The Tuesday morning business highlights from the Associated Press.
US wholesale inflation eases to 8%, 4th straight slowdown
WASHINGTON (AP) — Prices at the wholesale level rose 8% in October from a year ago, the fourth straight decline and the latest sign that inflation pressures in the United States are easing from painfully high levels. The annual figure is down from 8.4% in September. On a monthly basis, the government said Tuesday that its producer price index, which measures costs before they reach consumers, rose 0.2% in October from September. That was same as in the previous month, which was revised down from an initial reading of 0.4%.
Stocks gain ground after wholesale inflation eases in US
NEW YORK (AP) — Stocks rose broadly on Wall Street after the government reported another decline in the pace of wholesale price inflation last month, the latest glimpse of hope that inflationary pressures in the U.S. might be easing. The S&P 500 index rose 1.5% in morning trading on Tuesday. The Dow and the Nasdaq also gained ground. Treasury yields slipped back. Wall Street is closely watching inflation data that could impact how far the Federal Reserve will need to go in restraining the economy to tame inflation. Walmart rose after reporting better-than-expected results. The huge retailer also announced an opioid settlement.
Climate activists slam fossil fuels, protest restrictions
SHARM EL-SHEIKH, Egypt (AP) — Ugandan climate activist Vanessa Nakate slammed world leaders Tuesday who persist in backing new fossil fuel projects despite science warnings that this will push temperatures across the planet to dangerous highs as a handful of activists held a symbolic protest at a secure, designated area outside the U.N. summit venue to highlight restrictions felt by demonstrators. Countries agreed in the 2015 Paris climate accord to limit global warming to 1.5 degrees Celsius by the end of the century if possible.
Amazon plans new virtual care offering based on messaging
Amazon is stepping back into virtual care with a new service that uses secure messaging to connect patients with doctors for help with nearly two dozen conditions. The retail giant said Tuesday it will launch Amazon Clinic in 32 states to provide medication refills and care for conditions like allergies, erectile disfunction, hair loss, and urinary tract infections. That list does not include the flu, COVID-19, ear infections or other urgent care conditions for which patients often seek help through telemedicine. Amazon said it will work to add other conditions over time to the service, which will not accept insurance.
Germany’s 1st LNG terminal takes shape at North Sea port
WILHELMSHAVEN, Germany (AP) — Germany has marked the completion of port facilities for the first of five planned liquefied natural gas terminals it is scrambling to put in place as it replaces the Russian pipeline gas that once accounted for more than half of its supplies. The site in the North Sea port of Wilhelmshaven was one of two that the German government announced shortly after Russia invaded Ukraine in February. Germany until now has had no LNG terminals. Five are now planned in total. They’re part of a drive to prevent an energy crunch that also includes temporarily reactivating old oil- and coal-fired power stations and extending the life of Germany’s last three nuclear power plants for a few months.
Studies find automatic braking can cut crashes over 40%
DETROIT (AP) — Two new U.S. studies show that automatic emergency braking can cut the number of rear-end automobile crashes in half, and reduce pickup truck crashes by more than 40%. The studies by a government-auto industry partnership and the insurance industry each used crash data to make the calculations. Automatic emergency braking can stop vehicles if a crash is imminent, or slow them to make a crash less serious. The Partnership for Analytics Research in Traffic Safety found front-to-rear crashes were cut 49% when the striking vehicle had forward collision alert plus automatic braking, when compared with vehicles that didn’t have either system.
Britain’s vulnerable await PM’s spending plans with anxiety
LONDON (AP) — Millions are hoping British Prime Minister Rishi Sunak finds money to help them survive a cost-of-living crisis when the government releases its spending plans Thursday. With inflation at a 40-year high, the demands are many, ranging from pay increases for nurses and police officers to increased welfare benefits, higher pensions and more funding for free school meals. Thirugnanam Sureshan and his wife are hoping for help from the government. Health problems have left him disabled, and he fears for his life if he can’t stay warm this winter. The couple have cut down wherever possible to ensure they can keep the heat on even as their monthly electricity bill has almost doubled over the past year.
MacKenzie Scott donations avoided feared pitfalls: New study
MacKenzie Scott’s big gifts have been a boon to the charities who received them, and widespread fears in the nonprofit world that her gifts would lead other donors to pull back their support or that small groups wouldn’t be able to handle them were largely unfounded. That’s according to a study by the Center for Effective Philanthropy, which surveyed more than 700 nonprofits that Scott identified as grant recipients in 2020 and 2021. Susan Goodell, chief executive of El Pasoans Fighting Hunger, a food bank that received $9 million from Scott in December 2020, said the money shored up her group’s financial health as food-assistance needs soared.
