Business News

Inflation has slid again in Europe. Here’s what that means for interest rates

FRANKFURT, Germany (AP) — Inflation has fallen again in Europe, to 2.4% in March. It’s welcome news for consumers since spikes in food prices have eased. The annual figure for the 20 countries that use the euro currency has come in below what financial markets expected and marks a decline from 2.6% in February. The figures released Wednesday mean the European Central Bank is getting closer to achieving its goal of 2% inflation. Analysts say the decline keeps the ECB on track for an interest rate cut in June. The pressure is on to reduce borrowing costs because the economy is failing to grow.

Stock market today: Wall Street drifts in early trading as its momentum ebbs following a big run

NEW YORK (AP) — U.S. stock indexes are drifting, as Wall Street’s momentum ebbs following its big run over the last six months. The S&P 500 was virtually unchanged Wednesday, coming off its worst day in four weeks. The Dow Jones Industrial Average was also essentially flat, and the Nasdaq composite was down 0.2%. Intel sank after disclosing financial details about some key parts of its business for the first time. Cal-Maine Foods rose after reporting stronger profit for the latest quarter than expected by selling a record number of eggs. Treasury yields rose in the bond market.

Workers had little warning as Maryland bridge collapsed, raising concerns over safety, communication

In the moments before the cargo ship Dali rammed into the Francis Scott Key Bridge and sent it crumbling into the water, a flurry of urgent warnings crackled over radios and enabled police to block traffic from getting on the span, likely saving lives. But those warnings seemingly didn’t reach the six construction workers who were killed in last week’s collapse of the Baltimore bridge. Their deaths have raised questions about whether the construction company took proper precautions, including keeping a safety boat nearby that might have been able to warn them at least a few seconds before impact.

US first-quarter auto sales grew nearly 5% despite high interest rates, but EV growth slows further

DETROIT (AP) — New vehicle sales in the U.S. rose nearly 5% from January through March, as buyers stayed in the market despite high interest rates. But electric vehicle sales growth slowed to 2.7% during the quarter, with mainstream buyers wary of limited range and a lack of charging stations. Automakers sold nearly 3.8 million vehicles in the first quarter versus a year ago. With inventory on dealer lots growing toward pre-pandemic levels, auto companies were forced to reduce prices. J.D. Power said the average sales price in March was $44,186, down 3.6% from a year ago.

Tesla sales tumble nearly 9%, most in 4 years, as competition heats up and demand for EVs slows

DETROIT (AP) — Tesla sales fell sharply last quarter as competition increased worldwide, electric vehicle sales growth slowed, and price cuts failed to draw more buyers. The Austin, Texas, company said it delivered 386,810 vehicles from January through March, almost 9% below the 423,000 it sold in the same quarter of last year. Sales also fell short of Wall Street expectations. Analysts polled by FactSet expected the company to deliver 457,000 vehicles. The slowing sales will make it difficult for the company to reach the annual growth rate of 50% per year that CEO Elon Musk has predicted in most years.

Biden administration approves the nation’s eighth large offshore wind project

The Biden administration approved a new wind project off the Massachusetts coast Tuesday that is large enough it will provide more electricity than the state’s former coal-fired generating station. Avangrid’s New England Wind is the United States’ eighth large offshore wind project to be greenlit, and is tied for the largest ever approved, but will probably end up smaller. The project, to be built in two phases, was approved for up to 129 turbines capable of generating up to 2,600 megawatts of electricity. Coastal Virginia Offshore Wind is another 2,600-megawatt project, to be built east of Virginia Beach, Virginia. The last operating coal-fired power plant in Massachusetts, Brayton Point, at 1,600 megawatts, closed in 2017.

GE aviation and energy businesses start trading on NYSE, marking the end of the conglomerate

General Electric has completed its split of the one-time conglomerate into three separate companies, as its aerospace and energy businesses started trading on the New York Stock Exchange as separate entities on Tuesday. GE Aerospace will trade under the ticker symbol “GE.” GE Vernova, the energy business, will trade under the “GEV” ticker symbol. Both GE Aerospace and GE Vernova rang the opening bell of the NYSE together.

US job openings rise modestly to 8.8 million in February in strong labor market

WASHINGTON (AP) — U.S. job openings barely changed in February, staying at historically high levels in a sign that the American job market remains strong. The Labor Department reported Tuesday that employers posted 8.76 million job vacancies in February, up modestly from 8.75 million in January and about what economists had forecast. But the Job Openings and Labor Turnover Survey, or JOLTS, showed that layoffs ticked up to 1.7 million in February from 1.6 million in January. Monthly job openings are down from a peak of 12.2 million in March 2022 but are still at a high level. Before 2021, they’d never topped 8 million.

Maryland lawmakers debate tax and fee package. Some Democrats worry it may cost party the US Senate

ANNAPOLIS, Md. (AP) — A push for a revenue package that includes hundreds of millions of dollars in taxes and fees in the Maryland General Assembly is raising concerns among some leading Democrats. That’s because Republican former Gov. Larry Hogan has made the race for Maryland’s open U.S. Senate seat unusually competitive in the heavily Democratic state. Raising the stakes, wary Maryland Democrats point out that the race could determine who controls the Senate at a time when the state will be relying on federal support to rebuild the collapsed Francis Scott Key Bridge. Democrats hold a tenuous 51-49 majority in the U.S. Senate.

Here’s how to protect yourself from common scams this tax season

NEW YORK (AP) — Scammers look for ways to trick people into giving them money year-round, but tax season can be particularly fraught. One of the most common tax scams is identity theft. Taxpayers usually know their identity has been stolen when they try to file their tax returns and the IRS says they’ve already done so. This usually means someone else filed in their name to try to get a refund. There are ways you can protect yourself, including setting up an identify protection pin with the IRS and not answering calls from numbers you don’t recognize.