AP Business SummaryBrief at 7:11 p.m. EDT

Automakers targeting average households with new crop of EVs

WARREN, Mich. (AP) — In their first rollouts of electric vehicles, America’s automakers targeted people who value short-range economy cars. Then came EVs for luxury buyers and drivers of pickups and delivery vans. Now, the companies are zeroing in at the heart of the market: The compact SUV. In their drive to have EVs dominate vehicle sales in coming years, the automakers are promoting their new...

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Automakers targeting average households with new crop of EVs

WARREN, Mich. (AP) — In their first rollouts of electric vehicles, America’s automakers targeted people who value short-range economy cars. Then came EVs for luxury buyers and drivers of pickups and delivery vans. Now, the companies are zeroing in at the heart of the market: The compact SUV. In their drive to have EVs dominate vehicle sales in coming years, the automakers are promoting their new models as having the range, price and features to rival their gas-powered competitors. Some are so far proving quite popular. Ford’s $45,000-plus Mustang Mach E is sold out for the model year. General Motors’ Chevrolet brand just introduced an electric version of its Blazer, also starting around $45,000, when it goes on sale next summer.

Aviation faces hurdles to hit goals for cutting emissions

FARNBOROUGH, England (AP) — Airplanes are a minor contributor to global greenhouse-gas emissions, but their share is sure to grow as more people travel in coming years. That has the aviation industry facing the prospect of tighter environmental regulations and higher costs. At Monday’s opening of a huge aviation industry show near London, discussion about climate change replaced much of the usual buzz over big airplane orders. The industry has embraced a goal of reaching net-zero greenhouse-gas emissions by 2050. Experts who track the issue are skeptical. Today’s aircraft engines are the most efficient ever, but improvements in reducing fuel burn are agonizingly slow — about 1% a year on average.

Twitter-Musk takeover dispute heading for an October trial

Elon Musk lost his fight to delay Twitter’s lawsuit against him as a Delaware judge on Tuesday set an October trial, citing the “cloud of uncertainty” over the social media company after the billionaire backed out of a deal to buy it. “Delay threatens irreparable harm,” said Chancellor Kathaleen St. Jude McCormick, the head judge of Delaware’s Court of Chancery, which handles many high-profile business disputes. Twitter wants the billionaire to make good on his April promise to buy the social media giant for $44 billion. Musk, the world’s richest man, pledged to pay $54.20 a share for Twitter but now wants to back out of the agreement.

Netflix Q2 subscriber loss widens, but not as much as feared

SAN FRANCISCO (AP) — Netflix shed another 970,000 subscribers during the spring amid tougher competition and soaring inflation that’s squeezing household budgets, increasing the urgency behind the video streaming service’s effort to launch a cheaper option with commercial interruptions. The April-June contraction announced Tuesday as part of Netflix’s second-quarter earnings report is by far the largest quarterly subscriber loss in the company’s 25-year history. It could have been far worse, though, considering Netflix management released an April forecast calling for a a loss of 2 million subscribers during the second quarter.  The less severe loss in subscribers helped lift Netflix’s battered stock by 7%.

Putin warns EU that gas supplies could keep dwindling

MOSCOW (AP) — Russian President Vladimir Putin said Tuesday it is the West’s own fault that the flow of Russian natural gas to European customers has dwindled and warned that it could continue ebbing. Putin’s statement on Tuesday further cranked up pressure on the European Union, which fears that Russia could cut off gas to wreak economic and political havoc in Europe in the winter. Speaking to Russian reporters in Tehran, Putin that the amount of gas pumped through the Nord Stream pipeline to Germany will fall further from 60 million to 30 million cubic meters a day, or about one fifth of its capacity, if a turbine isn’t quickly replaced.

Stocks sweep higher on Wall Street as profit reports roll in

Wall Street rallied Tuesday to its best day in more than three weeks as more reports pour in on how much profit companies made during the spring. The S&P 500 rose 2.8% Tuesday after a powerful tide carried 99% of the stocks in the index upward. The Dow added 2.4% and the Nasdaq rose 3.1%. Small-company stocks rose even more, pushing the Russell 2000 index up 3.5%. More types of companies are reporting how much they earned during the spring, broadening out from the banks that dominated the earliest part of the reporting season. Hasbro and Halliburton rose after reporting stronger profits than analysts expected.

Gun violence leads community groups to take bolder action

SEATTLE (AP) — Seattle doesn’t often make national news for gun violence, but in 2021, more shots were fired there than in any of the previous five years. Last summer, a local group that intervenes to try to prevent gun violence took the unusual step of paying 16 young men who were likely to be involved in shootings to leave the city for 30 days. The founder of Community Passageways, Dominique Davis, said all but three of those young people have not faced additional charges since. Community violence intervention is not new but interest in the approach is growing. The Biden administration is backing it and urging states and cities to invest in groups doing this work.

Strong Q2 at J&J, but outlook cut again due to dollar’s rise

Johnson & Johnson rode growing sales of the cancer treatment Darzalex and other key drugs to a better-than-expected second quarter, but foreign exchange rates again cut into the health care giant’s 2022 forecast. The company on Tuesday dropped its forecast to a range below analyst expectations after also trimming it in April due to exchange rates. The company, which brings in nearly half of its sales from outside the United States, now expects earnings of $10 to $10.10 per share. That’s down from a prediction of $10.15 to $10.35 per share it made in the spring.

Federal monitor accuses UAW of concealing misconduct probe

DETROIT (AP) — A monitor appointed by a federal judge in the wake of a United Auto Workers bribery and embezzlement scandal says the union has been uncooperative, withholding information on additional misconduct allegations. Monitor Neil Barofsky, in his third report to Judge David Lawson in Detroit, accused the union of concealing an investigation into mishandling of cash by an assistant regional director. Barofsky alerted U.S. Attorney Dawn Ison, who told the union it was violating a court order by concealing the information. The UAW has been behaving ever since, Barofsky wrote. But he wrote that the union obstructed his ability to do his work. A spokeswoman for Ison wouldn’t comment, and messages were left Tuesday seeking comment from the union.

Chipotle closes store in Maine, thwarting union efforts

Chipotle is closing a Maine store that had been leading efforts to unionize the chain. Employees at the Augusta, Maine, Chipotle had filed a petition with the National Labor Relations Board in June asking to hold a union election at the store. It was the first Chipotle to file such a petition. But on Tuesday, Chipotle said it was permanently closing the store. Labor organizers say they will fight the closure, and say Chipotle is trying to send a message to other stores. But the company blames staffing problems and says the closure has nothing to do with the union.

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