Latest News
See the latest news and get GPT analysis of articles
Republicans make Biden's EV push an election-year issue as Democrats take a more nuanced approach None - Donald Trump and other Republicans say President Joe Biden’s policy to promote electric vehicles is unfair for consumers and amounts to government overreach TOLEDO, Ohio -- TOLEDO, Ohio (AP) — Donald Trump says the Biden administration's policy to promote electric vehicles is a “radical plan” that would kill the economy in automaking states. Republican allies in the petroleum industry have spent millions on ads that say President Joe Biden's tax credit for EV buyers will cost Americans their freedom. For voters this election year like Jim Cagle, a retired Jeep assembly-line worker from Toledo, Ohio, the concerns about all-electric vehicles are more practical, such as how he would charge it. Cagle parks his car on the street because he does not have a garage. “Can you imagine having a cord running out to the street?” Cagle said as he cleaned his minivan at a car wash near a General Motors transmission plant that later this year is set to begin building electric drive units. Trump, the presumptive Republican presidential nominee, and others say Biden's push for EVs is unfair for consumers and amounts to government overreach, and ultimately will be a liability for Democrats. Trump even squeezed in an attack at the top of his remarks Friday after his criminal conviction in New York. Democrats have been less vocal and more nuanced, advocating Biden's climate reduction goals while promoting homegrown technology over competition from China. But interviews with about 20 voters in the pivotal industrial heartlands of Ohio and Michigan reveal a more complicated dynamic among people who may decide the winner of November’s presidential and Senate elections. The Toledo area is itself a crossroads for the issue. It's an automotive city making the shift from the internal combustion engine to electric power, like neighboring Michigan, a presidential swing state that is synonymous with the auto industry. Toledo has not only produced Jeeps since World War II, but it is also home to oil refineries that supply gasoline across the Midwest and to parts manufacturers for gas and diesel vehicles. It's here where people like Cagle say issues such as the cost of gas and groceries will be more important than EVs when they vote. But during the interviews with people across the political spectrum, many were skeptical of the vehicles and critical of the Democratic president's tax credits. “You cannot be shoving EVs down our throat," said Joe Dempsey of Oregon, Ohio, who drives a Toyota gas-electric hybrid that does not require charging. “Let the American people decide if it’s going to happen.” The issue has put some Democrats in a tricky spot — perhaps none more so than Ohio Sen. Sherrod Brown, one of the Republicans’ top targets as the GOP looks to win Senate control. He is having to navigate a changing auto industry and his support for the president’s environmental goals in a state that Trump carried twice by 8 percentage points. A petroleum manufacturing industry group has spent about $16 million on advertising criticizing Biden's policy to promote EVs, and that total includes about $1.5 million in Ohio criticizing Brown for his support, according to AdImpact and the group’s reporting. In addition to Ohio, the ads are airing in six other swing states and Montana, a GOP-leaning state where Democratic Sen. Jon Tester is seeking reelection. Republicans, long unable to crack Brown's blue-collar backing, see linking him to Biden's sweeping 2022 Inflation Reduction Act, which created tax credits for EV buyers, as one way to do it in an election year. Brown voted for the act, aimed at fighting climate change in part by providing a $7,500 tax credit for new EV sales to spur steps toward the president's goal of making EVs 50 percent of all new vehicle sales by 2030. Republicans and their allies routinely refer to the policy incorrectly as a government mandate. But Brown has pledged to oppose a rule change this summer proposed by Biden to allow EVs that are built in the United States but include Chinese-made components to qualify for the credit. “This will allow China to infiltrate the American auto supply chain, at American taxpayers’ expense," Brown said in a statement in May. “American tax dollars should support American manufacturing and American workers — not enrich Chinese companies.” Brown, a progressive with a pro-worker mantra, has little to worry about in maintaining his party’s base. But he appears to be aware of the risks of being seen as allying too strongly with Biden, who is unpopular in Ohio, said former Ohio Rep. Tim Ryan, a fellow Democrat. “Sherrod doesn’t have to worry about Democrats. They love him,” Ryan said. “The question is, can he make up the middle? I think he can. And if he is seen as disagreeing with the left, it’s only good for him." Biden has visited EV plants and grinned as he test drove the new electric Cadillac at the Detroit Auto Show. His chief surrogate in Michigan, Gov. Gretchen Whitmer, has advocated for Biden's policy, but with an eye on protecting the industry vital to her state. “We’ve got to incentivize innovation. There’s no question," Whitmer said in an interview before Trump visited the state in May, where he railed against EVs. “We cannot let Chinese companies be the only ones innovating around electric vehicles because then they will eat our lunch.” Biden's campaign