NEW YORK (AP) — Stocks closed lower on Wall Street, adding to their recent losses as traders realized how determined the Federal Reserve was to keep interest rates high to fight inflation. The S&P 500 fell almost 1% on Monday. Technology companies were the biggest drag on the index. The Nasdaq and the Dow Jones Industrial Average also fell. This week, investors will receive more updates on the economy, including the government’s monthly jobs report on Friday and a reading on consumer confidence on Tuesday from the Conference Board. European markets were also down and Asian markets closed lower overnight. Treasury yields were higher.
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“Duct tape or chewing gum:” Twitter failings reverberate around the world
SAN FRANCISCO (AP) — Twitter at its best is a tool for getting a message across quickly, efficiently, and directly, whether you’re an activist or a local fire department. But it’s also a constant calculation of risk and reward. An explosive whistleblower report from Twitter’s former security chief alleges the social media company has been negligently lax on cybersecurity and protecting the privacy of its users for years . The revelations could be of particular concern for those using it to reach constituencies, disseminate emergency information as well as political dissidents and activists in the crosshairs of hackers or other malicious actors.
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Elon Musk subpoenas Twitter whistleblower ahead of trial
WILMINGTON, Del. (AP) — Elon Musk’s legal team is asking to hear from a whistleblower former Twitter executive who could help bolster Musk’s case for walking away from a $44 billion deal to buy the social media company. Former Twitter security chief Peiter Zatko — also known by his hacker name “Mudge” — received a subpoena from Musk’s team on Saturday, according to Zatko’s attorney and court records. The billionaire CEO of Tesla has spent months alleging that the company he agreed to acquire underestimated his fake accounts and spam – and that he shouldn’t have to close the deal as a result.
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LG and Honda set up US joint venture to make electric vehicle batteries
TOKYO (AP) — Major South Korean battery maker LG and Japanese automaker Honda are investing $4.4 billion in a joint venture to produce batteries for Honda electric vehicles in the North American market. They say the factory’s US location is still undecided. Construction is due to begin in early 2023, with mass production of advanced lithium-ion battery cells expected to start by the end of 2025. Closing of the deal is subject to regulatory approval. They say the plant will produce batteries exclusively for Honda vehicles assembled in North America, including the company’s luxury Acura brand.
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FTC accuses data broker of selling sensitive location data
WASHINGTON (AP) — Federal regulators have sued a data broker they accuse of selling sensitive geolocation data from millions of mobile devices. The data can be used to identify people and track their movements to and from sensitive locations, including reproductive health clinics, homeless shelters and places of worship. The Federal Trade Commission sued Idaho-based Kochava Inc. on Monday amid heated debate over the privacy of people who may seek abortions following the Supreme Court’s June ruling ending constitutional protections for abortion. The data brokerage industry has come under intense scrutiny from Congress and regulators.
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EU and German leaders commit to reform to reduce electricity prices
BERLIN (AP) — The European Union’s chief executive and German Chancellor have pledged to reform the continent’s electricity market to help bring down electricity prices that have been pushed to the bottom. increase by soaring gas prices. European Commission President Ursula von der Leyen said in a speech in Bled, Slovenia on Monday that “soaring electricity prices are now revealing the limits of the current design of our electricity market.” . She said it was developed for different circumstances, and “that’s why we are now working on emergency response and structural reform of the electricity market.”
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Walmart seeks to dismiss FTC lawsuit over money transfers
NEW YORK (AP) — Walmart has filed a motion to dismiss a Federal Trade Commission lawsuit that accuses the retailer of allowing scammers to use its money transfer services. He says the lawsuit is a blatant example of agency overreach. In its lawsuit filed in June, the FTC alleged that for years Walmart failed to properly secure the money transfer services offered in its stores. In a 41-page filing Monday, the nation’s largest retailer said the agency had no constitutional authority to sue for money or an injunction. Walmart also argues that the agency is trying to twist regulations aimed at prosecuting telemarketers and those who actively help them, neither of which Walmart is.
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3 of the 12 railway unions announce an agreement in principle with increases of 24%
OMAHA, Neb. (AP) – Three of 12 unions negotiating with the nation’s largest freight railroads have reached a tentative agreement that includes 24% wage increases. This matches what a special presidential panel of arbitrators recommended earlier this month to resolve the impasse before a strike occurs. The tentative agreement announced on Monday covers more than 15,000 workers. But the two biggest railway unions which represent engineers and conductors say they have still not been able to reach an agreement. The railroads have until mid-September to reach agreements with all of their unions before federal law allows them to go on strike. But if it gets to that point, Congress should step in to keep the trains moving.
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Labor board rules Tesla must allow workers to wear union clothes
DETROIT (AP) — The National Labor Relations Board found that Tesla could not prevent factory workers from wearing clothing with union badges while on the job. In a 3-2 decision released Monday, the board overturned a 2019 NLRB ruling involving Walmart and union apparel. The council wrote that a 1945 Supreme Court decision set the precedent for authorizing clothing. He ordered Tesla to stop enforcing what he called an overly broad one-size-fits-all policy that effectively bars production workers from wearing black shirts with the United Auto Workers union logo. Messages were left Monday seeking comment from Tesla and the union.
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The S&P 500 fell 27.05 points, or 0.7%, to 4,030.61. The Dow Jones Industrial Average fell 184.41 points, or 0.6%, to 32,098.99. The Nasdaq fell 124.04 points, or 1%, to 12,017.67. The Russell 2000 Small Business Index fell 16.89 points, or 0.9%, to 1,882.94.
