Business News

US employers added a solid 206,000 jobs in June in a sign of continued economic strength

WASHINGTON (AP) — America’s employers delivered another healthy month of hiring in June, adding 206,000 jobs and once again displaying the U.S. economy’s ability to withstand continually high interest rates. Last month’s job growth did mark a pullback from 218,000 in May. But it was still a strong gain, reflecting the resilience of America’s consumer-driven economy, which is slowing but still growing steadily. Still, Friday’s report contained some signs of a slowing job market. The unemployment rate ticked up from 4% to 4.1%, a still-low number but the highest rate since November 2021. The government also sharply revised down its estimate of job growth for April and May by a combined 111,000.

Federal Reserve highlights its political independence as presidential campaign heats up

WASHINGTON (AP) — The Federal Reserve is highlighting the importance of its political independence at a time when Donald Trump, who frequently attacked the Fed’s policymaking in the past, edges closer to formally becoming the Republican nominee for president. On Friday, the Fed released its twice-yearly report on its interest-rate policies, a typically dry document that primarily includes its analysis of job growth, inflation, interest rates and other economic trends. This time, the Fed used the report to stress the vital need for the central bank to operate independent of political pressures.

Stock market today: Wall Street’s scorching rally sets more records as hopes rise for rate cuts

NEW YORK (AP) — U.S. stocks rose to more records after a report on the job market bolstered hopes that interest rates may soon get easier. The S&P 500 climbed 0.5% Friday to set an all-time high for a third straight day and close its ninth winning week in the last 11. The Dow Jones Industrial Average rose 0.2%, and the Nasdaq composite added 0.9% to its own record. Treasury yields sank following the jobs data, which reinforced belief on Wall Street that the U.S. economy will stay in a not-too-hot but not-too-cold state and that the Federal Reserve will cut rates later this year.

Parent company of Saks Fifth Avenue to buy Neiman Marcus for $2.65 billion

NEW YORK (AP) — The parent company of Saks Fifth Avenue has signed a deal to buy upscale rival Neiman Marcus Group, which owns Neiman Marcus and Bergdorf Goodman stores, for $2.65 billion, with online behemoth Amazon holding a minority stake. The new entity would be called Saks Global, which will comprise the Saks Fifth Avenue and Saks OFF 5TH brands, Neiman Marcus and Bergdorf Goodman, as well as the real estate assets of Neiman Marcus Group and HBC, a holding company that purchased Saks in 2013. The deal comes after months of rumors that the department store chains had been negotiating a deal. But the twist is Amazon’s minority stake, which adds “a bit of spice” to an otherwise anticipated pact, according to Neil Saunders, managing director of GlobalData, a research firm.

Europe is slapping tariffs on Chinese electric vehicles — for now. Here’s what to know

FRANKFURT, Germany (AP) — The European Union is moving to sharply increase customs duties on electric vehicles made in China. EVs are the latest flash point in a broader trade dispute over Chinese government subsidies and burgeoning exports of green technology to the 27-nation bloc. The European Commission says unfair government subsidies for electric vehicles imported from China threaten European carmakers and jobs. The higher duties won’t actually be collected for four more months, given the two sides time for talks to potentially resolve the dispute.

China’s BYD inaugurates first plant in Thailand as it expands reach into Southeast Asia

BANGKOK (AP) — Chinese automaker BYD has inaugurated its first electric vehicle plant in Thailand, part of the company’s effort to expand into Southeast Asia while also tackling wealthier markets in the U.S. and Europe. The factory’s opening comes on the same day that the European Union is expected to begin imposing higher tariffs on EVs made in China due to concerns over competition from the cheaper-priced imports. The new factory in Rayong, south of Bangkok, was built in just 16 months and has an annual production capacity of 150,000 vehicles. It makes several BYD models and also batteries and transmissions. Thailand aims to have 30% of all vehicles made in the country be electric by 2030.

Air travel is getting worse. That’s what passengers are telling the US government

WASHINGTON (AP) — Air travel is getting more miserable. That’s the verdict from travelers, based on the number of them who file complaints with the U.S. government last year. The Transportation Department says it received nearly 97,000 complaints in 2023, up from about 86,000 the year before. The department said Friday that there were so many complaints it took until July to sort through the filings and compile the figures. More than two-thirds were about U.S. airlines, but a quarter related to foreign airlines. Complaints about the treatment of passengers with disabilities rose by more than one-fourth compared with 2022, and complaints about discrimination also rose, although they were relatively small in number.

New Zealand will radically ease zoning rules to try to relieve its stubborn housing shortage

WELLINGTON, New Zealand (AP) — New Zealand’s housing minister says the country will drastically ease restrictions on land use in a bid to “flood the market” with land for homes and override the powers of local councils to curb development. Chris Bishop said the new measures would require local councils to make enough land available to accommodate 30 years of growth, rather than three, and would bar them from imposing urban limits or restrictions on apartment size. New Zealand has faced a decadelong housing crisis. Analysts welcomed the zoning liberalization while the Parliamentary opposition said it would not work.

Afghanistan has been through everything. Now it wants to dust off its postal service and modernize

KABUL, Afghanistan (AP) — In parts of Afghanistan where there are no street names or house numbers, utility companies and their customers have adopted a creative approach for connecting. They use mosques as drop points for bills and cash, a “pay and pray” system. Now the national postal service wants to phase this out by putting mailboxes on every street across the country, part of a plan to modernize a service long challenged by bureaucracy and war. It will be a leap in a country where most of the population is unbanked, air cargo is in its infancy and international courier companies don’t deliver even to Kabul.

Rail cars carrying hazardous material derail and catch fire in North Dakota

Rail cars carrying hazardous material have derailed and burst into flames in a remote area of North Dakota. Emergency officials say no one was hurt in Friday’s derailment. They also say the threat to those living nearby appears to be minimal. Twenty-nine cars of a CPKC train derailed around 3:45 a.m. The North Dakota Department of Environmental Quality’s spill investigation program manager says the cars were carrying anhydrous ammonia, sulfur and methanol. The ammonia was the biggest risk. But wind is carrying the smoke away from the nearby town of Bordulac, which has about 20 residents.