Elon Musk averts trial, agrees to $44 billion acquisition of Twitter.
Despite experts’ recession fears amid high inflation, rising interest rates, and cooling consumer demand, one reason for economic optimism is …
More than 300 truck drivers at New England’s largest wholesale food distributor have gone on strike, raising concerns about disrupted food deliveries to schools, hospitals and nursing homes. The drivers represented by the Teamsters Local 653 took to the picket line at Sysco Boston early Saturday seeking better pay and benefits. The union says management's take-it-or-leave-it final offer includes meager pay hikes, and weakens health insurance and retirement options. Sysco says it has offered a wage increase of 25% over the life of the contract and more health care options at lower costs. Truckers at a Sysco facility near Syracuse, New York are also on strike.
Micron, one of the world’s largest microchip manufacturers, will open a semiconductor plant in New York, promising an investment of up to $100 billion and a plant that could bring 50,000 jobs to the state. The company was lured to the Syracuse area with a generous set of federal, state and local incentives, including up to $5.5 billion in state tax credits over 20 years. The announcement comes months after Congress passed the $280 billion CHIPS and Science Act, which set aside $52 billion to bolster the semiconductor industry. Companies like Micron manufacture the diminutive chips that power everything from smartphones to computers to automobiles.
While most Americans say having a good standard of living is important, more than half believe it’s unlikely younger people today will have a better life than their parents, according to a new poll. Black adults have a more positive outlook than Hispanic and white Americans on upward mobility, while Democrats were more likely than Republicans to say that structural factors such as education, race, gender, and family wealth contribute to one's upward mobility.
Germany’s plan to spend billions of euros to help keep gas prices low for its consumers and businesses is receiving a tepid welcome from fellow European Union members. Some among the 27 EU countries, including France and Italy, worry that the measure could exacerbate the energy crisis. They think Germany's $200 billion “gas price brake” should have been coordinated with them or that EU money should be used instead. At a meeting of finance ministers on Tuesday, EU Economy Commissioner Paolo Gentiloni said: “If we want to face this crisis, I think we need a higher level of solidarity.” Germany's finance minister said “there had been a misunderstanding,” about what he described as a “targeted” measure.
Trading in shares of Twitter were halted after the stock spiked on reports that Elon Musk would proceed with his $44 billion deal to buy the company.
Sheryl Sandberg opened her next chapter as a full-time philanthropist Tuesday with a donation to the American Civil Liberties Union to fight state abortion bans across the country. Sandberg, who officially left her position as Facebook’s parent company Meta’s chief operating officer last week after 14 years, donated $3 million to the ACLU Ruth Bader Ginsburg Liberty Center. The ACLU plans to use the funds to support candidates and ballot measures for abortion rights, as well as defending pregnant women’s rights in state courts and legislatures over the next three years.
Spain’s left-wing coalition government has unveiled a 2023 budget plan that includes increased social and defense spending and raises for civil servants and pensioners. The government said 6 out of every 10 euros in the budget proposed on Tuesday would go toward social spending. Socialist Prime Minister Pedro Sánchez tweeted that the coalition government's proposal “protects the middle and working classes, advances social justice and guarantees the economic prosperity of Spain.” The budget includes previously announced tax increases for high earners, breaks for taxpayers with lower incomes and a monthly 100-euro ($99) subsidy for parents with children under age 3. The government also plans to step up defense spending by 25%.
Flight attendants are about to get an extra hour of required rest between shifts. The Federal Aviation Administration said Tuesday that it will require the workers get at least 10 hours off between shifts, fulfilling a requirement that Congress approved in 2018. Acting FAA Administrator Billy Nolen says the extra hour of rest will increase safety on planes. The largest flight attendants' union has been fighting for years to get more rest. The president of the Association of Flight Attendants, Sara Nelson, says the Trump administration tried to kill the idea with regulatory foot-dragging.
German energy company RWE says it will phase out the burning of coal by 2030, saving 280 million metric tons of climate-changing greenhouse gas emissions. The decision announced Tuesday will accelerate the closure of some of Europe’s most polluting power plants and a vast lignite strip mine in the west of the country. The move boosts the German government’s efforts to bring forward the deadline for coal use by eight years from 2038 as part of the country’s goal of ending its greenhouse gas emissions by 2045. Germany's economy minister said negotiations with the operators of Germany’s other coal mines and eight coal-fired power plants are ongoing. RWE will also expand its renewable energy production and build gas-fired power plants capable of burning hydrogen.
Tesla CEO Elon Musk has gotten into a Twitter tussle with Ukrainian President Volodymyr Zelenskyy after the tech billionaire floated a divisive proposal to end Russia’s invasion. Musk's tweet Monday crossed several red lines for Ukraine. He argued that Russia should be allowed to keep Ukraine’s Crimea Peninsula that it seized in 2014, that Ukraine should adopt a neutral status and that the United Nations should oversee new referendums for four Ukrainian regions that Russia is illegally annexing. Those positions are anathema for Zelenskyy, who considers them pro-Kremlin. He posted a Twitter poll asking “which Elon Musk do you like more?” “One who supports Ukraine” or “One who supports Russia.”
Tupperware containers will now be available at Target, in a major shift for the 76-year-old brand.
Elevated home prices, rising interest rates and steep competition are interrupting millennials’ plans to get that quintessential piece of the American dream — their first home, or an upgrade from a small starter home. If you were planning on buying a home over the past year or so, you may have started the process by getting a mortgage preapproval and working with a real estate agent, only to cancel it all and stay put. But you can use this unexpected extra time to rethink your needs, adjust your expectations and better prepare for buying a home later on.
Liz Truss should be celebrating her first month as Britain’s prime minister. Instead, she’s fighting for her job. Truss has spent her first Conservative Party conference as leader scrambling to reassure financial markets spooked by her government’s see-sawing economic pledges. She's also seeking to restore her authority with a party that fears its chance of reelection is crumbling. Truss insisted Tuesday that she is leading “a listening government” that learns from its mistakes. Truss told the BBC that she is determined to “reflect on how we could have done things better.” Truss’ four weeks in office have seen the pound plunge to record lows against the dollar and the opposition Labour Party surge to record highs in opinion polls.
Financial misinformation is rampant, and it could be hurting your credit score. A new NerdWallet survey finds that Americans hold many misconceptions about their credit, some of which could seriously…
Authorities in Romania have opened a criminal investigation into suspected data leaks against four employees of the local branch of neighboring Serbia’s NIS Petrol. The company is majority-owned by Russia’s Gazprom Neft. Organized crime prosecutors said late Monday that police raided the company’s offices in the capital Bucharest and the western city of Timisoara along with the employees’ homes. No other details were immediately released. The Belgrade-based NIS told The Associated Press in an emailed statement on Tuesday that the company “adheres to the existing legal rules of countries where it conducts business.” Serbia's president said “this has nothing to do with us.”
An understated collection awaited Chanel’s VIP guests for one of the biggest shows of Paris Fashion Week’s final day. For spring, the Parisian stalwart’s designer, Virginie Viard, gently riffed on the 1980s in an overall simple collection doused in black and white and which seemed like it had nothing to prove. There were some minor thrills in the collection. Model Irina Shayk looked ravishing in a shoulder-less, capped-sleeve marbled gown with ruffled tiering. A-line minis led the eyes down to banded white-lattice thigh high socks. Later on Tuesday are shows by Miu Miu and Louis Vuitton.
You may be able to use your child's summer job to kick-start their wealth building journey.