Business Highlights: Toymakers’ Woes, GM’s Plans
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Toymakers race to get products on shelves amid supply clogs
NEW YORK: Toy companies are racing to get their toys onto store shelves ahead of the holidays as they face a severe supply-network crunch. Toymakers are feverishly trying to find containers to ship their goods while searching for new alternative routes and ports. Some are flying in the toys if they can get space on planes instead of shipping by boat to get the goods on shelves well. But companies are also resigning to the harsh realities that they cant make up for delays and are leaving behind some of the holiday toys, particularly bulkier one, in factories in China.
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GM sets to double revenue, lead US in electric vehicle sales
WARREN, Mich.: General Motors plans to cash in as the world switches from combustion engines to battery power, promising to double its annual revenue by 2030. To get there it plans an array of new electric vehicles, profitable gas-powered cars and trucks, and services such as an electronic driving system that can handle most tasks on the road. In announcements Wednesday ahead of a two-day investor event in suburban Detroit, the company also pledged to unseat Tesla and become the electric vehicle market share leader in U.S., although no time frame was given. GM teased upcoming new electric vehicles including a Chevrolet small SUV that will cost around $30,000, as well as electric trucks from Chevrolet and GMC.
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Fed up by pandemic, US food workers launch rare strikes
OMAHA, Neb.: A summer of labor unrest at U.S. food manufacturers has stretched into fall. Around 1,400 workers at Kellogg Co.s U.S. cereal plants walked off the job this week. In Kentucky, a strike by 420 workers against Heaven Hill Distillery is in its fourth week. The actions come on top of strikes this summer by Frito-Lay and Nabisco workers. Labor experts say pandemic gave food workers a rare upper hand. Labor shortages make it difficult to replace them, and the pandemic put a spotlight on their essential __ and sometimes dangerous __ work.
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Ban on negotiating Medicare drug prices under pressure
WASHINGTON: Negotiating Medicare drug prices is a linchpin of President Joe Bidens ambitious health care agenda. But Congress barred the program from negotiating with drugmakers when it created the prescription benefit. That was nearly 20 years ago, and medicines costing $100,000 a year were rare. Now Biden and congressional Democrats want to create an exception for the most expensive drugs without generic competition, and for insulins. Democrats hope to use billions in expected savings for other health care priorities. Drugmakers oppose the proposal, saying government price setting would stifle innovation. And similar to other parts of Bidens agenda, a few Democrats have qualms about Medicare negotiations.
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Instagram and teens: How to keep your kids safe
SAN FRANCISCO: When whistleblower Frances Haugen on Tuesday revealed internal Facebook studies of the harms its Instagram service can cause, particularly for teenagers, she reinforced concerns about the popular photo-sharing app. But what can parents do? Trying to get your kids to quit Instagram might be a lost cause. But experts say there are still some steps parents can take to help kids navigate the dangers of social media while still allowing them to chat with peers on their own terms. These can range from simply keeping lines of communication open to setting age limits and monitoring their activity.
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Stocks edge higher as Wall Street shakes off volatility
NEW YORK: Stocks are closing slightly higher on Wall Street Wednesday as investors recovered from nearly a week of high volatility. Major indexes recouped early losses after the market turned around when Senator Mitch McConnell offered Democrats a short-term extension of the debt ceiling, temporarily relieving some uncertainty over a looming deadline for the government to avert defaulting on its financial obligations. The S&P 500 rose 0.4% and the Dow Jones Industrial Average gained 03% while the Nasdaq Composite closed 0.5% higher. Energy prices retreated after a strong rally that contributed to renewed inflation fears among investors.
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Google: flight search tool can help you fly greener
SILVER SPRING, Md.: Searching for flights on Google just got greener. The tech giant on Wednesday debuted a new tool on Google Flights that tells users which flights in a search result have lower carbon emissions. Flights with significantly lower emissions are highlighted in green indicating what percentage below the median they are for that route. Users can search for flights based on carbon impact, and the results will list the greenest flights at the top of the list. The new flight feature and others are part of a sustainability initiative Google CEO Sundar Pichai highlighted in a blog post.
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California oil spill renews calls to ban offshore drilling
SACRAMENTO, Calif.: Oil spilling into federal waters off Californias coast has prompted fresh calls for an end to offshore oil drilling in state and federal waters. But thats easier said than done. Neither the longstanding ban on new drilling leases in state water nor an effort in Congress to ban new leases in federal waters stop existing drilling. California Gov. Gavin Newsom says its easier to ban new drilling than to wind down what already exists. But he says the spill gives new urgency to the states efforts to reduce oil production. That includes by issuing more permits to abandon wells.
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The S&P 500 gained 17.83 points, or 0.4%, to 4,363.55. The Dow Jones Industrial Average rose 102.32 points, or 0.3%, to 34,416.99. The Nasdaq added 68.08 points, or 0.5%, to 14,501.91. The Russell 2000 index of smaller companies fell 13.40 points, or 0.6%, to 2,214.96.
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