Oct 25, 2023 By Ap 7 min read

Autoworkers reach a deal with Ford, a breakthrough toward ending strikes against Detroit automakers

DETROIT (AP) — The United Auto Workers union says it has reached a tentative contract agreement with Ford that could be a breakthrough to end the nearly 6-week-old strikes against Detroit automakers. The four-year deal still has to be approved by 57,000 union members at the company. It could bring a close to the union’s series of strikes at targeted factories run by Ford, General Motors and Jeep maker Stellantis. The Ford deal could set the pattern for agreements with the other two automakers, although no other agreements were announced Wednesday.

Sam Bankman-Fried plans to testify at his New York fraud trial, his lawyer says

NEW YORK (AP) — A lawyer for Sam Bankman-Fried says the FTX founder plans to testify at his fraud trial. Attorney Mark Cohen said during a conference call between lawyers and the Manhattan federal court judge on Wednesday that Bankman-Fried will take the stand after three other defense witnesses testify beginning Thursday. Prosecutors have relied on former executives at Bankman-Fried’s companies to build a case that Bankman-Fried conspired with others to steal billions of dollars from his customers and investors over several years. The 31-year-old California man has pleaded not guilty to all charges. He was extradited last December from the Bahamas to face charges.

Bitcoin prices have doubled this year and potentially new ways to invest may drive prices higher

NEW YORK (AP) — Bitcoin is having another moment. The world’s largest cryptocurrency soared to almost $35,000 this week, marking its highest value in nearly 18 months. The recent rally for volatile bitcoin coincides with the prospect of exchange-traded funds being launched based on spot bitcoin. Industry advocates say that could make entering the cryptoverse easier, while lowering some of the well-documented risks associated with investing in cryptocurrencies. A green light from federal regulators hasn’t arrived yet, but recent wins for some crypto fund managers with their applications for bitcoin ETFs have improved odds that approval could be down the road, and perhaps in the coming months. Still, much remains uncertain.

Facebook parent Meta posts sharply higher profit in 3Q thanks to increase in ad revenue

Facebook parent Meta has posted sharply higher earnings for the third quarter, boosted by an increase in advertising revenue and lower expenses after it laid off thousands of workers. The company based in Menlo Park, California, said Wednesday that it earned $11.58 billion in the July-September quarter. That’s up from $4.4 billion a year earlier. Revenue rose 23% to $34.15 billion. Meta said the number of active users on Facebook was 3.05 billion as of Sept. 30, an increase of 3% from a year earlier. The company was sued by 41 states plus the the District of Columbia on Tuesday for harming young people’s mental health.

Boeing loses $1.6 billion on fewer deliveries of airliners and higher costs for Air Force One

Boeing is reporting a loss of $1.64 billion in the third quarter. The company said Wednesday it delivered fewer planes than a year ago, especially its best-seller, the 737 Max. Boeing is lowering its forecast of 737 production for this year. And Boeing is reporting another loss on its contract with the Air Force to build two new presidential jets. Those are 747s that are modified to become Air Force One planes.

Some companies using lots of water want to be more sustainable. Few are close to their targets

WASHINGTON (AP) — Major corporations in water-guzzling industries such as apparel, food and beverage, and tech want to be better stewards of the freshwater resources they use. But a nonprofit that advocates for sustainability said an analysis of 72 companies found that few are close to reaching the targets they have set for themselves by 2030. The nonprofit, Ceres, looked at things including how well the companies protected the quality and quantity of water they used, as well as the ecosystems that supply it. Ceres says there’s no doubt the companies need to do better. The sustainability of water is becoming even more important as droughts, floods and other extreme weather intensified by climate change threaten their supply chains.

Trump is fined $10,000 over a comment he made outside court in his New York civil fraud trial

NEW YORK (AP) — The judge in Donald Trump’s civil fraud trial has fined the former president $10,000. The judge says Trump violated a limited gag order barring personal attacks on court staffers. The fine was issued Wednesday after Trump complained outside court about what he called “a person who’s very partisan sitting alongside” the judge in the case, Arthur Engoron. Weeks ago, Engoron ordered all participants in the case not to comment publicly about his staff. The Oct. 3. gag order came after Trump made a social media post maligned the judge’s principal law clerk, who sits beside him in court. Trump said his comment Wednesday was about witness Michael Cohen, not the clerk. Engoron said Trump’s claim was “not credible.”

Stock market today: Another sharp drop dumps Wall Street back to where it was in May

NEW YORK (AP) — Wall Street fell sharply after rising bond yields tightened their chokehold and some of the most influential companies turned in mixed profit reports. The S&P 500 tumbled 1.4% Wednesday for its eighth loss in the last 10 days. It’s back to where it was in May. Some of the heaviest losses hit Big Tech stocks, which dragged the Nasdaq composite to its second-worst drop of the year, at 2.4%. The Dow Jones Industrial Average fell 105 points. The yield on the 10-year Treasury jumped, while crude oil prices rallied to recover some of their losses from earlier in the week.

Bud Light to return as the UFC’s official beer next year as it recovers from a conservative backlash

NEW YORK (AP) — Bud Light is set to return as the official beer of the UFC in the U.S. next year as the brand tries to recover from a conservative backlash to a promotion with a transgender influencer. The companies announced that under a new multiyear marketing deal between the promoter of mixed martial arts fights and Bud Light maker Anheuser-Busch, the brewer will become the UFC’s “Official Beer Partner” in the U.S. starting Jan. 1. Financial terms of the deal were not disclosed. News of the partnership comes during a rocky year for Anheuser-Busch. The brewer has seen a monthslong sales decline for Bud Light after conservative critics vowed to boycott the brand for sending a commemorative can to transgender influencer Dylan Mulvaney earlier this year.

Dozens of union workers arrested on Las Vegas Strip for blocking traffic as thousands rally

LAS VEGAS (AP) — Thousands of hotel workers fighting for new union contracts rallied on the Las Vegas Strip where at least 58 who were blocking rush-hour traffic have been arrested. Union leaders said that Wednesday night’s demonstration was a stepped-up effort to bring attention to the labor union’s negotiations with three major casino companies. Several dozen workers sat across multiple lanes, stopping cars in both directions before police officers started taking the protesters into custody. Traffic ground to a halt for about a half-hour on one of the most recognizable stretches of the Strip with views of the Bellagio fountain, the Eiffel Tower replica and Caesars Palace. Police say it was a peaceful protest.