Tesla recalling nearly 2.2M vehicles for software update to fix warning lights

( ) -q-21- UNDATED (Correspondent Jeremy House) “of a crash.”

Tesla is recalling nearly all of the vehicles it has sold in the U.S. because some warning lights on the instrument panel are too small.

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TAG: Correspondent Jeremy House reporting. The recall covers the 2012 through 2023 Model S, the 2016 through 2023 Model X, the 2017 through 2023 Model 3, the 2019 through 2024 Model Y and the 2024 Cybertruck. Tesla has already started releasing the software update.

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VERBATIM: Documents posted by U.S. safety regulators say the recall will be done with an online software update. The agency says in the documents that the brake, park and antilock brake warning lights have a smaller font size than required by federal safety standards. That can make critical safety information hard to read, increasing the risk of a crash.

US lawmakers urge Hungarian leader to immediately approve Sweden’s NATO membership

( ) -q-30- UNDATED (Correspondent Jeremy House) “vote on ratification.”

A bipartisan group of U.S. lawmakers is urging Hungary to immediately ratify Sweden’s application to join NATO.

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TAG: Correspondent Jeremy House reporting. Shaheen and Tillis also said that continuing to hold up the process would harm Budapest’s relations with its allies. Senator Ben Cardin of Maryland in a separate statement, called Orbán “the least reliable member of NATO.”

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VERBATIM: Senators Jeanne Shaheen of New Hampshire and Thom Tillis of North Carolina released a joint statement calling on Hungarian Prime Minister Viktor Orbán to advance Sweden’s bid without delay. The lawmakers say that patience with the Central European country is “wearing thin.” Hungary is the only country in the 31-nation military alliance that hasn’t yet backed Sweden’s membership bid. Frustration has mounted within NATO as Budapest has repeatedly pushed back a vote on ratification.

Exxon overcomes falling crude prices in Q4 to top profit expectations

( ) -q-16- UNDATED (Correspondent Jeremy House) “Arabia and Russia.”

Exxon Mobil’s fourth-quarter revenue and profits declined as the oil giant was weighed down by a hefty impairment charge tied to regulatory issues in California.

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Out-cue: Arabia and Russia]

TAG: Correspondent Jeremy House reporting. In addition, the war between Israel and Hamas still potentially runs the risk of igniting a broader conflict in the Middle East.

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VERBATIM: Despite the declines, Exxon posted a healthy adjusted profit. And smaller rival Chevron also posted quarterly earnings that beat results. Both companies also raised their dividends. Oil markets are being stretched by cutbacks in oil production from Saudi Arabia and Russia.

More Americans apply for unemployment benefits but layoffs still historically low

( ) -q-21- UNDATED (Correspondent Jeremy House) “the previous week.”

The number of Americans filing for jobless benefits rose last week to the highest level in 11 weeks.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The Labor Department says applications for unemployment benefits climbed to 224,000 for the week ending January 27, an increase of 9,000 from the previous week. Overall, 1.9 million Americans were collecting jobless benefits during the week that ended January 20. That’s an increase of 70,000 from the previous week.

Musk wants Tesla investors to switch carmaker’s corporate registration to Texas

( ) -q-21- UNDATED (Correspondent Jeremy House) “California in 2021.”

Elon Musk wants Tesla investors to decide on moving the company’s corporate listing to Texas.

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TAG: Correspondent Jeremy House reporting. Musk had polled X users earlier on the same question, with 87.1% of 1.1 million respondents voting yes.

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VERBATIM: The electric car company’s CEO says Tesla would get shareholders to vote on whether to switch its corporate registration to Texas, where its physical headquarters is located. Musk’s decision came after a Delaware court decided he shouldn’t get a multibillion-dollar pay package. He moved Tesla’s headquarters to Austin, Texas, from California in 2021.

China has nudged Japan aside as No. 1 auto exporter, Japanese data show

( ) -q-28- UNDATED (Correspondent Jeremy House) “the year before.”

Data from a Japanese auto industry association show that China overtook Japan as the world’s largest vehicle exporter last year.

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TAG: Correspondent Jeremy House reporting. Much of the increase was driven by shipments of electric and hybrid vehicles. Japan’s car exports totaled 4.2 million in 2022. It had held the role as top exporter since 2017.

