said in April after sealing the deal. “I don’t care about the economics at all.”

He cared a little more when the subsequent plunge in the stock market meant that he was overpaying by a significant amount. Analysts estimated that Twitter was worth not $44 billion but $30 billion, or maybe even less. For a few months, Mr. Musk tried to get out of the deal.

This had the paradoxical effect of bringing the transaction down to earth for spectators. Who among us has not failed to do due diligence on a new venture — a job, a house, even a relationship — and then realized that it was going to cost so much more than we had thought? Mr. Musk’s buying Twitter, and then his refusal to buy Twitter, and then his being forced to buy Twitter after all — and everything playing out on Twitter — was weirdly relatable.

Inescapable, too. The apex, or perhaps the nadir, came this month when Mr. Musk introduced a perfume called Burnt Hair, described on its website as “the Essence of Repugnant Desire.”

“Please buy my perfume, so I can buy Twitter,” Mr. Musk tweeted on Oct. 12, garnering nearly 600,000 likes. This worked, apparently; the perfume is now marked “sold out” on its site. Did 30,000 people really pay $100 each for a bottle? Will this perfume actually be produced and sold? (It’s not supposed to be released until next year.) It’s hard to tell where the joke stops, which is perhaps the point.

Evan Spiegel.

“What was unique about Twitter was that no one actually controlled it,” said Richard Greenfield, a media analyst at LightShed Partners. “And now one person will own it in its entirety.”

He is relatively hopeful, however, that Mr. Musk will improve the site, somehow. That, in turn, will have its own consequences.

“If it turns into a massive home run,” Mr. Greenfield said, “you’ll see other billionaires try to do the same thing.”

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Elon Musk Seems to Answer to No One. Except for a Judge in Delaware.

Judge Kathaleen St. J. McCormick has become a very important person in the rambunctious life of Elon Musk.

The Delaware Chancery Court judge has given Mr. Musk until Friday to close his long-promised, $44 billion deal to acquire Twitter. If he doesn’t, Judge McCormick will preside over a trial in November that could end with Mr. Musk being forced to make good on the deal he made with Twitter in April.

The 43-year-old judge is also expected to preside over another case involving Mr. Musk in November. A Tesla shareholder accused him in a lawsuit of unjustly enriching himself with his compensation package while running the electric vehicle company, which is Mr. Musk’s main source of wealth. The package, which consisted entirely of a stock grant, is now worth around $50 billion based on Tesla’s share price.

Judge McCormick is also overseeing three other shareholder lawsuits against Mr. Musk, though it is not yet clear whether those will go to trial, too.

before it represented Mr. Musk. But, he said, “the deal will either close and then she will be a hero. Or not and Musk will look really bad.”

As a young girl, Judge McCormick played first base on the softball team and managed the high school football team. She has a long-held soft spot for the book “To Kill a Mockingbird,” about a Black man in small-town Alabama who was wrongfully accused of sexual assault.

unsolicited bid worth more than $40 billion for the social network, saying he wanted to make Twitter a private company and allow people to speak more freely on the service.

She then worked as a staff attorney with the Community Legal Aid Society, where she represented the needy and victims of domestic violence. She moved to a corporate law role at the firm Young Conaway Stargatt and Taylor in 2007, a mainstay in the Delaware legal circuit.

In 2018, she was nominated by John Carney, the governor of Delaware, to serve as vice chancellor on the state’s high court, the Delaware Chancery Court. In 2021, Gov. Carney nominated Ms. McCormick to become the first woman to lead the court.

More than 1.8 million businesses are incorporated in Delaware, including more than two thirds of Fortune 500 companies — and they all look to the court for guidance. When Twitter filed its lawsuit against Mr. Musk in July forcing him to close his acquisition, its case went to Delaware, where the company, like many others, is incorporated.

Judge McCormick, who has first dibs on any proceeding that comes before the court, chose herself of among a court of seven judges to oversee one of the most high profile corporate court battles in years.