notes that the president's policies are aimed at moving EV jobs, many of which were left in China during the Trump administration, into the United States. “Donald Trump would rather lie about President Biden’s policies than face his own betrayals to the middle class,” Biden campaign spokesman Ammar Moussa said in a statement. “President Biden wants the future of auto manufacturing built in America, not China.” According to an Associated Press-NORC Center for Public Affairs Research poll conducted in April, relatively small shares of Americans — around 3 in 10 or less — see a benefit from electric vehicles for themselves personally, the economy or the U.S. auto industry. John Hiskey, a Vietnam veteran from Toledo, said he thinks EVs are a great idea and he doubts the industry would be this far along without a push from the government. But he has no interest in getting one until he can visit his grandkids without making multiple stops and taking time to charge the vehicle. “I don’t want to wait a half-hour unless they start putting them in bars," said Hiskey, adding that his vote will not be influenced by which party or politician backs EVs. Others said the vehicles are cost-prohibitive, even with the tax credit. “How can they afford electric vehicles when it’s hard to afford living?” said Dru Wilson, 21, who attends college outside Toledo. Although the petroleum manufacturers represent a fraction of what the two major parties' political action committees are spending in battleground states, it dwarfs the counterprogramming on the part of pro-EV and environmental groups. Environmental Defense Action Fund and a related group have spent a little more than $772,000 on ads, according to AdImpact, and little of it is targeted in key presidential or Senate states. Climate Power, a strategic communication group promoting Biden’s climate reduction goals, has committed to spending $80 million on promoting the administration’s measures, including on advertising in battleground states. The group declined to specify how much it expects to spend on advertising and noted that its efforts will also include voter outreach on an array of Biden measures, including promoting EVs. Missing is one unifying call for Americans to embrace the technology, akin to President John F. Kennedy's 1961 moon landing goal within the decade, said veteran Democratic strategist Joel Benenson, who was a pollster and senior adviser to Barack Obama’s and Hillary Clinton’s presidential campaigns. “No one’s telling an inspiring story for EVs. So, how do you develop that story and what it’s going to mean for America going forward?" Benenson said. “That could be a powerful narrative.” ______ Beaumont reported from Des Moines, Iowa. Associated Press writers Josh Boak and Amelia Thomson-DeVeaux contributed from Washington.
Oil producers led by Saudis extended supply cuts amid slack prices None - FRANKFURT, Germany -- FRANKFURT, Germany (AP) — Saudi Arabia and allied oil producing countries on Sunday extended output cuts through next year, a move aimed at supporting slack prices that haven't risen even amid turmoil in the Middle East and the start of the summer travel season. The OPEC+ alliance, made up of members of the producers cartel and allied countries including Russia, extended three different sets of cuts totaling 5.8 million barrels a day. International benchmark Brent has loitered in the $81-$83 per barrel range for the past month. Even the war in Gaza and attacks on shipping in the Red Sea by Houthi rebels in Yemen have not pushed prices up toward the $100 per barrel level last seen in September 2022. Reasons include higher interest rates, concerns about demand due to slower than desired economic growth in Europe and China, and rising non-OPEC supply including from U.S. shale producers, Yet the Saudis need higher oil prices to fund ambitious plans by Crown Prince Mohammed bin Salman to diversify the country’s economy away from fossil fuel exports. Higher oil prices would also help Russia maintain economic growth and stability as it spends heavily on its war against Ukraine. Analysts say the cuts could push oil prices higher in coming months, but much depends on demand for oil going forward. The summer usually sees a spike in demand through the July-September quarter, but uncertainty about demand grows after that. U.S. motorists have benefitted from weaker oil prices. Gasoline prices have been quiescent recently, averaging $3.56 per gallon last week, a penny less than a year ago. That is down from a record national average high of $5 per gallon in June 2022. U.S. prices can vary by region and Western states have been paying more, with gas hitting an average $5.05 per gallon in California. U.S. gas prices rise along with crude because the price of oil makes up half the cost of a gallon of gasoline. The price swings are much smaller in Europe because there taxes make up a bigger proportion of the price of fuel. The cuts that are being extended break down as follows: 2 billion barrels a day agreed among all 23 OPEC+ members were extended through the end of 2025, according to an OPEC statement. Then, voluntary reductions of 1.65 million barrels a day by a smaller group of members was extended until end 2025 as well, according to a report on the official Saudi Press Agency. And another 2.2 million barrels a day in voluntary cuts, due to expire at the end of this month, were extended until September but would then be gradually reduced month by month until they are eliminated by September 2025.