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VERBATIM: The Japan Automobile Manufacturers Association reported Japan exported 4.42 million vehicles in 2023. That’s up 16% from a year earlier, while domestic auto sales totaled nearly 4.78 million vehicles. According to figures released earlier by the China Association of Automobile Manufacturers, China exported 4.91 million vehicles last year. That was nearly 58% more than the year before.

Inflation in Europe edges down again

( ) -q-26- UNDATED (Correspondent Jeremy House) “Yemen’s Houthi rebels.”

Inflation is headed down in Europe.

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Out-cue: Yemen’s Houthi rebels]

TAG: Correspondent Jeremy House reporting. The attacks are forcing ships carrying goods and fuel to Europe to take longer voyages to avoid the area, raising costs and threatening to slow the decline in inflation.

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VERBATIM: The official figure checks in at 2.8%. That’s more relief for consumers whose paychecks didn’t go as far after inflation peaked at record-high double digits in 2022. The decline also is fueling speculation that it might soon be time for the European Central Bank to start cutting interest rates. But the newfound relief is at risk from attacks on ships in the Red Sea by Yemen’s Houthi rebels.

Google’s parent posts double-digit revenue growth in 4th quarter, but ad sales slow

( ) -q-19- UNDATED (Correspondent Jeremy House) “and online advertising.”

Google’s corporate parent returned to double-digit revenue growth during last year’s final quarter.

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TAG: Correspondent Jeremy House reporting. The rebound followed an unprecedented drop in Google’s ad revenue coming out of the pandemic following nearly 20 years of uninterrupted growth. But Google’s ad sales lagged overall revenue growth, raising investor worries about the road ahead.

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VERBATIM: It’s a sign the internet powerhouse has regained its footing even as it grapples with regulatory and competitive threats to its digital empire. The results marked the third consecutive quarter of escalating revenue growth for the Mountain View, California, company. Most of the sales were made through Google’s dominance of search and online advertising.

Samsung reports decline in profit but anticipates business improvement

( ) -q-27- UNDATED (Correspondent Jeremy House) “and other products.”

Samsung Electronics has reported an annual 34% decline in operating profit for the last quarter.

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TAG: Correspondent Jeremy House reporting. Meanwhile, macroeconomic uncertainties could continue to affect its business in the near-term.

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VERBATIM: Sluggish demands for Samsung’s TVs and other consumer electronics products offset hard-won gains from a slowly recovering computer chip market. The South Korean technology giant said it expects its business to improve throughout 2024. It’s forecasting larger demands for semiconductors that power artificial intelligence features increasingly used in smartphones, personal computers and other products.

Microsoft profit soars 33% on AI, cloud-computing investments

( ) -q-23- UNDATED (Correspondent Jeremy House) “from last year.”

Microsoft says that its profit for the October-to-December quarter soared 33%, powered by its significant investments in artificial intelligence technology.

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TAG: Correspondent Jeremy House reporting. Analysts polled by FactSet Research expected Microsoft post revenue of $61.14 billion.

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VERBATIM: The increase was attributable in large part to growth in the company’s cloud-computing unit, where Microsoft focuses most of its AI investments. The company reported net income for the quarter of $21.87 billion. The Redmond, Washington, software maker posted revenue of $62.02 billion in the quarter, up 18% from last year.

Saudi oil giant Aramco will not increase maximum daily production

( ) -q-26- UNDATED (Correspondent Jeremy House) “about climate change.”

Saudi Arabia’s oil giant Saudi Aramco says it will not try to increase its maximum daily oil production to 13 million barrels a day after receiving an order from the country’s Energy Ministry.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The firm said it would maintain its maximum output at 12 million barrels a day. It did not give a reason for the ministry’s decision. However, crude oil prices globally have fallen over recent months as demand has been soft. Aramco reported earning $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists worried about climate change.

Facing scrutiny over quality control, Boeing withdraws request for safety exemption

( ) -q-25- UNDATED (Correspondent Jeremy House) “off during flight.”

Boeing says it is withdrawing a request for a safety exemption needed to certify a new model of its 737 Max airliner.

