1. Fed says improving economy could soon justify rate hike
Federal Reserve officials said in their July meeting that economic conditions could soon justify an interest rate hike, according to minutes of the meeting released Wednesday. Fed policy makers said that June's strong job growth, and market stabilization following brief turmoil over Britain's vote to exit the European Union, had reduced immediate threats to the economy. With those clouds clearing, Fed officials said a rate hike "was or would soon be warranted," although they did not agree on a target date. Global stocks rose Thursday on the Fed's signs of confidence and restraint.
2. Cisco to cut 5,500 jobs
Cisco Systems, the world's biggest maker of networking equipment, reported a two percent drop in quarterly revenue on Wednesday, and said it would cut up to 5,500 jobs as it faces weak demand for its routers and other bread-and-butter products. The job cuts will amount to nearly seven percent of Cisco's work force — significantly below the staff reductions of up to 20 percent reported by technology news site CRN a day earlier, citing sources close to the company.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Walmart shares rise on better-than-expected quarterly profit
Walmart reported quarterly profit that beat expectations on Thursday, sending its shares rising by more than three percent. The giant retailer said sales at U.S. stores open at least a year had increased by 1.6 percent — excluding fuel price fluctuations — marking its eighth straight quarter of improving established-store sales in the U.S. The news came after several competitors reported weak results. Target, for example, cut its yearly forecast after seeing weak quarterly sales of electronics and groceries.
4. Aetna CEO warned Justice Department of ObamaCare pullout
More than a month before Aetna this week announced it would stop selling insurance in some ObamaCare state markets, the health insurer's CEO, Mark Bertolini, sent the Justice Department a letter warning it would pull out of some state exchanges if the federal government opposed its proposed merger with rival Humana. The Justice Department moved in July to block the deal — and another proposed merger between Anthem and Cigna — on the grounds that the deals would hurt consumers by reducing competition. Bertolini warned in his letter that the company would have to drop ObamaCare expansion plans to focus its resources on a legal battle to defend the merger.
5. 3 new Harry Potter e-books coming out
Author J.K. Rowling is releasing three new Harry Potter spin-off e-books in September, according to the official Harry Potter website Pottermore. The book series, called Pottermore Presents, aim to supplement the original Potter books, and include Short Stories from Hogwarts of Power, Politics and Pesky Poltergeists; Short Stories from Hogwarts of Heroism, Hardship and Dangerous Hobbies; and Hogwarts: An Incomplete and Unreliable Guide. The spin-off play Harry Potter and the Cursed Child, published earlier this year, has set 2016 book sale records.
-
What will security guarantees for Ukraine look like?Today's Big Question From boots on the ground to economic sanctions, here are the measures that might stop Russia taking another bite out of Ukraine
-
The US Open's controversial 'superstars' doubles formatTalking Point New shortened competition attracts star pairings and bigger audiences to grand slam tennis event
-
Crossword: August 21, 2025The Week's daily crossword
-
How China uses 'dark fleets' to circumvent trade sanctionsThe Explainer The fleets are used to smuggle goods like oil and fish
-
One year after mass protests, why are Kenyans taking to the streets again?today's big question More than 60 protesters died during demonstrations in 2024
-
What happens if tensions between India and Pakistan boil over?TODAY'S BIG QUESTION As the two nuclear-armed neighbors rattle their sabers in the wake of a terrorist attack on the contested Kashmir region, experts worry that the worst might be yet to come
-
Why Russia removed the Taliban's terrorist designationThe Explainer Russia had designated the Taliban as a terrorist group over 20 years ago
-
Inside the Israel-Turkey geopolitical dance across SyriaTHE EXPLAINER As Syria struggles in the wake of the Assad regime's collapse, its neighbors are carefully coordinating to avoid potential military confrontations
-
'Like a sound from hell': Serbia and sonic weaponsThe Explainer Half a million people sign petition alleging Serbian police used an illegal 'sound cannon' to disrupt anti-government protests
-
The arrest of the Philippines' former president leaves the country's drug war in disarrayIn the Spotlight Rodrigo Duterte was arrested by the ICC earlier this month
-
Ukrainian election: who could replace Zelenskyy?The Explainer Donald Trump's 'dictator' jibe raises pressure on Ukraine to the polls while the country is under martial law
