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More Americans shift money from checking and savings to accounts with investment income, study says

WASHINGTON (AP) — New research finds that more Americans are shifting their money from checking and savings accounts into financial vehicles that pay an investment income. The trend helps to explain the resilience of the U.S. economy after a bout of high inflation and recent uncertainty due to tariffs. The analysis by the JPMorganChase Institute examined the accounts of 4.7 million households. It found that people’s total cash reserves are increasing after including brokerage accounts, money market funds and certificates of deposit to assess people’s well-being. This helps to explain the strong consumer spending even though checking and savings account balances were below historical trends.

Looming over two cases threatening Musk’s car company is a single question: Can he be trusted?

MIAMI (AP) — Elon Musk fought court cases on opposite coasts Monday raising a question about the billionaire that could either speed his plan to put self-driving Teslas on U.S. roads or throw up a major roadblock: Can this wildly successful man who tends to exaggerate be trusted? In Miami, a Tesla driver on Autopilot testified that he trusted Musk’s “technology too much” before he ran off the road and killed a woman out stargazing with her boyfriend. And in Oakland, California, regulators argued that Musk should have a license to sell cars suspended in the state because of exaggerated claims about the same technology.

GM quarterly profit slumps 35%, but it sticks by full year outlook that was lowered in May

General Motors’ profit and revenue declined in its second-quarter but the automaker’s results managed to easily top Wall Street’s expectations and the company stuck by its full-year financial outlook that it lowered in May. For the three months ended June 30, GM earned $1.89 billion, or $1.91 per share. A year earlier the company earned $2.93 billion, or $2.55 per share. Stripping out certain items, earnings were $2.53 per share. That handily beat the $2.34 per share analysts polled by FactSet were calling for.

Coca-Cola reports weakening global sales volumes in second quarter

Coca-Cola reported better-than-expected earnings in the second quarter as higher prices overcame weaker sales volumes. Case volumes fell 1% globally and 1% in North America, but Coke said pricing was up 6% for the April-June period. Atlanta-based Coke said its revenue rose 1% to $12.5 billion. Adjusted for one-time items, the company reported revenue of $12.6 billion for the quarter. That was in line with Wall Street’s forecast, according to analysts polled by FactSet. Coke said its net income jumped 58% to $3.8 billion. Its adjusted net income was 87 cents, which was higher than the 83 cents Wall Street forecast.

Air India says no issues in locking mechanism of fuel control switches in Boeing fleet

NEW DELHI (AP) — Air India says it has completed precautionary inspections on the locking mechanism of fuel control switches for select Boeing aircrafts. The airline said Tuesday that “no issues” were found. A preliminary investigation into last month’s Air India plane crash stated days earlier that the switches shifted and flipped within seconds to starve both engines of fuel. Air India operates a fleet of Boeing 787 Dreamliners for long-haul operations. Subsidiary and low-cost unit Air India Express operates Boeing 737 jets for short distance flights. The airline said that the inspections showed that “no issues were found with the said locking mechanism.”

What to know about a vulnerability being exploited on Microsoft SharePoint servers

NEW YORK (AP) — Microsoft is issuing an emergency fix to close off a vulnerability in Microsoft’s SharePoint software that hackers have exploited to carry out widespread attacks on businesses and at least some federal agencies. The company said in its blog post that it discovered at least dozens of systems were compromised around the world.

Vermont engineer revives pay phones for free calls in areas with poor cell service

TUNBRIDGE, Vt. (AP) — An electrical engineer in rural Vermont is reviving old pay phones to give people a free option for making calls in areas where cell service is unreliable or nonexistent. Patrick Schlott has put up three of them, including at the North Tunbridge General Store, a library in Thetford and an informational booth in Randolph. He buys the phones at flea markets, from internet listings or at auction, then fixes them up in his basement workshop. He says one has been used for 370 calls over the first five months, often for students to call their parents for after-school pickups.