At a hearing in September, as lawyers for Mr. Musk argued to delay the trial to take into account new claims from a whistle-blower, she poked at the billionaire’s decision to skip due diligence in his race to sign the deal in April. When Mr. Musk’s lawyer argued it would have been impossible to find out about the whistle-blower before the deal, she interjected, “We’ll never know, will we?” She added that “there was no due diligence.”

wrote in a ruling.

“She evidently was not putting up with any nonsense,” said Lawrence Hamermesh, a professor of law at Delaware Law School.

In October, after weeks of presiding over bruising back and forth arguments between the two sides, Judge McCormick granted Mr. Musk’s requests to put the trial on hold to give him more time to complete his financing for the acquisition. Judge McCormick granted him until Oct. 28 — a three-week delay.

“She had one eye on the clock,” said Brian Quinn, a professor at Boston College Law School, noting the two sides did not seem ready for a trial just two weeks away. “Another eye,” Mr. Quinn said, was “on potential appeals. She is looking forward saying, ‘Well, what if I ruled against Musk, and he appealed, and his appeal is that I pushed him — I rushed him toward the trial when he wanted to close the deal.’”

Judge McCormick is well-versed in trials involving deals with buyers that tried to walk away. As an associate at the law firm Young Conaway Stargatt and Taylor, she worked on cases involving deals that went awry when the stock market crashed in 2008. That included representing the chemical company Huntsman in 2008 when the private equity firm Apollo Global Management scuttled the deal it had struck to combine the chemical company with another it owned.

That deal, and others like it, paved the way for the kinds of contracts Twitter signed with Mr. Musk. Sellers learned how to prevent buyers from trying similar escape hatches. Companies increasingly structure deals with “specific performance” clauses allowing them to force a deal to close.

to follow through with its acquisition of a cake supplier after it argued that the pandemic had materially damaged the business by curbing demand for party cake.

Kohlberg contended it could not complete the deal because its debt financing had fallen apart. Judge McCormick did not buy that argument.

If Mr. Musk does not come through with Twitter’s money by Friday, that could ding his credibility in court, legal experts say. That could matter in November, when Judge McCormick is set to preside over a separate trial involving Mr. Musk and his compensation.

The case, filed in 2018, had originally been assigned to another judge on the Delaware Chancery Court, Joseph R. Slights III, before he retired in January. Judge McCormick picked up the case on Jan. 12, the same month Mr. Musk began to buy up shares of Twitter stock that ultimately led to his planned purchase of the company.

“It’s not ideal for him,” said Ann Lipton, a professor of corporate governance at Tulane Law School, of Mr. Musk’s multiple run-ins with Judge McCormick. “She’s uniquely low drama, which is the opposite of Musk. ”

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Tesla’s Musk eyes potential investment in Mexican border state -sources

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MEXICO CITY, Oct 24 (Reuters) – Tesla Inc (TSLA.O) Chief Executive Elon Musk is considering investing in the northern Mexican state of Nuevo Leon, which borders Texas, two people with knowledge of the matter said on Monday.

Musk recently held a meeting in the state with Nuevo Leon Governor Samuel Garcia along with other local officials and Ken Salazar, the U.S. ambassador to Mexico, one of the sources said.

Musk is looking in particular at Santa Catarina, a municipality on the outskirts of state capital Monterrey, one of Mexico’s biggest and wealthiest cities, the person added. The sources did not detail what Musk’s potential investment may entail.

A spokesperson for the Nuevo Leon government declined to comment. Neither Tesla, the U.S. embassy, nor a representative for Santa Catarina immediately responded to requests for comment.

Musk’s visit to Nuevo Leon was originally reported by Mexican media. Several outlets published photos of Musk apparently from the visit, including one in which he appears with Garcia’s wife, Mariana Rodriguez.

Garcia posted several of the media articles on his Instagram account, in one case tagging Rodriguez’s account and writing, “Look, look,” without further comment.

Tesla, based in Austin, Texas, has its own lane at the U.S.-Mexico border crossing in Nuevo Leon to facilitate trade for local suppliers, the state government said in August.

