Germany declared a gas crisis after Russia reduced natural gas delivery to the nation, prompting Europe’s largest economy to accuse Moscow of engaging in an “economic attack.” Germany announced the second stage of its three-stage emergency gas plan but stopped short of rationing gas supplies. Vice-President of the European Commission Frans Timmermans accused Russia of weaponizing its energy supply in an effort to undermine European unity while Kremlin representatives said the reduction in gas was a result of technical problems. Following Germany’s announcement, European power prices surged to their highest level since December with some observers saying coal may be used as an alternative power source during the winter.

U.S. weekly jobless claims fell by 2,000 claims for the past week in what some said could be a sign that labor market pressure may be easing. While the drop marks the second straight weekly decline, observers cautioned that claims are still hovering near a five-month high while job cuts in multiple sectors have been reported. Although some economists argued the labor market has already seen its best days, others said the figures suggest the labor market is remaining strong. Some observers have noted that workers’ power relative to employers has cooled, with economic researchers arguing while workers have not lost power, they have stopped gaining it compared to the early days of the pandemic.

Streaming giant Netflix laid off more than 300 employees in order to bring costs in line with “slower revenue growth” caused by recent losses in subscribers. Netflix said it expects to lose up to 2 million more subscribers in the current quarter. Other ideas to bring costs in line with growth have been floated, including cracking down on password sharing and introducing a lower-priced account with ads. With the latter strategy set to go forward, Google and NBCUniversal have been reported as top contenders for helping Netflix develop its ad-tier service.

Intel postponed the groundbreaking of its new chip factory in Ohio while saying it plans to continue construction of the plant. Intel warned members of Congress that its delay stemmed from slow progress on the CHIPS Act, a bill designed to reinvigorate the U.S. microchip industry. Intel cautioned that the company’s Ohio expansion is heavily dependent on the funding provided by the bill which has seen a recent drop in attention from lawmakers. While President Joe Biden has emphasized the importance of U.S. domestic semiconductor production, some lawmakers appear hesitant to give the president a legislative win before the November elections.

The Ohio State University successfully trademarked the word “the,” one of the most common words in the English language. The trademark applies mainly to clothing and followed a years-long effort to combat unlicensed merchandise sellers. Intellectual property experts noted that the trademark won’t unleash a wave of litigation against anyone using the article, emphasizing that the protections have a narrow enforcement focus centered on those attempting to represent the university using the word. The school noted that the protection of its intellectual property assets remains vital to the institution's funding and overall ability to conduct research and educate students.

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