Business News

Trump wants to lure foreign companies by offering them access to federal land

SAVANNAH, Ga. (AP) — Donald Trump’s new idea to lure foreign companies to the U.S. is to offer them access to federal land. In a visit to Georgia on Tuesday, the former president and GOP presidential nominee is set to unveil what is billed as “a pitch to foreign companies” to revive manufacturing. Up until now, Trump has mostly framed his economic approach with measures to punish companies that take their businesses offshore. It is unclear whether foreign companies would be attracted by some of these incentives he says he will adopt if elected to the White House. 

American consumers are feeling less confident as concerns about jobs take center stage

WASHINGTON (AP) — American consumers are feeling less confident this month and concerns about jobs rose significantly. The Conference Board, a business research group, said Tuesday that its consumer confidence index fell to 98.7 in September, from 105.6 in August. It was the biggest month=to-month decline since August of 2021. The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months. The measure of Americans’ short-term expectations for income, business and the job market fell to 81.7 from 86.3 in July. A reading under 80 can signal a potential recession in the near future. Consumers’ view of current conditions fell to 124.3 in September from 134.3 last month.

Almost all small businesses are using a software tool that is enabled by AI

NEW YORK (AP) — More small firms say they’re harnessing AI to help their businesses. In a survey by The U.S. Chamber of Commerce and Teneo, nearly every small business — 98% — said they are utilizing a tool that is enabled by AI. Forty percent said they’re using generative AI tools like chatbots and image creation, nearly double from last year’s survey. Small business owners say finding the right AI tools helps them save on personnel costs and frees up time. But it’s important to find the tool that works for you, and human oversight is still key.

Stock market today: Wall Street hangs near its records after Chinese stocks soar

NEW YORK (AP) — U.S. stocks are hanging near their records after a survey showing U.S. shoppers are feeling increasingly worried took some of the shine off a big day for financial markets. The S&P 500 slipped 0.1% in Tuesday morning trading, a day after setting a record for the 40th time this year. The Dow Jones Industrial Average rose 60 points and was likewise coming off a record. The Nasdaq composite fell 0.4%. Treasury yields fell following the weaker-than-expected data on U.S. consumer confidence. Stocks in China and prices for commodities rallied following a slew of moves by China’s central bank to prop up the world’s second-largest economy.

TikTok removes Russian state media accounts for ‘covert influence operations’ ahead of US election

TikTok has removed accounts associated with Russian state media for engaging in “covert influence operations” on the social media platform ahead of the U.S. presidential election. The company said Monday the changes affect accounts associated with TV-Novosti, the parent organization of the Russian state media RT. It also targets Rossiya Segodnya, the entity behind Kremlin news agencies RIA Novosti and Sputnik. Washington has said that Moscow remains the primary threat to elections. TikTok’s announcement came a week after Meta Platforms, which owns Facebook, WhatsApp and Instagram, said it was banning Rossiya Segodnya, RT and other related entities from its apps.

The Fed sees its inflation fight as a success. Will the public eventually agree?

WASHINGTON (AP) — With its larger-than-usual half-point cut to its key interest rate last week, the Federal Reserve underscored its belief that it’s all but conquered inflation after three long years. The public at large? Not so much. Consumer surveys show that most Americans remain unhappy with the economy, still bruised by an inflation rate that hit a four-decade high two years ago as the economy rebounded from the pandemic recession. Yet in the view of some economists, the shift toward steadily lower borrowing rates could eventually boost consumer sentiment. Inflation has sunk for more than two years and is nearly back down to the Fed’s 2% target. Though that means overall prices are still rising, they’re doing so much more slowly.

Tugboat powered by ammonia sails for the first time, showing how to cut emissions from shipping

KINGSTON, N.Y. (AP) — A tugboat powered by ammonia sailed for the first time Sunday in the Hudson River to show how the maritime industry can slash planet-warming carbon dioxide emissions. The tugboat used to run on diesel fuel. The New York-based startup company Amogy bought the 67-year-old ship to power it in a new, carbon-free way using ammonia and an electric fuel cell. The tugboat’s first sail is a milestone in a race to develop zero-emissions propulsion. Emissions from shipping have increased over the last decade — to about 3% of the global total according to the United Nations— as vessels have gotten much bigger, delivering more cargo per trip, using immense amounts of fuel oil.

China says it will investigate fashion firm PVH for suspected boycott of Xinjiang products

BEIJING (AP) — China’s Commerce Ministry says it will investigate the fashion company PVH, which owns brands like Tommy Hilfiger and Calvin Klein, for suspected violations of trade rules. The ministry said in statements posted online that it would investigate the American company’s suspected boycott of products from the far western Xinjiang region, where China’s ruling Communist Party is accused of holding members of mostly Muslim ethnic groups in detention camps. Washington has blocked some imports from Xinjiang, while Beijing has protested against such moves. A statement on PVH’s website says the company complies with laws and regulations wherever it does business, “including with respect to U.S. government policy regarding the Xinjiang” region.

Boeing makes a ‘final offer’ to striking workers, but union says it’s not good enough

Boeing is making what it calls a “best and final offer” to striking union machinists, but the union says it won’t vote by Boeing’s deadline. The proposed contract put out on Monday includes bigger raises and larger bonuses than the offer union members overwhelmingly rejected this month. But the machinists’ union says the offer doesn’t go far enough. The union says it played no role in coming up with the new proposal, and there’s not enough time to study the proposal and vote by Boeing’s Friday night deadline. About 33,000 Boeing workers began their strike more than a week ago.

Phone deal for visiting fans at 2026 World Cup part of Verizon sponsor pact with FIFA

GENEVA (AP) — Soccer fans arriving in North America for the 2026 World Cup have been promised help with their cell phone coverage. Telecoms giant Verizon has signed a sponsor deal with FIFA. It covers the men’s 2026 World Cup in North America and the 2027 Women’s World Cup in Brazil. Verizon says FIFA expects three million international visitors to the United States, Canada and Mexico for the 48-team tournament from June 11-July 19, 2026. The New York-based technology provider’s CEO Hans Vestberg promises “a seamless handover to the phones coming in with what we call a ‘soft SIM.’”