Putin calls up military reserves: Russian President Vladimir Putin this morning called up some of Russia”™s military reservists. They will be sent to fight in Ukraine. The move is an admission by Putin that the war is not going well for Russia and marks the first call-up of military reserves by Russia since World War II. Putin went on Russian television to make the announcement, during which he also made another of his veiled threats to use nuclear weapons in Ukraine.
Fed expected to hike interest rates: The Federal Reserve this afternoon is expected to announce another ¾-point hike in interest rates in another move designed to fight inflation. Federal Reserve chairman Jerome Powell plans to hold a news conference after the announcement during which it is expected he will hint at more interest rate hikes to come.
Fiona strengthens: Hurricane Fiona has strengthened into a Category 4 storm as it moves toward Bermuda. In Puerto Rico, which was hard hit by the storm, electricity has been restored to about one-quarter of the island”™s population and water service has been restored to about half of Puerto Rico”™s homes, businesses and institutions. The Dominican Republic also is slowly recovering from Fiona.
Federal charges in $250M theft: In Minnesota, 48 people are facing federal charges in a conspiracy that allegedly stole $250 million from the federal government. While the pandemic was raging, the defendants allegedly set up sham operations that claimed to be serving tens of millions of meals to low-income children and took the federal funds without providing the services they claimed they were providing.
Sales, profits up for General Mills: Food giant General Mills today reported financial results for its first quarter that ended August 28. General Mills said its first quarter sales were up 4% to $4.7 billion with the operating profit up 29% to $1.1 billion. CEO Jeff Harmening said the company expects results for the full year to be better than previously forecast.
Hertz to buy EVs from GM: Rental car company Hertz says it has reached an agreement with General Motors to buy 175,000 electric vehicles from GM over the next five years. They will be Chevrolet, Buick, GMC, Cadillac and BrightDrop vehicles. Deliveries are expected to begin in the first quarter of 2023.
Photo by Alan Wilson / Flickr Creative Commons
