AP Business SummaryBrief at 4:42 p.m. EDT

Musk abandons deal to buy Twitter; company says it will sue

Elon Musk announced Friday that he will abandon his tumultuous $44 billion offer to buy Twitter after the company failed to provide enough information about the number of fake accounts. Twitter immediately fired back, saying it would sue the Tesla CEO to uphold the deal. The likely unraveling of the acquisition was just the latest twist in a saga between the world’s richest man...

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Musk abandons deal to buy Twitter; company says it will sue

Elon Musk announced Friday that he will abandon his tumultuous $44 billion offer to buy Twitter after the company failed to provide enough information about the number of fake accounts. Twitter immediately fired back, saying it would sue the Tesla CEO to uphold the deal. The likely unraveling of the acquisition was just the latest twist in a saga between the world’s richest man and one of the most influential social media platforms, and it may portend a titanic legal battle ahead. The chair of Twitter’s board, Bret Taylor, tweeted that the board is committed to closing the transaction.

Production resumes at troubled Abbott baby formula factory

Abbot Nutrition says baby formula production has resumed at the Michigan plant whose February shutdown over contamination contributed to a national shortage. Damage from severe thunderstorms had halted Sturgis plant operations in mid-June after just two weeks of renewed production. Abbot says EleCare, a specialty formula, is being made at Sturgis following a July 1 reboot and that Similac production will resume as soon as possible. Abbott is one of just four companies that produce 90% of U.S. formula. Its recall in February of several leading brands squeezed supplies already strained by supply chain disruptions and stockpiling during COVID-19 shutdowns.

A robust June jobs report clouds outlook for US economy

WASHINGTON (AP) — A strong hiring report for June has assuaged fears that the U.S. economy might be on the cusp of a recession — and highlighted the resilience of the nation’s job market. Yet the figures the government released Friday also spotlighted the sharp divide between the healthy labor market and the rest of the economy: Inflation has soared to 40-year highs, consumers are increasingly gloomy, home sales and manufacturing are weakening and the economy might actually have shrunk for the past six months. The contrasting picture suggests an economy at a crossroads. Strong hiring and wage growth could help stave off recession.

EXPLAINER: 5 key takeaways from the June jobs report

WASHINGTON (AP) — Inflation is raging. The stock market is tumbling and interest rates rising. American consumers are depressed and angry. Economists warn of potentially dark times ahead. But employers? They just keep hiring. The Labor Department reported Friday that America’s dinged and dented economy managed to add a vigorous 372,000 jobs in June, well above the 275,000 that economists had expected. And the unemployment rate remained at 3.6%, just a tick above the 50-year low that was recorded just before the coronavirus pandemic flattened the economy in early 2020.

Japan’s ex-leader Shinzo Abe assassinated during a speech

TOKYO (AP) — Former Prime Minister Shinzo Abe was assassinated on a street in western Japan by a gunman who opened fire on him from behind as he delivered a campaign speech. The attack stunned the nation that has some of the strictest gun control laws anywhere. The 67-year-old Abe, who was Japan’s longest-serving leader when he resigned in 2020, collapsed bleeding and was airlifted to a nearby hospital, where he was pronounced dead from major damage to his heart and two neck wounds. Police arrested the suspected gunman at the scene and identified him as Tetsuya Yamagami, 41, a former member of Japan’s navy.

Retailers scale back hiring as worry about a slowdown grows

NEW YORK (AP) — After going on a frenzied hiring spree for a year and a half to meet surging shopper demand, America’s retailers are starting to temper their recruiting. The changing mindset comes as companies confront a pullback in consumer spending, the prospect of an economic downturn and surging labor costs. Some analysts suggest that merchants have also learned to do more with fewer workers. The nation’s top employer, Walmart, said it recently over-hired because of a COVID-related staffing shortage and then reduced its head count through attrition. In April, Amazon said it, too, had decided that it had an excess of workers in its warehouses.

Choose your reality: Trust wanes, conspiracy theories rise

As public trust in democratic institutions declines, conspiracy theories are filling the void. In some cases, that’s leading believers to doubt even their own allies. Last weekend in Boston, about 100 masked men carrying fascist flags marched through the city and later posted vides and photos online. But some of their own allies second-guessed the event, insisting it must have been FBI agents in disguise. It’s just one example of experts who study public trust say it will take extensive efforts by educators, government officials and technology companies to address the erosion of trust.

Wall Street ends winning week with mixed close on jobs data

NEW YORK (AP) — Wall Street is closing out a winning week with a sputtering finish on Friday, as stocks waffled following a stronger-than-expected report on the U.S. jobs market. The S&P 500 slipped 0.1% after earlier flipping between a loss of 0.9% and a gain of 0.4%. A surprisingly strong jobs report showed that employers are continuing to hire despite worries about a possible recession. But the data also likely keeps the Federal Reserve on track to raise interest rates sharply. Treasury yields rose. Despite its weak finish, the S&P 500 delivered just its third winning week in the last 14.

Yellen to push price cap on Russian oil during Asia visit

WASHINGTON (AP) — Treasury Secretary Janet Yellen will travel to Asia this month, her first trip to the Indo-Pacific since becoming head of the agency. Yellen will represent the U.S. at the Group of 20 finance minister meetings on Indonesia’s resort island of Bali. At the G-20 meetings and on her broader trip, Yellen will make the case for a price cap on Russian oil, to reduce revenue to the Kremlin as it continues its attack on Ukraine. Yellen will address the economic and humanitarian challenges wrought by Russia’s invasion. Unlike the Group of Seven finance leader meetings in April, the G-20 will involve participant countries that are not united in opposition to Russia’s invasion.

Sri Lanka imposes curfew as cops fire tear gas at protesters

COLOMBO, Sri Lanka (AP) — Police have imposed a curfew in Sri Lanka’s capital a day before a planned protest demanding the resignations of the country’s president and prime minister over the economic crisis that has caused severe shortages of essential goods. Hours before the curfew announcement, police fired tear gas and water cannons to disperse thousands of protesting students. Protest leaders have said thousands more will gather in Colombo on Saturday. But police said the curfew that started at 9 p.m. Friday is in effect until further notice in Colombo. Critics say President Gotabaya Rajapaksa is responsible for the worst economic crisis since the country’s independence in 1948.

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