Cucumbers recalled due to salmonella contamination risk None - CNN — Fresh cucumbers sold in 14 states have been recalled due to possible contamination with salmonella. Florida-based Fresh Start Produce recalled the cucumbers, which shipped from May 17 through May 21. The cucumbers were sent to retail distribution centers, wholesalers and food service distributors in Alabama, Florida, Georgia, Illinois, Maryland, North Carolina, New Jersey, New York, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia and West Virginia, the company said in its announcement. Mini cucumbers and English cucumbers are not included in the recall. The recall comes after the Pennsylvania Department of Agriculture found that a sample tested positive for salmonella. The US Food and Drug Administration is conducting more testing to see whether it’s related to an ongoing outbreak investigation. Get CNN Health's weekly newsletter Sign up here to get The Results Are In with Dr. Sanjay Gupta every Tuesday from the CNN Health team. Fresh Start Produce notified its customers that received recalled cucumbers directly from the company about the recall and requested that their own customers be notified of the recall. The cucumbers are “unlikely in the marketplace,” the company said, but customers can check with retailers to determine whether recalled cucumbers were sold there. Products should be discarded or returned to the store. Symptoms of a salmonella infection include diarrhea, fever and stomach cramps that can start within hours or days of consuming the bacteria. Most people will recover with treatment but should seek immediate attention from a health-care provider if they have severe symptoms, symptoms that don’t improve after a few days or signs of dehydration. Children, elderly people and people with weakened immune systems are more likely to become severely ill.
Fauci faces questioning in House hearing over Covid guidelines and origins None - Dr. Anthony Fauci testified before the House Select Subcommittee on the Coronavirus Pandemic in his first public testimony since retiring. NBC News’ Ali Vitali reports how Republicans pressed Fauci on public health policy during the pandemic and why Rep. Marjorie Taylor Greene, R-Ga., was especially critical during her questioning.June 3, 2024
President Biden releases statement of support for Hunter Biden None - As jury selection continues in the Hunter Biden gun trial, President Joe Biden released a statement expressing love for his son and that he wouldn't comment on a federal case.June 3, 2024
Stock splits: The strange exception where a lower stock price can be better for investors None - NEW YORK -- In some rare cases, a lower stock price can actually be a boon for investors. Consider Nvidia, the chip company whose stock price has soared well above $1,000 as Wall Street's frenzy around artificial-intelligence technology keeps revving higher. The company recently said it would undergo a stock split, where each of its investors in early June will get nine additional shares for every one that they already own. Such a split should send Nvidia’s stock price down by about 90%, all else equal. Each investor would still, though, hold as many total investment dollars in Nvidia as before the split. Nvidia said it's making the move to make its stock price more affordable for its employees and for other investors. An investor may be more willing to buy a stock with a $100 price tag than one that costs $1,000, even if some brokerages allow investors to buy fractions of a company’s share. What’s more, if history is a guide, Nvidia could see its stock prices continue to rise more than the rest of the market. “Historically, stocks have notched 25% total returns in the 12 months after a split is announced, compared to 12% for the broad index,” according to the BofA Global Research’s research investment committee. Of course, some of that outperformance may be because companies that tend to undergo splits usually do so only after a run of success where their stock prices have climbed strongly. And a stock split doesn’t guarantee an ensuing rise in price. Look at Tesla, which fell nearly 12% in the year after it announced a three-for-one stock split on Aug. 5, 2022. The S & P 500 rose 8% over that same time. Tesla was one of the 30% of companies that announced stock splits that saw their share prices drop in the ensuing year. A few outliers that did particularly well, such as Copart's 56% following its October 2022 announcement, also helped drive up the overall numbers. But the strategists at Bank of America found that the edge in performance for companies that announce stock splits also carried through all kinds of different markets. That includes not only 1990 to 1999, when the U.S. economy kept powering higher, but also from 2000 to 2009 when the dot-com bubble and then the housing bubble burst. The strategists said in a BofA Global Research report that stock splits could also offer an easier way for companies to help their shareholders, rather than pumping cash into repurchases of their own stock, which may look expensive as stock indexes sit near record highs. Eight companies have announced stock splits so far this year, according to Bank of America, including Walmart and Chipotle Mexican Grill. That's down from the booming days of the late 1990s when more than 60 companies routinely announced splits each year.
Video GameStop shares surge again None - GameStop shares surge again GameStop stock surged as much as 75% in early trading on Monday.
