Business News

Microsoft breached antitrust rules by bundling Teams with office software, European Union says

LONDON (AP) — European Union regulators have accused Microsoft of “possibly abusive” practices that violate the bloc’s antitrust rules by tying its Teams messaging and videoconferencing app to its widely used business software. The European Commission said it’s concerned the U.S. tech giant has been “restricting competition” by bundling Teams with its core office productivity applications such as Office 365 and Microsoft 365. The commission, the 27-nation bloc’s top antitrust enforcer, said it suspects Microsoft might have granted Teams a “distribution advantage.” Microsoft has since stopped packaging teams with Office in Europe but the commission said it’s not enough. Microsoft President Brad Smith said the company will work to find solutions to address the Commission‘s remaining concerns.”

Consumer confidence in U.S. falls in June as Americans fret about near-term prospects

American consumers lost some confidence in June as expectations over the near-term future fell again. The Conference Board, a business research group, said Tuesday that its consumer confidence index fell in June to 100.4 from 101.3 in May. The index’s decline was in line with what analysts were expecting. The measure of Americans’ short-term expectations for income, business and the job market fell to 73 from 74.9 in May. A reading under 80 can signal a potential recession in the near future. Consumers’ view of current conditions rose in June to 141.5, up from 140.8 in May.

All eyes are on Nvidia’s stock, so what’s been going on?

In the past few days, Nvidia’s shares have lost billions in market value and the chipmaker has slipped off its perch as the most valuable stock on Wall Street. But the concerns may be short-lived. Nvidia Corp.’s stock is up more than 5% in trading on Tuesday. The rebound for Nvidia helped the Nasdaq composite rise and head toward its first gain in four days. The company’s $2.97 trillion market capitalization puts it behind Microsoft, at $3.34 trillion, and Apple, at $3.22 trillion.

Ukraine and Moldova launch EU membership talks, but joining is likely to take years

BRUSSELS (AP) — The European Union has launched membership talks with Ukraine a decade after Russian troops seized the Crimean Peninsula to deter the country from moving closer to the West, part of a chain of events that set the two neighbors on the path to war. Ukraine’s accession negotiations were set in motion at an intergovernmental conference in Luxembourg. Just hours later, Moldova also launched its membership talks. While the events are a major milestone on their European paths, the talks could take years to conclude. In opening remarks presented via video-link, Ukrainian Prime Minister Denys Shmyhal described it as “a historic day” that marks “a new chapter” in his country’s ties with the bloc.

A big boost for a climate solution: electricity made from the heat of the Earth

One method of making electricity cleanly to address climate change has been quietly advancing and just hit a milestone. A California utility is backing the largest new geothermal power development in the U.S. — 400 megawatts of clean electricity from the Earth’s heat — enough for some 400,000 homes. Southern California Edison will purchase the cleanly-produced electricity from Fervo Energy, a Houston-based next-generation geothermal company. Fervo announced the deal Tuesday. Fervo is drilling up to 125 wells in southwest Utah. It’s by far the largest deal for a new generation of geothermal power, which engineers have been advancing for years so that traditional power plants that cause climate change can be closed down without a loss of needed, 24/7 electricity.

US ambassador visits conflict-ridden Mexican state to expedite avocado inspections

MORELIA, Mexico (AP) — United States Ambassador Ken Salazar has praised Mexico’s effort protect American agricultural inspectors in the conflict-ridden state of Michoacan on Monday, a week after the U.S. suspended avocado and mango inspections following an attack on inspectors. Salazar traveled to the state, plagued by violence linked to organized crime, to meet with state and federal officials. Earlier this month, two employees of the U.S. Agriculture Department were assaulted and temporarily held by assailants, prompting the U.S. government to suspend inspections. The diplomat told the press that last Friday that Michoacan authorities had agreed to a security plan to restart avocado exports.

Stock market today: A rebound for Nvidia has it back to masking losses for much of Wall Street

NEW YORK (AP) — A rebound for Nvidia is helping keep U.S. indexes close to their record. The S&P 500 rose 0.3% Tuesday and edged closer to its all-time high set a week earlier. The Nasdaq composite jumped 1.1% toward its first gain in four days. The Dow Jones Industrial Average, which doesn’t include Nvidia among its members, was a laggard and down 276 points. The majority of stocks on Wall Street were falling as worries continue about how much the U.S. economy is slowing by. Treasury yields were relatively steady after a report showed consumer confidence is a touch better than expected.

A trackside sensor didn’t catch burning rail bearing suspected in Ohio derailment in time, NTSB says

EAST PALESTINE, Ohio (AP) — Eastern Ohio residents will soon learn more about the fiery Norfolk Southern train wreck that derailed their lives when the National Transportation Safety Board holds another hearing in their hometown about last year’s disaster. The hearing on Tuesday is expected to disclose new findings from the investigation into the February 2023 derailment near the Ohio-Pennsylvania line. The agency has already said it believes the crash was caused by an overheated bearing on a railcar and that officials didn’t need to blow open five tank cars of vinyl chloride and burn the toxic chemical to prevent an explosion. The agency also will make recommendations for averting future derailments.

Korean Air, Malaysia Airlines flights disrupted by pressurization problems

SEOUL, South Korea (AP) — A Korean Air flight to Taiwan was forced to return to Incheon airport west of Seoul after a sudden depressurization on the plane, a Boeing 737 Max 8. The transport ministry said 19 of the 133 people aboard the flight Saturday were sent to hospitals, but none suffered serious injuries. An airline spokesperson and the ministry said the cause of the problem was under investigation. The aircraft was grounded and the ministry ordered South Korea’s 11 airlines to examine pressurization systems in all their 400 aircraft. Separately, Malaysia Airlines said one of its flights en route to Bangkok on Monday made a U-turn back to Kuala Lumpur after the Airbus A-330 experienced a “pressurization issue.”

Spain eliminates sales tax on olive oil to help consumers cope with skyrocketing prices

MADRID (AP) — Spain’s government says it will temporarily eliminate the sales tax on olive oil to help cushion skyrocketing prices. Spain is the world’s leading producer and exporter of olive oil. Spaniards use olive oil to cook and to garnish sandwiches, salads, vegetables and other dishes. But its cost for domestic consumers has risen dramatically due to global inflationary pressures and a prolonged drought that decimated supplies. There will be no sales tax on olive oil until October, when it will be taxed at 2%. That will rise to 4% next year.