Saturday, July 20, 2024

AP morning business news brief – July 11, 2023

by BIZ Magazine

Bank of America to pay more than $100M for doubling fees, opening accounts without customer consent

Bank of America is being ordered to pay more than $100 million to customers for double-dipping on some fees, withholding reward bonuses and opening some accounts without customer consent. The Office of the Comptroller of the Currency found that the bank’s double-dipping on fees was illegal. The Consumer Financial Protection Bureau said Tuesday that Bank of America will pay $90 million in penalties to its organization and $60 million in penalties to the OCC.

Threats of a strike heating up even before UAW begins negotiations with automakers

DETROIT (AP) — Whenever the United Auto Workers union begins negotiating a new contract with Detroit’s three automakers, threats of a strike are typically heard among union members. This year, the talk is a little louder. Besides the usual haggling over wages, pensions and health care, the union has set its sights on a more consequential goal: It’s determined to secure a foothold in the plants that will manufacture electric vehicle batteries in the years ahead. As the industry undergoes a historic transition from internal combustion engines to EVs, the automakers will likely need many thousands of workers to staff electric-battery plants. The UAW sees this year’s contract as an opportunity to ensure representation in the industry’s jobs of the future.

UK wages are rising at a record pace. That makes higher interest rates more likely

LONDON (AP) — Wages in the U.K. are rising at a record high rate amid stubbornly high inflation. That’s bolstered expectations that interest rates will increase again — to the worry of many homeowners who are seeing their mortgage payments spike. The Office for National Statistics said Tuesday that wages, excluding bonuses, rose by 7.3% in the three months to May. That matches the highest rate since records began in 2001. For months, workers have been seeking pay that keeps pace with high inflation, which is running at 8.7% despite declines in energy prices and a series of interest rate increases from the Bank of England.

Stock market today: Wall Street drifts ahead of this week’s inflation report

NEW YORK (AP) — Stocks are largely stuck as Wall Street waits for updates later in the week on inflation and corporate profits. The S&P 500 was up 0.1% early Tuesday and looks to be on track for another quiet day after a listless Monday. The Dow was up 111 points, or 0.3%, and the Nasdaq composite was basically flat. The week’s main event arrives Wednesday when the government offers the latest update on inflation in consumer prices. The hope on Wall Street is that a continued easing in inflation will convince the Federal Reserve to stop raising interest rates.

Supreme Court Justice Sotomayor’s staff prodded colleges and libraries to buy her books

WASHINGTON (AP) — For colleges and libraries seeking a big name for a guest lecturer, few come bigger than Sonia Sotomayor, the Supreme Court justice who rose from poverty in the Bronx to the nation’s highest court. But emails show officials frequently found that an appearance by Sotomayor came with an additional benefit — namely the purchase of hundreds, sometimes thousands, of copies of her books. Sotomayor’s staff has repeatedly prodded public institutions to buy her memoir or children’s literature. Details about such events were obtained by The Associated Press through open records requests to public institutions. The documents handed over offer a rare look at the behavior of Sotomayor and fellow justices beyond their official duties.

White House lays out effort against animal sedative xylazine but doesn’t call for new restrictions

WASHINGTON (AP) — Federal officials are calling for more testing and research on xylazine, the powerful animal sedative that’s spreading through the nation’s illicit drug supply. But the officials stop short of recommending new restrictions on the veterinary drug. The White House’s top drug control official on Tuesday said the Biden administration aims to scale up testing, treatments and efforts to intercept illegal shipments of xylazine. The administration declared xylazine-laced fentanyl an “emerging threat” in April. The drug has increasingly been detected among fatal overdoses. Drug czar Dr. Rahul Gupta says administration officials will “explore” making xylazine a scheduled drug but haven’t recommended that step. Several states have already restricted the drug.

Owners of 2003 Ram pickups urged to stop driving them after another Takata air bag inflator death

DETROIT (AP) — Stellantis is urging the owners of about 29,000 older Dodge Ram pickups to stop driving them after a passenger was killed by an exploding Takata air bag inflator. The company says owners of the 2003 model year pickups should contact a dealer or the company to find out if their trucks are part of the massive Takata recall. Stellantis says the trucks shouldn’t be driven until repairs are made. The company says the person was killed in a May 13 crash that caused the air bags to inflate. It wouldn’t say where the crash happened or identify the victim. The death is the 26th in the U.S. since May of 2009, and more than 30 people have been killed worldwide.

Los Angeles Times owners sell San Diego Union-Tribune to publishing powerhouse

LOS ANGELES (AP) — The owner of the Los Angeles Times has sold the San Diego Union-Tribune to MediaNews Group. The move was announced Monday and comes less than a week after the LA Times announced was cutting 74 newsroom jobs to deal with financial difficulties. The price of the sale hasn’t been disclosed. Billionaire Patrick Soon-Shiong bought both papers from Chicago-based Tribune Publishing in 2018 for $500 million. The new owners control hundreds of daily and weekly publications around the country, including the Orange County Register, Los Angeles Daily News and many other Southern California papers. Staff at the San Diego paper are being offered buyouts, and more layoffs may come.

Reluctant Twitter users, influencers and others are flocking to Meta’s new Threads app

NEW YORK (AP) — Celebrities, lawmakers, brands and everyday social media users are flocking to Meta’s freshly minted app Threads to connect with their followers, including many Twitter refugees tired of the drama surrounding Elon Musk’s raucous oversight of that platform since acquiring it last year. Instagram head Adam Mosseri said in a Threads post on Monday morning that in the five days since its launch, 100 million people have signed up for the app. But will they stay? One expert says it’s too early to know how successful Threads will be. He further questions whether the rapid growth of Threads is even a good thing and that some other successful platforms began with a focused approach and expanded more gradually.

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