CBS keeps Moonves in place during sexual misconduct inquiry
NEW YORK (AP) —CBS will keep CEO Les Moonves in place during an investigation of sexual misconduct charges against him, the company said. It will hire an outside counsel to conduct the probe. Should the investigation lead to Moonves’ ouster or resignation, CBS will face major challenges.
Fed is set to leave rates alone as trade war raises anxiety
WASHINGTON (AP) — The Federal Reserve will meet this week to assess an economy that has just enjoyed a healthy spurt of growth but faces a flurry of trade fights pushed by President Donald Trump that could imperil that growth over time. If those concerns weren’t enough, Trump has openly expressed his displeasure at the Fed’s interest rate increases — something no president has done publicly in more than two decades.
Trump officials predict sustained growth in the economy
WASHINGTON (AP) — The president’s top economic advisers are forecasting an economy that will continue to grow, an assessment that few economists outside the administration agree with. Treasury Secretary Steven Mnuchin predicts the economy will enjoy four or five years of sustained 3 percent growth “at least.” And White House economic adviser Larry Kudlow says President Donald Trump deserves a victory lap after an energetic 4.1 percent annual growth rate in the April-June quarter.
50 years on, McDonald’s and fast-food evolve around Big Mac
NEW YORK (AP) — McDonald’s is fighting to hold onto customers as the Big Mac turns 50, but it’s not changing the makings of its most famous burger. The company is celebrating the 1968 debut of the double-decker sandwich whose ingredients of “two all-beef patties, special sauce, lettuce, cheese, pickles, onions and a sesame seed bun” were seared into American memories by a TV jingle. The unchanged recipe only shows how much McDonald’s and the rest of fast-food have evolved.
Harley-Davidson rebels with an electric motorcycle
MILWAUKEE (AP) — Harley-Davidson, facing dwindling sales in its home market, said Monday that it will roll out some new products and stores to broaden its audience and invigorate sales. Known for its car-alarm triggering engine rumble, the company will roll out an electric motorcycle called LiveWire next year, with no clutch and no gears. It’s promising to expand that line over the next few years.
Accusations fly as firms seek to avoid Trump’s steel tariff
WASHINGTON (AP) — U.S. companies seeking to be exempted from President Donald Trump’s tariff on imported steel are accusing American steel manufacturers of spreading inaccurate and misleading information, and they fear it may torpedo their requests. The resentment is evidence of the backlash over how the Commerce Department is evaluating their requests to avoid the duty on steel imports.
Study: ‘Medicare for all’ projected to cost $32.6 trillion
WASHINGTON (AP) — Sen. Bernie Sanders’ “Medicare for all” plan would boost government health spending by $32.6 trillion over 10 years, requiring historic tax hikes. That’s according to a study released Monday by a libertarian policy center at George Mason University. The latest plan from the Vermont independent would deliver significant savings on administration and drug costs. Increased demand for care, however, would drive up spending.
Treasury projects Q3 borrowing to surge to $329 billion
WASHINGTON (AP) — The Treasury Department says the federal government plans to borrow $329 billion in the current July-September quarter. That’s highest third-quarter figure in eight years, as the government faces rising borrowing needs due to higher budget deficits. Treasury says that the projected borrowing is 74 percent higher than the $189 billion borrowed in the same quarter a year ago and would mark the largest July-September amount since 2010.
Georgia jet fuel tax halted, months after Delta, NRA fight
ATLANTA (AP) — Georgia’s governor has made good on his vow to restore a jet fuel tax cut that had been controversially killed by state GOP lawmakers irate over Delta Air Lines’ decision to cut ties with the National Rifle Association. In a statement Monday, Republican Gov. Nathan Deal ordered the collection of the state’s 4 percent sales tax on jet fuel to be suspended.
Another tech stock tumble pulls US indexes sharply lower
NEW YORK (AP) — Technology stocks fell again, extending their losses from the end of last week. It’s a sharp turnaround for a group that has long been the stock market’s undisputed leader. A jump for energy stocks helped to offset the decline. It’s a busy week for investors, with central-bank meetings, corporate earnings and the monthly U.S. jobs report.
The S&P 500 lost 16.22 points, or 0.6 percent, at 2,802.60, and the Dow Jones Industrial Average fell 144.23 points, or 0.6 percent, to 25,306.83. The Nasdaq composite fell 107.41 points, or 1.4 percent, to 7,630. The Russell 2000 index slid 10.21 points, or 0.6 percent, to 1,653.13.
The price of benchmark U.S. oil rose by 2.1 percent to $70.13 a barrel. Brent crude, the international standard, rose 0.9 percent to $74.97 a barrel in London. Wholesale gasoline lost 0.1 percent to $2.16 a gallon. Heating oil gained 0.7 percent to $2.17 a gallon. Natural gas rose 0.5 percent to $2.80 per 1,000 cubic feet.