Business News

The Supreme Court weakens federal regulators, overturning decades-old Chevron decision

WASHINGTON (AP) — The Supreme Court has upended a 40-year-old decision that made it easier for the federal government to regulate the environment, public health, workplace safety and consumer protections. The court Friday delivered a far-reaching and potentially lucrative victory to business interests, ruling in cases brought by fishermen in New Jersey and Rhode Island. The court’s six conservative justices overturned the decision colloquially known as Chevron, with the liberal justices in dissent. Billions of dollars are potentially at stake in challenges that could be spawned by the ruling. The heart of the Chevron decision said federal agencies should be allowed to fill in the details when laws are ambiguous. Opponents argued it gave power that should be wielded by judges to government experts.

Federal Reserve’s preferred inflation gauge shows price pressures easing further

WASHINGTON (AP) — A measure of prices that’s closely tracked by the Federal Reserve suggests that inflation pressures in the U.S. economy are continuing to ease. Consumer prices were flat from April to May, the mildest such performance in more than four years. Measured from a year earlier, prices rose 2.6% last month, slightly less than in April. Excluding volatile food and energy prices, so-called core inflation rose 0.1% from April to May, the smallest increase since the spring of 2020, when the pandemic shut down the economy. The latest figures will likely be welcomed by the Fed’s policymakers, who have said they need to feel confident inflation is slowing sustainably toward their 2% target before they’d start cutting interest rates.

A father who lost 2 sons in a Boeing Max crash waits to hear if the US will prosecute the company

Families of the 346 people who died in two crashes of Boeing 737 Max jetliners are waiting to hear if the Justice Department will prosecute the U.S. aerospace company. In both the October 2018 crash in Indonesia and the March 2019 crash in Ethiopia, software pitched the plane’s nose down based on faulty readings from a single sensor. Boeing avoided a trial when prosecutors approved an agreement that meant a felony fraud charge they brought could be dropped in three years. California residents Ike and Susan Riffel lost two sons in the Ethiopia crash. Ike Riffel fears that instead of putting Boeing on trial, the government will offer the company another shot at corporate probation.

Stock market today: Stocks edge lower on Wall Street after data showing inflation continues to ease

Stocks are drifting lower on Wall Street after pulling back from an early rise, but remain within striking distance of their fourth weekly gain in a row. Treasury yields were mixed in the bond market after a measure of prices that’s closely tracked by the Federal Reserve suggested that inflation is continuing to ease. That augurs well for the Fed to deliver interest rate cuts. The S&P 500 was down 0.3% in afternoon trading Friday and is hovering around its all-time high. The Nasdaq fell 0.3% and the Dow fell 152 points. Nike dropped more than 20% after reporting weaker-than-expected sales for its latest quarter.

Fact checks were prevalent during and after the Biden-Trump debate — but not for real-time viewers

NEW YORK (AP) — Those with an interest can find several exhaustive, independent fact checks of claims made by Joe Biden and Donald Trump during their televised debate on Thursday night. But there was nothing for the estimated 50 million people who watched the event in real time. That prompted some criticism of CNN and moderators Jake Tapper and Dana Bash. But CNN said ahead of time that it wanted its moderators to be questioners, not umpires, and pronounced itself satisfied with the network’s performance on Friday. Independent fact checks found Trump had made many more false statements than Biden.

European Union’s competition boss signals fresh AI scrutiny for Microsoft-OpenAI deal and Google

LONDON (AP) — The European Union is escalating its scrutiny of the artificial intelligence industry, including taking a fresh look into Microsoft’s multibillion-dollar partnership with OpenAI. The bloc started reviewing the deal last year to see whether it broke EU merger rules but dropped it after concluding Microsoft hadn’t gained control of OpenAI. A top EU official said Friday that bloc would take another tack to examine the deal. It’s using the bloc’s antitrust rules, which target abusive behavior by companies that have a dominant market position, and is requesting information on the agreement between Microsoft and OpenAI.

How did CNN’s moderators do in the Biden-Trump debate? It almost didn’t matter that they were there

NEW YORK (AP) — It almost didn’t seem to matter that CNN’s Dana Bash and Jake Tapper were on stage for the much-awaited presidential debate between Joe Biden and Donald Trump. They asked pointed questions on the issues, many meticulously prepared, and they were for the most part ignored. The CNN moderators several times repeated their questions — twice by Bash in one instance. But CNN determined ahead of time they would be questioners, not umpires. And they did not attempt to fact-check a debate where both candidates frequently called the other liars. At the end of the evening, Biden’s halting performance was what most people were talking about.

Warren Buffett donates again to the Gates Foundation but will cut the charity off after his death

OMAHA, Neb. (AP) — Investor Warren Buffett has announced another $5.3 billion in charitable gifts Friday. But in a major shift of his longtime giving plan, he says he plans to cut off donations to the Bill & Melinda Gates Foundation after his death and let his three children decide how to distribute the rest of his $128 billion fortune. Buffett laid out his new plan for his estate in an interview with the Wall Street Journal. The 93-year-old Buffett has given about $55 billion worth of Berkshire stock to five foundations since 2006 with the biggest share by far going to the Gates Foundation. The other four foundations are affiliated with his family, including the ones each of his children run.

Tractor Supply is ending DEI and climate efforts after conservative backlash online

NEW YORK (AP) — Tractor Supply says it is ending an array of corporate diversity and climate efforts. It’s a move that comes after the rural retailer was hit by weeks of online conservative backlash. Tractor Supply said Thursday that it will eliminate all of its diversity, equity and inclusion roles while ending current DEI goals. The company added that it would stop sponsoring Pride festivals or voting campaigns and withdraw its carbon emissions goals. These changes mark a stunning shift in policy and previous messaging from Tractor Supply, which once touted the progress of its diversity and inclusion efforts. The move also arrives amid a wider backdrop of conservative backlash and legal attacks targeting companies’ diversity and inclusion efforts across industries.

Ever feel exhausted by swiping through dating apps? You might be experiencing burnout

NEW YORK (AP) — Plenty of happy couples can trace their meet-cute moment to an online dating app. But many others find the never-ending process of likes, swipes, taps and awkward DMs that go nowhere to be exhausting. That has led to a phenomenon known as “dating app burnout.” One clinical psychologist found that about 3 out of every 4 people she works with use dating apps, and anywhere between 80 to 90% have expressed feeling fatigue or burnout at some point. That’s due in part because success is never promised with online dating, regardless of whether you’re looking for a lifelong partner or casual fling.