GameStop stock is soaring again. Here's what to know. None - The stock surged as much as 75% in early trading on Monday. GameStop stock is soaring again. Here's what to know. Shares of GameStop climbed more than 75% in early trading on Monday, triggering a halt in markets multiple times on account of the volatility. The rally softened over the ensuing hours, but the price remained up 30% into the late morning. The surge followed the reemergence on Sunday of a Reddit account associated with Keith Gill, the trader known as Roaring Kitty, whose online posts helped send the stock soaring in 2021. Shares of the movie theater chain AMC, another pandemic-era meme stock, vaulted more than 10% on Monday morning. Analysts who spoke with ABC News said the price movement resembles the previous frenzy centered on GameStop and AMC, saying it may once again deliver returns for some investors. However, they cautioned, investors face considerable risk if the momentum peters out before they sell their shares. Here's what to know about the skyrocketing price of GameStop. Why is the price of GameStop soaring? The Reddit account associated with Gill posted a screenshot on Sunday of an apparent portfolio holding five million shares in GameStop, purchased for $21.27 each, amounting to a stake valued at about $115 million when pegged to the closing price of GameStop on Friday. The portfolio also featured 120,000 call options in GameStop at an exercise price of $20 per share. ABC News has not confirmed the Reddit post was authored by Gill. In addition to the post on Reddit, an X account associated with Gill posted an image of the reverse card from Uno, a card game, suggesting to some observers that Gill intended to rejuvenate the price of the stock. In 2021, the price of GameStop climbed nearly 700%, driven in part by traders discussing the company on a Reddit chatroom called Wall Street Bets, most notably Gill. The rally did not coincide with a major strategy shift or executive shakeup for the ailing chain of video game stores. "People think that guy was right last time and he must be right this time," Michael Pachter, a managing director at the financial research firm Wedbush, told ABC News. The apparent posts from Gill on Sunday follow a similar flurry of activity last month. On May 12, an X account associated with Gill returned from a nearly 3-year hiatus by posting an image of a man sitting up in his chair. The post set off a 180% spike in the stock price over the ensuing days, before shares plummeted to a level near where they stood before the surge. Pedestrians pass a GameStop store on 14th Street at Union Square, Jan. 28, 2021, in the Manhattan, New York. John Minchillo/AP Should investors buy GameStop while it's rising? Analysts said GameStop may continue to rise in the short term but they noted differences in the trade this time around and sounded alarm about the risk of sustaining losses if others unload the stock first. In 2021, the surge in trading was driven in part by investors' attempt to achieve a short squeeze. Under that scenario, investors drive a sudden spike in the price, forcing a surge of additional share purchases from others who want to cover their previous bet that the price would fall. Back then, Gill and other investors identified a massive short position in GameStop -- a dynamic that eventually catapulted the stock upward as short sellers aimed to cover their losses. In this case, however, the short position no longer exists, Pachter said. Meanwhile, he added, the company faces a difficult business environment as it weathers a transition toward downloadable games and away from its specialty of in-store purchases. The current circumstances heighten the level of risk faced by prospective investors, he added. "A stock is worth what somebody's willing to pay for it," Pachter said. "If you want to buy it at $30 because you think some fool will buy it at $40, that's a Ponzi scheme." Mark Hackett, chief of investment research at asset management firm Nationwide, echoed concern about the risk involved. "Even for those who get paid to do this every single day, timing the market is incredibly difficult," Hackett told ABC News. "You have to be right getting in and right getting out." Still, both analysts said the latest spike in GameStop marks an example of the considerable role everyday investors can play in the price movement of individual stocks. It is difficult to forecast the near-term outlook for meme stocks like GameStop and AMC, in which stock performance is divorced from a business' financial health, they added. "This shows the incredible power of the retail investor," Hackett said. "But it's incredibly unpredictable."
Video ‘Meme stock’ craze helps GameStop shares soar None - ‘Meme stock’ craze helps GameStop shares soar Plus, Spotify raises prices for the second time in a year, and the price of tickets to the NBA Finals reach an all-time high.
Autodesk, Coherent rise; Waste Management, Hertz Global fall, Monday, 6/3/2024 None - Stocks that traded heavily or had substantial price changes on Monday: Autodesk, Coherent rise; Waste Management, Hertz Global fall The Associated Press By The Associated Press NEW YORK -- Stocks that traded heavily or had substantial price changes on Monday: Waste Management Inc., down $9.43 to $201.30. The garbage and recycling hauler is buying Stericycle in a deal worth about $7.2 billion. Autodesk Inc., up $9.22 to $210.82. The design software company gave investors an encouraging financial update. Boston Beer Co., down $10.91 to $302.76. Japanese beverage giant Suntory reportedly denied that it was in talks to buy the brewer of Sam Adams beer. Coherent Corp., up $13.04 to $70.10. The Laser and optics manufacturer named Jim Anderson as its CEO. Hertz Global Holdings Inc., down 23 cents to $4.13. The car rental company named Scott M. Haralson as its new chief financial officer. Becton Dickinson and Co., up $6.87 to $238.84. The medical device maker is buying Edwards Lifesciences’ critical care product group for $4.2 billion. Rockwell Automation Inc., up 43 cents to $257.96. The industrial equipment and software maker announced more collaborations with chipmaker Nvidia. JetBlue Airways Corp., up 4 cents to $5.63. The airline gave investors an encouraging update to its financial forecasts.
