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News reports from around the world.
Optimistic Republicans Map Out First 100 Days Plan For New Congress
Coke’s quarterly revenue and volumes fall but still beat expectations
( ) -q-24- UNDATED (Correspondent Jeremy House) “polled by FactSet.”
Coca-Cola says its third-quarter revenue fell as sales volumes flattened or declined around the world.
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TAG: Correspondent Jeremy House reporting. The company said it raised prices 10% in the July-September period, partly due to hyperinflation in markets like Argentina.
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VERBATIM: Despite the discouraging revenue news, the company still beat Wall Street’s forecasts. Officials say they expect full-year organic revenue to rise 10%, which is at the high end of its previous guidance. The Atlanta beverage giant said its revenue fell 1% to $11.9 billion. That still beat Wall Street’s forecast of $11.6 billion, according to analysts polled by FactSet.
Tesla posts surprise $2 billion Q3 profit, up 17% from a year ago
( ) -q-24- UNDATED (Correspondent Jeremy House) “aging vehicle lineup.”
Tesla’s third-quarter net income rose 17.3% on stronger electric vehicle sales.
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TAG: Correspondent Jeremy House. An optimistic CEO Elon Musk predicted the company would achieve up to 30% sales growth next year. After the results were announced, Tesla’s stock soared almost 12%.
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VERBATIM: The performance changed the trajectory of the year for the Austin, Texas, company, which had seen sales and profits decline in the first two quarters. Tesla says it made $2.17 billion from July through September, more than the $1.85 billion profit a year ago. The earnings came despite price cuts and low-interest financing that helped boost sales of the company’s aging vehicle lineup.
Intel scores fresh win against EU
( ) -q-24- UNDATED (Correspondent Jeremy House) “smaller rival AMD.”
Chipmaker Intel has won a fresh victory in a long-running battle against European Union competition watchdogs.
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TAG: Correspondent Jeremy House reporting.
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VERBATIM: The E-U’s top court confirmed a lower tribunal’s decision to overturn a billion-euro antitrust penalty. The Court of Justice says it upheld the decision to annul the fine issued more than a decade ago. The case dates back to 2009, when the Commission slapped Intel with the 1.06 billion euro fine for allegedly using illegal sales tactics to shut out smaller rival AMD.
Housing on the ballot: Harris, Trump push different plans for tackling housing affordability crisis
( ) -q-29- UNDATED (Correspondent Jeremy House) “first-time homebuyers.”
Millions of Americans can’t afford to buy a home or rent a suitable apartment, making housing a central issue for voters in the upcoming presidential election.
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TAG: Correspondent Jeremy House reporting. Economists say the campaigns’ platforms offer some good ideas, but no sure fixes to the housing market’s longstanding challenges.
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VERBATIM: The Harris and Trump campaigns have laid out plans aimed at boosting home construction. GOP presidential nominee Donald Trump says he would give tax incentives for homebuyers and cut “unnecessary” regulations on home construction, among other moves. Harris says she would also give tax incentives to build 3 million additional homes and rentals, and $25,000 in down-payment assistance for first-time homebuyers.
Starbucks reports weak quarterly results despite the arrival of Pumpkin Spice Latte season
( ) -q-24- UNDATED (Correspondent Jeremy House) “China and elsewhere.”
It’s been a disappointing start to Pumpkin Spice Latte season for Starbucks.
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TAG: Correspondent Jeremy House reporting. The results were preliminary. Starbucks plans to release full results for the July-September period and to host a conference call with investors on October 30.
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VERBATIM: The Seattle coffee giant reports weaker-than-expected sales in its fiscal fourth quarter, which ended on September 29. It also said it would suspend financial guidance for its 2025 fiscal year to give its new Chairman and CEO time to assess the business. Starbucks said its fourth-quarter revenue fell 3% as it saw weaker customer traffic in the U.S., China and elsewhere.
Taxpayers will get bigger standard deductions in 2025, but with smaller boosts than recent years
( ) -q-27- UNDATED (Correspondent Jeremy House) “the year prior.”
