Update on the latest in business:

FINANCIAL MARKETS

Stocks rally but head for 6th straight losing week

NEW YORK (AP) — Stocks are rallying on Wall Street, but not enough to claw back all the losses the market has taken in this volatile week. The S&P 500 rose 2.2% but it’s still on track for its 6th straight losing week, something that hasn’t happened since 2011. The Dow Jones Industrial Average rose 1.2% and the Nasdaq rose 3.6%. Technology stocks led...

READ MORE

FINANCIAL MARKETS

Stocks rally but head for 6th straight losing week

NEW YORK (AP) — Stocks are rallying on Wall Street, but not enough to claw back all the losses the market has taken in this volatile week. The S&P 500 rose 2.2% but it’s still on track for its 6th straight losing week, something that hasn’t happened since 2011. The Dow Jones Industrial Average rose 1.2% and the Nasdaq rose 3.6%. Technology stocks led the gains. Bond yields rose significantly. The yield on the 10-year Treasury rose to 2.93%. Twitter sank after Tesla CEO Elon Musk said he was putting his deal to acquire the social media company on hold. Tesla’s stock rose.

MUSK-TWITTER

Musk puts Twitter buy on hold, casting doubt on $44B deal

LONDON (AP) — Elon Musk has put his plan to buy Twitter on temporary hold, raising fresh doubts about whether he’ll proceed with the $44 billion acquisition. In a tweet early Friday, the Tesla billionaire said he’s skeptical that the number of inauthentic accounts presented by Twitter is as low as the company suggests. The issue of fake accounts on Twitter is not secret. In its quarterly filing with the SEC, even Twitter expressed doubts that its count of bot accounts was correct, conceding that the estimate may be low.

BIDEN-BROADBAND INTERNET

Biden administration to release $45B for nationwide internet

WASHINGTON (AP) — The Biden administration is taking the first steps to release $45 billion to ensure every U.S. resident has access to high-speed internet by roughly 2028. The administration is inviting governors and other leaders today to start the application process. Commerce Secretary Gina Raimondo is overseeing the distribution. Raimondo is traveling to North Carolina and says universal access to broadband internet would be akin to the electrification of rural America during the 1930s, a recognition the internet is a utility needed for U.S. residents to function in today’s economy. The funding is part of the $65 billion for broadband in the $1 trillion infrastructure package President Joe Biden signed into law last November.

TRUMP-LEGAL TROUBLES

New York AG’s office says it’s nearing end of Trump probe

NEW YORK (AP) — A lawyer for the New York attorney general’s office said Friday that the office is “nearing the end” of its three-year investigation into former President Donald Trump and his business practices. Andrew Amer made the disclosure during a hearing in a federal lawsuit Trump filed against Attorney General Letitia James as he seeks to put an end to her investigation. His lawyers argued the probe is a politically motivated fishing expedition. Trump is seeking a preliminary injunction to stop the investigation, which James has said uncovered evidence that Trump’s company, the Trump Organization, misstated the value of assets like skyscrapers and golf courses on financial statements for over a decade. James has asked a judge to dismiss Trump’s lawsuit.

NISSAN-EV PLANT

Nissan mulling third auto plant in the US to meet EV demand

YOKOHAMA, Japan (AP) — Nissan is considering adding a new auto plant in the U.S. to keep up with growing demand for electric vehicles. Chief Operating Officer Ashwani Gupta told reporters today that the third plant would not just be an added assembly line but a totally new facility, although it may be built as an extension of an existing plant. Nissan has two auto plants in the U.S. One in Canton, Mississippi makes the Titan pickup truck and Altima sedan. The other in Smyrna, Tennessee makes the Leaf electric car. A new plant would add several thousand jobs in the area.

