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Biden, congressional leaders meeting to avert default
WASHINGTON (AP) — House Speaker Kevin McCarthy says a debt deal with President Joe Biden is needed by next week if Washington hopes to avert a catastrophic default. McCarthy spoke to reporters at the Capitol ahead of a high-stakes meeting with Biden later Tuesday at the White House. Biden is convening congressional leaders ahead of a looming June 1 deadline when money could run short for paying the nation’s bills. McCarthy said he sees no reason why all sides can’t come to an agreement quickly on a plan for a speeding cuts. Biden is set to reinforce his opposition to allowing the country’s full faith and credit to be held “hostage” to negotiations.
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Hyundai and Kia thefts keep rising despite security fix
Nearly three months ago, Hyundai and Kia unveiled software that was designed to thwart an epidemic of thefts of their vehicles, caused by a security flaw that was exposed on TikTok and other social media sites. So far, it hasn’t solved the problem. Across the country, thieves are still driving off with the vehicles at an alarming rate. Data from seven U.S. cities gathered by The Associated Press shows that the number of Hyundai and Kia thefts is still growing despite the companies’ efforts to fix the glitch, which makes 8.3 million vehicles relatively easy targets for thieves.
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Minnesota prepares for near-total ban on ‘forever chemicals’
ST. PAUL, Minn (AP) — Minnesota is on the verge of banning non-essential uses of “forever chemicals.” And lawmakers say they are naming the legislation after a woman who spent the last months of her life campaigning for restrictions that will be some of the toughest in the country. Legislators, environmentalists and family members paid tribute Tuesday to Amara Strande. She died two days shy of her 21st birthday last month from a rare form of liver cancer. She grew up in a St. Paul suburb where groundwater is contaminated by PFAS and believed the chemicals were part of what caused her cancer, which was diagnosed when she was 15.
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Tempur Sealy to buy Mattress Firm in $4 billion deal
WASHINGTON (AP) — Tempur Sealy has agreed to acquire Mattress Firm in a cash-and-stock transaction valued at about $4 billion. The companies said Tuesday they expect to complete the transaction in the second half of 2024. After the acquistion is complete, Mattress Firm will operate as a separate business unit within Tempur Sealy. Also on Tuesday, Tempur Sealy posted first-quarter profits of $85.3 million. On a per-share basis, the Kentucky-based mattress maker said it had profit of 48 cents. Earnings, adjusted for one-time gains and costs, were 53 cents per share.
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US regulators OK spent nuclear fuel facility in New Mexico
ALBUQUERQUE, N.M. (AP) — U.S. nuclear regulators on Tuesday said they licensed a multibillion-dollar complex in New Mexico to temporarily store tons of spent fuel from commercial nuclear power plants around the nation. The Nuclear Regulatory Commission was initially expected to issue a decision and a final safety report by the end of March, but was delayed by staffing constraints. New Mexico Gov. Michelle Lujan Grisham and the state’s congressional delegation oppose putting the storage complex in the state. They fear New Mexico will become the nation’s dumping ground for spent nuclear fuel because the federal government has no permanent solution for the waste piling up at commercial reactors around the country.
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Lachlan Murdoch explains settlement, says no change at Fox
NEW YORK (AP) — Lachlan Murdoch says Fox paid $787 million to settle a lawsuit on its reporting to avoid a divisive trial and lengthy appeals process. The Fox Corp. chief executive also says a Delaware judge “severely limited” Fox’s defenses against claims by Dominion Voting Systems, which he still believes in. Fox Corp. reported $50 million in losses last quarter, primarily because of the settlement. In a call with financial analysts, Murdoch said viewers and investors to expect no change in the network’s programming strategy. He didn’t mention the name of Tucker Carlson, Fox’s most popular host, fired two weeks ago for reasons the company hasn’t explained.
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EU takes aim at countries helping Russia to avoid sanctions
Brussels (AP) — European Commission President Ursula von der Leyen is urging EU member nations to take trade measures against countries that help the Kremlin circumvent the bloc’s sanctions against Russia. China is warning that it will retaliate, if targeted. Von der Leyen says the measures should be part of a new round of sanctions that member countries are discussing to undermine Russia’s war effort. She said Tuesday that “if we see that goods are going from the European Union to third countries and then end up in Russia, we could propose to the member states to sanction those goods.” She didn’t name the countries, but EU officials are concerned about flows of goods through China and Iran.
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Ryanair to order between 150 and 300 Boeing 737 Max jets
Irish airline Ryanair is making a big order for Boeing 737 Max jets. Ryanair said Tuesday that it has agreed to order 150 Max planes with an option for 150 more. That would be the biggest aircraft purchase in the airline’s history and a boost for Boeing. At Boeing’s list prices, the 150 planes would be valued at more than $20 billion, although routinely get deep discounts. Financial terms of the of deal aren’t being announced. Ryanair CEO Michael O’Leary says the planes will replace some of his airline’s older Boeing jets and also allow the carrier to grow.
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Airbnb posts $117 million 1Q profit as revenue grows by 20%
Airbnb has reported a $117 million profit for the first quarter, the first time that the company has made money during the seasonally slowest part of the year. Airbnb said Tuesday that its revenue rose 20% from a year ago, topping Wall Street expectations. Bookings rose, and average daily rates paid by customers held steady. Airbnb is continuing to get a boost from the ongoing recovery in travel, which took a hit during the pandemic. It’s also being aided by the trend of more people working remotely. The San Francisco company says some of its customers are combining remote work with travel.
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Goldman settles gender discrimination suit for $215 million
NEW YORK (AP) — Goldman Sachs has agreed to pay $215 million to settle a years-long class action lawsuit that claimed the bank discriminated against women when it came to pay, performance evaluations and promotions. The lawsuit, which was initially filed in September 2010, was set to go to trial next month. The plaintiffs in the case are all women who worked for Goldman as an associate or vice president in the U.S. in its investment banking, investment management or securities divisions. The settlement covers about 2,800 female associates and vice presidents in Goldman’s investment banking, investment management and securities divisions.
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The S&P 500 fell 18.95 points, or 0.5%, to 4,119.17. The Dow Jones Industrial Average fell 56.88 points, or 0.2%, to 33,561.81. The Nasdaq composite fell 77.36 points, or 0.6% to 12,179.55. The Russell 2000 index of smaller companies fell 4.79 points, or 0.3%, to 1,749.68.
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