Chicago Sports Network set to air Blackhawks, Bulls and White Sox games None - A new network is launching to carry games from three Chicago pro teams, the Blackhawks, Bulls and White Sox CHICAGO -- A new network is launching to carry games from three Chicago pro teams, the Blackhawks, Bulls and White Sox. The Chicago Sports Network (CHSN) announced Monday that it will launch in October across multiple platforms. The network said it will air more than 300 live Blackhawks, Bulls and White Sox games annually and include pre- and postgame coverage while showing 24-hour-a-day multisport programming. A joint venture among the three teams and Standard Media, CHSN will broadcast from studios located in both Chicago’s United Center and Guaranteed Rate Field. CHSN will start with airing Blackhawks and Bulls preseason games in October, showing White Sox games beginning in 2025. The rest of the White Sox games in 2024 will remain on NBC Sports Chicago. Pending league approvals, CHSN will reach most of Illinois, as well as parts of Indiana, Iowa, Michigan and Wisconsin. The network said it will launch with agreements in place with traditional cable providers, streaming services and be available via free, over-the-air broadcast. “As we set out to design the network, we began and ended every discussion with the simple question: What is best for our fans?” said Jason Coyle, who has been named president of the network after serving in Chicago-based sports media leadership roles for more than 20 years. “What is the best approach to distribution? How can we push the limits of both in-game and studio production? We plan to serve our fans on as many platforms and in as many markets as our rights allow.” The teams’ partner, Nashville, Tennessee-based Standard Media, owns four media stations from Rhode Island to Nebraska. ___ AP sports: https://apnews.com/hub/sports
Expect the cost of your airfare to continue to rise, an aviation trade group and industry heads warn None - The cost of your next flight is likely to go up Expect the cost of your airfare to continue to rise, an aviation trade group and industry heads warn DUBAI, United Arab Emirates -- The cost of your next flight is likely to go up. That's the word from the International Air Transport Association, which held its annual meeting Monday in Dubai, home to the long-haul carrier Emirates. While carriers recover from the groundings worldwide from the coronavirus pandemic, industry leaders told journalists that there are several costs likely to push those ticket prices ever higher. Part of that comes from worldwide inflation, an ongoing problem since the pandemic started. Jet fuel costs, roughly a third of all airline expenses, remain high. Meanwhile, a global push for the aviation industry to decarbonize has more carriers fighting for the little amount of so-called sustainable aviation fuel, or SAF, available in the market. “The airlines will continue to do everything they can to keep costs in control as much as possible for the benefit of consumers," said Willie Walsh, the director-general of the the International Air Transport Association, an industry-trade group. "But I think it’s unrealistic to expect that airlines can continue to absorb all of the costs. ... It's not something we like to do, but it's something we have to do.” Also pressuring the industry is a pandemic hangover in aircraft production as well, they say. Carriers now keep older planes that burn more fuel flying longer. There also aren't enough new aircraft to expand routes and increase supply to bring down overall prices. That warning comes as the IATA estimates globally, airline revenue will reach nearly $1 trillion in 2024, a record high. There will be 4.96 billion travelers on airplanes this year, with total expenses for carriers reaching $936 billion — another record high. But industry profits also are expected to be nearly $60 billion this year. In particular, Emirates, a main driver for Dubai's economy, saw record profits of $4.7 billion in 2023 off revenues of $33 billion. The Emirates’ results track with those for its base, Dubai International Airport. The world’s busiest airport for international travelers had 86.9 million passengers last year, surpassing numbers for 2019 just before the coronavirus pandemic grounded global aviation. The airport now plans to move to the city-state’s second, sprawling airfield in its southern desert reaches in the next 10 years in a project worth nearly $35 billion. Tim Clark, the airline's president, obliquely acknowledged that Monday by saying that he didn't want people to “get boxes of tissues out and play the violins” when warning that the industry's profit margins sit in the low single digits. However, he contended that as airlines have grown larger and carriers consolidated, cost savings have quietly been passed onto consumers now able to book flights across the world. “It is quite amazing that ticket prices are where they are today," Clark said. "I think the value-for-money proposition that the consumers have had the benefit from for many decades is something that is one of those hidden bits of the narrative.” Yvonne Manzi Makolo, the CEO of RwandAir, also highlighted the taxes and fees imposed on carriers by the countries they operate in. She specifically cited those paid by carriers flying out of African nations as “already ridiculous.”