HONDA-EARNINGS

Honda sees profit slide on chips, material cost woes

TOKYO (AP) — Honda’s fiscal fourth quarter profit slipped to almost half of what the Japanese automaker earned the year before as it endured supply shortages and rising raw materials costs. Tokyo-based Honda Motor Co. said its profit was 124.8 billion yen, or $967 million, in the January-March quarter. That was 41% lower than a year earlier. Quarterly sales edged 7% higher. Honda acknowledged continuing uncertainty over supplies and production for various reasons, such as Chinese lockdowns to battle coronavirus outbreaks. The semiconductor shortage has hurt sales, despite strong demand. Honda sold 4 million vehicles in the fiscal year that ended in March, down from 4.5 million vehicles the previous year.

DUBAI-EMIRATES AIR

Emirates Air lost $1 billion, but that’s an 80% improvement

DUBAI, United Arab Emirates (AP) — One of the world’s biggest airlines and the Mideast’s top carrier, Emirates Air, says it lost $1.1 billion in the past fiscal year, but the figure is an 80% improvement from the year before. As Emirates Air claws it way out of the worst of the pandemic, its main hub of Dubai International Airport remains the busiest in international travel. The airline said today that revenue was up 91%, reaching $16.1 billion. Emirates expects to climb out of the red and see profits this year as it plans to start paying back its shareholder, the Dubai government, some of the $4 billion it threw the airline to stay afloat amid COVID-19 lockdowns.

UNITED AIRLINES-PILOTS

Pilots at United will vote on contract after tentative deal

CHICAGO (AP) — United Airlines and its pilots’ union say they have a tentative agreement on a new contract. Neither side released details of the deal on Friday. But the heads of United and the Air Line Pilots Association are both calling it an industry-leading contract. The deal is notable because it happens while tension between labor and management is rising in the airline industry. Pilots at American, Southwest and Alaska have been especially critical of their companies as they negotiate new contracts. Pilots have leverage because they are in short supply across the industry, especially at smaller, regional airlines.

PLANT EXPLOSION-WISCONSIN

Company charged in deadly 2017 Wisconsin plant explosion

MADISON, Wis. (AP) — The Justice Department says a federal grand jury has charged a milling company with fraud and conspiracy in connection with an explosion at a Wisconsin corn plant that killed five workers in 2017. The grand jury returned an indictment earlier this week against Didion Milling Inc. and company leaders. The indictment announced Friday alleges that the company failed to keep up with cleanings at the Cambria plant and falsified records to make it look as if the cleanings were completed. Didion officials issued a statement saying the explosion was an accident and that they were disappointed that the federal government decided to pursue “unwarranted charges.” The explosion May 31, 2017, leveled most of the sprawling facility about 45 miles northeast of Madison.

SPORTS BETTING

Americans bet $125B on sports in 4 years since legalization

ATLANTIC CITY, N.J. (AP) — Americans have bet more than $125 billion on sports with legal gambling outlets in the four years since a U.S. Supreme Court ruling cleared the way for all 50 states to offer it.

On Saturday’s anniversary of the decision in a case brought by New Jersey, two-thirds of the states in the country have legalized sports betting. In just four years, the industry has worked itself into the daily lives of millions of Americans, from those who plunk down their money to those not interested in sports — or gambling — at all who are bombarded with ads for sports betting during their favorite programs.

STARBUCKS-RELIGIOUS PROTEST

Interfaith group asks Starbucks to drop vegan milk surcharge

BOSTON (AP) — A group of Christian, Hindu, Buddhist and Jewish leaders is asking Starbucks to stop charging extra for vegan milk alternatives. The interfaith coalition says the practice amounts to a tax on people who’ve embraced plant-based lifestyles. The group’s leader is Nevada-based Hindu activist Rajan Zed. He and the other clergy members pressed the coffee chain on Friday to end the surcharges they’re calling “unethical and unfair.” Starbucks outlets in the United States typically charge 50 cents to a dollar more for drinks made with plant-based milks. Seattle-based Starbucks did not immediately respond to a request for comment by The Associated Press.

Copyright © 2022 . All rights reserved. This website is not intended for users located within the European Economic Area.