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Good afternoon. Here’s what you should know today, June 27: |
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Ukraine has asked the West for help to end the war by the close of 2022 North Korea reported 73 deaths from Covid-19 Have fun with GPS voices on your summer road trip |
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| Former football coach Joe Kennedy said that he treated players fairly whether they joined him in prayer or not. PHOTO: WIN MCNAMEE/GETTY IMAGES |
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1. The Supreme Court ruled that a school district cannot bar a football coach from publicly exercising his faith by praying on the field after the game. |
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The 6-3 decision continues a line of opinions lowering the wall between church and state. Writing for the court, Justice Neil Gorsuch said Joe Kennedy’s prayers were private speech that couldn’t be construed as representing the school district and were protected by the First Amendment. |
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Supreme Court Declines to Revisit Landmark Press-Freedom Case (Read) Uncertainty Over Abortion Access Grows After Supreme Court Ruling (Read) CVS, Walmart Limit Purchases of Plan B Pills After Surge in Demand (Read) 🎥 The Legal Reasoning Behind the Abortion Ruling (Watch) |
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2. Inflation shines a spotlight on companies’ use of last-in, first-out accounting methods. |
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LIFO, which helps lower federal tax bills by inflating costs, is permitted under U.S., but not international, standards. Businesses recognize their most recently acquired inventory through their cost of goods sold. With inflation around a four-decade high, such inventory is more expensive than goods purchased earlier and acts as a drag on earnings. |
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Central Banks Should Raise Rates Sharply or Risk High-Inflation Era, the Bank for International Settlements Warns (Read) Former Treasury Secretary Larry Summers Nailed Inflation. But Is He Right on What Comes Next? (Read) |
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3. Credit Suisse was found guilty of helping a Bulgarian crime ring launder money related to cocaine trafficking. |
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The bank said it would appeal a Swiss criminal court’s finding that it didn’t do enough to monitor accounts used by the crime ring. Credit Suisse was fined around $2.1 million and ordered to pay around $20 million to the Swiss government. |
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4. Ukrainian President Volodymyr Zelensky asked the Group of Seven countries for help to push Russia out by the end of the year. |
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Kyiv requires more military, political and financial support to end the war, he said, according to an official present for his video address to the G-7 leaders, who are meeting in the German Alps. Zelensky’s remarks came as the U.S. announced a new round of military aid for Ukraine and sanctions against Moscow, while G-7 leaders agreed to start work on a mechanism to cap the purchase price of Russian oil. Meanwhile, Russian missiles hit a shopping mall in central Ukraine with around 1,000 civilians inside, Zelensky said. |
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Sanctions Push Russia to First Foreign Default Since Bolshevik Revolution (Read) 🎥 Russia’s Default: What’s Next (Watch) Russian Gas Cuts Threaten World’s Largest Chemicals Hub (Read) |
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