'MTG set up this whole committee for failure': Rep. Garcia blasts GOP attacks on Dr. Fauci None - 'MTG set up this whole committee for failure': Rep. Garcia blasts GOP attacks on Dr. Fauci During a contentious hearing, Dr. Anthony Fauci defended himself against Republican lawmakers' accusations of a cover-up regarding the origins of COVID-19. Fauci refuted the claims as "absolutely false" and emphasized his commitment to public health. Rep. Robert Garcia (D-CA) joined Morning Joe to discuss.June 4, 2024
'Certain' trial will take place after election: Arguments in Trump's Georgia appeal set for October None - 'Certain' trial will take place after election: Arguments in Trump's Georgia appeal set for October Arguments for former President Trump's appeal in the Georgia election interference case are set for October. Former U.S. attorney Chuck Rosenberg joins Chris Jansing to discuss, saying it seems "certain" that the trial will start after the election.June 4, 2024
Biden signs executive action to tighten border security: ‘Republicans left me no choice’ None - President Joe Biden announced that he signed an executive action that would close the southern border during migrant surges, an action he said he had to take after Congress failed to pass legislation to address immigration issues. Biden also touted Mexico’s relationship with the U.S. and decried former President Donald Trump’s administration on immigration policy.June 4, 2024
Summer hours can be a way for small business owners to boost employee morale and help combat burnout None - As the temperature heats up and summer approaches, small business owners may be considering offering summer hours, such as an early release on Fridays, for employees to help combat burnout Summer hours can be a way for small business owners to boost employee morale and help combat burnout As the temperature heats up and summer approaches, small business owners may be considering offering summer hours, such as an early release on Fridays, for employees to help combat burnout. According to a May report by the Society for Human Resource Management, 44% of 1,405 surveyed U.S. employees feel burned out at work, 45% feel “emotionally drained” from their work, and 51% feel “used up” at the end of the workday. And since it's harder for small businesses to offer better pay and benefits to boost morale than big businesses due to their tighter margins, summer hours can be a way to offer employees a perk at low cost. But there are some things a small business owner should keep in mind before offering reduced summer hours. Consider employee workload and deadline schedules. If it's not feasible to offer all employees the same hours off, consider staggering time off. Or offer the same summer hours — but every other week instead of every week. Once you've committed to offering reduced summer hours, such as a 2 p.m. end time on Fridays, put it in writing, including the start and end dates of the policy; and let staffers know well ahead of time exactly what the policy will be. Finally, at the end of the initial season of summer hours, do a post mortem. Evaluate what worked and what didn't, so you can adjust the policy as needed.
Designer Brands, SiteOne fall; HealthEquity, Donaldson rise, Tuesday, 6/4/2024 None - Stocks that traded heavily or had substantial price changes on Tuesday: Designer Brands, SiteOne fall; HealthEquity, Donaldson rise The Associated Press By The Associated Press NEW YORK -- Stocks that traded heavily or had substantial price changes on Tuesday: HealthEquity Inc., up $2.18 to $83.40. The provider of services for managing health care accounts raised its earnings forecast. VF Corp., down 69 cents to $13.12. The owner of the Vans and Timberland brands named Caroline Brown to lead North Face. Core & Main Inc., down $8.11 to $47.98. The distributor of water and fire protection products reported first-quarter earnings that fell short of analysts' forecasts. Designer Brands Inc., down $2.25 to $8.80. The footwear and accessories retailer's first-quarter earnings fell short of Wall Street forecasts. Donaldson Co. , up $1.17 to $73.12. The maker of filtration systems beat analysts' fiscal third-quarter earnings and revenue forecasts. Exxon Mobil Corp., down $1.78 to $112.67. The energy company slipped along with falling crude oil prices. Freeport-McMoRan Inc., down $2.34 to $49.70. The copper miner fell along with slumping prices for the base metal. SiteOne Landscape Supply Inc., down $15.61 to $136.47. The landscaping supplies company warned investors about weaker sales and demand.
