NEW YORK (AP) — Adidas has ended its partnership with the rapper formerly known as Kanye West for his offensive and anti-Semitic remarks. The German sportswear company said in a statement on Tuesday that it “does not tolerate anti-Semitism and any other type of hate speech” and called Ye’s recent comments and actions “unacceptable, hateful and dangerous”. It comes after Adidas came under pressure to sever ties with Ye, with celebrities and others on social media urging the company to take action. He said earlier this month that he was placing his lucrative sneaker contract with the rapper under review. Adidas is just the latest company to end its relationship with Ye, who has also been suspended from Twitter and Instagram.
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Renters face a charging dilemma as US cities shift to electric vehicles
PORTLAND, Ore. (AP) — Americans who live in apartments without private garages wrap extension cords on sidewalks and line up at public charging stations to power their electric vehicles. Electric vehicles are growing in popularity amid tax incentives and high gas prices, but how and where to charge remains a dilemma that stands in the way of most renters. Cities from Portland to Los Angeles to New York are scrambling for solutions, from installing hundreds of public charging stations on streetlights and utility poles to updating building codes to require electrified parking spaces in future apartment complexes and mixed-use developments.
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Google’s ad sales slow dramatically, eroding parent profits
SAN FRANCISCO (AP) — Google’s parent company’s summer revenue growth slipped to its slowest pace since the pandemic rocked the economy more than two years ago. Tuesday’s quarterly results from Alphabet indicate that advertisers have continued to restrain spending and prepare for a possible recession. Alphabet posted revenue of $69.1 billion for the July-September quarter, an increase of 6% over the same period last year. This is the first time that Alphabet’s quarterly revenue has increased by less than 10% since the April-June 2020 period. The slowdown in revenue dampened Alphabet’s quarterly profit, which fell 27% from the previous ‘last year. Shares of the company fell nearly 6%.
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Microsoft profits down 14% as Windows hit by weak PC sales
REDMOND, Wash. (AP) — Microsoft on Tuesday reported a 14% decline in profit for the July-September quarter compared to the same period last year, reflecting a weak market for personal computers affecting its Windows business. The company reported quarterly net income of $17.6 billion, or $2.35 per share, still slightly beating Wall Street expectations despite posting weaker results than a year ago. The Redmond, Wash.-based software maker posted revenue of $50.1 billion, up 11% from a year ago, also beating expectations. Analysts had expected Microsoft to earn $2.31 a share on revenue of $49.7 billion for the quarter.
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China’s economic growth picks up but remains weak due to lockdowns
BEIJING (AP) — China’s economic growth accelerated in the last quarter, but was still among the slowest in decades as the country grappled with repeated city shutdowns to fight disease outbreaks. of viruses. Official data released on Monday showed the world’s second-largest economy grew 3.9% from a year earlier in the three months to September, down from 0.4% in the previous quarter. For the first nine months of the year, growth was 3% compared to a year earlier. The announcement was scheduled last week at a congress of the ruling Communist Party, but was postponed without explanation.
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GM Avoids Economic Headwinds; Third-quarter profit jumps nearly 37%
DETROIT (AP) — General Motors’ third-quarter net profit rose 36.6% as vehicle sales began to rebound from ongoing parts supply chain issues. The Detroit automaker said it earned $3.3 billion from July to September, up from $2.42 billion a year earlier. The increase was fueled largely by a 24% sales increase for the quarter in the United States, by far GM’s most profitable market. The company said it was seeing an improvement in the supply of computer chips, allowing it to build more vehicles and increase inventory on dealer lots. Excluding one-time items, GM earned $2.25 a share, beating estimates of $1.88. GM reiterated its full-year guidance for annual net income of $9.6 billion and $11.2 billion. GM still expects pretax revenue of $13 billion to $15 billion.
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Record number of Americans have bank accounts, government says
NEW YORK (AP) — The number of Americans without bank accounts fell to a record low last year as the proliferation of online-only banks and an improving economy bring more Americans in the traditional financial system. A new report from the Federal Deposit Insurance Corp. published on Tuesday revealed that 4.5% of Americans – representing about 5.9 million households – did not have a bank account in 2021. This is the lowest level since the FDIC began tracking data in 2009 and down 5.4% Americans in 2019 survey data.
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US consumer confidence plummets in October
WASHINGTON (AP) — U.S. consumers were less confident this month as worries about inflation re-entered after receding in recent months. The Conference Board reported Tuesday that its consumer confidence index fell to 102.5 in October from 107.8 in September. Consumers had grown more confident in the previous two months as rising gasoline prices moderated slightly, although prices for other essentials remained high. The business research group’s Current Situation Index – which measures consumers’ assessment of current business and labor market conditions – fell sharply to 138.9 from 150.2 in September. Short-term consumer prospects have also diminished.
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Stocks end higher on Wall Street as earnings rise
Stocks closed higher on Wall Street, marking the third consecutive gain for the S&P 500. The benchmark had been unable to string together more than two consecutive gains since mid-September. Tuesday’s gains came as the stream of corporate earnings reports intensified. The S&P 500 climbed 1.6%. The Dow Jones Industrial Average gained 1.1% and the Nasdaq rose 2.3%. Smaller company stocks performed even better. General Motors rose after posting strong results, while packaging maker Crown Holdings fell sharply after its latest earnings fell short of estimates. Treasury yields continued to retreat from their multi-year highs.
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The S&P 500 gained 61.77 points, or 1.6%, to 3,859.11. The Dow Jones Industrial Average added 337.12 points, or 1.1%, to 31,836.74. The Nasdaq rose 246.50 points, or 2.3%, to 11,199.12. The Russell 2000 Small Business Index rose 47.76 points, or 2.7%, to 1,796.16.
