JPMorgan profit jumps 35%, but CEO says geopolitics and gov’t inaction have led to ‘dangerous time’
NEW YORK (AP) — JPMorgan Chase’s third-quarter profit soared 35% from last year, fueled by a rapid rise in interest rates, but the bank’s CEO, Jamie Dimon, issued a sobering statement about the current state of world affairs and economic instability. Dimon said the Russia-Ukraine and Israel-Palestinian wars, high levels of government debt and deficits and high inflation are contributing to what he calls “the most dangerous time the world has seen in decades.” Two other big Wall Street banks reported results Friday, with Wells Fargo also reporting a big increase in net income while Citigroup had a more modest gain in profits.
Microsoft closes deal to buy Call of Duty maker Activision Blizzard after antitrust fights
Microsoft has completed its acquisition of video game-maker Activision Blizzard for $69 billion, closing one of the most expensive tech acquisitions in history that could have repercussions across the video game industry. The notice that the deal has gone through came 7 hours after Microsoft got final approval from Britain’s competition watchdog, which reversed its earlier decision to block the $69 billion gaming deal, removing the last obstacle for the transaction.
Stock market today: Wall Street rises as hopes for stronger profits collide with worries about war
NEW YORK (AP) — U.S. stocks are ticking higher as they get pulled in opposite directions by competing waves of optimism and fear. The S&P 500 was 0.6% higher shortly after the open of trading on Friday. The Dow Jones Industrial Average was up 290 points, and the Nasdaq composite was 0.1% higher. Several of the biggest U.S. banks said their profits during the summer were better than feared, which offered hope for an earnings reporting season that may deliver the first growth in a year. But worries about the latest war in Gaza at the same time sent oil prices jumping and Treasury yields falling.
‘Barbenheimer’ was a boon to movie theaters and a headache for many workers. So they’re unionizing
NEW YORK (AP) — In the movie industry, it isn’t just actors and writers who have been battling management. Movie theater workers also have been taking action. Over the past two years, employees have formed or attempted to form unions at the Film Forum and Anthology Film Archives in Manhattan, the Amherst Cinema in Massachusetts and Alamo Drafthouses in San Francisco and Austin, Texas. Workers at Alamo theaters in Brooklyn and Manhattan recently voted to unionize, even after management officials urged them not to. While “Barbenheimer” was a boon for movie theaters, it was the breaking point for many workers.
EU warns China that European public could turn more protectionist if trade deficit isn’t reduced
BEIJING (AP) — The European Union’s top foreign policy official has warned that public sentiment in Europe could turn more protectionist if the bloc’s trade deficit with China is not reduced. Speaking in Beijing on Friday, Josep Borrell called for improved access for European companies that want to export to or invest in China. Borrell is the latest EU official to visit China as the two sides lay the groundwork for a leaders summit later this year. He held talks later Friday with China’s Foreign Minister Wang Yi.
Refrigeration chemicals are a nightmare for the climate. Experts say alternatives must spread fast
PHILADELPHIA (AP) — Refrigerants are chemical fluids that have made air conditioning and refrigeration possible, but they are hundreds or even thousands of times more powerful at warming the planet than carbon dioxide, the most notorious greenhouse gas. Although it’s not meant to happen, they leak and get into the air. The AC in your car may leak. Scientists estimate that HFCs, the most common type of refrigerant currently in use, could contribute to up to 0.5°C of global warming by the end of the century. Laws exist to regulate these planet-warming fluids, but they don’t cover all the bases. The industry and climate experts are pushing for sustainable alternatives. Even using carbon dioxide works as a more sustainable alternative under the right conditions.
When it comes to heating the planet, the fluid in your AC is thousands of times worse than CO2
Air conditioning has made life in many hot places possible, but the special fluids that make it work are extremely hazardous to the climate. Refrigerants used in fridges, freezers, and cars change from a fluid to gas to transport heat away from the place you want cooled. They can absorb several thousand times more heat than water or other common fluids, making them great for cooling systems, but bad for climate change when they escape. In 2016, the Kigali Amendment to the Montreal Protocol phased down the use of one damaging group of refrigerants 85% by 2036. According to the most recent report from Intergovernmental Panel on Climate Change, it will meaningfully prevent some warming of the Earth if fully enforced.
Biden awards $7 billion for clean hydrogen hubs across the country to help replace fossil fuels
WASHINGTON (AP) — The Biden administration has selected clean-energy projects from Pennsylvania to California for a $7 billion program to kickstart development and production of hydrogen fuel. That’s a key component of President Joe Biden’s agenda to slow climate change. The Democratic president wants to establish seven regional hydrogen hubs to help replace fossil fuels such as coal and oil with cleaner-burning hydrogen as an energy source for vehicles, manufacturing and generating electricity. Biden is expected to make the official announcement Friday during an economic-themed visit to Philadelphia. The White House calls hydrogen essential to achieving Biden’s “vision of a strong, clean energy economy” and net-zero greenhouse gas emissions in the U.S. by 2050.
Elf Bar finds an easy way around US vape import ban: a name change
WASHINGTON (AP) — Chinese disposable e-cigarettes from Elf Bar remain widely available in the U.S. more than four months after U.S. health regulators moved to ban their importation. The company behind the fruity-flavored vapes appears to have maneuvered around U.S. restrictions by simply renaming its products. Stores throughout the U.S. continue carrying the devices, which are now sold under the brand name EBCreate. In May, the Food and Drug Administration told customs officials to detain shipments bearing the names Elf Bar or EBDesign. But experts warned that companies can get around such measures by simply rebranding themselves and using different manufacturing facilities.
Factory fishing in Antarctica for krill targets the cornerstone of a fragile ecosystem
ABOARD THE ALLANKAY off Antarctica (AP) — Fishing for krill is banned in U.S. waters due to concerns it could impact whales, seals and other animals that feed on the shrimp-like creatures. But such fishing has been taking place for decades in Antarctica, where krill are most abundant. There’s surging demand for the nutrient-rich crustacean for feeding farm-raised fish, omega-3 pills, pet food and protein shakes. Advances in fishing combined with the still unknown impact from climate change on krill has some scientists warning the fishery is in urgent need of stricter controls.