Business Highlights: Toy Makers Worries, GM’s Plans




Toy manufacturers are racing to get products on store shelves amid supply bottlenecks

NEW YORK (AP) – Toy companies are racing to get their toys on shelves before the holidays as they face a serious supply network crisis. Toy makers are feverishly looking for containers to ship their goods as they look for new alternative routes and ports. Some fly into toys when they get space on airplanes instead of shipping by ship to get the goods on the shelves. But companies are also grappling with the harsh reality of being unable to make up for delays and leaving some of the particularly bulky Christmas toys in factories in China.


GM aims to double sales and lead the US in electric vehicle sales

WARREN, Mich. (AP) – General Motors plans to make money as the world shifts from internal combustion engines to battery-powered vehicles and promises to double its annual sales for cars and trucks by 2030, as well as services like an electronic driving system that does most of the work on the road can handle. In announcements on Wednesday ahead of a two-day investor event in suburban Detroit, the company also pledged to sell off Tesla and become the leader in electric vehicles in the United States, despite no timeframe given. GM teased upcoming new electric vehicles, including a small Chevrolet SUV that will cost around $ 30,000, as well as electric trucks from Chevrolet and GMC.


Fed up with the pandemic, U.S. food workers go on rare strikes

OMAHA, Neb. (AP) – A summer of labor unrest at U.S. food manufacturers dragged on into fall. Around 1,400 workers at Kellogg Co.’s U.S. grain mills left their jobs this week. A strike of 420 workers against Heaven Hill Distillery in Kentucky is in its fourth week. The actions come in addition to the strikes by Frito-Lay and Nabisco workers this summer. Labor experts say the pandemic has given food workers a rare upper hand. The labor shortage makes them difficult to replace, and the pandemic has put their essential __ and sometimes dangerous __ work in the spotlight.


Ban on negotiations on Medicare drug prices under pressure

WASHINGTON (AP) – Negotiating Medicare drug prices is at the heart of President Joe Biden’s ambitious health agenda. But Congress banned the program from negotiating with drug manufacturers when it created the prescribing advantage. That was nearly 20 years ago, and drugs that cost $ 100,000 a year were rare. Now Biden and the Democrats in Congress want to create an exception for the most expensive drugs with no generic competition and for insulins. Democrats hope to use the expected billion dollar savings on other health care priorities. Drug makers reject the proposal, saying that government pricing would stifle innovation. And similar to other parts of Biden’s agenda, some Democrats have concerns about the Medicare negotiations.


Instagram and Teens: How to Protect Your Children

SAN FRANCISCO (AP) – When whistleblower Frances Haugen revealed internal Facebook studies on Tuesday about the damage her Instagram service can do to teenagers, in particular, she heightened concerns about the popular photo-sharing app. But what can parents do? Trying to get your kids to leave Instagram could be a lost cause. However, experts say there are still some steps parents can take to help children navigate the dangers of social media while also allowing them to chat with their peers on their own terms. These can range from simply keeping communication channels open to setting age limits to monitoring their activity.


Stocks rise as Wall Street shakes off volatility

NEW YORK (AP) – Stocks closed a little higher on Wall Street Wednesday as investors rebounded from nearly a week of high volatility. Large indices made up for early losses after the market reversed its trend when Senator Mitch McConnell offered Democrats a short-term extension of the debt ceiling, temporarily relieving uncertainty about an emerging deadline for the government to avert default. The S&P 500 rose 0.4% and the Dow Jones Industrial Average rose 03% while the Nasdaq Composite closed 0.5% higher. Energy prices fell after a strong rally, which contributed to renewed fears of inflation among investors.


Google: Flight search tool can help you fly “greener”

SILVER SPRING, Md. (AP) – Searching for flights on Google is now “greener”. The technology giant presented a new tool on Google Flights on Wednesday that tells users which flights in a search result have lower CO2 emissions. Flights with significantly lower emissions are marked in green and indicate what percentage they are below the median for this route. Users can search for flights based on carbon footprint and the results show the greenest flights at the top of the list. The new flight function and others are part of a sustainability initiative that Google CEO Sundar Pichai pointed out in a blog post.


The California oil spill renews calls for a ban on offshore drilling

SACRAMENTO, Calif. (AP) – The spill of oil in state waters off the California coast has led to new calls for an end to offshore oil drilling in state and state waters. But that is easier said than done. Neither the long-standing ban on new drilling leases in state waters nor efforts by Congress to ban new leases in federal waters are stopping existing drilling. California Governor Gavin Newsom says it is easier to ban new wells than to wind up existing ones. But he says the oil spill is adding urgency to the state’s efforts to reduce oil production. This also includes issuing more permits to leave wells.


The S&P 500 gained 17.83 points, or 0.4%, to 4,363.55 points. The Dow Jones Industrial Average rose 102.32 points, or 0.3%, to 34,416.99 points. The Nasdaq added 68.08 points, or 0.5%, to 14,501.91. The Russell 2000 Small Business Index fell 13.40 points, or 0.6%, to 2,214.96 points.



Leave A Reply