Business News

US gas prices are falling. Experts point to mild demand at the pump ahead of summer travel

NEW YORK (AP) — Gas prices are once again on the decline across the U.S. That’s bringing some relief to drivers now paying a little less to fill up their tanks. The AAA motor club says the national average for gas prices on Monday stood around $3.44 a gallon. That’s down about 8 cents from a week ago, more than 19 cents from one month back, and over 14 cents down from this time last year. Why the recent fall in prices at the pump? Industry analysts point to a blend of mild demand and increasing supply — as well as relatively mild oil prices worldwide. The future is never promised. But, if there are no major unexpected production interruptions, some experts say that prices could keep working their way lower.

What the new ‘buy now, pay later’ rule means for small businesses offering the service

NEW YORK (AP) — “Buy now, pay later” services are a popular way that shoppers pay for goods. Because shoppers like the service, offering it can be a plus for a small business. But since the payment plan is offered by third-party companies — such as Affirm and Klarna — there can be risks involved too. If something goes wrong, consumers could blame the small business — even if they have nothing to do with the payment plan. But the Consumer Financial Protection Bureau issued a new rule that may ease small business owners’ minds.

World Bank boosts forecast: Strength of US economy will support global growth of 2.6% this year

WASHINGTON (AP) — The World Bank has upgraded its outlook for the global economy, estimating that it will expand 2.6% this year on the strength of sustained growth in the United States. The bank’s latest outlook marks an increase from the 2.4% growth for 2024 it had predicted in January. And it would match the global economy’s 2.6% expansion in 2023. But the agency cautioned that global growth remains sluggish by past standards, that the poorest countries are struggling under the weight of heavy debts and high interest rates and that increased trade barriers endanger prosperity worldwide. The brutal wars in Ukraine and Gaza are inflicting further pressures on regional economies.

Community health centers’ new crisis: The need for backup power

HEALDSBURG, Calif. (AP) — The humanitarian organization Direct Relief is helping community health centers across the United States install rooftop solar and battery storage systems as they confront more frequent power outages from extreme weather and fickle grid systems. Alliance Medical Center in Healdsburg, California, turned on their system in May, allowing them to serve the underinsured and uninsured essential workers in their community during outages due to fires, rainstorms, and preemptive safety shutoffs.

Key new features coming to Apple’s iOS18 this fall

Apple announced a slew of new features for iOS 18 at Monday’s developers conference event, many of which are designed to enhance the Siri assistant and bring artificial intelligence tools to iPhone users. The AI-packed updates coming in the fall are meant to enable the billions of people who use the company’s devices to get more done in less time, while also giving them access to creative tools that could liven things up. The full suite of upcoming AI features will only work on the recent iPhone 15 line because the functions require advanced processors. But there are still plenty of upgrades for all iPhone owners.

Apple leaps into AI with an array of upcoming iPhone features and a ChatGPT deal to smarten up

CUPERTINO, Calif. (AP) — Apple has jumped into the race to bring generative artificial intelligence to the masses. During its World Wide Developers Conference Monday the tech giant spotlighted a slew of features designed to soup up the iPhone, iPad and Mac. Even as it tried to put its own stamp on the hottest area of technology, Apple tacitly acknowledged it needed help to catch up with companies like Microsoft and Google, which have emerged as the early leaders in the AI field. Apple is leaning on ChatGPT, made by the San Francisco startup OpenAI, to help make its often-bumbling virtual assistant Siri smarter and more helpful.

Stock market today: Wall Street slips ahead of Fed meeting

NEW YORK (AP) — Wall Street is losing ground ahead of several key inflation reports this week and the Federal Reserve’s latest interest rate policy decision. The S&P 500 shed 0.2% Tuesday. The Dow Jones Industrial Average fell 195 points, and the Nasdaq rose 0.1%. Fifth Third Bancorp fell 2% after giving a weaker-than-expected forecast. The Fed announces its latest decision on interest rates on Wednesday. The central bank is widely expected to leave rates where they are. Policymakers will be publishing their latest forecasts for where they see interest rates and the economy heading. The yield on the 10-year Treasury slipped to 4.45%.

Federal watchdog investigates UAW president Shawn Fain, accuses union of being uncooperative

NEW YORK (AP) — United Auto Workers president Shawn Fain is under investigation by a court-appointed watchdog who has been working to stamp out corruption at the union in wake of its stunning bribery and embezzlement scandal several years ago. The monitor, Neil Barofsky, disclosed that he was investigating Fain — as well as other senior UAW officials including secretary-treasurer Margaret Mock — in his ninth report to Judge David M. Lawson on Monday. Barofsky also accused the union of a “recent lapse” in cooperation with his monitor duties, which he says began to erode earlier this year after his investigations into these individuals began.

GM board approves another $6 billion share repurchase as the automaker gains momentum

WASHINGTON (AP) — The board of General Motors approved another $6 billion share repurchase as the Detroit automaker continues to build momentum in 2024. The announcement Tuesday follows a $10 billion share buyback authorization in November of last year. Shares in the Detroit automaker rose 2%, to $48.52 in morning trading Tuesday while broader markets declined. GM shares are up 32% since the beginning of 2024. GM, which announced in April that it was moving its Detroit headquarters to a new downtown office building next year, also raised its dividend to 12 cents per share from the previous 9 cents per share.

Production starts at Senegal’s first offshore oil project

DAKAR, Senegal (AP) — Production has started at Senegal’s first offshore oil project. The Australian group Woodside Energy on Tuesday announced the start of production at its Sangomar field off the African country. The discovery of gas and oil fields off the coast of Senegal in 2014 raised hopes the industry would bring billions of dollars in revenue to the country and transform its economy. Senegalese President Bassirou Diomaye Faye, who took office in April, has announced a review of oil and gas contracts with foreign companies as part of reforms he promised during the election campaign.