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Hertz has been in business for over 100 years.In May, the car-rental company filed for reorganization under Chapter 11 in bankruptcy court in Delaware.On Monday, Hertz announced in a press release that revenues were down 70% as it reported its second-quarter financial results."In the second quarter, like so many companies whose revenues have sharply declined due to the pandemic's significant impact on global travel, we had to make difficult but necessary decisions to strengthen and position the company for growth for many years to come," said Paul Stone, President and Chief Executive Officer of Hertz Global in the news release. "The toughest decisions have been those that impact the livelihood of our dedicated workforce and our voluntarily reorganizing under Chapter 11 in North America. We are moving through our reorganization process and remain focused on emerging an even stronger global rental car leader better positioned to serve our customers around the world."The parent company, Hertz Global Holdings, recorded revenue of 2 million, but with a net loss of 7 million.And with air travel impacted by COVID-19, the company said airport car rentals were down 82%.In the news release, the company said they saw a strong rebound in its used-car market in May and June, and they were able to "sell cars aggressively as we right-size the fleet to align with market realities.""We continue to make disciplined adjustments to our cost structure based on revenue fluctuations and expect to generate about .5 billion in annualized savings," said Stone in the release. "Our priority is fleet management. The continued strong used-car market allows us to continue to sell cars aggressively as we right-size the fleet to align with market realities. Across the business, our team is laser-focused on capturing revenue, driving efficiency, and advancing critical technology. In the U.S., we continue to capitalize on rental opportunities off-airport, while ensuring customer service levels remain best-in-class. Internationally, our fleet is trending toward demand levels. And our Donlen leasing business remains stable. Finally, continuing to keep our teams and our customers safe in this unpredictable environment is of utmost importance to everyone at Hertz." 2282
GRAND RAPIDS, Mich. (AP) — An FBI agent testified during a court hearing in Michigan that members of anti-government paramilitary groups discussed kidnapping Virginia’s governor during a June meeting in Ohio.Special Agent Richard Trask was part of the investigation that led to six men being arrested and charged last week with plotting to kidnap Michigan’s Democratic Gov. Gretchen Whitmer.Seven other men face state terrorism charges, in connection with the plot.Trask on Tuesday did not name Virginia’s Democratic governor, Ralph Northam, during his testimony in a federal courtroom in Grand Rapids. “They discussed possible targets, taking a sitting governor, specifically issues with the governor of Michigan and Virginia based on the lockdown orders,” Trask said.The agent said members of anti-government groups from multiple states attended the meeting and that attendees were unhappy with the governors’ actions to combat the COVID-19 pandemic.Ultimately, the plan was to kidnap Whitmer and "place her on trial" in a different location, the agent said.The hearing was held to review investigators’ evidence against five of the men involved, and whether they should be detained before trial. The sixth man is being held in Delaware. 1247

HEALDSBURG, Calif. (AP) — Wildfire has been cruel to Northern California wine country lately. Major fires during three of the past four years have charred vineyards, burned down a historic winery and sent plumes of smoke above the neatly tended rows of vines that roll across the scenic hills. While the majority of vineyards, winemaking facilities and tasting rooms that lure tourists have escaped damage, the perception that the area is on fire yet again has not helped business. The LNU Lightning Complex, which includes the Hennessey, Gamble, 15-10, Spanish, Markley, 13-4, 11-16, and Walbridge fires, had burned at least 375,209 acres. Over the last 12 days, the fires have torn through Napa, Sonoma, and Solano counties. As of Sunday, the blaze was 56% contained.Add restrictions on winery tastings and dining during the coronavirus pandemic and winemakers say they are reeling. 892
Historic numbers of background checks to purchase or possess a firearm have been conducted in June. It's just the latest month with record-breaking numbers since the system was created in 1998. The FBI reported Wednesday that 3.9 million checks were done last month in what's a key barometer of gun sales. The numbers are driven by the crises that have roiled the U.S., including the coronavirus pandemic, an economic recession, protests over racial injustice and calls to reduce police funding. A group representing gunmakers says firearm purchases are a reasonable reaction to the political climate, while gun control advocates say they're concerned first-time buyers don't have enough training. 705
From housing to food to health care, everything is getting more expensive while wages stay mostly stagnant. It’s part of a phenomenon called inflation and it has a direct impact on each of us.As the old cliché goes, ‘a dollar doesn’t get you what it used to.’ That saying helps explain the role inflation plays in the economy.Inflation happens when general prices go up, relative to supply. It causes a noticeable and continuous decline in buying power.It’s easy to confuse inflation with general market forces. Like, when kale prices go up because of fad-driven demand or when sweater prices increase just before winter.A small amount of inflation is supposed to help the economy by encouraging spending and investment. But too much of it could send the economy into a spiral. For that reason, the Federal Reserve takes different actions meant to keep inflation rates in check.Inflation isn’t an obscure technical financial term found in college textbooks. It directly affects everyone who participates in the economy.Let’s say a person decided to save in 1970 for use 50 years in the future. Back then, then money could buy about 17 dozen eggs, 28 gallons of gas, or one pair of Wrangler Jeans.But in 2020, the saved money doesn’t go as far.According to the Bureau of Labor Statistics, in 2020 can buy about seven dozen eggs, four gallons of gas, or a half-pair of Wranglers.Inflation gets a bad rap. Everyone would like to buy nice things for cheap. But economists say that’s just not how it works. When prices fall, in general, incomes also have to fall.Think of it as a cycle: a consumer buys from a business. If prices are lower, the business makes less money. That means wages have to drop, giving workers less money to spend as consumers. 1762
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