Business Highlights: Electric vehicles, jobless claims

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Automakers promise to increase sales of electric vehicles in the US

WASHINGTON (AP) – President Joe Biden has announced a pledge from US automakers that electric vehicles will account for up to half of their sales by the end of the decade. Auto managers and lawmakers joined Biden on the South Lawn of the White House Thursday when he signed an executive order on voluntary engagement. The government wants automakers to increase gas mileage and reduce exhaust pipe pollution by model year 2026. The steps are big steps towards Biden’s promise to reduce emissions and tackle climate change as he pushes to shift the nation from internal combustion engines to batteries. powered vehicles.

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US jobless claims drop 14,000 to 385,000 as the economy recovers

WASHINGTON (AP) – The number of Americans applying for unemployment benefits fell by 14,000 last week to 385,000, further evidence that the economy and labor market are rapidly recovering from the coronavirus recession. The Labor Department reported Thursday that unemployment claims – a proxy for layoffs – fell last week from a revised 399,000 the week before. Registrations have declined more or less steadily since the 900,000 mark at the beginning of January. Still, they remain high at historical levels: before the pandemic hit the United States in March 2020, they hit around 220,000 a week.

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McConnell: Democrats won’t get our help to lift the debt ceiling

WASHINGTON (AP) – Senate minority leader Mitch McConnell says his Republicans will oppose raising the national debt ceiling if Democrats pursue their $ 3.5 trillion plan to strengthen social and environmental programs. The Kentucky Republican’s threat was the clearest he had ever made to force the Democrats into one of two inedible options. They could either take the politically unpopular move of unilaterally renewing the government’s ability to borrow, or scaling back President Joe Biden’s domestic agenda. His remarks suggest that a showdown between the two parties could threaten the government’s financial health.

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Apple scans US iPhones for images of child sexual abuse

NEW YORK (AP) – Apple plans to scan US iPhones for images of child sexual abuse, which has applauded child protection groups but worries some security researchers that the system could be abused by governments monitoring their citizens want. The tool, which Apple calls “neuralMatch,” detects familiar images of child sexual abuse without deciphering people’s messages. If a match is found, the image is reviewed by a human who can notify law enforcement if necessary. However, researchers say the tool could be used for other purposes such as government surveillance of dissidents or protesters.

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Delivery problems prompt US companies to consider withdrawing from China

WASHINGTON (AP) – Importers are grappling with a perfect storm of delivery problems – soaring prices, overburdened ports, a shortage of ships, trains, trucks – that is expected to last through 2022. The experience is worrying enough that many are reconsidering the cost. Savings decisions that they have made in recent years to relocate production from the US to China and other low-cost producers. Well, they believe, it might make sense to bring manufacturing back across the Pacific – at least to Mexico, if not the United States – to protect yourself from the risks of relying on factories in China.

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FAA chief calls for more criminal prosecution of recalcitrant passengers

WASHINGTON (AP) – The country’s leading aviation regulatory agency is urging local officials to increase criminal charges against those acting on airline flights. Stephen Dickson, chief of the US Federal Aviation Administration, says airline crews often ask police to collect their aircraft when it lands because of unruly passengers. In some cases, flight attendants report assaults. Dickson says many of the passengers will be questioned by police and then released without charge. He calls this a missed opportunity to hold passengers accountable for dangerous behavior.

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Stocks rise on Wall Street and hit more record highs

NEW YORK (AP) – Stocks rose on Wall Street Thursday, making further record highs for the S&P 500 and Nasdaq. Investors were encouraged by the improvement in labor market data and some solid corporate earnings reports. The S&P 500 was up 0.6% and the Nasdaq was up 0.8%. The Dow Jones Industrial Average rose 0.8%. Smaller company stocks far outperformed the broader market. Weber, the pioneering manufacturer of barbecues, grew strongly on the first day of trading. Profits were broad during a troubled trading week with technology stocks doing particularly well. The yield on the 10-year government bond rose to 1.21%.

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The US trade deficit hit a record $ 75.7 billion in June

WASHINGTON (AP) – The U.S. trade deficit soared to a record $ 75.7 billion in June as the recovery in the American economy fueled demand for imports. The Commerce Department announced Thursday that the deficit rose 6.7% from a revised May deficit of $ 71 billion. The June deficit set a record, topping the old $ 75 billion mark set in March. The trade deficit represents the gap between what the country exports to the rest of the world and what it buys from other countries. In June, exports rose a modest 0.5% to $ 207.7 billion, while imports rose 2.1% to $ 283.4 billion.

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The S&P 500 gained 26.44 points, or 0.6%, to 4,429.10 points. The Dow Jones Industrial Average rose 271.58 points, or 0.8%, to 35,064.25. The Nasdaq added 114.58 points, or 0.8%, to 14,895.12. The Russell 2000 Small Business Index rose 36.69 points, or 1.8%, to 2,236.01 points.