Monday, May 20, 2024

AP morning business news brief – Jan. 17, 2023

by BIZ Magazine

Elon Musk drama shifts from Twitter to tweets about Tesla

SAN FRANCISCO (AP) — Long before beleaguered billionaire Elon Musk purchased Twitter in October, he had set his sights on Tesla, the electric automaker where he serves as CEO and from which he derives most of his wealth and fame. Musk claimed in a August 7, 2018 tweet that he had lined up the financing to pay for a $72 billion buyout of Tesla, which he then amplified with a follow-up statement that made a deal seem imminent. But the buyout never materialized and now Musk will have to explain his actions under oath in a federal court in San Francisco. The trial, which begins on Tuesday with jury selection, was triggered by a class-action lawsuit on behalf of investors who owned Tesla stock for a 10-day period in August 2018.

Live updates | World Economic Forum gathering in Davos

DAVOS, Switzerland (AP) — The head of the Nobel Peace Prize-winning World Food Program says support from donors like the United States and Germany have allowed it to postpone — though not entirely avert — famine in Somalia. But WFP Executive Director David Beasley stressed that “we’re not out of this yet.” He told The Associated Press that countries in the Horn of Africa have faced “unprecedented climate impact” from years of drought, and the U.N. agency had been expecting to announce famine in Somalia before donors “stepped up in magnificent ways.” Speaking Tuesday at the World Economic Forum meeting in Davos, Switzerland, Beasley warned that “we still could end up with a famine technically in Somalia” because “famine-like conditions” already exist.

World Food Program chief Somali famine slowed, not avoided

DAVOS, Switzerland (AP) — The head of the Nobel Peace Prize-winning World Food Program says support from donors like the United States and Germany have allowed it to postpone — though not entirely avert — famine in Somalia. But WFP Executive Director David Beasley stressed that “we’re not out of this yet.” He told The Associated Press that countries in the Horn of Africa have faced “unprecedented climate impact” from years of drought, and the U.N. agency had been expecting to announce famine in Somalia before donors “stepped up in magnificent ways.” Speaking Tuesday at the World Economic Forum meeting in Davos, Switzerland, Beasley warned that “we still could end up with a famine technically in Somalia” because “famine-like conditions” already exist.

At Davos, Ukraine 1st lady urges leaders to ‘use influence’

DAVOS, Switzerland (AP) — Ukraine’s first lady warned world leaders and corporate executives at the World Economic Forum’s annual gathering in the Swiss town of Davosthat not all of them were using their influence as Russia’s invasion leaves children dying and a world struggling with food insecurity. As the anniversary of the war nears, Olena Zelenska said Tuesday that parents are in tears watching doctors trying to save their children, farmers are afraid to go back to their fields filled with explosive mines and “we cannot allow a new Chernobyl to happen.” She spoke amid panels on everything from global recession to climate change. It’s never clear how much the weeklong talkfest of big ideas and backroom deal-making actually translates into concrete action.

EU outlines plan for clean tech future boosted by subsidies

BRUSSELS (AP) — The European Union is pushing forward with a major clean tech industrial plan that not only should keep the continent in the vanguard of plotting a greener future but also guarantee its economic survival as it faces challenges from China and the United States. European Commission President Ursula von der Leyen presented the outlines for her “Green Deal Industrial Plan” on Tuesday at the World Economic Forum at Davos. The plan will make it much easier to push through subsidies for green industries and pool EU-wide projects that are boosted with major funding. The EU is pursuing the goal of being climate neutral by 2050. Von der Leyen said that the 27-nation bloc will more forcefully counter unfair trading practices.

Fastest Corvette ever is all-wheel-drive gas-electric hybrid

DETROIT (AP) — The fastest Corvette ever made comes out next year, and it’s not powered soley by a howling V8. The E-Ray is a gas-electric hybrid, the first all-wheel-drive version of the storied sports car with the front wheels running on an electric motor the traditional 6.2-liter V8 powering the back. Aimed at affluent buyers who want new technology in the top-line Chevrolet sports car, the $104,000 E-Ray jerks your head back as it goes from zero to 60 mph (97 kilometers per hour) in 2.5 seconds. General Motors says it can cover a quarter mile in 10.5 seconds. Yet engineers say the 655-horsepower system is civil enough for the daily commute.

Fidelity pledges $250 million to support minority students

Fidelity Investments will commit $250 million to a new education initiative to support up to 50,000 underserved minority students with scholarships and mentorship programs in the next five years. The Invest in My Education program, announced Tuesday, plans to increase graduation rates and students’ ability to complete their education debt free. Pamela Everhart, Fidelity’s head of Regional Public Affairs and Community Relations, said the program is part of the firm’s plans to direct more resources to some minority communities. Fidelity research found that 21% of Black students and 32% of Latinx students graduate from college in four years, compared to 45% of white students.

Turkey’s top diplomat to travel to US amid troubled ties

ANKARA, Turkey (AP) — Turkey and the United States will aim to smooth out a series of disagreements between the NATO allies when Turkey’s foreign minister visits this week. But expectations that outstanding issues can be resolved are low. Mevlut Cavusoglu departs for Washington on Tuesday for a meeting on Wednesday with U.S. counterpart Antony Blinken on a rare visit by a top Turkish official. U.S. President Joe Biden’s administration has kept a distance from Turkey because of President Recep Tayyip Erdogan’s increasingly authoritarian direction and policies curbing rights and freedoms. The NATO allies frequently find themselves at odds over a number of issues. The biggest disputes center on Turkey’s purchase of Russian-made missiles and American support for Kurdish militants in Syria.

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