Business News

Nobel economics prize goes to 3 economists who found that freer societies are more likely to prosper

STOCKHOLM (AP) — The Nobel memorial prize in economics has been awarded to three U.S.-based academics who studied why some countries are rich and others poor and have documented that freer, open societies are more likely to prosper. The Royal Swedish Academy of Sciences said their work demonstrates the importance of societal institutions for boosting a country’s prosperity. The research has provided “a much deeper understanding of the root causes of why countries fail or succeed,” said Jakob Svensson, chair of the Committee for the Prize in Economic Sciences. The announcement was made Monday in Stockholm. Daron Acemoglu and Simon Johnson work at the Massachusetts Institute of Technology, while James A. Robinson conducts his research at the University of Chicago.

Tech consultant goes on trial in death of Cash App founder Bob Lee

SAN FRANCISCO (AP) — A tech consultant has gone on trial over a year after the stabbing death of Cash App founder Bob Lee in San Francisco. Prosecutors on Monday told jurors what evidence they can expect in the murder trial against Nima Momeni. They say Momeni planned the April 2023 attack after a dispute over Momeni’s younger sister. They say he drove Lee to a secluded spot and stabbed him three times, then drove away. Defense lawyers say Lee was the aggressor and Momeni used the knife in self defense. Momeni faces 26 years to life in prison if convicted. The trial is expected to last two months.

Lilly Ledbetter, an icon of the fight for equal pay, has died at 86

NEW YORK (AP) — Lilly Ledbetter, an former Alabama factory manager whose lawsuit against her employer made her an icon of the equal pay movement and led to landmark wage discrimination legislation, has died at 86. Ledbetter’s lawsuit against Goodyear Tire & Rubber Co. ultimately failed when the Supreme Court ruled against her in 2007. But two years later, former President Barack Obama signed into the law the Lilly Ledbetter Fair Pay Act, which strengthened the rights of workers to sue for pay discrimination.

Trump’s campaign crowdfunded millions online in an untraditional approach to emergency relief

NEW YORK (AP) — Former President Donald Trump’s campaign is using GoFundMe to rally its donor network around the survivors of his July assassination attempt and Hurricane Helene’s destruction. The two high-profile fundraisers are run by his campaign finance director and total more than $14 million. Campaign finance experts say they do not violate any laws. But the use of a crowdfunding platform marks an unorthodox response to crises from a political campaign. Trump associates, conservative celebrities and right-wing groups are making large contributions. A Trump campaign spokesperson says the Republican nominee saw an “opportunity to be a direct conduit for a philanthropic effort from his supporters.”

Stellantis CEO says company is on pace to fix sales problems after poor performance this year

DETROIT (AP) — Stellantis is fixing its slowing U.S. sales at the right pace after fumbling a marketing plan earlier this year, CEO Carlos Tavares told reporters Monday. Tavares pushed out the company’s chief financial officer and the chief operating officers for both North America and Europe last week. He told reporters at the Paris Motor Show that he is responsible for the bad things that have happened at the company, but also for the good. Stellantis has struggled this year in both Europe and the U.S., where sales are down 20% through September compared with last year.

Nile basin nations say water-sharing accord has come into force without Egypt’s backing

KAMPALA, Uganda (AP) — A regional partnership for Nile River basin countries says an agreement on the equitable use of water resources has come into force despite the notable opposition of Egypt. The legal status of the “cooperative framework” among 10 riparian states was formally confirmed by the African Union after South Sudan became the sixth country to ratify the accord, the Nile Basin Initiative said in a statement Sunday. Ethiopia, Uganda, Rwanda, Burundi and Tanzania have also ratified the accord. Egypt, Sudan, Congo and Kenya are yet to ratify it. The accord takes force amid tensions in the region that stem in part from Ethiopia’s construction of a big dam on the Nile that Egypt fears will have a devastating effect on water and irrigation supplies downstream.

Hedge fund Elliott calls for Southwest shareholders to meet and vote on its slate of directors

The second largest shareholder of Southwest Airlines is calling for special meeting of shareholders to vote on its slate of eight new directors, which would represent a majority of the struggling airline’s board. Elliott Management, which has been highly critical of Southwest in recent months, is pushing for leadership changes and an overhaul of the company’s strategy. Southwest has responded by making some changes, but not enough to appease the fund, which is led by billionaire investor Paul Singer. The hedge fund recently acquired a stake of 11% in the struggling airline and on Monday called for the meeting to be held on Dec. 10.

Tips for keeping your wedding from becoming a political battleground

NEW YORK (AP) — Uncle Jim is profoundly red, politically speaking. Cousin Jane is liberal, activist left. The two can’t usually be in a room together without sparks flying, but both are invited to your wedding. As the polarizing November election in the U.S. creeps closer, wedding planners, etiquette experts and conflict-resolution pros have an arsenal of strategies for reducing political friction at weddings. That’s especially important at weddings well-soaked in alcohol from an open bar. They suggest friendly warnings on invitations or placed at the welcome table. Take a good look at seating charts to keep political foes apart. And load up on activities to keep guests busy.

Dozens of pro-Palestinian protesters arrested outside New York Stock Exchange

NEW YORK (AP) — Dozens of people protesting Israel’s war in Gaza have been arrested in a sit-in outside the New York Stock Exchange. The protesters chanted “Let Gaza live!” and ”Up up with liberation, down down with occupation!” in front of the stock exchange’s landmark building in lower Manhattan on Monday. None of the protesters got inside the exchange, but at least 200 made it inside a security fence on Broad Street. Police arrested them one by one and led them to vans. A spokesperson for the exchange declined to comment on the protest.

A Tesla car crashes and catches fire in France, killing 4

PARIS (AP) — Police in France say four people have died in a car crash after their Tesla vehicle reportedly hit a road sign and caught fire. A local police spokesman said the exact circumstances of the crash Saturday night near the city of Niort were still to be determined and an investigation was underway. He said there were no witnesses, making the investigation complicated. He said the driver and three passengers were burnt beyond recognition. Tesla did not immediately reply to a request for comment.