Mexico's incoming administration pledges to reduce budget deficit as markets recover from shock None - Mexico's treasury secretary has pledged to bring down the budget deficit in coming years, after the country suffered a partial meltdown in the currency and stock market MEXICO CITY -- Mexico’s treasury secretary pledged Tuesday to bring down the federal budget deficits in coming years, after the country suffered a partial meltdown in the currency and stock markets. Finance Minister Rogelio Ramírez said the federal deficit will be cut from this year’s level of almost 6% of gross domestic product, to around 3% in coming years. The statement was an effort to calm markets after the Mexican peso dropped more than 4% on Monday against the U.S. dollar, and the Mexican stock exchange slid 6%. The peso dropped almost another 1% on Tuesday to close around 17.86 to $1. The stock market appeared to be recovering about half of Monday's losses in early trading on Tuesday. But analysts said it would be difficult to achieve such a quick reduction. “It is very likely that the deficit will continue high next year, which increases the risk of a downgrade of Mexico's sovereign debt rating, if debt levels continue to grow,” according to a Banco Base analysis report. Ramírez also said the government would work to improve the financial affairs of the debt-laden state oil company Petroleos Mexicanos. Ramírez has said he will stay on in the treasury post with Claudia Sheinbaum, the candidate of President Andrés Manuel López Obrador's Morena party, who won Sunday's presidential election. Sheinbaum’s convincing victory, along with an apparent supermajority in Congress for her Morena party, raised fears that her party will press forward with constitutional changes that would weaken democratic institutions and make an already hostile business environment in some sectors even worse. Sheinbaum has promised to continue the political course set by her populist predecessor despite widespread discontent with persistent cartel violence. ___ Follow AP’s coverage of Latin America and the Caribbean at https://apnews.com/hub/latin-america
Sunak and Starmer clash over tax and health in a debate as disruptor Farage roils the UK election None - The two main contenders to be Britain’s next prime minister have sparred over tax, the cost of living and the country’s creaking health system in an inconclusive televised debate Sunak and Starmer clash over tax and health in a debate as disruptor Farage roils the UK election LONDON -- The two main contenders to become Britain’s prime minister sparred Tuesday over tax, the cost of living and the country’s creaking health system in an inconclusive televised debate ahead of election day on July 4. Conservative leader Rishi Sunak was hoping to boost his party’s dismal outlook, while Labour’s Keir Starmer aimed to cement his status as favorite. Both acknowledged the country’s many problems, from fraying public services to a broken immigration system. But neither could say outright, when asked, where they would find the money to fix them. Sunak stressed his stewardship of the economy, which has seen inflation fall to just over 2% from a peak of more than 11% in late 2022. He said should stick with him because his “clear plan” for the economy was working. Starmer said the election was a choice between more “chaos and division” with the Conservatives and “turning the page and rebuilding with Labour.” Polls currently give center-left Labour a double-digit lead. To win, Starmer must persuade voters who previously backed the Tories that Labour can be trusted with the U.K.’s economy, borders and security. Televised debates are a relatively recent addition to U.K. elections, first held in 2010. That debate spurred support for then-Liberal Democrat leader Nick Clegg, triggering a wave of “Cleggmania” that helped propel him into the deputy prime minister post in a coalition government with the Conservatives. No debate since has had the same impact, but they have become a regular feature of election campaigns. Several more are scheduled before polling day, some featuring multiple party leaders as well as the two front-runners. Speaking in front of a live audience on a sleek, futuristic set at the studios of broadcaster ITV in Salford, northwest England, both Starmer and Sunak appeared nervous. Voters may have got the impression their choice is between two cautious and rather dull managers. Both stuck to familiar themes. Sunak said Labour would raise taxes because “it’s in their DNA.” Sunak said he would stop people making dangerous journeys to the U.K. in small boats by sending asylum-seekers on a one-way trip to Rwanda, and suggested he'd be willing to take the U.K. out of the European Convention on Human Rights if its court blocked the deportations. Starmer dwelled on the Conservatives’ record during 14 years in power, especially the chaotic last few years, which saw Prime Minister Boris Johnson ousted amid money and ethics scandals. Successor Liz Truss, elected by party members, rocked the economy with her uncosted tax-cutting plans and quit after 49 days. Sunak took over, without a national election, in October 2022. “This government has lost control. Liz Truss crashed the economy,” Starmer said. “We cannot have five more years of this.” A note of the personal crept in when Starmer took a dig at ex-banker Sunak’s wealth, saying his own father had been a factory worker and claiming Sunak did not understand the financial worries facing working-class people. All 650 seats in the House of Commons are up for grabs on July 4. The leader of the party that can command a majority – either alone or in coalition – will become prime minister. The debate came a day after populist firebrand Nigel Farage roiled the campaign, and dealt a blow to Sunak’s hopes, by announcing