mega Millions jackpot is now past the half-billion-dollar mark after Tuesday night's drawing. Three people won a million dollars each for matching five of the six numbers, but there was no grand prize winner, so the jackpot for Friday's drawing will be worth an estimated 560-million dollars. The Powerball jackpot, meanwhile, is up to a whopping 725-million dollars. Those numbers will be drawn Wednesday night.