U.S. taxpayers will again see higher standard deductions for 2025, allowing them to shield more of their money from taxation on future returns.
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TAG: Correspondent Jeremy House reporting. The IRS makes such adjustments for each tax year to account for inflation, which has recently been on a downward trend. But Americans are still feeling some key price pressures.
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VERBATIM: The Internal Revenue Service detailed the increases in its annual inflation adjustments. For single taxpayers and married individuals filing separately in tax year 2025, the standard deduction is rising to $15,000 — up $400 from 2024. And for couples who file jointly, that standard deduction will be $30,000 for 2025, an $800 jump from the year prior.
Fewer Americans In The Market For A New Car
An “affordability shift” is taking root in the U.S. auto industry. The trend is being led by people who feel they can no longer afford a new vehicle that would cost them roughly today’s average selling price of more than $47,000, a jump of more than 20% since before the pandemic. The trend is causing car makers to take a second look at their sales and production strategies.
Listen DownloadFTC’s rule banning fake online reviews goes into effect
( ) -q-24- UNDATED (Correspondent Jeremy House) “reviews or testimonials.”
A federal rule banning fake online reviews is now in effect.
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TAG: Correspondent Jeremy House reporting.
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VERBATIM: The Federal Trade Commission issued the final rule in August banning the sale or purchase of online reviews. It allows the agency to seek civil penalties against knowing violators. The rule bans reviews and testimonials attributed to people who don’t exist or are generated by aritificial intelligence. It also bans businesses from creating or selling reviews or testimonials.
Putin hosts Global South leaders to counterbalance Western clout
( ) -q-29- UNDATED (Correspondent Jeremy House) “heads of state.”
China’s Xi Jinping, India’s Narendra Modi and other global leaders have arrived in the Russian city of Kazan for a summit of the BRICS bloc of developing economies.
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TAG: Correspondent Jeremy House reporting.
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VERBATIM: It’s an event that the Kremlin hopes to turn into a rallying point for defying the Western liberal order. For Russian President Vladimir Putin, the three-day meeting also offers a powerful way to demonstrate the failure of U.S.-led efforts to isolate Russia over its action in Ukraine. Kremlin foreign affairs adviser Yuri Ushakov touted the summit as “the largest foreign policy event ever held” by Russia, with 36 countries attending and more than 20 of them represented by heads of state.
GM overcomes US sales drop to post 3rd quarter profit of $3 billion
( ) -q-23- UNDATED (Correspondent Jeremy House) “Wall Street estimates.”
U.S. sales are down and a once-profitable joint venture in China is losing money, but General Motors still managed to post $3 billion in net profits last quarter.
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TAG: Correspondent Jeremy House reporting. Chief Financial Officer Paul Jacobson said that while overall sales in the profitable U.S. market were down 2.2% for the quarter, much of that drop was from sales to large fleet buyers. Sales to individuals, which generally make more money, were up 3%.
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VERBATIM: That’s slightly less than it made a year ago. The Detroit automaker said it took in $48.8 billion in revenue from July through September, 10% more than last year. It was aided by U.S. average vehicle sale prices that were steady at over $49,000. The company’s revenue and adjusted earnings per share both soundly beat Wall Street estimates.
Harris Treading Water In Polls Despite Massive Spending
Harris Plan Would Impose “Death Tax” On More American Families
Newsweek: Twice As Many Pennsylvania Democrats Leaving Party In 2024
Alabama man arrested in SEC social media account hack
( ) -q-20- UNDATED (Correspondent Jeremy House) “after the post.”
An Alabama man has been arrested for his alleged role in the January hack of a U.S. Securities and Exchange Commission social media account that led the price of bitcoin to spike.
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TAG: Correspondent Jeremy House reporting.
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VERBATIM: The Justice Department says Eric Council Jr. is accused of helping to break into the SEC’s account on X, formerly known as Twitter. The break-in allowed hackers to prematurely announce the approval of long-awaited bitcoin exchange-traded funds. The price of bitcoin briefly spiked more than $1,000 after the post.
Netflix’s subscriber growth slows, but profit and stock price surge
( ) -q-24- UNDATED (Correspondent Jeremy House) “analysts had expected.”