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TAG: Correspondent Jeremy House reporting. Last week, Democratic Senators Maria Cantwell and Tammy Duckworth urged the Federal Aviation Administration to deny the request.

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VERBATIM: The turnabout follows severe criticism after a door plug blew out on a different 737 Max model over Oregon this month. Boeing asked federal regulators late last year to allow it to begin delivering its 737 Max 7 airliner to customers. The request came even though the airplane does not meet a safety standard designed to prevent part of the engine housing from overheating and breaking off during flight.

Europe’s economic blahs drag on with zero growth at the end of last year

( ) -q-24- UNDATED (Correspondent Jeremy House) “red for contraction.”

Europe’s economy failed to expand at the end of 2023.

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TAG: Correspondent Jeremy House reporting. Disruptions to shipping in the Red Sea have constricted global trade through the Suez Canal, a major route between Asia and Europe, surging shipping costs and threatening to boost inflation.

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VERBATIM: The stagnation has now lasted for more than a year amid higher energy prices, costlier credit and lagging growth in powerhouse Germany. The EU statistics agency says zero growth for the October-to-December period of last year follows a 0.1% contraction in the three months before that. The start of this year looks no better, with indicators of business activity still flashing red for contraction.

Most Americans feel they pay too much in taxes, AP-NORC poll finds

( ) -q-23- UNDATED (Correspondent Jeremy House) “state sales tax.”

A majority of U.S. taxpayers feel they pay too much in taxes, with many saying that they receive a poor value in return.

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TAG: Correspondent Jeremy House reporting. Adults who are 60 and older are more likely than younger adults to perceive taxes, generally, as fair.

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VERBATIM: A new poll from the University of Chicago Harris School of Public Policy and The Associated Press-NORC Center for Public Affairs Research shows bout two thirds of U.S. taxpayers say they spend “too much” on federal income taxes. About 7 in 10 say the same about local property taxes. Meanwhile, roughly 6 in 10 feel that way about state sales tax.

Houthi attacks in Red Sea idle car factories, delay new fashion

( ) -q-26- UNDATED (Correspondent Jeremy House) “parts from Asia.”

Attacks on ships in the Red Sea by Yemen’s Houthi rebels have unraveled a key global trade route, forcing vessels into longer and more costly journeys around Africa.

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Out-cue: parts from Asia]

TAG: Correspondent Jeremy House reporting.

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VERBATIM: The problem isn’t nearly as bad as the supply chain logjams that caused delays, shortages and higher prices in 2021 and 2022. But if the conflict in Gaza drags on, the trade disruption in the Red Sea could surge inflation. The disruption has forced car factories in Belgium and Berlin to idle. And a Maryland company that makes hospital supplies doesn’t know when to expect parts from Asia.

With inflation slowing, the Fed faces expectations for rate cuts

( ) -q-25- UNDATED (Correspondent Jeremy House) “May or June.”

Chairman Jerome Powell will enter this week’s Federal Reserve meeting in a much more desirable position than he likely ever expected.

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Out-cue: May or June]

TAG: Correspondent Jeremy House reporting.

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VERBATIM: Inflation is nearing the Fed’s target rate, the economy is still growing at a steady pace, consumers keep spending and the unemployment rate is near a half-century low. When they last met in December, the Fed’s policymakers said they expected to cut their benchmark rate three times this year. Yet the timing of those rate cuts remains uncertain. Most economists say they expect the first rate cut to occur in May or June.

More Americans File For Jobless Benefits

The Labor Department says applications for unemployment benefits rose to 214,000 for the week ending Jan. 20, an increase of 25,000 from the previous week. Overall, 1.83 million Americans were collecting jobless benefits during the week that ended Jan. 13. That’s an increase of 27,000 from the previous week. Weekly unemployment claims are viewed as representative for the number of U.S. layoffs in a given week.

GDP Sees 3.3% Growth In Fourth Quarter

The nation’s economy grew at an unexpectedly brisk pace of 3.3% in the FOURTH quarter of 2023. Americans showed a continued willingness to spend freely despite high interest rates and price levels that have frustrated many households. The GDP decelerated from its sizzling 4.9% annual growth rate the previous quarter. But the latest figures mark the sixth straight quarter in which GDP has grown at an annual pace of 2% or more. For all of 2023, the economy grew 2.5%, up from 1.9% in 2022.

