Business News

Federal Reserve is set to cut rates again while facing a hazy post-election outlook

WASHINGTON (AP) — No one knows how Tuesday’s presidential election will turn out, but the Federal Reserve’s move two days later is much easier to predict: With inflation continuing to cool, the Fed is set to cut interest rates for a second time this year. The Fed’s future actions, though, will become more unsettled once a new president and Congress take office in January, particularly if Donald Trump were to win the White House again. Trump’s proposals to impose high tariffs on all imports and launch mass deportations of unauthorized immigrants and his threat to intrude on the Fed’s normally independent rate decisions could send inflation surging, economists have said.

Boeing machinists hold contract vote that could end their 7-week strike

Unionized factory workers at Boeing are voting whether to accept a contract offer or to continue their strike. The walkout has lasted more than seven weeks, shut down production of most Boeing passenger planes and cut off a key source of cash for the company. A Seattle-based district of the International Association of Machinists and Aerospace Workers is recommending that its members approve the Boeing offer on Monday. It would raise pay rates by 38% over four years. Workers also would receive ratification and productivity bonuses. However, Boeing didn’t meet their demand to restore a pension plan that was frozen nearly a decade ago.

The UAE opens its annual oil-and-gas summit as industry weathers Mideast wars and awaits US election

ABU DHABI, United Arab Emirates (AP) — The United Arab Emirates has opened its annual oil-and-gas summit as it plans to increase energy output even as global prices have fallen. The massive Abu Dhabi International Petroleum Exhibition and Conference comes after the UAE just last year hosted the United Nations COP28 climate talks. Those talks ended with a call by nearly 200 countries to move away from planet-warming fossil fuels — the first time the conference made that pledge. But the UAE as a whole still plans to increase its production of oil to 5 million barrels a day. Meanwhile, UAE officials made a point to dodge any questions about the U.S. election while maintaining their close ties to Russia despite Moscow’s war on Ukraine.

Many retailers offer ‘returnless refunds.’ Just don’t expect them to talk much about it

It’s one of the most under-publicized policies of some of the biggest U.S. retailers: sometimes they give customers full refunds and let them keep unwanted items too. Returnless refunds are a tool that more retailers are using to keep online shoppers happy and to reduce shipping fees, processing time and other ballooning from mountains of returned products. Companies such as Amazon, Walmart and Target have decided some items are not worth the cost or hassle of getting back. Think a $20 T-shirt that might cost $30 in shipping and handling to recover. While the practice is not exactly a trade secret, the way it works is shrouded in mystery.

US agency ends investigation into Ford engine failures after recall and warranty extension

DETROIT (AP) — U.S. auto safety regulators have ended an investigation into Ford engine failures after the company replaced engines or extended the warranty on some vehicles. The National Highway Traffic Safety Administration says in documents that it traced the problem to intake valves that can fracture inside some 2.7-liter and 3-liter turbocharged engines. The probe covered more than 411,000 vehicles from the 2021 and 2022 model years including the F-150 Bronco, Edge and Explorer as well as the Lincoln Aviator and Nautilus. Ford said the problem was limited to valves made during five months in 2021. Earlier this year Ford recalled about 91,000 vehicles. They’ll be tested and get a new engine if needed. The company also extended the warranty on the recalled vehicles to 10 years or 150,000 miles.

You may have blocked someone on X but now they can see your public posts anyway

Elon Musk’s X has been modified so that accounts you’ve blocked on the social media platform can still see your public posts. X updated its Help Center page over the weekend to explain how blocking now works on the site. While you can still block accounts, those accounts will now be able to see your posts unless you have made your account private. They won’t be able to reply to them or repost them. Blocked accounts also won’t be able to follow you and you won’t be able to follow them, as has been the case before the policy change.

China files complaint at World Trade Organization over EU tariffs on Chinese electric vehicles

GENEVA (AP) — China has moved forward with a complaint at the World Trade Organization that alleges the European Union has improperly set anti-subsidy tariffs on new Chinese-made electric vehicles. The Chinese diplomatic mission to the WTO said Monday it “strongly opposes” the measures. It insisted its move was designed to protect the EV industry and support a global transition toward greener technologies. The European bloc announced last week it was imposing import duties of up to 35% on electric vehicles from China.

A TV as big as a bed? With the holidays approaching, stores stock more supersize sets

NEW YORK (AP) — For some television viewers, size apparently does matter. Forget the 65-inch TVs that were considered bigger than average just a few years ago. In time for the holidays, manufacturers and retailers are rolling out more XXL screens measuring more than 8 feet across. That’s wider than a standard three-seat sofa or a king-size bed. Supersize TVs only accounted for 1.7% of overall TV revenues in the U.S. during the first nine months of the year., according to market research firm Circana. But companies preparing for shoppers to go big for Christmas, Hanukkah and Kwanzaa have reason to think the growing ultra category will be a bright spot in an otherwise tepid television market, according to analysts.

Stock market today: Wall Street drifts ahead of Election Day and a manic week for markets

NEW YORK (AP) — U.S. stock indexes drifted lower ahead of a momentous week full of potential flashpoints in Washington, D.C., and around the world. The S&P 500 slipped 0.3% Monday, even though most of the stocks within the index rose. The Dow Jones Industrial Average fell 0.6%, and the Nasdaq composite dipped 0.3%. Beyond Election Day in the United States on Tuesday, the Federal Reserve will also be meeting on interest rates later this week. Investors also hope the Chinese government may announce stimulus for the world’s second-largest economy. Crude prices rose after oil-producing nations delayed planned increases to their production.

TGI Fridays files for bankruptcy protection as sit-down restaurant struggles continue

Restaurant chain TGI Fridays says it has filed for bankruptcy protection as it looks for ways to “ensure the long-term viability” of the casual dining brand. The Dallas-based company filed for Chapter 11 bankruptcy protection in a Texas federal court Saturday. Executive Chairman Rohit Manocha said in a statement that the “primary driver of our financial challenges resulted from COVID-19 and our capital structure.” Sit-down chain restaurants more broadly have faced challenges in recent years as diners choose to get food delivered or visit upscale fast-food chains.