Netflix says its subscriber growth slowed dramatically during the summer.
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TAG: Correspondent Jeremy House reporting. Netflix also projected its revenue in the current quarter would rise faster than analysts expected. The strong financial performance eclipsed any worries about slowing subscriber growth as Netflix’s shares rose nearly 4% in extended trading.
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VERBATIM: It’s a sign that the huge gains from the video-streaming service’s crackdown on freeloading viewers is tapering off. The 5.1 million subscribers that Netflix added during the July-to-September period represented a 42% decline from the total gained during the same time last year. Even so, the company’s revenue and profit rose at a faster pace than industry analysts had projected.
Meta lays off staff at WhatsApp, Instagram to align with ‘strategic goals’
( ) -q-28- UNDATED (Correspondent Jeremy House) “unit Reality Labs.”
Meta says it has laid off some employees.
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TAG: Correspondent Jeremy House reporting.
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VERBATIM: Those laid off include staff at WhatsApp And Instagram, as Meta realigns its resources with its “strategic goals.” A company spokesperson confirmed that some teams were making changes to align with their long-term goals and location strategy. The Verge, who first reported the layoffs, said cuts were made across teams that include messaging service WhatsApp and Instagram and Meta’s virtual reality technology unit Reality Labs.
Senator Cotton Says Fox Interview Shows Harris Living In “Progressive Bubble”
Strong consumer spending lifts retail sales in September
( ) -q-16- UNDATED (Correspondent Jeremy House) “reported higher sales.”
Americans stepped up their purchases at retailers last month.
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TAG: Correspondent Jeremy House reporting. Low unemployment, steady pay gains and rising stock and home values helped sustain shoppers’ willingness to spend despite higher prices.
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VERBATIM: Retail sales rose 0.4% from August to September, up from 0.1% the previous month. September represented the third straight monthly increase. Online retailers, restaurants, and grocery stores all reported higher sales.
Judge in Boeing’s plea deal case asks DOJ to explain its diversity policy
( ) -q-27- UNDATED (Correspondent Jeremy House) “defraud the government.”
The federal judge considering Boeing’s plea deal with prosecutors has some questions for the Justice Department.
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TAG: Correspondent Jeremy House reporting.
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VERBATIM: U.S. District Judge Reed O’Connor wants to know how the department’s diversity, equity and inclusion policies would affect the selection of an independent monitor to oversee the aerospace company. O’Connor ordered the DOJ to explain how it will pick the monitor and whether DEI considerations would influence the choice. The appointment is a key component of the deal in which Boeing agreed to plead guilty to a felony charge of conspiring to defraud the government.
Helene and Milton are both likely to be $50 billion disasters
( ) -q-21- UNDATED (Correspondent Jeremy House) “was not insured.”
Monstrous hurricanes Helene and Milton caused so much complex havoc that damages are still being added up.
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TAG: Correspondent Jeremy House reporting. Several experts say damages are skyrocketing because people are building in harm’s way, reconstruction costs are soaring faster than inflation and human-caused climate change is making storms stronger and wetter.
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VERBATIM: Economics, insurance and risk experts believe the storms are likely to be in the pantheon of super-costly $50 billion disasters. That would put them in the company of storms like Katrina, Sandy and Harvey. Making those costs even more painful is that most of that damage, particularly in Helene’s case, was not insured.
Supreme Court allows rule limiting coal-fired pollution to remain in effect
( ) -q-21- UNDATED (Correspondent Jeremy House) “set unattainable standards.”
The Supreme Court has allowed a Biden administration rule aimed at limiting pollution from coal-fired power plants to remain in place as legal challenges play out.
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TAG: Correspondent Jeremy House reporting. Environmental groups have said the standards are reasonable and within the agency’s legal responsibility to control harmful pollution.
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VERBATIM: The court rejected a push from Republican-led states and industry groups to block the Environmental Protection Agency rule. One conservative justice publicly dissented and two others said they expected the challengers to win eventually, but the rule doesn’t need to be blocked now. The challengers argued the EPA overstepped and set unattainable standards.
