Business Highlights: Climate activists intensify actions; Heat deaths among US workers on the rise
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Climate activists target jets, yachts and golf in a string of global protests against luxury
BARCELONA, Spain (AP) — Climate activism has intensified in the past few years as the planet warms to dangerous levels, igniting more extreme heat, floods, storms and wildfires around the world. Tactics have been getting more radical, and activists are now turning their attention to the wealthy, after long targeting some of the world’s most profitable companies – oil and gas conglomerates, banks and insurance firms that continue to invest in fossil fuels.
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Workers exposed to extreme heat have no consistent protection in the US
RENO, Nev. (AP) — State and federal agencies are scrambling to find measures to combat what experts call one of the harshest and most neglected effects of climate change in the U.S.: rising heat deaths and injuries of people who work in triple-digit temperatures. State and federal governments have long implemented federal procedures for environmental risks exacerbated by climate change, namely drought, flood and wildfires. But extreme heat protections for workers have generally lagged. Complicating attempts to address the issue is the absence of one national standard for measuring heat deaths in the U.S.
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US, China agree to discuss export controls as commerce secretary visits to warm up chilly ties
BEIJING (AP) — Commerce Secretary Gina Raimondo says she and her Chinese counterpart agreed to exchange information on U.S. export controls that irk Beijing and set up a group to discuss other commercial issues. But neither side appeared ready to make major concessions on disputes that have plunged relations to their lowest level in decades. Raimondo joined American officials including Treasury Secretary Janet Yellen in July who have visited China in the past three months in hopes of reviving chilly relations. Chinese leader Xi Jinping’s government wants to revive foreign investor interest in China as it tries to reverse a deepening economic slump.
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Stock market today: Wall Street gains ahead of busy week of closely-watched economic reports
NEW YORK (AP) — Stocks closed higher on Wall Street as markets shift their attention from the Federal Reserve to more corporate earnings and economic reports. The S&P 500 added 0.6% Monday. Last week the index had its first winning week since July. The Dow rose 213 points, or 0.6%, and the Nasdaq composite climbed 0.8%. This week markets will get earnings updates from Best Buy and Costco as well as several key reports on the job market, including the government’s monthly jobs report on Friday. 3M jumped following reports that the company had agreed to a $5.5 billion settlement over faulty earplugs, a lower figure than expected.
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How PayPal is using AI to combat fraud, and make it easier to pay
NEW YORK (AP) — Artificial intelligence has been the buzzword of 2023 ever since ChatGPT made its public debut earlier this year, with businesses, schools, universities and even non-profits looking for ways to integrate AI in their operations. John Kim, chief product officer for PayPal, spoke with The Associated Press about how the company is using the early proliferation of artificial intelligence technologies in its business, as well as PayPal’s future in payments when there’s so much competition. Kim say PayPal plans on launching three new products with ties to AI in the next 120 days.
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‘Gran Turismo’ takes weekend box office crown over ‘Barbie’ after all
The box office results are in and Sony’s racing movie “Gran Turismo” won the weekend over “Barbie” after all. On Sunday, “Gran Turismo” appeared to be neck-and-neck with “Barbie,” with both hovering just over $17 million. But Monday actuals reported by the studios provided a clear winner. “Gran Turismo” ended up with $17.4 million from North American theaters against “Barbie’s” $15.1 million. It was an unusual weekend in multiplexes. U.S. movie theaters held the second annual National Cinema Day on Sunday, offering $4 tickets. This might have been part of the reason why the Sunday estimate for “Barbie” was perhaps a bit too bullish.
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As worker actions continue nationwide, White House highlights how administration is helping unions
WASHINGTON (AP) — As worker actions continue from Hollywood to Detroit, and new labor unions crop up nationally, the White House on Monday was highlighting its effort to bolster worker organizing throughout the U.S. President Joe Biden is counting on critical labor support as he campaigns for a second term in office, holding his first re-election campaign rally at a Pennsylvania union hall in June, declaring: “I’m proud to be the most pro-union president in American history.” The White House and Treasury on Monday issued a joint analysis on the state of labor unions and the administration’s role in protecting them.
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Amazon is raising free-shipping minimums for some customers who don’t have Prime memberships
NEW YORK (AP) — Amazon has been quietly raising the amount some customers must spend on its site to get free shipping. To qualify for no-cost deliveries, some Amazon customers who don’t have Prime memberships now need to spend $35, up from $25 previously. Amazon spokesperson Kristina Pressentin confirmed that the company is testing the new qualification, which was first reported by the blog eCommerce Bytes. The change doesn’t impact Prime members who pay $14.99 per month, or $139 a year, for free shipping and other perks. The consumer education website Consumer World said Monday that for now, the new $35 minimum seems to apply to customers based on where they live.
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Farmers Insurance says it is cutting 2,400 jobs in bid to ensure long-term profitability
NEW YORK (AP) — Farmers Insurance says it will lay off 11% of its workforce — about 2,400 employees — as part of a corporate restructuring aimed at increasing its efficiency and long-term profitability. The California-based insurer owned by Swiss giant Zurich Insurance Group said Monday the job cuts will impact all lines of its business. In recent months, Farmers and other insurers, including Allstate and State Farm, have pulled back on property insurance in states like Florida and California. Farmer’s layoff announcement follows mass job cuts seen at a handful of companies in the past year — including T-Mobile, Google, Meta, Amazon and Disney.
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Biden’s commerce secretary is the latest Cabinet member to visit China in a bid for improved ties
WASHINGTON (AP) — Commerce Secretary Gina Raimondo is the latest member of President Joe Biden’s Cabinet to visit China as his administration tries to mend the deteriorating ties between the world’s two largest economies. She promises to be “practical” without compromising the U.S. push to “responsibly” manage that economic relationship. Raimondo plans meetings with Chinese officials and U.S. business leaders in Beijing and Shanghai in an effort to “promote a healthy competition, a competition on a level playing field, playing by the rules.” She told reporters before leaving Washington on Saturday that she also is “very realistic and clear-eyed about the challenges. And the challenges are significant.”
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The S&P 500 rose 27.60 points, or 0.6%, to 4,433.31. The Dow Jones Industrial Average rose 213.08 points, or 0.6%, to 34,559.98. The Nasdaq composite rose 114.48 points, or 0.8%, to 13,705.13. The Russell 2000 index of smaller companies rose 15.38 points, or 0.8%, to 1,869.01.