Tesla 3Q sales rise 27% but fall short of expectations

( ) -q-30- UNDATED (Correspondent Jeremy House) “April-to-June period.”

Tesla’s summertime deliveries of electric vehicles surged 27% from last year but still fell below analyst projections.

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TAG: Correspondent Jeremy House reporting. As usual, Tesla’s sales consisted primarily of its Model 3 and Model Y vehicles, which have been made even more attractive by rounds of price cutting that have eaten into the company’s profit margins.

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VERBATIM: The Austin, Texas, automaker sold 435,059 vehicles during the July-to-September period. That’s up from 343,830 at the same time last year. According to FactSet Research, analysts had predicted Tesla would sell about 461,000 vehicles during the latest quarter. The third-quarter sales also marked a step back from Tesla’s 466,140 vehicle deliveries during the April-to-June period.

Jury selection to begin in trial of fallen cryptocurrency mogul Sam Bankman-Fried

( ) -q-28- UNDATED (Correspondent Jeremy House) “no criminal intent.”

Sam Bankman-Fried, who once promoted his FTX digital coin exchange as a safe way for regular people to get into cryptocurrency, faces the start of a criminal trial over allegations that he cheated thousands of customers.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: Jury selection begins in a case in which the 31-year-old crypto mogul faces the possibility of a long prison term if convicted. Prosecutors say he cheated thousands of people who deposited cryptocurrency on the FTX exchange by illegally diverting massive sums of their money for his personal use. Bankman-Fried has acknowledged making mistakes while running FTX, but has insisted he had no criminal intent.

Fed’s Powell gets an earful about inflation and interest rates from small businesses

( ) -q-26- UNDATED (Correspondent Jeremy House) “them from expanding.”

Federal Reserve chairman Jerone Powell got an earful from small-business people during a visit to York, Pennsylvania.

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TAG: Correspondent Jeremy House reporting. Powell traveled to York on Monday to learn about the efforts of the long-time manufacturing hub to diversify its economy.

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VERBATIM: Federal Reserve officials typically gather many of their insights and observations about the economy from some of the top Ph.D. economists in Washington. However, Powell heard from small business people who are grappling personally with inflation, high interest rates, labor shortages and other challenges of the post-pandemic economy. They told Powell they are still having trouble finding all the workers they need. Higher interest rates have discouraged some of them from expanding.

California governor rejects bill to give unemployment checks to striking workers

( ) -q-20- UNDATED (Correspondent Jeremy House) “changed since 1984.”

California won’t be giving unemployment checks to workers on strike.

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TAG: Correspondent Jeremy House reporting. Labor unions argue that making striking workers eligible for benefits would not have much of an impact on the fund. Lawmakers could attempt to pass the law anyway, but it’s been decades since a governor’s veto was overruled in California.

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VERBATIM: While state lawmakers passed a bill to make California the third state to do this, Democratic Governor Gavin Newsom vetoed it over the weekend. Newsom says he rejected the bill because the fund the state uses to pay unemployment benefits is in debt. The money comes from a tax on businesses that hasn’t changed since 1984.

UK Treasury chief to hike minimum wage, but rules out tax cuts

Britain’s Treasury chief is announcing a hike in the national minimum wage. Jeremy Hunt says the hourly rate for workers 23 or older will rise in April of next year from 10.42 pounds, or $12.70, to at least 11 pounds, about $13.40. Hunt says that means a pay raise for more than 2 million workers. The announcement comes as the Conservatives try to persuade voters they are on the side of those who are struggling financially. But Hunt has ruled out tax cuts, saying they would fuel inflation.

Bank of Japan survey shows manufacturers optimistic about economy

( ) -q-19- UNDATED (Correspondent Jeremy House) “about three decades.”

Business sentiment among big Japanese manufacturers improved in July-to-September for the second straight quarter.

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TAG: Correspondent Jeremy House reporting. For the past decade, the Japanese economy has stagnated overall, with slow wage increases. Analysts say increased tourism, an improving supply chain and the cheaper yen have brightened sentiment among big manufacturers.

