Wall Street closes lower, adding to last week’s losses
NEW YORK (AP) — Stocks closed lower on Wall Street, adding to their recent losses as traders realized how determined the Federal Reserve is to keep interest rates high to fight inflation. The S&P 500 gave back almost 1% Monday. Technology companies were the biggest drag on the index. The Nasdaq and the Dow Jones Industrial Average also fell. This week investors will get more...
Wall Street closes lower, adding to last week’s losses
NEW YORK (AP) — Stocks closed lower on Wall Street, adding to their recent losses as traders realized how determined the Federal Reserve is to keep interest rates high to fight inflation. The S&P 500 gave back almost 1% Monday. Technology companies were the biggest drag on the index. The Nasdaq and the Dow Jones Industrial Average also fell. This week investors will get more updates on the economy including the government’s monthly jobs report on Friday and a reading on consumer confidence Tuesday from the Conference Board. European markets were also lower and Asian markets closed lower overnight. Treasury yields were higher.
‘Tape or chewing gum:’ Twitter’s lapses echo worldwide
SAN FRANCISCO (AP) — Twitter at its best is a tool to get a message out quickly, efficiently and directly, whether you’re an activist or a local fire department. But it’s also a constant risk-and-reward calculation. A bombshell whistleblower report from Twitter’s former head of security alleges that the social media company has been negligently lax on cybersecurity and privacy protections for its users for years. The revelations could be especially concerning for those who use it to reach constituencies, get news out about emergencies as well as for political dissidents and activists in the crosshairs of hackers or other malicious actors.
Elon Musk subpoenas Twitter whistleblower ahead of trial
WILMINGTON, Del. (AP) — Elon Musk’s legal team is demanding to hear from a whistleblowing former Twitter executive who could help bolster Musk’s case for backing out of a $44 billion deal to buy the social media company. Twitter’s former security chief Peiter Zatko — also known by his hacker handle “Mudge” — received a subpoena Saturday from Musk’s team, according to Zatko’s lawyer and court records. The billionaire Tesla CEO has spent months alleging that the company he agreed to acquire undercounted its fake and spam accounts — and that he shouldn’t have to consummate the deal as a result.
LG, Honda to set up US joint venture to make EV batteries
TOKYO (AP) — Major South Korean battery maker LG and Japanese automaker Honda are investing $4.4 billion in a joint venture to produce batteries for Honda electric vehicles in the North American market. They say the plant’s U.S. site is still undecided. Construction is to begin in early 2023, with mass production of advanced lithium-ion battery cells to start by the end of 2025. The closing of the deal is subject to regulatory approval. They say the plant will produce batteries exclusively for Honda vehicles assembled in North America, including the company’s Acura luxury brand.
FTC accuses data broker of selling sensitive location data
WASHINGTON (AP) — Federal regulators have sued a data broker they accuse of selling sensitive geolocation data from millions of mobile devices. The data can be used to identify people and track their movements to and from sensitive locations, including reproductive health clinics, homeless shelters and places of worship. The Federal Trade Commission on Monday sued Idaho-based Kochava Inc. amid a charged debate over the privacy of individuals who may be seeking an abortion in the wake of the Supreme Court’s ruling in June ending the constitutional protections for abortion. The data-broker industry has come under amplified scrutiny from Congress and regulators.
EU, German leaders pledge reform to cut electricity prices
BERLIN (AP) — The head of the European Union’s executive branch and Germany’s chancellor have pledged a reform of the continent’s electricity market to help bring down power prices that have been pushed higher by skyrocketing gas prices. European Commission President Ursula von der Leyen said in a speech in Bled, Slovenia on Monday that “skyrocketing electricity prices are now exposing the limitations of our current electricity market design.” She said it was developed for different circumstances, and “that is why we are now working on an emergency intervention and a structural reform of the electricity market.”
Walmart seeks to dismiss lawsuit by FTC over money transfers
NEW YORK (AP) — Walmart has filed a motion to dismiss a lawsuit by the Federal Trade Commission that accuses the retailer of allowing its money-transfer services to be used by scam artists. It says the suit is an egregious instance of agency overreach. In its lawsuit filed in June, the FTC alleged that for years, Walmart failed to properly secure the money-transfer services offered at its stores. In a 41-page filing Monday, the nation’s largest retailer said the agency lacks constitutionally valid authority to sue for money or injunctive relief. Walmart also argues that the agency is trying to contort a regulation aimed at going after telemarketers and those who actively help them, of which Walmart is neither.
3 of 12 rail unions announce tentative deal with 24% raises
OMAHA, Neb. (AP) — Three of the 12 unions negotiating with the nation’s biggest freight railroads have reached a tentative deal providing 24% pay raises. That’s in line with what a special presidential panel of arbitrators recommended earlier this month to resolve the stalemate before a strike could happen. The tentative deal announced Monday covers more than 15,000 workers. But the two biggest rail unions that represent engineers and conductors say they still haven’t been able to reach a deal. The railroads have until mid-September to reach agreements with all their unions before federal law would allow them to go on strike. But if it gets to that point, Congress is expected to step in to keep the trains moving.
Labor board rules Tesla must let workers wear union clothing
DETROIT (AP) — The National Labor Relations Board has found that Tesla can’t stop factory employees from wearing clothing with union insignias while on the job. In a 3-2 decision released Monday, the board overruled a 2019 NLRB decision involving Walmart and union clothing. The board wrote that a 1945 Supreme Court decision established the precedent for allowing the clothing. It ordered Tesla to stop enforcing what it called an overly broad uniform policy that effectively stops production workers from wearing black shirts with the United Auto Workers union logo. Messages were left Monday seeking comment from Tesla and the union.
The S&P 500 dropped 27.05 points, or 0.7%, to 4,030.61. The Dow Jones Industrial Average fell 184.41 points, or 0.6%, to 32,098.99. The Nasdaq lost 124.04 points, or 1%, to 12,017.67. The Russell 2000 index of smaller companies retreated 16.89 points, or 0.9%, to 1,882.94.