McDonald’s is investing $100 million to bring customers back after E. coli outbreak
McDonald’s is investing $100 million to bring customers back to stores after an outbreak of E. coli food poisoning tied to onions on the fast-food giant’s Quarter Pounder hamburgers. The investments include $65 million that will go directly to the hardest-hit franchises. The U.S. Centers for Disease Control and Prevention has said that slivered onions on the Quarter Pounders were the likely source of the outbreak. Colorado reported at least 30 cases; Montana reported 19; Nebraska, 13; and New Mexico, 10. Illnesses were reported between Sept. 12 and Oct. 21. At least 104 people got sick and 34 were hospitalized.
Retail sales up solidly in October as Americans showed continued willingness to spend
WASHINGTON (AP) — Americans stepped up their spending at retailers last month in the latest sign that healthy consumer spending is driving the economy’s steady growth. Retail sales rose 0.4% from September to October, a solid increase though less than the previous month’s robust 0.8% gain. A 1.6% jump in sales at auto dealers drove much of the gain. Purchases climbed 2.3% at electronics and appliances stores and 0.7% at restaurants and bars. Though some of October’s rise in retail sales reflected higher prices, it mainly indicated increased purchases. Friday’s report arrives as retailers are poised to enter the critically important holiday shopping season. Analysts envision a solid holiday shopping season, though perhaps not as robust as last year’s.
Forget downtown or the ’burbs. The far-flung exurbs are where people are moving
HAINES CITY, Fla. (AP) — Not long ago, Polk County’s biggest draw was citrus. The Florida county produces more boxes of citrus than any other in the state. But last year more people moved there than to any other U.S. county. The migration reflects a growing trend all over the country: the rise of far-flung exurbs. Communities on the outskirts of metro areas were some of the fastest-growing last year. The U.S. Census Bureau says it’s an after-effect of the pandemic. Rising housing costs drove people further from cities and remote working allowed many to do their jobs from home. Despite longer commutes and cultural changes, some residents say the exurbs are worth it.
Stock market today: Wall Street tumbles as the “Trump bump” fades and vaccine makers sink
NEW YORK (AP) — U.S. stocks fell to their worst loss since Election Day as the boost that Wall Street got from last week’s victory for Donald Trump and a cut to interest rates by the Federal Reserve kept fading. The S&P 500 sank 1.3% Friday to close a losing week. The Dow Jones Industrial Average dropped 0.7%, and the Nasdaq composite fell 2.2%. Moderna and other makers of vaccines helped drag the market down after President-elect Donald Trump named Robert F. Kennedy Jr., an anti-vaccine activist, to be his health secretary. Treasury yields swung following stronger-than-expected reports on the economy.
Russia’s Gazprom stops the flow of natural gas to Austria, OMV utility says
VIENNA (AP) — Austrian utility OMV says supplies from Russia’s state-owned natural gas company Gazprom stopped early Saturday after the company said it would stop payments for the gas following an arbitration award. The official cutoff of supplies came a day after Austrian Chancellor Karl Nehammer held a hastily called news conference to emphasize his country has a secure supply of alternative fuel for this winter. OMV said it would stop paying for Gazprom gas to its Austrian arm to offset a 230 million-euro ($242 million) arbitration award it won over an earlier cutoff of gas to its German subsidiary.
Trump names Interior-designee Doug Burgum to head new White House council on energy
WASHINGTON (AP) — President-elect Donald Trump said Friday that North Dakota Gov. Doug Burgum, Trump’s choice to head the Interior Department, will also head a newly created National Energy Council that will seek to establish U.S. “energy dominance” around the world. Trump said Burgum will oversee a panel that crosses all executive-branch agencies involved in energy permitting, production, generation, distribution, regulation and transportation. Earlier Friday, Trump said Steven Cheung will serve as his White House communications director and Sergio Gor will run the personnel office. Both positions could be influential in the new administration.
Olav Thon, billionaire Norwegian real estate developer, dead at 101
OSLO, Norway (AP) — Olav Thon, a billionaire entrepreneur recognizable for his bright red cap who went from selling leather and fox hides in his youth to build one of Norway’s biggest real estate empires, has died. The news was announced by his company. He was 101. Thon eventually moved from selling leather into real estate and purchased his first apartment building in 1950. From there, he built a group that today counts over 80 shopping centers in Norway and neighboring Sweden. It also owns some 90 hotels in those two countries plus Belgium, Denmark and the Netherlands.
Judge blocks Biden administration’s rule to expand overtime pay for millions
NEW YORK (AP) — A federal judge in Texas has blocked a new rule from the Biden administration that would have expanded access to overtime pay to millions more salaried workers across the U.S. In a Friday ruling, U.S. District Judge Sean Jordan sided with the state of Texas and a group of business organizations that argued the Labor Department exceeded its authority when it finalized a rule earlier this year to significantly expand federal overtime eligibility for salaried workers. The Labor Department’s now-scuttled rule, which began going into effect on July, would have marked the biggest increase to that cap in decades. Now, a previous threshold of $35,568 set under the Trump administration is poised to go back into effect.
General Motors lays off about 1,000 workers, cutting costs to compete in a crowded automobile market
DETROIT (AP) — General Motors is laying off about 1,000 workers worldwide, shedding costs as it tries to compete in a crowded global automobile market. The workers are mostly salaried but some blue-collar workers were affected. They were told of the moves early Friday. The company confirmed the layoffs in a statement but gave few details. GM said it has to operate efficiently and have the right team structure to focus on its top priorities. GM and other automakers have been navigating an uncertain transition to electric vehicles worldwide, trying to figure out where to invest capital. The company has had to update gas-powered models while investing in EV battery and assembly plants as well as minerals and other parts for the next generation of electric vehicles.
Powell says Fed will likely cut rates cautiously given persistent inflation pressures
WASHINGTON (AP) — Chair Jerome Powell says the Federal Reserve will likely cut its key interest rate slowly and deliberately in the coming months, in part because inflation has shown signs of persistence and the Fed’s officials want to see where it heads next. Powell, speaking in Dallas, said inflation is edging closer to the central bank’s 2% target, “but it is not there yet.” At the same time, he said, the economy is strong, and the policymakers can take time to monitor the path of inflation. Economists expect the Fed to announce another quarter-point rate cut in December, after a quarter-point reduction last week and half-point cut in September.
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