Reporting by Daina Beth Solomon and Dave Graham in Mexico City
Editing by Matthew Lewis

Our Standards: The Thomson Reuters Trust Principles.

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Elon Musk says SpaceX will keep funding Starlink in Ukraine despite losing money

Oct 15 (Reuters) – Elon Musk said on Saturday his rocket company SpaceX would continue to fund its Starlink internet service in Ukraine, citing the need for “good deeds,” a day after he said it could no longer afford to do so.

Musk tweeted: “the hell with it … even though starlink is still losing money & other companies are getting billions of taxpayer $, we’ll just keep funding ukraine govt for free”.

Musk said on Friday that SpaceX could not indefinitely fund Starlink in Ukraine. The service has helped civilians and military stay online during the war with Russia.

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SpaceX founder and Tesla CEO Elon Musk speaks on a screen during the Mobile World Congress (MWC) in Barcelona, Spain, June 29, 2021. REUTERS/Nacho Doce

Although it was not immediately clear whether Musk’s change of mind was genuine, he later appeared to indicate it was. When a Twitter user told Musk “No good deed goes unpunished”, he replied “Even so, we should still do good deeds”.

The billionaire has been in online fights with Ukrainian officials over a peace plan he put forward which Ukraine says is too generous to Russia.

He had made his Friday remarks about funding after a media report that SpaceX had asked the Pentagon to pay for the donations of Starlink.

SpaceX did not respond to a request for comment. The Pentagon declined to comment.

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Reporting by David Ljunggren, Matt Spetalnick and Caroline Stauffer; Editing by Sandra Maler

Our Standards: The Thomson Reuters Trust Principles.

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Kanye West’s Antisemitic Posts Land Him in Trouble on Instagram and Twitter

Ye, the rapper formerly known as Kanye West, has set off one controversy after another in the last week, first at his fashion show and then on social media, prompting accusations of racism and antisemitism.

On Monday, at Paris Fashion Week, he debuted a T-shirt for his fashion line bearing the phrase “White Lives Matter.” On Friday, he suggested on Instagram that Sean Combs, the rapper known as Diddy, was being controlled by Jewish people. Ye’s account was restricted by Instagram that day.

Early on Sunday morning, he went on Twitter and lashed out against Jewish people in a series of tweets.

Ye tweeted that he would soon go “death con 3 On JEWISH PEOPLE,” an apparent reference to the United States’ defense readiness condition, known as Def. Con.

separate tweet, Ye accused Mark Zuckerberg, the chief executive of Meta, which owns Instagram, of removing him from Instagram.

“Who you think created cancel culture?” he added in another tweet.

In a statement, a spokeswoman for Twitter said Ye’s account was locked for violating Twitter’s policies. A spokeswoman for Meta said it places restrictions on accounts that repeatedly break its rules.

Representatives for Ye could not immediately be reached.

The restrictions on Twitter and Instagram mean that Ye’s account is still active, but that the rapper cannot post for an undisclosed period.

Ye had returned to Twitter on Saturday after not posting for nearly two years.

The posts were yet another test of social media companies’ willingness to monitor content that is perceived as hateful.

called “White Lives Matter” a hateful phrase used by white supremacists.

At first, Ye appeared to relish in the T-shirt controversy, writing on Instagram that “my one t-shirt took allllll the attention.”

But outrage continued to build online from several artists, including Mr. Combs, who criticized the design in a video on Instagram.

“Don’t wear the shirt. Don’t buy the shirt. Don’t play with the shirt,” Mr. Combs said. “It’s not a joke.”

On Thursday, Adidas said it would put its partnership with Yeezy “under review.” (Ye ended his partnership with Gap last month.)

On Friday, Ye posted screenshots from a text message exchange with Mr. Combs to his Instagram account, where he suggested that Mr. Combs was being controlled by Jewish people. The comments were called antisemitic by several Jewish groups.

buy the social media company for $44 billion and could loosen its content moderation policies, replied to the tweet.

