Business News

Montana asbestos clinic seeks to reverse $6M in fines, penalties over false claims

BILLINGS, Mont. (AP) — A health clinic in a Montana town plagued by deadly asbestos contamination is asking an appeals court to reverse almost $6 million in fines and penalties after a jury found it submitted hundreds of false claims. Asbestos-tainted vermiculite mined from a nearby mountain was shipped through Libby, Montana, by rail over decades, sickening or killing thousands of people. A jury last year said 337 cases from the Center for Asbestos Related Disease were based on false claims that made patients eligible for Medicare and other benefits. Arguments in the case are scheduled for Wednesday morning. BNSF Railway, which brought the case, separately faces lawsuits over its own role in Libby’s contamination.

Ford to shift electric vehicle strategy by building new lower-cost pickups and a commercial van

DETROIT (AP) — Ford Motor Co. is changing its electric vehicle plans and now will focus on making two new electric pickup trucks and a new commercial van. The company says all will cost less, have longer range and be profitable within a year of reaching showrooms. Ford, which is losing millions on its current EVs, gave few details about the new products. But it said production of its next generation full-size electric pickup truck will be delayed 18 months, until 2027. The company also says it won’t build fully electric three-row SUVs, but instead will focus on making those vehicles as gas-electric hybrids. The other new pickup will be mid-sized, based on new underpinnings developed by a small team in California.

A tale of two retailers: Target reverses sales slump while Macy’s reports another quarterly decline

NEW YORK (AP) — Grocery aisle deals for cash-strapped customers and an emphasis on affordable but stylish clothes has helped Target reverse a year-long sales slump. But department store chain Macy’s reported another quarterly sales decline on Wednesday and said sales for the fiscal year will be weaker than expected. The difference in the results of the two retailers underscores the financial circumstances of U.S. shoppers: Consumers are still spending, but they’re being selective about where they make purchases when the costs of housing, groceries and other essentials remain inflated. Target said sales at its stores and digital channels operating for at least 12 months rose 2% in the second quarter. Macy’s said its net sales fell nearly 4%.

Government: US economy added 818,000 fewer jobs than first reported in year that ended in March

WASHINGTON (AP) — The U.S. economy added 818,000 fewer jobs from April 2023 through March this year than were originally reported, the government says. The revised total adds to evidence that the job market has been steadily slowing and likely reinforces the Federal Reserve’s plan to start cutting interest rates soon. Job growth averaged 174,000 a month in the 12 months that ended in March — a drop of 68,000 a month from the 242,000 that were initially reported. The revisions are preliminary, with final numbers to be issued in February next year.

Stock market today: Wall Street holds steady after Target and other retailers top profit forecasts

NEW YORK (AP) — U.S. stocks are holding relatively steady after more big companies delivered profit reports that topped analysts’ expectations. The S&P 500 rose 0.3% in Wednesday morning trading. The Dow Jones Industrial Average slipped 5 points, and the Nasdaq composite added 0.4%. Target jumped after topping profit expectations for the spring. But Macy’s dropped after it cut its forecast for sales this year due in part to more discriminating shoppers. Treasury yields were moving relatively little as investors wait for the week’s main event, which will arrive Friday. That’s when Federal Reserve Chair Jerome Powell will give a speech about interest rates.

Canadian freight trains could stop moving Thursday. If they do, many businesses will be hurt

TORONTO (AP) — Businesses across a variety of industries are bracing for freight trains to stop moving Thursday at both major Canadian freight railroads if they can’t resolve a contract dispute. The impact will be widespread because so many companies rely on Canadian National and CPKC railroads to deliver their raw materials and finished products. Railroads delivered more than 375 million tons of freight in Canada last year. More than 32,000 rail commuters in Toronto, Montreal and Vancouver will also be affected because those trains operate on CPKC tracks. Prime Minister Justin Trudeau has been reluctant to force the Teamsters Canada Rail Conference to accept a deal.

China opens investigation into EU dairy exports as trade tensions flare

BEIJING (AP) — European milk and cheese producers have become the latest target in a simmering trade war with China. The Chinese Commerce Ministry said Wednesday that it would launch an investigation into subsidies given by the European Union and EU member countries for dairy products that could lead to tariffs on their export to China. The announcement came one day after the EU released a draft decision to finalize tariffs on electric vehicles made in China, in a follow-up to provisional tariffs announced last month. The tariffs have been denounced by the Chinese government and automakers and threaten to set back the industry’s efforts to go global.

A new setback hits a Boeing jet: US will require inspection of pilot seats on 787s

WASHINGTON (AP) — Boeing is suffering setbacks on one of its planes that’s already in use and on a new model of its popular 777 jetliner. Federal safety officials said this week they will require inspections of cockpit seats on Boeing 787 Dreamliners. That’s after one of the jets went into a dive when the captain’s seat moved accidentally and disconnected the autopilot system. The incident happened during a Latam Airlines flight between Australia and New Zealand in March. The Federal Aviation Administration is requiring inspections of the seats. Separately, Boeing is halting test flights of its new 777-9 jetliner after finding damage to a structural component between the engine and the rest of the plane.

Shein sues Temu over copyright infringements as the legal feud between the two companies heats up

Online fast-fashion giant Shein is suing its competitor Temu once again, accusing the China-founded shopping platform of stealing its designs, product images and engaging in other types of fraud. The complaint was filed in a Washington federal court this week. It alleges that Temu, which has grown in popularity in the U.S. for its low-cost products, has been subsidizing those products by encouraging its sellers to offer counterfeited items, stolen designs and sub-standard products. The allegations come as Shein itself is facing lawsuits from other brands and designers for intellectual property infringements. A spokesperson for Temu accused Shein of fabricating the accusations against the company.

She didn’t see her Black heritage in crossword puzzles. So she started publishing her own

NEW YORK (AP) — It all started a couple of years ago when Juliana Pache got stuck while doing a crossword puzzle, the clue making a reference she wasn’t familiar with. It made her think about what a crossword puzzle would look like if it included more of some subjects that she WAS familiar with – Black history, Black popular culture. Then Pache decided to make it. That led to her creating blackcrossword.com in January 2023, a site that offers a free mini-crossword puzzle every day. This month marks the release of her first book, “Black Crossword: 100 Mini Puzzles Celebrating the African Diaspora.”