Wednesday, April 17, 2024

Morning business headlines: Nov. 14, 2023

by BIZ Magazine

Biden wants to show he’s focused on Asia-Pacific, while dealing with Russia-Ukraine and Mideast wars

SAN FRANCISCO (AP) — President Joe Biden wants to show Asia-Pacific leaders that he remains focused on the region even as his administration is grappling with the wars in Ukraine and the Mideast and a looming government shutdown in Washington. Biden’s meeting with Chinese President Xi Jinping on Wednesday is the main event of his four-day visit to San Francisco for the Asia-Pacific Economic Cooperation summit. But Biden also wants to demonstrate that his administration can focus on the Pacific. That’s even as he tries to keep the Israel-Hamas war from exploding into a regional conflict, to persuade weary Republican lawmakers to continue funding Ukraine’s effort to repel Russia’s invasion and to avert a government shutdown in Washington.

Russian court fines Google for failing to store personal data on its users

MOSCOW (AP) — A Moscow court has fined Google for failing to store personal data on its Russian users, the latest in a series of fines on the U.S. tech giant amid tensions with the West over the fighting in Ukraine. A magistrate at Moscow’s Tagansky district court on Tuesday fined Google about $164,200 after the company repeatedly refused to store personal data on Russian citizens in Russia. Google was previously fined over the same charges in August 2021 and June 2022 under a Russian law that obliges foreign entities to localize the personal data of Russian users. The company was also fined $32,800 in August for failing to delete allegedly false information about the conflict in Ukraine.

Long-haul carrier Emirates signals it will hold off on major Airbus purchase over engine worries

DUBAI, United Arab Emirates (AP) — Long-haul carrier Emirates has signaled it will hold off on a major purchase of Airbus A350 aircraft over concerns about their Rolls Royce engines, marking a major blow for the European manufacturer as it hopes to close the sale during the Dubai Air Show. Emirates President Tim Clark’s comments Tuesday to journalists at the show came the day after his airline announced a $52 billion purchase with Airbus’ rival Boeing Co., while its sister airline FlyDubai bought another $11 billion of aircraft from Boeing. Airbus and Rolls Royce did not immediately respond to a request for comment by The Associated Press. Ethiopian Airlines announced it’s buying 31 aircraft from Boeing and signed options to potentially purchase another 36 aircraft as well.

Home Depot sales continue to slide but the biggest home improvement chain still tops expectations

Home Depot is continuing to see its sales decline amid inflation concerns, and the home improvement retailer narrowed its fiscal 2023 outlook. But its quarterly performance came in above Wall Street’s expectations. Home Depot Inc. said Tuesday that its third-quarter revenue fell 3% to $37.71 billion. Still, it managed to beat the $37.52 billion that analysts surveyed by Zacks Investment Research predicted.

Hyundai joins Honda and Toyota in raising wages after auto union wins gains in deals with Detroit 3

Hyundai has joined Honda and Toyota in raising factory worker wages after the United Auto Workers union reached new contract agreements with Detroit automakers. Hyundai said Monday that it will raise factory worker pay 25% by 2028. That matches the general wage increase won by the UAW during that period. Toyota raised factory pay 9% to 10% starting in January, while Honda said it will increase wages 11% during the same period. Labor experts say the increases are at least in part aimed at thwarting UAW President Shawn Fain’s strategy of organizing U.S. auto plants run by foreign automakers and Tesla. About 146,000 UAW members are voting on new contracts with General Motors, Ford and Jeep maker Stellantis that give them 25% general wage increases by April of 2028.

Long-haul carrier Emirates announces $52 billion aircraft buy from Boeing as Dubai Air Show opens

DUBAI, United Arab Emirates (AP) — Long-haul carrier Emirates says it will buy Boeing Co. aircraft in a deal worth $52 billion. Emirates CEO and Chairman Sheikh Ahmed bin Saeed Al Maktoum made the announcement on Monday at the Dubai Air Show. He says the deal will see the carrier purchase 90 Boeing 777 aircraft. Emirates also plans to buy an additional five Boeing Dreamliners. Its sister carrier, the low-cost airline FlyDubai, said it would order 30 Boeing 787-9 Dreamliners, the first wide-body aircraft in its fleet, for $11 billion. The sales show how aviation has bounced back after the groundings of the coronavirus pandemic even as Israel’s war with Hamas clouds regional security.

A third round of US sanctions against Hamas focuses on the money transfers from Iran to Gaza

WASHINGTON (AP) — The United States says it has imposed a third round of sanctions on a group of Hamas officials, members of the Palestinian Islamic Jihad who work to transfer money from Iran to Gaza, and a Lebanese money exchange service that facilitates the transfers. The Treasury Department sanctions announced Tuesday come in response to Hamas’ surprise Oct. 7 attack on Israel and were coordinated with the United Kingdom. The sanctions block access to U.S. property and bank accounts and prevent the targeted people and companies from doing business with Americans. The Treasury Department says the sanctions are aimed at protecting the international financial system from abuse by Hamas militants and their enablers.

White House releases plan to grow radio spectrum access, with possible benefits for internet, drones

WASHINGTON (AP) — The White House is releasing a strategy to potentially expand the availability of radio spectrum needed for cellphones, satellites, navigation, space travel and other emerging technologies. The increasingly digitized and mobile economy has put pressure on the available range of frequencies used for wireless communication. The spectrum is also vital for national security and responding to disasters. The strategy will help to coordinate and guide how spectrum is allocated by the Federal Communications Commission, an independent government agency. The federal government will perform a two-year study on how to possibly repurpose 2,786 megahertz of spectrum. That swath of the spectrum could be used for wireless broadband, drones, and satellites.

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