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Congress is close to passing a massive spending bill to address the microchip shortage, and much of the legislation is targeted toward China. |
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Chipping in for America: In a chamber where few big-spending bills pass by a simple majority, the Senate strongly supported a $52 billion package to bolster microchip development and production. The bipartisan bill, which passed by a 68-32 vote, sets the wheels in motion for some much-needed relief to the U.S. microchip industry. The shortage has created major production delays in various industries, particularly for automakers, appliances and computers. President Joe Biden, getting the good domestic news during his first foreign trip since taking office, thanked the Senate and asked the House to act swiftly on passing the bill so he can sign it upon return. “We are in a competition to win the 21st century, and the starting gun has gone off," Biden said. "As other countries continue to invest in their own research and development, we cannot risk falling behind." Biden's comments pointed to the driving force behind the bipartisan bill -- China. The U.S. is hoping the bill will allow U.S. industries to compete with the economic superpower and increasingly bitter rival. FIND OUT WHAT THE BILL WILL DO TO AID CHIP PRODUCTION
Joe the exterminator: Biden's departure for his trip to Europe didn't go completely smoothly after the president had a run-in with a cicada. Swarms of the insects did fly-bys of Biden and his entourage, and one tried to assassinate the president with a shot to the neck. Biden could been seen swiping at a bug while talking on the tarmac. “Watch out for the cicadas,†he warned reporters. “One just got me.†For those unfamiliar with the bizarre life of the Brood X cicadas, they only come above ground once every 17 years, so like many people finally getting out after the pandemic, they are ready to party. They can also be a nightmare on travel (see their splattered remains on any car windshields through the South and Eastern Seaboard). Even Air Force One had to contend with the cicadas before takeoff. WATCH BIDEN'S CLOSE CALL WITH A BROOD X CICADA
Back to work: Job openings surged to a record high in April as businesses, especially ones in the hospitality sector, are looking to staff up ahead of what is expected to be a busy summer season. According to the Bureau of Labor Statistics’ latest Job Openings and Labor Turnover Summary (JOLTS), the number of unfilled positions reached 9.3 million on the last business day of April, up from 8.3 million at the end of March and almost 2 million higher than the pre-pandemic high of 7.6 million reached in the fall of 2018. According to Tuesday’s JOLTS report, nearly 4 million Americans quit their jobs in April, indicating a high level of optimism that they can find another, possibly higher-paid position elsewhere. Meanwhile, the number of layoffs and discharges also reached series lows, completing the trifecta of labor market optimism. CHECK OUT THE INFO GRAPHIC SHOWING JOB CREATION
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Markets
| DJIA | 34,447.14 | -0.44% |
| S&P 500 | 4,219.55 | -0.18% |
| Nasdaq Composite | 13,911.75 | -0.09% |
| Japan: Nikkei 225 | 28,957.61 | 0.34% |
| UK: FTSE 100 | 7,081.01 | -0.20% |
| Crude Oil Futures | 69.45 | -0.73% |
| Gold Futures | 1,887.60 | -0.42% |
| Yen | 109.56 | -0.07% |
| Euro | 1.22 | -0.13% | | * As of market close |
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Cold turkey
Major retailers appear to have learned some valuable lessons from dealing with the COVID-19 pandemic. One of them that is already coming into focus is the decision to close their doors on Thanksgiving Day. Before the pandemic, the trend was moving up Black Friday so early that it spilled into Thursday, forcing workers to spend the holiday on the clock instead of at home with their families. Last year saw several stores shut down Thursday and move their sales online, a trend that is taking hold. Walmart, Target and Best Buy are among the major retailers already announcing that they will be closed on Thanksgiving Day 2021, giving customers a heads-up to plan ahead for online shopping and allowing employees some valuable family time off after a difficult past 15 months. “Closing our stores on Thanksgiving Day is one way we’re saying ‘thank you’ to our teams for their dedication and hard work this year," said one Walmart executive. "We hope everyone will take the opportunity to be with their loved ones during what’s always a special time.†FIND OUT WHY STORES ARE CLOSING IN FAVOR OF ONLINE SALES
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Retro LEGO
Baby boomers, millennials and Generations X,Y and Z know about LEGO blocks, which have stood the test of toy time. Typewriters? No so much. So it was a rather curious selection when LEGO Ideas released its latest creation -- a full-sized, 2,000-piece model designed after a classic 20th century typewriter. Never mind that most people who still play with LEGOs have never had occasion to use a typewriter during the computer age. The new set was the brainchild of a LEGO enthusiast submitted to the company for consideration. The designers at LEGO managed to make a model with working keys and the return carriage that former typists will remember for its forceful shifting. Users can even feed paper through the roller just like they did back in the good old days before digital printers. The new typewriter LEGO set goes on sale June 16 for VIP members, while the general public can get in on the retro-fun beginning July 1. FIND OUT HOW TO GET THE NEW LEGO TYPEWRITER MODEL
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Airbnb bounce
The pandemic has turned millions of Americans into hermits. Now Airbnb is giving 12 lucky individuals the chance to live like nomads for 10 months. Responding to the recently loosened restrictions on travel, Airbnb is looking for a dozen people with bad cases of cabin fever to take in life on the road for a year while staying at participating lodging listings. The only catch is that the chosen few will be asked to share their Airbnb experience with folks who are still a bit hesitant to return to normal vacation status. “The number one thing people miss is travel,†one executive said in announcing the “Live Anywhere on Airbnb†program. “People are really looking to live their lives on a platform like Airbnb, where they’re able to spend time in different parts of the world and different communities.†Winning candidates can choose their own adventures and destinations. They are even encouraged to put their homes on the Airbnb rental program while they are away. Is it just us, or is the only thing weirder than staying in stranger's home is having strangers stay in yours? SEE HOW TO ENTER THE 'LIVE ANYWHERE ON AIRBNB' CONTEST
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Block party
LEGOs have been used to build everything from roller coasters to rocket ships, but what was the world's largest LEGO structure modeled after? Wednesday's answer: The daughter of Wendy's founder Dave Thomas and the logo model for the fast-food chain, is actually named Melinda. "Wendy" was her nickname, taken from her childhood mispronunciation. SEND YOUR ANSWER HERE TO SHOW OFF YOUR KNOWLEDGE
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