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Myung Chun/Los Angeles Times/Los Angeles Times/TNS

Surging fuel costs are causing demand destruction, oil trader says

Business / Business News /

The global surge in the cost of fuel is starting to weigh on demand, according to the world’s biggest independent oil trader.

Consumers are being hit by the run-up in gasoline, diesel and other oil products, Mike Muller, head of Asia at Vitol Group, said Sunday on a podcast produced by Dubai-based Gulf Intelligence.

“There’s very clear ...Read more

Abel Uribe/Chicago Tribune/TNS

Illinois town braces for future without steel plant

Business / Business News /

GRANITE CITY, Illinois — News got around quickly in this town across the Mississippi from St. Louis: The steel mill's death knell was sounding again, and this time, the end might really be near.

At the Daylight Donuts down the street from the plant, a group of regulars relayed what they knew. One man said the city would suffer if the plant ...Read more

Illinois throws its hat into the ring for new federal health research agency

Business / Business News /

Illinois leaders are making the case that the Chicago area should be home to a new $1 billion federal agency focused on health research.

Fifteen members of the state’s congressional delegation and Chicago Mayor Lori Lightfoot are throwing their support behind the effort to locate the Advanced Research Projects Agency for Health in the Chicago...Read more

Brad Horrigan/Hartford Courant/TNS

CT governor invites businesses to relocate from states with restrictive abortion policies

Business / Business News /

Gov. Ned Lamont and Lt. Gov. Susan Bysiewicz are linking abortion rights with economic development, issuing an invitation Friday to businesses to leave states with restrictive policies and move to Connecticut where access to abortion has been law for 32 years.

“Now more than ever is the time to look at Connecticut as the future home of your ...Read more

Todd McInturf/The Detroit News/TNS

UAW members challenge Ray Curry for union presidency

Business / Business News /

Instituting direct elections of United Auto Workers' international officials is leading some members to step up and challenge President Ray Curry to the union's top role, even from within Solidarity House.

Passage last year of the "one member, one vote" system by a referendum vote of the membership was brought on by a years-long corruption ...Read more

Daniel Thornberg/Dreamstime/TNS

Will the corn be 'knee-high by the Fourth of July'? Maybe, this year

Business / Business News /

Corn growers — or anyone with a connection to the U.S. corn belt — knows the saying: Knee-high by the Fourth of July.

This sing-song expression for judging a crop's success is at least a century-and-a-half old. Over time, it has grown less accurate a measure with the advancement in seed genetics and a changing climate.

But the spring's ...Read more

Abel Uribe/Chicago Tribune/TNS

What's behind the shortage of peanut butter on grocery store shelves?

Business / Business News /

Where did all the peanut butter go?

Sporadic shortages are hitting store shelves following a massive recall of Jif peanut butter, the nation's top-selling brand. The severity of the shortage depends on where and when you're shopping.

The same factors that created the baby formula shortage are playing a role with this one: The leading brand was...Read more

Susan Stocker/Sun Sentinel/TNS

Independence Day weekend may feel anything but liberating for air travelers this year

Business / Business News /

Airline travelers this Fourth of July weekend may again encounter a national holiday filled with delays and cancellations as air carriers continue to struggle with staffing and other issues that keep planes and customers at the gate.

If the month of June is any indication, this coming weekend, which traditionally sees a spike in the number of ...Read more

Xinhua/Zuma Press/TNS

Tesla braces for delivery slump on China plant shutdown

Business / Business News /

Tesla Inc. is expected to announce quarterly production and delivery figures this weekend that will likely be among the worst of the year — and break its multi-quarter streak of record-setting results — due largely to an extended shutdown of its factory in Shanghai.

The electric vehicle maker may have delivered almost 281,700 vehicles ...Read more

Jose M. Osorio/Chicago Tribune/TNS

Auto Workers hold lots of cards even if US heads for recession

Business / Business News /

General Motors skirted a strike this week that could have affected production of some of its most profitable vehicles. Details of the agreement with about 700 subsystem workers, who deliver parts to the assembly line, aren’t yet public and still have to be ratified. But the close call and tough talks offer a glimpse of what could be coming ...Read more

J. Scott Applewhite/Pool/Getty Images North America/TNS

Michael Hiltzik: The GOP is now complaining about environmentally conscious investing

Business / Business News /

In May, Elon Musk went on the warpath against the investment model known by the initials ESG, short for "environmental, social and governance" principles.