“Welcome back to Twitter, my friend!” Mr. Musk wrote.

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Megacap stocks lose ground as yields rise, economic data awaited

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  • Stocks rise in late-day surge on oversold conditions
  • U.S. private payrolls increase in September – ADP
  • Twitter eases from one-year high, Tesla falls 6%
  • Energy stocks jump as OPEC+ agrees to oil output cuts
  • Indices fall: Dow down 0.14%, S&P 0.20%, Nasdaq 0.25%

Oct 5 (Reuters) – Wall Street stocks closed lower on Wednesday, unable to sustain a late-day surge, after data showing strong U.S. labor demand again suggested the Federal Reserve will keep interest rates higher for longer.

Fed officials have insisted on aggressive rate tightening to battle inflation, a message the market has feared would lead to a hard landing and likely recession.

However, investors also sought bargains in a market that appears oversold. The forward price-to-earnings ratio is at 15.9, close to its historic mean, down from around 22 before the market’s big slide this year.

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“By battling back, to me that is a favorable indicator that this rally could have legs,” said Sam Stovall, chief investment strategist at CFRA Research in New York.

“It too confirms that investors believe, traders believe, that there’s still more to go in this rally,” he said.

Valuations for the S&P 500 have come down sharply

U.S. private employers stepped up hiring in September, the ADP National Employment report on Wednesday showed, suggesting rising rates and tighter financial conditions have yet to curb labor demand as the Fed battles high inflation. read more

The Institute for Supply Management’s services industry employment gauge shot up in another sign labor remains strong as the overall industry slowed modestly in September. read more

The Fed is expected to deliver a fourth straight 75-basis-point rate hike when policymakers meet Nov. 1-2, the pricing of fed fund futures shows, according to CME’s FedWatch tool.

San Francisco Fed President Mary Daly told Bloomberg TV in an interview that inflation is problematic and that the U.S. central bank would stay the course. read more

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 6, 2022. REUTERS/Brendan McDermid

“The path is clear: we are going to raise rates to restrictive territory, then hold them there for a while,” she said. “We are committed to bringing inflation down, staying course until we are well and truly done.”

The benchmark S&P 500 (.SPX) index rose 5.7% Monday and Tuesday as Treasury yields slid sharply on softer U.S. economic data, the UK’s turnaround on proposed tax cuts that had roiled markets and Australia’s smaller-than-expected rate hike.

Treasury yields shot up again on Wednesday after the softer economic data failed to bolster budding hopes the Fed might pivot to a less hawkish policy stance.

Eight of the 11 major S&P 500 sectors fell, led by a 2.25% decline in utilities (.SPLRCU) and 1.9% drop in real estate (.SPLRCR).

The energy sector led the market higher, up 2.06%, after the Organization of the Petroleum Exporting Countries and allies agreed to cut oil production the deepest since the COVID-19 pandemic began, curbing supply in an already tight market. read more

The Dow Jones Industrial Average (.DJI) fell 42.45 points, or 0.14%, to 30,273.87, the S&P 500 (.SPX) lost 7.65 points, or 0.20%, to 3,783.28 and the Nasdaq Composite (.IXIC) dropped 27.77 points, or 0.25%, to 11,148.64.

Volume on U.S. exchanges was 10.43 billion shares, compared with the 11.64 billion average for the full session over the past 20 trading days.

Twitter Inc (TWTR.N) lost momentum in line with its peers, a day after surging 22% on billionaire Elon Musk’s decision to proceed with his original $44-billion bid to take the social media company private. read more

Twitter fell 1.35% and Tesla Inc (TSLA.O), the electric-car maker headed by Musk, also slid 3.46.

Declining issues outnumbered advancers on the NYSE by a 2.08-to-1 ratio; on Nasdaq, a 1.69-to-1 ratio favored decliners.

The S&P 500 posted two new 52-week highs and nine new lows; the Nasdaq Composite recorded 49 new highs and 128 new lows.