German train drivers go on strike for 6 days, stalling railway traffic

( ) -q-27- UNDATED (Correspondent Jeremy House) “to 24 hours.”

Germany’s train drivers have brought rail traffic to a standstill…again.

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TAG: Correspondent Jeremy House reporting. As with the previous strikes, around 80% of long-distance trains were canceled and there were also considerable restrictions on regional services, according to Deutsche Bahn.

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VERBATIM: A six-day strike by the GDL union, which began early Wednesday, will affect passenger services and freight trains operated by state-owned Deutsche Bahn until next Monday evening. The strike is an attempt by the union to push their demands in a rancorous dispute with the country’s main railway operator over working hours and pay. The union held a three-day strike earlier this month and two warning strikes last year which lasted up to 24 hours.

Protesting farmers block roads across France

( ) -q-28- UNDATED (Correspondent Jeremy House) “and his government.”

French farmers are staging protests across the country and in Brussels.

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Out-cue: and his government]

TAG: Correspondent Jeremy House reporting. Roadblocks are spreading in many French regions, one day after a farmer and her daughter died due to a traffic collision at a protest barricade.

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VERBATIM: The farmers are protesting low wages and what they consider to be excessive regulation, mounting costs and other problems. Some farmers are protesting in Brussels, home to EU headquarters, where French farmers’ union Rural Coordination has called for a demonstration against the “ever-increasing constraints of European regulations and ever-lower incomes.” The protests are the first major challenge for newly appointed Prime Minister Gabriel Attal and his government.

Netflix’s gains 13 million new global 4Q subscribers

( ) -q-25- UNDATED (Correspondent Jeremy House) “spike in subscribers.”

Netflix has registered its third-consecutive quarter of accelerating subscriber growth in the final three months of 2023.

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Out-cue: spike in subscribers]

TAG: Correspondent Jeremy House reporting. The increase in subscribers comes even as it became more expensive to watch Netflix’s programming. Netflix, which is based in Los Gatos, California, now has more than 260 million worldwide subscribers

United Airlines expects a Q1 loss after Boeing Max 9 groundings

( ) -q-25- UNDATED (Correspondent Jeremy House) “planes fly again.”

United Airlines is warning that it will lose money in the first three months of the year partly because of the grounding of its Boeing Max 9 airplanes.

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TAG: Correspondent Jeremy House reporting. The planes have been grounded since a panel called a door plug blew off an Alaska Airlines Boeing Max 9 during a flight in early January.

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VERBATIM: United says it expects to lose between 35 cents and 85 cents per share in the first quarter. The company is predicting a bounce back and full-year earnings in 2024 of between $9 and $11 per share. That’s based on the assumption that Boeing 737 Max 9 planes will be ungrounded after January. Federal regulators aren’t putting a timeline on when they’ll let the planes fly again.

Macy’s rejects $5.8B takeover bid

Macy’s rejected a $5.8 billion takeover offer from investment firms Arkhouse Management and Brigade Capital Management.

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Out-cue: and store closures]

In rejecting the offer, Macy’s said the firms didn’t provide a viable financing plan. Arkhouse and Brigade offered $21 per share for the stock they don’t already own. The department store chain also said there was a lack of compelling value in the non-binding proposal. The move comes a week after Macy’s announced job cuts and store closures.

ADM executive placed on leave amid accounting investigation

An accounting investigation is under way at Archer Daniels Midland and the top financial executive at the agribusiness giant has been placed on administrative leave.

ADM named Ismael Roig as interim chief financial officer. Roig joined Archer Daniels Midland in 2004. ADM said it’s working with outside counsel and the audit committee of the company board to complete the investigation quickly.

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VERBATIM: The company postponed the release of its annual and quarterly financial reports that were scheduled for Tuesday. Meanwhile, shares of the Chicago company tumbled 24% on Monday. ADM said that an investigation was initiated in response to a voluntary document request by the U.S. Securities and Exchange Commission. The company said it’s cooperating with the SEC.