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Production begins when Bolt batteries are replaced
General Motors says production has resumed on battery modules used in the recalled Chevrolet Bolt electric vehicles, and customers can begin receiving replacement parts by mid-October under a recall notice. GM said on Monday that owners should limit charging until they receive a replacement battery module. Customers are being partly prioritized in how they charge their vehicles. GM says owners who typically run their batteries to nearly zero before recharging are at increased risk of fire.
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Twitter will pay $809.5 million to settle shareholder lawsuit
SAN FRANCISCO: Twitter on Monday said it would pay $809.5 million to settle a consolidated class action lawsuit alleging that the company misled investors about how much its user base was growing and that users had taken advantage of it. How much did you interact with the platform? The San Francisco company said the proposed settlement, which still must be signed by a judge, settles all claims against Twitter without admitting any wrongdoing. The original lawsuit, filed in 2016 by Twitter investor Doris Shenwick, claimed that Twitter executives intentionally made false public statements about these metrics, and failed to disclose internal information about them, resulting in an increased Hui share price fell when the truth about user engagement became known.
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Inflation forces homebuilders to take it slow, raises prices
Los Angeles: Rising costs and shortages of building materials and labor are rampant across the home construction industry, delaying construction and prompting many builders to put the brakes on how many homes they put up for sale. After rising nearly five times to an all-time high in May, timber futures last week hit their lowest level in more than a year. The nearly 64% drop since then reflects an uptick in production and lackluster demand from builders as prices skyrocket. Still, the decline has yet to translate into lower costs for many builders. Meanwhile, the industry is grappling with other high costs for windows, doors, floors, ceilings and other types of construction products.
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Fed may signal an impending pullback in economic support
WASHINGTON: The Federal Reserve is expected to send its clear signal this week that it will begin to rein in its ultra-low-interest rate policies later this year, easing the extraordinary support it has given to the economy since the pandemic. First step in that direction 18 months ago. Many economists believe the Fed will formally announce a pullback in November, sparking widespread concerns in response to the continued recovery from the pandemic slowdown and accelerating inflation. This week’s Fed policy meeting could lay the groundwork for that announcement.
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Pfizer says COVID-19 vaccine works in children ages 5 to 11
Pfizer says its COVID-19 vaccine works for children ages 5 to 11. The vaccine maker said on Monday that it plans to soon seek authorization in the US, UK and Europe for this age group. The vaccine, made by Pfizer and its German partner BioNTech, is already available for people 12 years of age and older. But many parents are anxiously waiting to vaccinate their young children. Pfizer studied low doses of its two-dose vaccine in more than 2,200 kindergartners and elementary school-aged children. Children developed the same levels of antibodies that fight the coronavirus as teenagers and young adults.
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NHTSA launches new investigation into Takata airbags
SILVER SPRING, MD: The US government’s highway safety regulator has launched an investigation into a potential problem that surfaced last year with 56 million Takata airbags, but the agency ultimately deemed safe based on industry research. The National Highway Traffic Safety Administration has yet to post an official document on the investigation, but said it was not aware of any injuries or deaths due to the problem and that the public did not need to take any action. NHTSA said it would publish an official report on the investigation later on Monday.
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Join HP, Procter & Gamble Companies, Pledge to Cut Emissions
BERLIN: Computer maker HP, consumer goods business Procter & Gamble and coffee capsule company Nespresso have joined in a corporate pledge to cut their greenhouse gas emissions sharply in nearly two decades. The Climate Pledge is a group of companies and organizations led by Amazon. It said on Monday that it had signed up 86 new members to its voluntary measures. The group said it now has 201 members, with a global annual income of more than $1.8 trillion. Group members are encouraged to eliminate as many emissions as possible. Those that cannot be avoided need to be completely eradicated in the next two decades. This means paying for measures to ensure that as much emissions are absorbed, as long as companies continue to emit.
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France seeks European support after surprise submarine deal
Paris: France canceled meetings with British and Australian officials and is trying to rally EU allies behind the push for more European sovereignty. Even after being humiliated by the major Pacific defense deal signed by the US, Australia and Britain, France is still troubled. Australia and Britain insisted on Monday that the diplomatic crisis would not affect long-term ties with France. The defense agreement included a submarine deal that thwarted a rival French submarine contract. France withdrew its ambassadors to the US and Australia over the deal, and its anger is not waning. French foreign ministers are meeting with EU counterparts on Monday and giving a news conference in New York.
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The S&P 500 fell 75.26 points, or 1.7%, to 4,357.73. The Dow Jones Industrial Average fell 614.41 points, or 1.8%, to end at 33,970.47. The Nasdaq closed 330.06 points, or 2.2%, down at 14,713.90. The Russell 2000 Index of Small Companies fell 54.67 points, or 2.4%, to 2,182.20.
Disclaimer: This post has been self-published from the agency feed without modification and has not been reviewed by an editor
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