"ESG is a scam," Musk, the chief executive of electric-car maker Tesla, groused in a tweet. "It has been weaponized by phony social justice warriors."

Musk was irked that Tesla had been ...Read more

Ryan Hake/Ryan Hake/TNS

GM's sales drop in Q2, automaker still affirms yearly profit guidance

Business / Business News /

General Motors Co. on Friday reported a 15% year-over-year decline in its second quarter sales when the automaker still remained supply constrained, but the automaker also still expects to deliver $9.6 billion to $11.2 billion in net income this year, according to a Friday filing with the Securities and Exchange Commission.

The automaker ...Read more

Mueller/Cadillac/Cadillac/TNS

Auto review: 2023 Lyriq EV is a return to form for Cadillac

Business / Business News /

It’s hard to remember exactly when Cadillac last lived up to its old advertising tagline, “The Standard of the World.” It was once more than a slogan; it was true.

Certainly, Cadillac sells some excellent rides, such as their new high-performance Blackwing models. But the company has long struggled to regain its former luxury market ...Read more

Kia/Kia/TNS

Auto review: Kia Sportage Hybrid is a fancy family widget

Business / Business News /

The new 2023 Kia Sportage isn’t so much a car as it is a Universal Studios theme park attraction: an affordable look at the latest auto technology that you can do with the whole family: huge screens, semi-autonomous driving, red leather, hybrid-electric power.

My Matte Gray (yes, Matte Gray in a $38,000, non-luxe car) tester looks like it was...Read more

Dreamstime/Dreamstime/TNS

Companies say they'll help employees access abortion. Are they serious about it?

Business / Business News /

After the Supreme Court overturned Roe vs. Wade, a wide swath of corporate America came out with a message for its workforce: We will pay to help you get an abortion in a place where it's still available.

From banking to technology to entertainment, executives vowed to support access to the procedure, some pledging as much as $10,000 to cover ...Read more

Barbara Haddock Taylor/Baltimore Sun/TNS

Baltimore-area Apple and Starbucks workers have led the way in nation and state forming unions. Now what?

Business / Business News /

Workers at the Apple store in Towson, Maryland, won national attention and praise from President Joe Biden after becoming the first of the tech giant’s U.S. employees to unionize. Less than two months earlier, Starbucks baristas in Baltimore’s Mount Vernon neighborhood became the first of the coffee chain’s Maryland employees to organize. ...Read more

Juan Figueroa/The Dallas Morning News/TNS

The Week Ahead: Employment anxiety may not match June jobs data

Business / Business News /

Two recent economic news headlines did their job on me. They raised my economic anxiety level, which already is on edge.

About 10 days ago the Wall Street Journal published an article declaring “More companies start to rescind job offers.” It detailed how several companies have called back new hires to tell them their new jobs have been ...Read more

Rivian Automotive Inc./Rivian Automotive Inc./TNS

EV demand is so hot that Tesla owners are flipping their cars like houses

Business / Business News /

Dennis Wang lost money on his first try, but then he learned from his mistakes.

On his second effort as an electric vehicle flipper, Wang made $4,000. On his third, he hit what he considered the sweet spot, a $7,000 profit. All the deals involved Teslas that Wang bought and resold, flipping them like tickets to a hot concert.

"I have a Model S...Read more

Nicolas Asfouri/Getty Images North America/TNS

Man accused of buying 39 Teslas via $45 million scam with apparent false ties to Elon Musk

Business / Business News /

Authorities arrested a man Wednesday whom federal prosecutors accuse of running a $45 million scam that netted him 39 Teslas and allegedly included false claims that a billionaire electric car company founder — likely Tesla CEO Elon Musk — was involved in the investment scheme.

In a federal grand jury indictment unsealed Wednesday, Neil ...Read more

David Guralnick/The Detroit News/TNS

Economists sour on US outlook after spending stumbles

Business / Business News /

An influx of data showing softer consumer spending, sagging sentiment and subdued manufacturing suggest a U.S. economy with a more fragile foundation, prompting several forecasters to lower their estimates for growth.

Notably, inflation-adjusted personal spending declined in May for the first time this year, and gains in each of the prior four ...Read more