AP Business SummaryBrief at 6:10 a.m. EDT (2024)

A father who lost 2 sons in a Boeing Max crash waits to hear if the US will prosecute the company

Families of the 346 people who died in two crashes of Boeing 737 Max jetliners are waiting to hear if the Justice Department will prosecute the U.S. aerospace company. In both the October 2018 crash in Indonesia and the March 2019 crash in Ethiopia, software pitched the plane's nose down based on faulty readings from a single sensor. Boeing avoided a trial when prosecutors approved an agreement that meant a felony fraud charge they brought could be dropped in three years. California residents Ike and Susan Riffel lost two sons in the Ethiopia crash. Ike Riffel fears that instead of putting Boeing on trial, the government will offer the company another shot at corporate probation.

Prospect of low-priced Chinese EVs reaching US from Mexico poses threat to automakers

WASHINGTON (AP) — America’s auto industry has grown concerned that Chinese carmakers may be preparing to set up shop in Mexico to exploit North American trade rules. The Chinese could then send ultra-low-priced electric vehicles streaming into the United States, devastating the U.S. auto industry, which envisions American EVs as the core of their business in the coming decades. To defuse the threat, the U.S. does have a range of options that it might be forced to deploy. Whatever steps the U.S. government might take, though, would likely face legal challenges from companies that want to import the Chinese EVs.

US sanctions Boeing for sharing information about 737 Max 9 investigation

Boeing is being sanctioned by U.S. investigators for sharing information about the 737 Max 9 door plug investigation. The National Transportation Safety Board said Thursday that Boeing “blatantly violated” the agency’s investigative regulations as well as a signed agreement by providing non-public investigative information to the media and speculating about possible causes of the Jan. 5 door plug blowout on a Boeing passenger jet in Portland, Oregon. During the incident, a panel that plugged a space left for an extra emergency door blew off an Alaska Airlines Max 9. Pilots were able to land safely, and there were no injuries.

Stock market today: Global shares mostly advance ahead of U.S. inflation report

TOKYO (AP) — Global shares have advanced as traders look ahead to a key report on inflation that could influence the Federal Reserve’s next move on interest rates. Benchmarks rose in Germany and Britain in early Friday trading, but fell in France. Asian shares were mostly higher. U.S. futures were higher and oil prices also rose. In Japan, the government reported industrial output was higher than expected and the unemployment rate stayed at 2.6% in May. The personal consumption expenditures index, or PCE, being released later in the day, is the Fed’s preferred measure of inflation. On Thursday, the S&P 500 edged up 0.1% and the Nasdaq composite added 0.3%. The Dow Jones Industrial Average rose 0.1%.

News nonprofit sues ChatGPT maker OpenAI and Microsoft for 'exploitative' copyright infringement

LOS ANGELES (AP) — Another news organization is suing ChatGPT maker OpenAI and its business partner Microsoft for alleged copyright infringement. The Center for Investigative Reporting, which produces Mother Jones and Reveal, said it filed a lawsuit Thursday in a New York federal court where it joins copyright infringement cases brought by The New York Times, Chicago Tribune and bestselling authors such as John Grisham and Jodi Picoult. The suit from the San Francisco-based investigative news nonprofit focuses on how AI-generated summaries of news articles threaten publishers. It comes as other news outlets, most recently Time, are choosing to collaborate with OpenAI instead.

US economic growth for last quarter is revised up slightly to a 1.4% annual rate

WASHINGTON (AP) — The American economy expanded at a 1.4% annual pace from January through March, the slowest quarterly growth since spring 2022, the government said in a slight upgrade from its previous estimate. Consumer spending grew at just a 1.5% rate, down from an initial estimate of 2%, in a sign that high interest rates may be taking a toll on the economy. The first quarter’s GDP growth marked a sharp pullback from a strong 3.4% pace during the final three months of 2023. Still, the report showed that the January-March slowdown was caused mainly by two factors — a surge in imports and a drop in business inventories — that don’t necessarily reflect the underlying health of the economy.

Tokyo's old fish market makes way for skyscrapers, glitzy stadium to woo global spenders

TOKYO (AP) — The site of Tokyo’s famed Tsukiji fish market left empty after it was razed six years ago, will be replaced by a waterfront stadium and glistening skyscrapers according to plans for its redevelopment. A computer graphic video version of the $5.7 billion project made by property developer Mitsui Fudosan shows air taxis zipping above the Sumida river. That’s the official vision of what will replace the old market famous for its fish auctions and pre-dawn fresher-than-fresh sushi meals in shops nearby. Some in Tokyo are opposed and would prefer to see the prime site turned into a garden.

CNN moderators in Biden-Trump debate: It almost didn't matter that they were on stage

NEW YORK (AP) — It almost didn't seem to matter that CNN's Dana Bash and Jake Tapper were on stage for the much-awaited presidential debate between Joe Biden and Donald Trump. They asked pointed questions on the issues, many meticulously prepared, and they were for the most part ignored. The CNN moderators several times repeated their questions — twice by Bash in one instance. But CNN determined ahead of time they would be questioners, not umpires. And they did not attempt to fact-check a debate where both candidates frequently called the other liars. At the end of the evening, Biden's halting performance was what most people were talking about.

Uber and Lyft agree to pay drivers $32.50 per hour in Massachusetts settlement

BOSTON (AP) — Massachusetts Attorney General Andrea Campbell says drivers for Uber and Lyft will earn a minimum pay standard of $32.50 per hour under a settlement. The two companies will also be required to pay a combined $175 million to the state to resolve allegations that the company violated Massachusetts wage and hour laws, a substantial majority of which will be distributed to current and former drivers. Campbell says the settlement announced Thursday resolves her office’s yearslong litigation against the two companies and stops the threat of their attempt to rewrite state employment law by a proposed 2024 ballot initiative.

Jury orders NFL to pay nearly $4.8 billion in 'Sunday Ticket' case for violating antitrust laws

LOS ANGELES (AP) — A jury in U.S. District Court ordered the NFL to pay nearly $4.8 billion in damages Thursday after ruling that the league violated antitrust laws in distributing out-of-market Sunday afternoon games on a premium subscription service. The jury awarded $4.7 billion in damages to the residential class and $96 million in damages to the commercial class. The lawsuit covered 2.4 million residential subscribers and 48,000 businesses who paid for the package of out-of-market games from the 2011 through 2022 seasons on DirecTV.

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