• 

  Reuters

  Explainer-U.S. starts process to restrict some investment in key tech in China

  The White House on Wednesday announced plans to prohibit some U.S. investments in certain sensitive technologies in China, and require that the government be notified of other investments, but said it could take time before the moves take effect. President Joe Biden on Wednesday signed an executive order directing the U.S. Treasury Department to regulate certain U.S. investments in narrowly defined areas such as semiconductors, quantum computing and artificial intelligence, senior administration officials said.

• 

  Reuters

  China tips into deflation as efforts to stoke recovery falter

  BEIJING (Reuters) -China's consumer sector fell into deflation and factory-gate prices extended declines in July, as the world's second-largest economy struggled to revive demand and pressure mounted on Beijing to release more direct policy stimulus. Anxiety is rising that China is entering an era of much slower economic growth akin to the period of Japan's "lost decades", which saw consumer prices and wages stagnate for a generation, a stark contrast to the rapid inflation seen elsewhere. China's post-pandemic recovery has slowed after a brisk start in the first quarter as demand at home and abroad weakened and a flurry of policies to support the economy failed to shore up activity.

• 

  AP Finance

  The FAA, lacking enough air traffic controllers, will extend limits on New York City-area flights

  Facing a shortage of air traffic controllers, the Federal Aviation Administration said Wednesday that it will let airlines continue to limit flights in the New York City area into October without penalties that they would normally face for such reductions. Airlines that fail to use all their takeoff and landing rights or “slots” at those airports risk losing them. Airlines including Delta, American, United and JetBlue had agreed to cuts at LaGuardia and John F. Kennedy airports in New York and Newark Liberty International Airport in New Jersey to ease congestion.

• 

  Bloomberg

  AI Lender Upstart’s 445% Rally Fades After Outlook Dampens Frenzy

  (Bloomberg) -- Upstart Holdings Inc.’s breakneck rally is losing momentum after the lending platform that uses artificial intelligence provided a disappointing outlook.Most Read from BloombergEveryone Wants to Work at UPS After Teamsters DealFirst American City to Tame Inflation Owes Its Success to Affordable HousingTycoon Who Gave Away $750 Million Sees Profit in Loans to PoorStock Traders Shun Risk in Run-Up to Key CPI Test: Markets WrapWeWork Tumbles After Raising ‘Substantial Doubt’ About Fu

• 

  The Wall Street Journal

  U.S. Crude Hits Highest Price of 2023

  Three major factors are shaping the oil market in 2023. Two of them helped push U.S. crude on Wednesday to its highest price of the year. Saudi and Russian [production cuts](https://www.wsj.com/articles/saudi-arabia-some-opec-members-clash-over-oil-production-quotas-87f43f0c), coupled with the resilience of the fuel-guzzling American economy, have tightened the market from both sides.

• 

  Reuters

  Yellow Corp asset sale could surpass $1.4 billion - Fox Business

  That means stock holders will get a payday if significant unsecured debt creditors do not emerge, Fox Business reporter Charles Gasparino said in a post on X social media platform, formerly known as Twitter. The company blamed the International Brotherhood of Teamsters for the bankruptcy filing. Gasparino said that bidders were lining up for Yellow's assets because the company would be free of Teamsters membership in bankruptcy.

• 

  Barrons.com

  Palantir Stock Tumbles. Where It Could Be Headed Next.

  Palantir was a big AI winner and then August started. Palantir stock has fallen 8.75% to $15.55 on Wednesday, its biggest drop since November 2022. Worse still, the stock has fallen for six straight days and is 22% during its losing streak, the worst six-day stretch since May 2022.

• 

  Reuters

  Wheels Up flags inability to continue operations, shares tank

  (Reuters) -Wheels Up Experience said on Wednesday there was "substantial doubt" about its ability to continue operations, even as it disclosed short-term funding from Delta Air Lines, sending its shares plunging 42%. The company, which charters planes by the hour, has taken a slew of restructuring measures this year including job cuts and management changes as private jet traffic, which soared on demand from wealthy travelers during the pandemic, has slowed. Delta said in a statement that it was providing a short-term capital infusion in the form of a secured promissory note to Wheels Up, which is pursuing strategic partnerships.