Warren Buffett's Berkshire reports $44B loss

Warren Buffett’s Berkshire Hathaway reported a $43.76 billion loss in the second quarter as the value of the company's investments plummeted, in what was a tumultuous quarter for the markets.

Berkshire said Saturday that a largely unrealized $53 billion decline in the value of its investments forced it to report a loss of nearly $44 billion, or $29,754 per Class A share. That is down from $28.1 billion, or $18,488 per Class A share, a year ago.

Automakers say 70% of EV models don't qualify for tax credit under Senate bill

Buyers of a majority of electric-vehicle models would not qualify for a $7,500 tax credit under a Democratic proposal in the U.S. Senate. Automakers have been privately concerned about the proposal's requirements for vehicles' batteries and critical-mineral contents to be sourced from the United States.

The July 27 proposal by Senators Chuck Schumer and Joe Manchin would make 70% of U.S. electric, plug-in hybrid and fuel-cell EVs ineligible upon passage, according to John Bozzella, heads of the Alliance for Automotive Innovation.

Demand for grocery delivery cools as food costs rise

Karen Raschke, a retired attorney in New York, started getting her groceries delivered early in the pandemic. Each delivery cost $30 in fees and tips, but it was worth it to avoid the store. Then earlier this spring, Raschke learned her rent was increasing by $617 per month. Delivery was one of the first things she cut from her budget. Now, the 75-year-old walks four blocks to the grocery several times a week. She only uses delivery on rare occasions, like a recent heat wave.

Fed will ‘absolutely’ raise interest rates in September 

Federal Reserve Bank of San Francisco President Mary Daly on Sunday said the U.S. central bank will "absolutely" raise interest rates half a percent in September to try to bring down red-hot inflation. Americans are struggling as inflation hits 9.1% – the highest since 1981 – while wage growth is not rising at as fast a rate."Americans are losing ground every day, so the focus has to be on bringing inflation down," Daly said.

The potential rate hike comes as the U.S. economy is teetering on the brink of a recession.