he will run for Parliament at the helm of the right-wing party Reform U.K. Farage kicked off his campaign Tuesday in the eastern England seaside town of Clacton-on-Sea, where he is making an eighth attempt to win a seat in the House of Commons. His seven previous tries all failed. The return of Farage, a key player in Britain’s 2016 decision to leave the European Union, is bad news for Sunak’s party. Farage and Reform look likely to siphon off votes of socially conservative older voters, a group the Tories have been targeting. Farage claimed the Conservatives, who have been in office since 2010, had “betrayed” Brexit supporters because immigration had gone up, rather than down, since the U.K. left the EU. While Farage stands a decent chance of defeating Clacton’s Conservative incumbent and getting elected on July 4, he acknowledged that his larger goal is to lead the “real” opposition to a Labour Party government if the Conservatives lose. Farage urged voters to “send me to Parliament to be a bloody nuisance.” As he left a pub where he had been speaking to the media, Farage was splattered with a beverage, which appeared to be a milkshake, by a bystander. Essex Police said a 25-year-old woman from Clacton was arrested on suspicion of assault. ___ Follow the AP’s coverage of global elections at: https://apnews.com/hub/global-elections/
Stock market today: Wall Street cleaves between winners and losers on report showing slowing economy None - U.S. stocks were split among winners and losers after a report suggested the job market is cooling, which could offer both upsides and downsides for Wall Street NEW YORK -- U.S. stocks were split among winners and losers Tuesday after a report suggested the job market is cooling, the latest signal of a slowing economy that offers both upsides and downsides for Wall Street. The S & P 500 ticked up by 0.2%, though more stocks within the index fell than rose. The Dow Jones Industrial Average rose 140 points, or 0.4%, and the Nasdaq composite added 0.2%. The action was stronger in the bond market, where Treasury yields slid after Tuesday morning’s report showed U.S. employers were advertising fewer job openings at the end of April than economists expected. Wall Street actually wants the job market and overall economy to slow. That could help get inflation under control and convince the Federal Reserve to cut interest rates, which would ease the pressure on financial markets. Traders upped their expectations for cuts to rates later this year following the report, according to data from CME Group. The question is whether the slowdown for the economy overshoots and ends up in a painful recession. That would carry the downside of not only causing layoffs for workers across the country but also weakening profits for companies, which would drag stock prices lower. Tuesday’s report said the number of U.S. job openings at the end of April dropped to the lowest level since 2021. The numbers suggest a return to “a normal job market” following years full of strange numbers caused by the COVID-19 pandemic, according to Bill Adams, chief economist for Comerica Bank. But it also followed a report on Monday that showed U.S. manufacturing contracted in May for the 18th time in 19 months. Worries about a slowing economy have hit the price of crude oil in particular this week, raising the possibility of less growth in demand for fuel. A barrel of U.S. crude has dropped close to 5% in price this week and is roughly back to where it was four months ago. That sent oil-and-gas stocks to some of the market’s worst losses for a second straight day. Halliburton dropped 2.5%. Other companies whose profits tend to rise and fall with the cycle of the economy also fell to sharp losses, including steel makers and mining companies. Copper and gold miner Freeport-McMoRan lost 4.5%, and steelmaker Nucor fell 3.4%. The smaller companies in the Russell 2000 index, which tend to thrive most when the U.S. economy is at its best, fell 1.2%. Elsewhere on Wall Street, Bath & Body Works tumbled 12.8% for the worst loss in the S & P 500 despite topping expectations for revenue and profit in the latest quarter. Analysts called its forecast for results in the current quarter underwhelming. GameStop also gave back some of its big gain from the day before, when euphoria broke out after a central character in the stock’s 2021 run returned to say he had built a stake in the video-game retailer. It dropped 5.4%. On the winning side of Wall Street were dividend-paying stocks. They tend to benefit from lower interest rates because bonds paying lower yields can steer more income-seeking investors to real-estate investment trusts, utilities and other stocks that pay relatively high dividends. Camden Property Trust, which offers multifamily housing around the country, rose 2.6% for one of the largest gains in the S & P 500. Mid-America Apartment Communities rose 2.1%. Some Big Tech stocks whose fortunes seem to continue to rise no matter what the economy is doing also drove the market higher. Nvidia was the strongest force pushing the S & P 500 upward. It rose 1.2% as it keeps riding a furor on Wall Street around artificial-intelligence technology. All told, the S & P 500 rose 7.94 points to 5,291.34. The Dow gained 140.26 to 38,711.29, and the Nasdaq added 28.38 to 16,857.05. In the bond market, the yield on the 10-year Treasury slid to 4.33% from 4.39% late Monday and 4.50% late Friday. It had been above 4.60% recently. The two-year yield, which more closely tracks expectations for the Fed, fell to 4.77% from 4.81%. In stock markets abroad, India’s Sensex dropped 5.7% a day after jumping 3.4% following the country’s elections. Indexes were mixed across the rest of Asia and lower across much of Europe. ___ AP Business Writers Matt Ott and Elaine Kurtenbach contributed.