Daily business briefing

The Senate passes a sweeping climate and health bill, SoftBank reports a record $23 billion quarterly loss, and more [Try 6 risk free issues of The Week magazine. Order now.]( [The Week Logo]( [Subscribe to The Week magazine]( [Subscribe to The Week magazine]( Daily business briefing 1. [Senate passes sweeping climate, health bill]( The Senate on Sunday passed a spending bill that includes an [unprecedented $400 billion to reduce greenhouse gas emissions]( and several major health provisions, including reduced prescription drug costs for the elderly. It offsets the spending with a new tax on some corporations currently paying nothing to the federal government, and other tax changes. Democrats scaled down the bill from President Biden's $2.2 trillion Build Back Better package after long negotiations with moderate Democratic Sens. Joe Manchin (W.Va.) and Kyrsten Sinema (Ariz.), and renamed it the Inflation Reduction Act. Democrats pushed it through the Senate with no Republican votes using a process known as reconciliation. House Speaker Nancy Pelosi (D-Calif.) said the House will "move swiftly" to pass the bill, likely on Friday. [[The New York Times]( [The Washington Post]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Senate+passes+sweeping+climate,+health+bill&body=Read the story here: utm_campaign=business_briefing_newsletter_20220808&utm_source=business_briefing_newsletter) 2. [SoftBank reports record quarterly loss]( Japanese technology investor SoftBank Group Corp. on Monday reported a record $23 billion quarterly net loss fueled by plunging valuations of stocks held by its large Vision Fund unit. Shares of Uber and DoorDash, two U.S. companies SoftBank invested in, dropped more than 40 percent in the second quarter. SoftBank founder and CEO Masayoshi Son has vowed to tighten investing criteria and preserve the company's cash to help it weather the downturn. Son said the company invested in too many tech startups last year as some companies' stocks skyrocketed in the pandemic era. "When we were turning out big profits, I became somewhat delirious, and looking back at myself now, I am quite embarrassed and remorseful," Son said. [[Reuters]( [The Wall Street Journal]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=SoftBank+reports+record+quarterly+loss&body=Read the story here: utm_campaign=business_briefing_newsletter_20220808&utm_source=business_briefing_newsletter) Advertisement by Enbridge [Tomorrow is On: bridging to a sustainable energy future]( [Advertisement by Enbridge]( 3. [Airlines cancel hundreds of flights in latest travel disruptions]( Airlines canceled hundreds of flights over the weekend, in the latest round of disruptions for travelers. At least 912 flights were canceled on Sunday, according to flight-tracking website FlightAware, following 657 cancellations and 7,267 delays on domestic and international departures and arrivals on Saturday. Chicago O'Hare airport experienced the worst disruptions on Sunday, with 12 percent of its flights canceled and more than 40 percent delayed. Many airlines that cut back on flights early in the coronavirus pandemic have had trouble keeping fully staffed since travel rebounded. The Transportation Department last week announced it was considering extending protections for passengers requesting refunds rather than alternative transportation after canceled flights. [[CNN]( [NBC News]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Airlines+cancel+hundreds+of+flights+in+latest+travel+disruptions&body=Read the story here: utm_campaign=business_briefing_newsletter_20220808&utm_source=business_briefing_newsletter) 4. [Report: CVS trying to buy Signify Health]( CVS Health Corp. is negotiating to buy Signify Health as part of an effort to expand the drugstore giant's home-health operations, The Wall Street Journal reported Sunday, citing people familiar with the matter. The Journal reported last week that Signify Health, which has a market value of roughly $4.7 billion, was exploring strategic alternatives, including a possible sale. CVS, which has a market value around $134 billion, has long focused on its pharmacies and Aetna health-insurance operation, but it has been pushing to offer more health services. CVS reportedly considered buying the parent company of primary-care clinic operator One Medical before Amazon agreed to acquire it last month for $3.9 billion. [[The Wall Street Journal]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Report:+CVS+trying+to+buy+Signify+Health&body=Read the story here: utm_campaign=business_briefing_newsletter_20220808&utm_source=business_briefing_newsletter) 5. [Stock futures rise after S&P 500's 3rd straight week of gains]( U.S. stock futures rose early Monday ahead of a key inflation report this week. Futures tied to the Dow Jones Industrial Average and the S&P 500 were up 0.3 percent at 6:30 a.m. ET. Nasdaq futures were up 0.4 percent. The S&P 500 posted its third straight week of gains last week. An unexpectedly strong July jobs report released on Friday eased fears that the economy would tip into a recession as the Federal Reserve aggressively raises interest rates to fight the highest inflation in 40 years. "The strong gains in the job market last month should further cement the claim that the U.S. is currently not in recession," said Jeffrey Roach, chief economist at LPL Financial. [[CNBC]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Stock+futures+rise+after+S&P+500's+3rd+straight+week+of+gains&body=Read the story here: utm_campaign=business_briefing_newsletter_20220808&utm_source=business_briefing_newsletter) [Read more business stories at theweek.com]( MOST POPULAR [Related image]( [Major Indiana employers slam new abortion law]( Grayson Quay [Related image]( [Senate expected to pass Democrat tax and climate bill]( Grayson Quay [Related image]( [7 cartoons about this week's elections]( The Week Staff [Related image]( [Stealing COVID aid]( The Week Staff [Related image]( [Amazon to buy Roomba maker for $1.7 billion]( Grayson Quay [Speed reads banner] [Article image]( [Israel, Islamic Jihad enact cease-fire after deadly weekend of strikes]( August 8, 2022 [Article image]( [John Oliver explains monkeypox and why it's 'not homophobic' to highlight it's mostly affecting gay men]( August 8, 2022 [Article image]( [Here's what's in the Democrats' big climate, health care, and tax package, the Inflation Reduction Act]( August 8, 2022 [Article image]( [Albuquerque police investigating whether killings of 4 Muslim men are linked]( August 7, 2022 [Read more of today's best articles at theweek.com]( [Try 6 risk-free issues of The Week magazine]( [Unsubscribe from this list]( | [Privacy Policy]( © Future US LLC. Registered address: 10th floor, 1100 13th Street NW, Washington, DC 20005. [The Week Logo]( [Follow The Week at Facebook.com]( [Follow The Week at Twitter.com]( [The Week magazine cover]( Try 6 Risk Free issues of The Week [Try it out]( [Try it out]( [Subscribe]( [Subscriber login]( [Give a gift]( [Classroom subscriptions]( [Newsletters]( [RSS]( [Ad info]( [Privacy policy]( [Terms & conditions]( [The Week UK]( [Customer service]( [Contact Us]( [Accessibility](