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VERBATIM: The Bank of Japan’s quarterly survey measured business sentiment among major manufacturers at plus 9. That’s up from plus 5 in June. Sentiment among major non-manufacturers rose four points to plus 27, in the sixth consecutive quarter of improvement and the most positive result in about three decades.

More states offering dental care to low-income adults

A growing number of states are offering dental care to low-income adults who once had to rely on charity or the emergency room to treat their tooth problems

VERBATIM:

From Tennessee to Maine, lawmakers have agreed to spend hundreds of millions of dollars so adults on Medicaid, the federal health program, can get dental care. The federal government doesn’t require that states provide such care. But state lawmakers have come to embrace the idea that expanded oral care saves money and has other health benefits.

Suicide bomber detonates explosive device in heart of Turkey’s capital

A suicide bomber detonated an explosive device in the heart of Turkey’s capital –Ankara, on Sunday

VERBATIM:

Turkey’s interior affairs minister says the attack slightly injured two police officers,

Police killed a second assailant though during a shootout.

T-V footage shows bomb squads working near a parked vehicle in the area.

So far nothing is known about the assailants.

Kurdish and far-left militant groups –as well as ISIS, have carried out deadly attacks throughout Turkey in the past.

Chinese tourists are making a comeback following COVID-19 crisis

( ) -q-27- UNDATED (Correspondent Jeremy House) “lifted last December.”

Many millions of Chinese tourists are expected to travel within their country, splurging on hotels, tours, attractions and meals.

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TAG: Correspondent Jeremy House reporting. Outbound tourism has lagged domestic travel, as flight capacities have not yet recovered to pre-pandemic levels.

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VERBATIM: The anticipated boost to China’s economy is expected to occur during the 8-day autumn holiday period, which is currently underway. This year’s holiday began with the Mid-Autumn Festival and also includes the October 1st National Day. The public holidays end on October sixth. Typically hundreds of millions of Chinese travel at home and overseas during such holidays and this is the first one since COVID-19 pandemic restrictions were lifted last December.

A massive dam removal project is underway in the western U.S.

( ) -q-25- UNDATED (Correspondent Jeremy House) “and utility ratepayers.”

The largest dam removal project in U.S. history is underway along the border between California and Oregon.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: Federal regulators approved a plan last year to remove four dams on the Klamath (KLAH muth) River. The dams were first built decades ago to generate electricity. But they also disrupted the river’s flow and the lifecycle of salmon. The dams are scheduled to be completely removed by the end of 2024. The project will cost about $500 million and is being paid for by taxpayers and utility ratepayers.

Inflation drops sharply in Europe, but higher oil prices loom

( ) -q-30- UNDATED (Correspondent Jeremy House) “inflation will slow.”

Inflation has sharply dropped in Europe.

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TAG: Correspondent Jeremy House reporting. High prices have been holding back the European economy because people’s paychecks don’t go as far as they used to in covering their bills, forcing them to avoid other spending.

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VERBATIM: The official figure from the European Union’s statistics agency was 4.3% in September for the 20 countries that use the euro. That’s down noticeably from 5.2% in August. That raises hopes consumers will eventually get relief from costlier groceries, vacations and haircuts and that the European Central Bank could avoid raising interest rates again. But economists say some of the dip is a statistical quirk. And if oil prices rise any further, a hoped-for decline in inflation will slow.

Fewer Americans apply for jobless benefits as layoffs remain rare

( ) -q-18- UNDATED (Correspondent Jeremy House) “to 211-thousand.”

U.S. applications for unemployment benefits inched up modestly this week after reaching their lowest level in eight months the previous week.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The Labor Department reports that filings for jobless claims rose by 2,000 to 204,000 for the week ending September 23. Last week’s figure was the lowest since January. The four-week moving average of claims, which quiets some of the week-to-week noise, fell by 6,250 to 211,000.

