US stands by decision that 50 million air bag inflators are dangerous, steps closer to huge recall
DETROIT (AP) — U.S. auto safety regulators say they stand by a conclusion that more than 50 million air bag inflators are dangerous and should be recalled. It’s another step toward a massive recall. The move Wednesday by the National Highway Traffic Safety Administration involves inflators made by ARC Automotive Inc. and another parts manufacturer. It comes despite opposition from automakers. The inflators in about 49 million vehicles from 13 manufacturers can explode and hurl shrapnel into drivers and passengers. The agency has said the inflators are responsible for at least seven injuries and two deaths in the United States and Canada since 2009.
MrBeast, YouTube’s biggest star, acknowledges past ‘inappropriate language’ as controversies swirl
NEW YORK (AP) — MrBeast, YouTube’s biggest star and a philanthropic force with nearly unrivaled influence among young audiences, acknowledged Wednesday that he used inappropriate language in his early online days, as numerous controversies bubbled up around him and a former collaborator. MrBeast, whose real name is Jimmy Donaldson, has drawn a record 307 million YouTube subscribers with his highly produced videos of whimsical challenges and lavish gifts, often accompanied by expressive thumbnails and punchy titles. His latest uploads include “Ages 1 – 100 Decide Who Wins $250,000” and “I Built 100 Houses And Gave Them Away!” which, like most of his videos, garnered more than 100 million views.
Japan rivals Nissan and Honda will share EV components and AI research as they play catch up
TOKYO (AP) — Japanese automakers Nissan and Honda say they plan to share components for electric vehicles like batteries and jointly research software for autonomous driving. A third Japanese manufacturer, Mitsubishi Motors Corp., has joined the Nissan-Honda partnership, sharing the view that speed and size are crucial in responding to dramatic changes in the auto industry centered around electrification. A preliminary agreement between Nissan and Honda was announced in March. Nissan and Honda said Thursday they will use the same batteries and adopt the same specifications for motors and inverters for EV axels. By coming together, they hope to cut costs.
Senate Democrats tee up vote on child tax credit in election-year pitch to families
WASHINGTON (AP) — Democratic Senate Leader Chuck Schumer is daring Republicans to vote against a bipartisan tax cut package aimed at expanding the child tax credit for millions of families and restoring some business tax breaks. Senate Republicans appear prepared to do just that on Thursday before lawmakers head home for the August recess. With the bill seemingly lacking the support necessary to overcome procedural hurdles, Schumer has opted for months not to bring it up. But election season has presented an opportunity for Democrats to lean in on the issue in a debate over which party would most help families. Republicans argue they will have more leverage to make the changes they want next year.
Extended drought parches Sicily, and farmers worry about being forced to sell off animals
CAMMARATA, Italy (AP) — Crippling drought from a nearly rainless year, along with record-high temperatures, is stressing farmers on the Italian island of Sicily. The conditions have burned out much of the region’s hay, and that’s a crisis for those who raise cattle and sheep. One farmer near the town of Cammarata spends much of his time on phone calls, long trips to faraway wells or long waits for municipal tankers to get the water he needs for some 250 animals. But one day’s tanker delivery can be gone a day later. Local authorities have rushed to open new wells, fix desalination equipment and bring in water.
Facebook parent Meta posts stronger-than-expected Q2 results, sending shares higher after hours
SAN FRANCISCO (AP) — Investments in artificial intelligence will account for a significant increase in Facebook parent company Meta’s expenses in the coming year, but stronger-than-expected revenue from its advertising business was enough to reassure investors that its business is on the right track. Meta Platforms Inc. reported stronger-than-expected results for the second quarter on Wednesday, sending shares sharply higher in after-hours trading. While it didn’t say how much it expects to spend on AI next year, the company made it clear it would be significant. The prospect of soaring expenses can often spook investors, but analysts said Meta’s latest results show it can afford it, at least for now.
Stock market today: World shares are mostly lower as Tokyo sinks on stronger yen
TOKYO (AP) — Global markets are mostly lower and Japan’s stock index tumbled as the U.S. dollar sank against the yen after the head of the Federal Reserve suggested a cut to interest rates will come soon. The Nikkei 225 in Tokyo sank more than 1,000 points earlier in the day and ended trading down 2.5% on Thursday. Toyota’s shares plunged 8.5%, even after it announced a record fiscal first quarter profit. Big technology stocks drove a rally for U.S. indexes. The S&P 500 jumped 1.6% for its best day in five months. The Dow Jones Industrial Average rose 0.2%, and the Nasdaq composite soared 2.6%.
Toyota reports record quarterly profit, boosted by a weak yen and despite a certification scandal
TOKYO (AP) — Toyota says its April-June profit rose 1.7%, boosted by a favorable exchange rate, as vehicle sales grew around the world despite a certification scandal that halted production in Japan for several months. Fiscal first quarter profit at Japan’s top automaker rose to 1.33 trillion yen or $8.9 billion. That’s a record profit for that period, from 1.31 trillion yen the same period a year ago. Quarterly sales edged up 12% to $79 billion. A weak yen, which boosts the value of overseas profits for Japanese exporters, also helped. Production in Japan was halted on some models after the government found irregularities in documentation for certification approval. Toyota has apologized and said efforts were underway to resume production.
Bank of England mulling first interest rate cut since early days of COVID-19 over 4 years ago
LONDON (AP) — Borrowing costs in the U.K. could be cut later for the first time since the onset of the coronavirus pandemic more than four years ago, though economists stressed that the decision is likely to be a close call. Economists are divided as to whether the Bank of England, which is independent of government, will cut its main interest rate Thursday by a quarter-point from the current 16-year high of 5.25%, or hold off off until September. Though inflation has reached the bank’s inflation target of 2%, several members of the nine-member policymaking panel have voiced ongoing concerns about persistent price pressures in the services sector, which accounts for around 80% of the British economy.
Delta CEO says airline is facing $500 million in costs from global tech outage
Delta CEO Ed Bastian says the airline is facing $500 million in costs for the global technology breakdown this month. Speaking on CNBC, Bastian said Wednesday that the monetary amount represents lost revenue as well as “the tens of millions of dollars per day in compensation and hotels” for the five-day period.