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Reporting by Ankika Biswas and Bansari Mayur Kamdar in Bengaluru; Editing by Arun Koyyur and Richard Chang

Our Standards: The Thomson Reuters Trust Principles.

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More Americans Filed Unemployment Claims Last Week

By Associated Press

and Newsy Staff
September 22, 2022

First time applications for jobless aid — which generally reflect layoffs — rose by 5,000 to 213,000 last week, the Labor Department reported.

The number of Americans filing for jobless benefits rose slightly last week with the Federal Reserve pushing hard to cool the economy and tamp down inflation.

Applications for unemployment benefits for the week ending Sept. 17 rose by 5,000 to 213,000, the Labor Department reported Thursday. Last week’s number was revised down by 5,000 to 208,000, the lowest figure since May.

First-time applications generally reflect layoffs.

The four-week average for claims, which evens out some of the weekly volatility, fell by 6,000 to 216,750.

On Wednesday, the Federal Reserve raised its benchmark short-term borrowing rate by another three-quarters of a point in an effort to bring down persistent, decades-high inflation. Though gas prices have steadily retreated since summer, prices for food and other essentials remain elevated enough that the Fed has indicated it will keep raising its benchmark interest rate until prices come back down to normal levels.

Fed officials have pointed to the remarkably resilient U.S. labor market as added justification for raising rates five times this year, including three 75-basis point hikes in a row.

The Fed’s move boosted its benchmark short-term rate, which affects many consumer and business loans, to a range of 3% to 3.25%, the highest level since early 2008. The officials also forecast that they will further raise their benchmark rate to roughly 4.4% by year’s end, a full point higher than they had envisioned as recently as June.

Fed Chair Jerome Powell said that before Fed officials would consider halting their rate hikes, they want to be confident that inflation is retreating to their 2% target. He noted that the strength of the job market is fueling pay gains that are helping drive up inflation.

He emphasized his belief that curbing inflation is vital to ensuring the long-term health of the job market.

Earlier this month, the Labor Department reported that employers added still-strong 315,000 jobs in August, though less than the average 487,000 a month over the past year. The unemployment rate ticked up to 3.7%, largely because hundreds of thousands of people returned to the job market. Some didn’t find work right away, so the government’s count of unemployed people rose.

The U.S. economy has been a mixed bag this year, with economic growth declining in the first half of 2022. Investors and economist worry that the Fed’s aggressive rate hikes could force companies to cut jobs and tip the economy into a recession.

Online real estate companies RedFin and Compass recently announced job cuts as rising interest rates have cooled the housing market. The National Association of Realtors reported Wednesday that sales of existing homes fell again in August, the seventh straight monthly decline.

Other high-profile layoffs announced in recent months include The Gap, Tesla, Netflix, Carvana and Coinbase.

Additional reporting by The Associated Press.

Source: newsy.com

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How a Quebec Lithium Mine May Help Make Electric Cars Affordable

About 350 miles northwest of Montreal, amid a vast pine forest, is a deep mining pit with walls of mottled rock. The pit has changed hands repeatedly and been mired in bankruptcy, but now it could help determine the future of electric vehicles.

The mine contains lithium, an indispensable ingredient in electric car batteries that is in short supply. If it opens on schedule early next year, it will be the second North American source of that metal, offering hope that badly needed raw materials can be extracted and refined close to Canadian, U.S. and Mexican auto factories, in line with Biden administration policies that aim to break China’s dominance of the battery supply chain.

Having more mines will also help contain the price of lithium, which has soared fivefold since mid-2021, pushing the cost of electric vehicles so high that they are out of reach for many drivers. The average new electric car in the United States costs about $66,000, just a few thousand dollars short of the median household income last year.

lithium mines are in various stages of development in Canada and the United States. Canada has made it a mission to become a major source of raw materials and components for electric vehicles. But most of these projects are years away from production. Even if they are able to raise the billions of dollars needed to get going, there is no guarantee they will yield enough lithium to meet the continent’s needs.

eliminate this cap and extend the tax credit until 2032; used cars will also qualify for a credit of up to $4,000.