UAW to announce plans on Friday to expand strike in contract dispute

( ) -q-23- UNDATED (Correspondent Jeremy House) “union were progressing.”

The United Auto Workers union says it will announce on Friday how it plans to expand its strike against Detroit’s three automakers.

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TAG: Correspondent Jeremy House reporting. The UAW says union President Shawn Fain will make the announcement at 10 a.m. Eastern time in a video appearance addressing union members.

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VERBATIM: The union went on strike Sept. 14 when it couldn’t reach agreements on new contracts with Ford, General Motors and Jeep maker Stellantis. At first it targeted one assembly plant from each company, and last week it added 38 parts distribution centers run by GM and Stellantis. Ford was spared the second escalation because talks with the union were progressing.

Apple leverages idea of switching to Bing to pry more money out of Google

( ) -v-33- WASHINGTON (Correspondent Jeremy House) “std.”

A Microsoft executive says Apple gets Google to pay more to be the default search engine on iPhones and Macs by dangling the idea of switching its devices to Bing’s search engine. Correspondent Jeremy House has more on the story.

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VERBATIM: Microsoft’s advertising and web services chief testified in court that Apple’s strategy translates into it making more money leveraging Bing than Bing makes off its own business. Analysts estimate Apple collects up to $20 billion a year in revenue-sharing payments from Google. U.S. antitrust prosecutors are accusing Google of using agreements with companies like Apple to lock out rival search engines such as Microsoft’s Bing and Yahoo. They say the arrangements stifle innovation…JH, Washington.

Production at German VW plants resumes after IT disruption

( ) -q-21- UNDATED (Correspondent Jeremy House) “for the disruption.”

Volkswagen says production is resuming after a problem with the German automaker’s information technology network caused a severe disruption.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: Volkswagen says the IT disruption caused production to halt at its four vehicle manufacturing plants in Germany. It also affected some other facilities, including at subsidiary Audi. The company says the IT infrastructure problems were resolved during the night and production was resuming. It said there were no indications of any external cause for the disruption.

AM SPORTSCAST 9-28

AM SPORTSCAST 9-28

China and Taiwan are at odds over a trade pact involving Australia

( ) -q-22- UNDATED (Correspondent Jeremy House) “as its territory.”

China’s government has accused Taiwan’s ruling party of seeking independence.

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TAG: The two nations split during the civil war that brought the Communists to power in China in 1949, with the losing Nationalists setting up their own government in Taiwan.

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VERBATIM: The accudation comes a day after the Taiwan’s president lobbied for Australia’s support in joining a regional trade pact. China’s Taiwan Affairs Office also said that recent Chinese military drills around Taiwan were held to combat what it called “the arrogance of Taiwan independence separatist forces.” China claims the island of Taiwan as its territory.

Medicare open enrollment begins next month

( ) -q-21- UNDATED (Correspondent Jeremy House) “poor plan selection.”

Only 3 in 10 Medicare beneficiaries shop around during open enrollment

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TAG: Correspondent Jeremy House reporting. Medicare open enrollment is October 15 to December 7, giving people with Medicare a chance to change plans.

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VERBATIM: That’s according to a 2022 analysis, which also shows that only 1 in 10 Medicare Advantage enrollees voluntarily switch plans. But a 2020 analysis of Medicare Advantage plan choices found that more than half of beneficiaries overspent by more than $1,000 due to poor plan selection.

A Meta conference focuses on artificial intelligence

( ) -q-18- UNDATED (Correspondent Jeremy House) “with TikTok continues.”

Meta CEO Mark Zuckerberg is kicking off the tech giant’s Connect developer conference, with a focus on virtual and augmented reality and artificial intelligence.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The company is unveiling the next version of its virtual reality headset. It’s called the Quest 3. Participants will discuss AI chatbots and other tools and features designed to keep users interested in Facebook and Instagram as competition with TikTok continues.

Alibaba will spin off its logistics arm Cainiao in an IPO in Hong Kong

( ) -q-21- UNDATED (Correspondent Jeremy House) “as a subsidiary.”

