Sunday, July 21, 2024

AP morning business news brief – Sept. 12, 2023

by BIZ Magazine

Apple expected to unveil next generation of iPhones as company tries to reverse a recent sales slump

Apple is expected to take the wraps off its next iPhone on Tuesday during what has become an annual late summer rite aimed at giving more people more reasons to buy the technology trendsetter’s marquee product. The showcase is coming at a time that Apple has seen its sales fall from the previous year for three consecutive quarters, partly because iPhones haven’t been selling as well. The forthcoming iPhone 15 lineup is expected to range from lower-priced basic models to more expensive premium devices. This year’s high-end models are expected to boast a better telephoto camera lens and potentially a $100 to $200 price increase from last year’s versions.

Congo communities forcibly uprooted to make way for mines critical to EVs, Amnesty report says

ABUJA, Nigeria (AP) — The mining of minerals critical to electric vehicle batteries and other green technologies in Congo has led to human rights abuses, including forced evictions and physical assault. That’s according to a report Tuesday from Amnesty International and another rights group. Congo is by the world’s largest producer of cobalt, a mineral used to make lithium-ion batteries for electric vehicles. It’s also Africa’s top producer of copper. Rights groups and U.S. officials have long criticized the trade of Congo’s cobalt, copper and other minerals due to abusive labor and the risk of violence. In the report, the groups detail how the search for the minerals has forcibly uprooted people from their homes and farmland, often without compensation.

California lawmakers approve the nation’s most sweeping emissions disclosure rules for big business

SACRAMENTO, Calif. (AP) — California lawmakers have approved legislation requiring major companies to disclose a sweeping range of greenhouse gas emissions. The bill would make companies making more than $1 billion annually report their direct and indirect emissions. That includes emissions from activities like business travel and waste disposal. The proposed mandate would be the widest in scope of its kind in the country. The federal government is also considering emissions disclosure rules for public companies. Proponents of the California bill say it will offer transparency and encourage companies to evaluate how they can cut emissions. Groups that oppose it worry it will be too burdensome and expensive for companies.

Stellantis reports progress in talks with auto workers and plans to make another offer Monday

DETROIT (AP) — Stellantis is reporting progress in talks with the United Auto Workers union with just three days left before contracts expire with Detroit’s three automakers. Human resources chief Tobin Williams told employees in an email that the union made counteroffer to its economic proposal on Sunday Stellantis plans to respond to that on Monday morning. He also says both sides have reached agreement in a number of areas including health and safety, and that both sides are on a path to reach a deal without a strike. UAW President Shawn Fain on Friday called counter offers from Stellantis, General Motors and Ford inadequate. He warned of strikes against any company without a deal when contracts expire at 11:59 p.m. Thursday. Sunday night he reported progress but said things are moving slowly.

Disney, Charter settle cable dispute hours before ‘Monday Night Football’ season opener

NEW YORK (AP) — Disney and Charter Communications announced a deal to settle a dispute that had cut some 15 million cable TV customers off from ESPN and other Disney-owned stations. The two businesses faced a pressing deadline — the year’s first ‘Monday Night Football’ game, that would have left a lot of angry football fans if they weren’t able to watch the game. It matches the New York Jets against the Buffalo Bills, and many of the affected customers with the Charter-owned Spectrum TV are in the New York area. The companies were seeking to nail an agreement for Spectrum to carry Disney’s stations, made difficult by cord-cutting that has cut into cable’s audience.

Hostess is being acquired by JM Smucker in a deal valued at $5.6B after coming back from the brink

Hostess, the maker of snack classics like Twinkies and HoHos, is being sold to J.M. Smucker in a cash-and-stock deal worth about $5.6 billion. Smucker, which makes everything from coffee to peanut butter and jelly, will pay $34.25 per share in cash and stock, and it will also pick up approximately $900 million in net debt. In addition to Twinkies, Hostess makes CupCakes, DingDongs and Zingers, and also Voortman cookies.

US approves updated COVID vaccines to rev up protection this fall

WASHINGTON (AP) — U.S. regulators have approved updated COVID-19 vaccines from Pfizer and Moderna, shots aimed at revving up protection this fall and winter. The Food and Drug Administration’s decision Monday is part of a shift to treat fall COVID-19 vaccine updates much like getting a yearly flu shot. The Centers for Disease Control and Prevention must sign off. Its advisers meet Tuesday to recommend how to best use this round of vaccinations. The shots could begin later this week. Both the COVID-19 and flu shot can be given at the same time.

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