For many people in government and the auto industry, the main concern is whether there will be enough lithium to meet soaring demand for electric vehicles.

The Inflation Reduction Act, which President Biden signed in August, has raised the stakes for the auto industry. To qualify for several incentives and subsidies in the law, which go to car buyers and automakers and are worth a total of $10,000 or more per electric vehicle, battery makers must use raw materials from North America or a country with which the United States has a trade agreement.

rising fast.

California and other states move to ban internal combustion engines. “It’s going to take everything we can do and our competitors can do over the next five years to keep up,” Mr. Norris said.

One of the first things that Sayona had to do when it took over the La Corne mine was pump out water that had filled the pit, exposing terraced walls of dark and pale stone from previous excavations. Lighter rock contains lithium.

After being blasted loose and crushed, the rock is processed in several stages to remove waste material. A short drive from the mine, inside a large building with walls of corrugated blue metal, a laser scanner uses jets of compressed air to separate light-colored lithium ore. The ore is then refined in vats filled with detergent and water, where the lithium floats to the surface and is skimmed away.

The end product looks like fine white sand but it is still only about 6 percent lithium. The rest includes aluminum, silicon and other substances. The material is sent to refineries, most of them in China, to be further purified.

Yves Desrosiers, an engineer and a senior adviser at Sayona, began working at the La Corne mine in 2012. During a tour, he expressed satisfaction at what he said were improvements made by Sayona and Piedmont. Those include better control of dust, and a plan to restore the site once the lithium runs out in a few decades.

“The productivity will be a lot better because we are correcting everything,” Mr. Desrosiers said. In a few years, the company plans to upgrade the facility to produce lithium carbonate, which contains a much higher concentration of lithium than the raw metal extracted from the ground.

The operation will get its electricity from Quebec’s abundant hydropower plants, and will use only recycled water in the separation process, Mr. Desrosiers said. Still, environmental activists are watching the project warily.

Mining is a pillar of the Quebec economy, and the area around La Corne is populated with people whose livelihoods depend on extraction of iron, nickel, copper, zinc and other metals. There is an active gold mine near the largest city in the area, Val-d’Or, or Valley of Gold.

Mining “is our life,” said Sébastien D’Astous, a metallurgist turned politician who is the mayor of Amos, a small city north of La Corne. “Everybody knows, or has in the near family, people who work in mining or for contractors.”

Most people support the lithium mine, but a significant minority oppose it, Mr. D’Astous said. Opponents fear that another lithium mine being developed by Sayona in nearby La Motte, Quebec, could contaminate an underground river.

Rodrigue Turgeon, a local lawyer and program co-leader for MiningWatch Canada, a watchdog group, has pushed to make sure the Sayona mines undergo rigorous environmental reviews. Long Point First Nation, an Indigenous group that says the mines are on its ancestral territory, wants to conduct its own environmental impact study.

Sébastien Lemire, who represents the region around La Corne in the Canadian Parliament, said he wanted to make sure that the wealth created by lithium mining flowed to the people of Quebec rather than to outside investors.

Mr. Lemire praised activists for being “vigilant” about environmental standards, but he favors the mine and drives an electric car, a Chevrolet Bolt.

“If we don’t do it,” he said at a cafe in La Corne, “we’re missing the opportunity of the electrification of transport.”

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Fewer Americans Filed Unemployment Claims Again Last Week

By Associated Press
September 15, 2022

First-time applications for jobless aid fell by 5,000 to 213,000 last week, the Labor Department reported.

The number of Americans applying for unemployment benefits fell again last week to a four-month low even as the Federal Reserve continues its aggressive interest rate cuts to bring inflation under control.

Applications for jobless aid for the week ending Sept. 10 fell by 5,000 to 213,000, the Labor Department reported Thursday. That’s the fewest since late May.

First-time applications generally reflect layoffs.

The four-week average for claims, which offsets some of the weekly volatility, fell by 8,000 to 224,000.