Chinese e-commerce company Alibaba says it will spin off its logistics arm, Cainiao (CHAN yow) Smart Logistics Network, in an initial public offering in Hong Kong.

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TAG: Correspondent Jeremy House reporting. Alibaba currently owns nearly a 70% stake in Cainiao, its main delivery arm that handles logistics and parcels for merchants both in China and abroad.

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VERBATIM: It’s the first business unit to go public following a major restructuring in Alibaba. The company said that it submitted a spin-off proposal to the Hong Kong Stock Exchange and that it has received confirmation to proceed. Alibaba will continue to me a majority shareholder in Cainiao, holding over 50% of the company and retaining it as a subsidiary.

London’s Gatwick Airport limits flights this week due to staff illness, including COVID-19

( ) -q-25- UNDATED (Correspondent Jeremy House) “back to normal.”

London’s second-busiest airport is limiting flights this week, partly because of an outbreak of COVID-19 within air traffic control.

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TAG: Correspondent Jeremy House reporting. The largest number of cancellations will be on Friday, Sept. 29, with 33 departures affected.

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VERBATIM: Gatwick Airport officials say a daily limit of 800 flights has been imposed until Sunday, affecting both departures and arrivals. Gatwick says around 30% of staff in the division within air traffic control are off sick for a variety of reasons, including COVID-19. It says the daily cap will prevent last-minute cancellations and delays for passengers while National Air Traffic Services gets back to normal.

New cars are supposed to be getting safer. So why are fatalities on the rise?

( ) -q-23- UNDATED (Correspondent Jeremy House) “injury or death.”

Government test data shows new passenger vehicles in the U.S. are extremely safe, but roadway deaths are steadily rising.

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TAG: Correspondent Jeremy House reporting. U.S. safety ratings only consider the safety of people inside a vehicle. But a coalition of transportation safety groups wants the National Highway Traffic Safety Administration to begin factoring the safety of those outside vehicles into its 5-star safety ratings.

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VERBATIM: Some of the biggest increases are deaths of pedestrians and cyclists. That surge has coincided with a steep rise in sales of SUVs and pickup trucks. Experts say the height and boxy front ends of many of those vehicles create large blind spots. They also hit pedestrians higher in the body than sedans, meaning hits more often result in serious injury or death.

Biden administration announces $1.4 billion rail safety plan

( ) -q-25- UNDATED (Correspondent Jeremy House) “paid by consumers.”

The European Union’s executive arm is blocking leading U.S. online travel agency Booking from acquiring Sweden’s flight booking provider Etraveli (EE trah vel eye) Group.

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TAG: Correspondent Jeremy House reporting. Booking’s brands include Booking.com, Rentalcars, Priceline and Agoda.

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VERBATIM: The European Commisson says the deal would have allowed Booking to increase its dominant position on the market on the continent. The Commission says it warned Booking Holdings about its concerns, but that the remedies offered by the company were not sufficient. An investigation by the Commission found out the proposed 1.8 billion dollar deal would have led to higher costs for hotels, and possibly, a negative impact on the price paid by consumers.

EU Commission blocks Booking’s planned acquisition of Etraveli

( ) -q-25- UNDATED (Correspondent Jeremy House) “paid by consumers.”

The European Union’s executive arm is blocking leading U.S. online travel agency Booking from acquiring Sweden’s flight booking provider Etraveli (EE trah vel eye) Group.

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TAG: Correspondent Jeremy House reporting. Booking’s brands include Booking.com, Rentalcars, Priceline and Agoda.

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VERBATIM: The European Commisson says the deal would have allowed Booking to increase its dominant position on the market on the continent. The Commission says it warned Booking Holdings about its concerns, but that the remedies offered by the company were not sufficient. An investigation by the Commission found out the proposed 1.8 billion dollar deal would have led to higher costs for hotels, and possibly, a negative impact on the price paid by consumers.