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Elon Musk must still have his tweets approved by Tesla lawyer, federal appeals court rules
NEW YORK (AP) — A federal appeals court says Elon Musk cannot back out of a settlement with securities regulators over 2018 tweets claiming he had the funding to take Tesla private. The 2nd U.S. Circuit Court of Appeals in Manhattan ruled Monday, just days after hearing arguments from lawyers in the case. Musk had challenged a lower court judge’s ruling last year requiring him to abide by the deal. The settlement with the Securities and Exchange Commission required that his tweets be first approved by a Tesla attorney. It also called for Musk and Tesla to pay civil fines over the tweets.
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Debt ceiling: McCarthy says ‘no progress’ ahead of talks Tuesday with Biden
WASHINGTON (AP) — House Speaker Kevin McCarthy says there’s been “no progress” on debt ceiling talks. The Republican speaker told reporters Monday at the Capitol that the situation is “very concerning” as time narrows to avert a crisis. President Joe Biden is set to meet with McCarthy and other congressional leaders Tuesday at the White House. Biden said he will resume the talks as a standoff over the debt limit pushes the country closer to its legal borrowing limit. Biden is back in Washington after a trip to Pennsylvania. He is scheduled to leave for the Group of Seven summit in Japan on Wednesday.
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Repelled by high car prices, Americans are holding on to their vehicles longer than ever
ANN ARBOR, Mich. (AP) — Americans are keeping their cars longer than ever. The average age of a passenger vehicle on U.S. roads hit a record 12.5 years this year, according to data gathered by S&P Global Mobility. Sedans are even older, on average — 13.6 years. Blame it mainly on the pandemic, which triggered a shortage of automotive computer chips, the vital component that runs everything from radios to gas pedals to transmissions. The shortage drastically slowed assembly lines, making new vehicles scarce just when consumers were increasingly eager to buy. Prices surged to record highs. And though they’ve eased somewhat, the cost of a vehicle still feels punishingly expensive to many Americans, especially when coupled with now much-higher loan rates.
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TSA is testing facial recognition at more airports, raising privacy concerns
BALTIMORE (AP) — The agency tasked with securing America’s airports is testing the use of facial recognition technology at a number of airports across the country. The Transportation Safety Administration says the technology is an effort to more accurately identify the millions of passengers traveling through its airports every day and that passengers can opt out. The technology is both checking to make sure the person at the airport matches the ID presented and that the identification is in fact real. It’s currently at 16 airports. Critics have raised concerns about questions of bias in facial recognition technology and possible repercussions for passengers who want to opt out.
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Fire breaks out at Marathon refinery in Texas; 1 worker dead
TEXAS CITY, Texas (AP) — A fire at a Marathon Petroleum refinery near Houston caused visible flames and has left at least one worker dead. The company said Monday that the cause of the fire was under investigation. Aerial footage from Houston television stations showed crews trying to put out flames at the Galveston Bay refinery, which is along a stretch of Texas coast that is heavily populated by petrochemical facilities. Neither the company nor authorities immediately said whether anyone else was injured. Fires at refineries in the area are not uncommon. Earlier this month, a fire at a Shell facility in nearby Deer Park sent nine workers to the hospital and caused massive plumes of smoke.
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Microsoft’s bid to buy Activision Blizzard clears a key hurdle. But the $69B deal is still at risk
LONDON (AP) — The European Union has approved Microsoft’s $69 billion purchase of video game maker Activision Blizzard. The EU said Monday that it decided the deal won’t stifle competition for popular console titles like Call of Duty and accepted the U.S. tech company’s remedies to boost competition in cloud gaming. But the blockbuster deal is still in jeopardy because British regulators have rejected it and U.S. authorities are trying to thwart it. The all-cash deal announced more than a year ago has been scrutinized by regulators worldwide over fears that it would give Microsoft and its Xbox console control of Activision’s hit franchises like Call of Duty and World of Warcraft.
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More dogs could show up in outdoor dining spaces. Not everyone is happy about it
Just in time for the summer dining season, the U.S. government has given its blessing to restaurants that want to allow pet dogs in their outdoor spaces. It better reflects reality; nearly half of states already allow canine dining outdoors. Restaurants have been required to allow service dogs for decades. But it wasn’t until the mid-2000’s that states began allowing dogs in outdoor dining spaces. Late last year, the U.S. Food and Drug Administration issued new guidance saying restaurants can welcome dogs as long as they get permission from a local authority. The FDA suggests they also require leashes and develop plans to handle dog waste.
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Vice Media files for Chapter 11 bankruptcy, the latest in a string of digital media setbacks
NEW YORK (AP) — Vice Media has filed for Chapter 11 bankruptcy protection. It’s the latest digital media company to falter after a meteoric rise. Vice agreed to sell its assets to a consortium of lenders or about $225 million in addition to taking on a significant amount of the company’s debt. Other parties will also be able to submit bids. The bankruptcy filing arrives just weeks after the company announced it would cancel its flagship “Vice News Tonight” program amid a wave of layoffs. The company also said it would end its Vice World News brand, making Vice News its only brand worldwide.
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Writers strike felt in missing NBC stars, absence of Fox schedule for TV sales pitches
NEW YORK (AP) — The impact of the writers strike was evident as major television networks began their annual week of sales presentations to advertisers. NBC was force to bring news personalities like Willie Geist and Stephanie Ruhle to hawk comedies and dramas, as entertainers stayed away from a Radio City Music Hall event where striking writers picketed. Fox said that due to the uncertainty of the strike, it would not announce a fall TV schedule yet. Members of the Writers Guild for America walked out some two weeks ago, and there have been no negotiations on a new contract since then.
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The S&P 500 rose 12.20 points, or 0.3%, to 4,136.28. The Dow Jones Industrial Average rose 47.98 points, or 0.1%, to 33,348.60. The Nasdaq composite fell 80.47 points, or 0.7% to 12,365.21. The Russell 2000 index of smaller companies fell 20.70 points, or 1.2%, to 1,761.55.
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