AP Business SummaryBrief at 11:45 p.m. EDT | National

The AP Interview: GM’s Barra talks electric vehicles, the future

NEW YORK (AP) — The economy is a little wobbly, but General Motors CEO Mary Barra isn’t backing down from a bold prediction: She promises that by the middle of this decade, her company will sell more vehicles electric vehicles in the United States than Tesla, the world leader in sales. It faces long odds against immense economic forces working against auto sales. But in an interview with The Associated Press, Barra says GM can win by rolling out more affordable electric vehicles, as well as pickup trucks and luxury vehicles. His challenge is immense. Last year, GM sold just 25,000 electric vehicles in the United States, compared to about 352,000 sold by Tesla.

The Economics of War: Pain for Europe Now, for Russia Later

Europe is feeling the pain of Russia’s war in Ukraine. Growing pressure from high energy prices is driving record inflation and increasing the likelihood of a return to recession. An energy crisis fueled by Europe’s dependence on Russian natural gas has spread throughout the economy. Food banks in Italy are feeding more people, dairies are wondering how they will pasteurize milk and the euro has fallen to its lowest level in 20 years against the dollar. As Europe struggles, Russia has stabilized its currency and inflation thanks to a fortress economy built to withstand international sanctions. But economists say that picture is misleading and that Russia bought itself long-term economic stagnation by launching the war.

EU leaders sign energy deals to try to avoid Russia

ROME (AP) — European leaders have stepped up efforts to secure alternative energy supplies as fears mount of a complete Russian natural gas cut. The leaders of Italy, France and the European Union strike deals with their counterparts in Algeria, Azerbaijan and the United Arab Emirates. Italian Prime Minister Mario Draghi visited Algeria, whose president said a $4 billion deal would be signed on Tuesday to supply “a significant amount of gas”. European Commission President Ursula von der Leyen visited Azerbaijan on Monday to reach an agreement on increasing gas supplies from the Soviet Republic France and the United Arab Emirates have signed an agreement to ensure supplies in oil and natural gas from the Gulf countries.

Report: Curator Newsmax peddles January 6 misinformation

Washington (AP) — A new research report says conservative TV station Newsmax is giving viewers an “alternate universe” about how the deadly siege of the U.S. Capitol unfolded on Jan. 6, 2021. Newsmax has broadcast at least 40 false claims or conspiracy theories about the attack since June, when a House committee began televising its evidence on the role former President Donald Trump and his allies played that day. That’s according to NewsGuard, a tech company that monitors misinformation. Many lies, which were presented by presenters, reporters and guests including Republican US representatives, have been repeatedly debunked. Newsmax did not comment on the report.

Republicans warm to $52 billion on computer chip bill, adding momentum

WASHINGTON (AP) — Leading Republicans are preparing to pass a bill that provides about $52 billion in incentives for the semiconductor industry. Three weeks ago, the computer chip bill appeared to be in trouble despite strong bipartisan support. That’s when Senate Republican Leader Mitch McConnell said there would be no bill as long as Democrats pursue what he called a ‘partisan reconciliation’ package. . But circumstances have changed. GOP Sen. John Cornyn says scrapping proposed tax hikes in the reconciliation bill opens the door to Republican cooperation on semiconductors The Biden administration warns computer chip makers could expand overseas rather than the United States unless the bill passes.

Germany again rejects Russian explanation for gas supply cut

BERLIN (AP) — Germany said a turbine at the center of uncertainty over future gas deliveries through a major gas pipeline linking Russia to Europe was not due to be installed until September, underscoring its insistence on the fact that there should be no technical obstacles to the flow of gas. Meanwhile, Germany’s biggest importer of Russian gas said on Monday Russia’s Gazprom had sent a letter claiming events beyond its control were the reason for the lack of gas supplies. Gazprom cut gas deliveries through the Nord Stream 1 pipeline to Germany by 60% last month. Russia’s state-owned gas company cited alleged technical issues. German politicians say the decision was a political gamble by the Kremlin to sow uncertainty and drive up energy prices.

Delta orders 100 Boeing 737s

Delta is ordering 100 737 Max 10 planes, the largest in the lineup produced by Boeing, potentially giving the manufacturer additional momentum after a difficult rollout of its most advanced jets. Delta has the option of purchasing 30 more aircraft as the airline seeks to meet growing travel demand. Boeing struggled to keep up with European rival Airbus after two 737 Max planes crashed in a short time, killing 346 passengers and crew. Boeing shares were up 4% at the opening bell on Monday.

Millions suffocate as UK suffers first extreme heat warning

LONDON (AP) — Britain’s first-ever extreme heat warning is in effect for large parts of England as the hot, dry weather that has scorched mainland Europe moves north. The high heat is disrupting travel, health care and schools. Two airports were forced to close when their runways buckled. The temperature hit 38.1C (100.6F) in Downham, eastern England, on Monday, just below the highest on record in Britain. That record is 38.7C (101.7F), set in 2019. Wales set an interim national record of 37.1C (95.5F) in Hawarden. Britain’s red heat alert will last until Tuesday. The country is completely unprepared to handle such heat since most homes, schools and small businesses are not air-conditioned.

Yellen denounces China’s trade practices during visit to South Korea

SEOUL, South Korea (AP) — Treasury Secretary Janet Yellen said the United States and South Korea should deepen their trade relationship to avoid letting other countries use their market position at a cost. unfair advantage. During a speech in Seoul, South Korea, she said countries like China could not be allowed to exploit their control over key raw materials, technologies or products “to disrupt our economy or exert a undesirable geopolitical leverage”. Yellen has represented the United States at Group of 20 finance ministers’ meetings on the Indonesian resort island of Bali and has stopped over in Tokyo and Seoul. She did not visit China, but held a call with China’s vice premier for commerce in early July.

Asian stocks mixed as investors watch inflation and earnings

TOKYO (AP) — Asian stocks are mixed as investors assess oil prices, inflation concerns and corporate earnings. Benchmarks in Tokyo and Shanghai were higher in morning trading. Shares fell in Sydney, South Korea and Hong Kong, where investor sentiment was subdued after an early rally on Wall Street evaporated. Gains by energy producers, large retailers and other companies that rely on consumer spending were offset by declines in healthcare and technology stocks. US markets are expected to remain volatile throughout the upcoming earnings season.

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