Company Highlights: Late US Stock Rally, Hyundai Plans
Latter-day rally pulls Wall Street out of bear market
NEW YORK (AP) — Wall Street rumbled on the brink of a bear market on Friday after another drop in stocks briefly sent the S&P 500 more than 20% below its high reached earlier this year. The S&P 500 was down 2.3% for the previous day before a furious final hour of buying sent it to a small gain. He finished 18.7% below his record. Stormy trading capped a seventh consecutive week of losses, its longest such streak since 2001. Rising interest rates, high inflation, war in Ukraine and a slowing Chinese economy are all hurting stocks and raise fears of a possible US recession.
Musk denies flight attendant sexual misconduct allegation
NEW YORK (AP) — Tesla and SpaceX CEO Elon Musk has denied an allegation of sexual misconduct by a SpaceX flight attendant who worked on his private jet in 2016. A Business Insider report said SpaceX had paid the woman $250,000 in severance pay in 2018 in exchange for agreeing not to sue her claim. Business Insider’s report was based on the account of a friend of the stewardess, who said the stewardess told him about the incident shortly after he walked away. product. Musk, who is in the process of buying Twitter, used the platform to respond to the allegation, saying the “savage accusations” are “completely untrue”.
Hyundai announces $5.5 billion electric vehicle factory in Georgia
ELLABELL, Ga. (AP) — Hyundai Motor Group officials confirmed on Friday that the company will spend $5.5 billion on a massive electric vehicle factory near Savannah that will employ thousands of people — a deal that Georgia’s governor called it the largest economic development project in the history of the state. Hyundai Motor Group CEO Jaehoon Chang made the announcement with Governor Brian Kemp at the site of the future factory in Bryan County, where state and local authorities last year purchased sprawling flat land for 61 million in hopes of attracting a major manufacturer. Hyundai said it plans to employ at least 8,100 workers at the Georgia plant, where it will assemble electric vehicles as well as vehicle batteries.
Yellen’s Global Tax Plan Meets Resistance Abroad and At Home
KOENIGSWINTER, Germany (AP) — Last July, Treasury Secretary Janet Yellen marked it as a “historic day” when more than 100 nations agreed to a global minimum tax agreement to reform and equalize the world economy. This week, as she met with Group of Seven finance ministers in Germany, she found herself insisting that the prospects for moving forward with the idea are at least “not hopeless. “. The plan is facing new resistance abroad and old divisions at home as new global concerns take center stage. The ongoing war in Ukraine, the threat of growing food insecurity, crushing inflation and other pressing issues have distracted finance ministers from getting the plan in place before the deadline for 2023.
Mining companies move away from indigenous areas of Brazil
RIO DE JANEIRO (AP) — Some of the world’s largest mining companies have withdrawn claims to search for and extract minerals on indigenous lands in Brazil’s Amazon rainforest and have rejected efforts by Brazilian President Jair Bolsonaro to legalize mining. mining activity in the regions. The Brazilian Mining Association, which represents around 130 companies, conducted an internal survey of its members earlier this year. For the first time in decades, none of the companies currently have research or mining applications for gold, tin, nickel, iron and other minerals in indigenous regions, a he declared. Neither the survey nor its results have been previously published.
Driver to stand trial for fatal Tesla crash in California
COMPTON, Calif. (AP) — A judge says a driver who used a Tesla on autopilot is to stand trial for a crash near Los Angeles that killed two people. The judge ruled on Thursday that there was enough evidence to try Kevin Riad, 27, for manslaughter. He pleaded not guilty to the charges. Prosecutors say Riad’s Tesla Model S hit another car at 120 mph after running a red light at the end of a highway in Gardena in 2019. This would be the first felony prosecution in the United States. United against a driver using a partially automated driving system. According to Tesla, drivers should always be alert and ready to intervene when the system is activated.
The AP Interview: US Trade Representative. sees an opportunity in recovery
BANGKOK (AP) — The top U.S. trade negotiator said that with global economies all suffering more than two years from the coronavirus pandemic and global supply issues exacerbated by Russia’s invasion of Ukraine, the United States has an “incredible opportunity” to engage with other nations and forge new partnerships and agreements. Ahead of the planned announcement with President Joe Biden of a new Indo-Pacific economic framework, U.S. Trade Representative Katherine Tai told The Associated Press that the time has come for the proposal. She says: ‘I don’t think anyone’s economy is stronger because of COVID and there’s a pretty pervasive sense of anxiety about how we recover. I actually think it represents an incredible opportunity.
Farmer sues VW for climate change; German justice has doubts
BERLIN (AP) — A German court doubts a German farmer’s claims that automaker Volkswagen is partly responsible for the impact of global warming on his family business. The plaintiff alleges that drier soils and heavier rains due to climate change are harming its fields, livestock and commercial forests. He claims that VW, as the world’s second largest automaker, contributed to the damage. But German news agency dpa reported that a regional court in the western town of Detmold on Friday asked the plaintiff to provide more details to back up his case. The case is backed by Greenpeace, which has backed similar legal efforts in Germany to hold corporations and government accountable for climate change.
The S&P 500 ended up 0.57 points, or less than 0.1%, at 3,901.36. The Dow Jones Industrial Average rose 8.77 points, or less than 0.1%, to 31,261.90. The Nasdaq fell 33.88 points, or 0.3%, to 11,354.62. The Russell 2000 Small Business Index fell 2.96 points, or 0.2%, to 1,773.27.