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Federal Reserve will cut back emergency support
Since the start of the COVID-19 pandemic, the US central bank has been buying $120 billion worth of bonds every month to help keep borrowing costs low. The Federal Reserve outlined plans to stop pumping billions of dollars into the economy which it had started as a pandemic stimulus.
Minneapolis voters do not want police department replaced
On Tuesday, Minneapolis voters voted against replacing the city's police department with a new Department of Public Safety. Supporters hoped that the radical change would check racial injustice in policing in the city where George Floyd had died while being apprehended by an officer.
US Department of the Air Force (DAF) COVID-19 stats released
On November 3rd, a day after the Department-imposed vaccination deadline, the US Department of the Air Force (DAF) announced that nearly 97% of their active-duty component Airmen and Guardians had received at least one COVID-19 vaccine dose. According to DAF statistics, as of November 3rd, 95.9% of active-duty personnel were fully immunized, and 1% were partially vaccinated against the COVID-19.
Pentagon report reveals accelerated nuke production in China
The Department of Defense (DOD) announced the release of its annual report on "Military and Security Developments involving the People's Republic of China" on November 3rd. The report states, "The PRC is investing in, and expanding, the number of its land-, sea-, and air-based nuclear delivery platforms and constructing the infrastructure necessary to support this major expansion of its nuclear forces."
House Democrats reach Drug Price Negotiation Agreement
On November 2nd, House Speaker Nancy Pelosi stated that House members had reached an agreement on landmark provisions to decrease prescription drug pricing. Following the agreement, President Joe Biden announced the Prescription Drug Pricing Plan as a part of the Build Back Better Act framework.
Biden talks about China & Russia’s absence at COP26
President Joe Biden spoke at a COP26 press conference on November 2nd in Glasgow, Scotland. Biden said that by showing up at the Summit, the US has had a "profound impact" on how the world views the nation and its leadership role.
Facebook will terminate facial recognition software
Facebook stated it would shut down its face-recognition system and delete the faceprints of over 1 billion people amid concerns about misuse by government, police, and others. On Tuesday, Vice President of artificial intelligence at Meta, Jerome Pesenti, wrote in a blog post, "This change will represent one of the largest shifts in facial recognition usage in the technology's history."
Musk says Hertz deal is not signed yet
Tesla shares dropped around 4% in midday trading Tuesday after CEO Elon Musk said its deal with Hertz was not yet signed. Elon Musk tweeted, "If any of this is based on Hertz, I'd like to emphasize that no contract has been signed yet. Tesla has far more demand than production, therefore we will only sell cars to Hertz for the same margin as to consumers. Hertz deal has zero effect on our economics."
DOJ attempts to block Book publishers’ merger
On Tuesday, the Department of Justice (DOJ) filed a lawsuit to prevent the acquisition of Simon & Schuster by Penguin Random House for $2.2 billion. The DOJ alleged that the merger would violate antitrust law and give Penguin Random House "outsized influence" over which books are published and how much authors are paid.
Coca -Cola acquires full ownership of BodyArmor
The Coca-Cola Company initially acquired a 15% stake in BodyArmor and is now paying $5.6 billion for the remaining 85% of the company. BodyArmor is a naturally flavored premium sports drink with hydrating capability created a decade ago by Mike Repole and Lance Collins.