Business News

Donald Trump has sweeping plans for a second administration. Here’s what he’s proposed

WASHINGTON (AP) — Donald Trump has promised sweeping action in a second administration. His approach would not only crack down on illegal immigration but curtail immigration overall. He rails against federal rules, but his policies could often lead to more rather than less federal power. He talks about ending federal taxes on workers’ tips and Social Security.

Stocks and bitcoin jump after Trump’s victory. So do worries about inflation as Dow surges 1,300

NEW YORK (AP) — The U.S. stock market, Elon Musk’s Tesla, banks and bitcoin are storming higher as investors bet on what Donald Trump’s return to the White House will mean for the economy and world. Among the losers the market sees on Wednesday: solar energy companies and potentially anyone worried about higher inflation. The S&P 500 rose 2% and was on track to top its all-time high set last month. The Dow Jones Industrial Average jumped 1,304 points, or 3.1%, and the Nasdaq composite rose 2.3%. Investors expect Trump’s victory to lead to faster economic growth and more market-friendly policies.

Trump win ignites crypto frenzy that sends bitcoin to a record high

LONDON (AP) — The price of bitcoin has hit a new high as investors bet that former President Donald Trump’s victory in the U.S. presidential election will be a boon for cryptocurrencies. Bitcoin jumped nearly 8% in early trading, climbing above $75,000 and smashing the previous record set in March. Other cryptocurrencies like ether also soared. So did shares of crypto-related companies like Coinbase. Trump has has pledged to make America “the crypto capital of the planet” and create a strategic reserve of bitcoin. Ahead of the election, he also launched a new venture to trade cryptocurrencies called World Liberty Financial.

Iran’s currency falls to an all-time low as Trump clinches the US presidency

TEHRAN, Iran (AP) — Iran’s currency has fallen to an all-time low as former President Donald Trump clinched the U.S. presidency again. The rial traded on Wednesday at 703,000 rials to the dollar. In 2015, at the time of Iran’s nuclear deal with world powers, it was at 32,000 to $1. Trump unilaterally withdrew America from the accord in 2018, sparking years of tensions between the countries that persist today. Iran’s economy has struggled for years under crippling international sanctions over its rapidly advancing nuclear program, which now enriches uranium at near weapons-grade levels. By midday in the Middle East, Trump was elected the 47th president of the United States.

AP VoteCast: Voter anxiety over the economy and a desire for change return Trump to the White House

WASHINGTON (AP) — A disaffected electorate wanted former President Donald Trump to return to the White House, a blatant rejection of Vice President Kamala Harris and her nearly four years with President Joe Biden. The Republican’s victory came from a public so put off by America’s trajectory that they welcomed his brash and disruptive approach. About 3 in 10 voters said they wanted total upheaval in how the country is run, according to AP VoteCast, a survey of more than 120,000 voters nationwide. And even if they weren’t looking for something that dramatic, more than half of voters overall said they wanted to see substantial change.

Tesla shares soar 13% as Trump win sets stage for Elon Musk’s electric vehicle company

NEW YORK (AP) — Shares of Tesla soaring after an election that will send Donald Trump back to the White House, an outcome that has been strongly backed by CEO Elon Musk in the closing months of the race. Tesla stands to make significant gains under a Trump administration due to its size, with the expectation that subsidies for alternative energy and electric vehicles will be threatened. While that would be a negative overall for the industry, it could give Tesla an advantage because of its market share. Shares of Tesla spiked 13%, while shares of rival EV makers fell.

CVS Health Q3 profit misses estimates, company names new leaders at 2 divisions

AP Health Writer (AP) — CVS Health on Wednesday posted a miss in third-quarter profit and named executives for two key divisions. The company earned $87 million in the three months ended in September, down 96% from a year ago. Results were weighed down by hefty restructuring charges. On an adjusted basis, earnings per share totaled $1.09, missing the average Street forecast of $1.44 per share. Revenue rose 6.3% to $95.43 billion. CVS Health had warned Wall Street last month that the third quarter would turn out worse than expected. The company also named a former UnitedHealth executive to head its Aetna business.

Japanese automaker Honda reports lower profits as China sales decline

TOKYO (AP) — Honda said its profits slipped nearly 20% in the first half of the fiscal year from the same period the previous year, as sales suffered in China, the Japanese automaker. Honda Motor Co.’s April-September profits totaled 494.68 billion yen ($3.2 billion), declining from 616 billion yen for the same period the previous year, on 10.8 trillion yen ($70.5 billion) in sales, up from 9.6 trillion yen. Although Honda sold more motorcycles globally in the first fiscal half, boosted by healthy demand in Asia, its car sales fell, especially in China, company officials told reporters. Honda lowered its profit forecast for the fiscal year through March by 50 billion yen ($330 million) to 950 billion yen ($6.2 billion).

Hit by scandal, Japan’s top automaker Toyota reports lower profits

TOKYO (AP) — Toyota’s July-September profit has sunk to less than half of what it was in the same period the previous year, as a production stoppage that followed a certification scandal and recalls dented vehicle sales. The Japanese automaker said on Wednesday that its quarterly profit totaled 573.7 billion yen, or $3.7 billion. Toyota, which makes the Camry sedan and Lexus luxury models, suspended production on some models after acknowledging wide-ranging fraudulent testing, including the use of inadequate or outdated data in crash tests, as well as incorrect testing of airbag inflation. Toyota expects to sell 10.85 million vehicles for this fiscal year, down from more than 11 million vehicles last year.

Boeing’s machinists strike is over but the troubled aerospace giant still faces many challenges

SEATTLE (AP) — Factory workers at Boeing have voted to accept a contract offer and end their strike after more than seven weeks. That clears the way for the company to restart idled Pacific Northwest assembly lines. But the strike was just one of many challenges the troubled U.S. aerospace giant faces as it works to return to profitability and regain public confidence. The strike started in mid-September and deprived the company of much-needed cash by shutting down production at its factories in the Pacific Northwest. The union says the machinists it represents can return to work as soon as Wednesday.