The number of Americans collecting traditional unemployment benefits inched up by 2,000 for the week that ended Sept. 3, to 1.4 million.

Hiring in the U.S. in 2022 has been remarkably strong even in the midst of rising interest rates and weak economic growth. The Federal Reserve has aggressively raised interest rates in an effort to bring down inflation, which generally also slows job growth.

Earlier this month, the Labor Department reported that employers added still-strong 315,000 jobs in August, though less than the average 487,000 a month over the past year. The unemployment rate ticked up to 3.7%, its highest level since February, but for a healthy reason: Hundreds of thousands of people returned to the job market, and some didn’t find work right away, so the government’s count of unemployed people rose.

The U.S. economy has been a mixed bag this year. Economic growth has declined in the first half of 2022, which, by some informal definitions, signals a recession.

But businesses remain desperate to find workers, posting more than 11 million job openings in July, meaning there are almost two job vacancies for every unemployed American.

Inflation continues to be the biggest obstacle for a healthy U.S. economy. The rise in consumer prices slowed modestly the past couple months, largely due to falling gas prices. But overall, prices for food and other essentials remain elevated enough that the Federal Reserve has indicated it will keep raising its benchmark interest rate until prices come back down to normal levels.

Most economists expect the Fed to raise its benchmark borrowing rate by three-quarters of a point when it meets next week.

The Fed has already raised its short-term interest rate four times this year and Chairman Jerome Powell has said that the central bank will likely need to keep interest rates high enough to slow the economy “for some time” in order to tame the worst inflation in 40 years. Powell has acknowledged the increases will hurt U.S. households and businesses, but also said the pain would be worse if inflation remained at current levels.

Some of that so-called pain has already begun, particularly in the housing and technology sectors. Online real estate companies RedFin and Compass recently announced job cuts as rising interest rates have tripped up the housing market.

Other high-profile layoffs announced in recent months include Tesla, Netflix, Carvana, and Coinbase.

Additional reporting by The Associated Press.

Source: newsy.com

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Tesla is sued by drivers over alleged false Autopilot, Full Self-Driving claims

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The logo of car manufacturer Tesla is seen at a dealership in London, Britain, May 14, 2021. REUTERS/Matthew Childs/File Photo

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Sept 14 (Reuters) – Tesla Inc (TSLA.O) was sued on Wednesday in a proposed class action accusing Elon Musk’s electric car company of misleading the public by falsely advertising its Autopilot and Full Self-Driving features.

The complaint accused Tesla and Musk of having since 2016 deceptively advertised the technology as fully functioning or “just around the corner” despite knowing that the technology did not work or was nonexistent, and made vehicles unsafe.

Briggs Matsko, the named plaintiff, said Tesla did this to “generate excitement” about its vehicles, attract investments, boost sales, avoid bankruptcy, drive up its stock price and become a “dominant player” in electric vehicles.

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“Tesla has yet to produce anything even remotely approaching a fully self-driving car,” Matsko said.

The lawsuit filed in federal court in San Francisco seeks unspecified damages for people who since 2016 bought or leased Tesla vehicles with Autopilot, Enhanced Autopilot and Full Self-Driving features.

Tesla did not immediately respond to requests for comment. It disbanded its media relations department in 2020.

The lawsuit followed complaints filed on July 28 by California’s Department of Motor Vehicles accusing Tesla of overstating how well its advanced driver assistance systems (ADAS) worked. read more

Remedies there could include suspending Tesla’s license in California, and requiring restitution to drivers.

Tesla has said Autopilot enables vehicles to steer, accelerate and brake within their lanes, while Full Self-Driving lets vehicles obey traffic signals and change lanes.

It has also said both technologies “require active driver supervision,” with a “fully attentive” driver whose hands are on the wheel, “and do not make the vehicle autonomous.”

Matsko, of Rancho Murieta, California, said he paid a $5,000 premium for his 2018 Tesla Model X to obtain Enhanced Autopilot.

He also said Tesla drivers who receive software updates “effectively act as untrained test engineers” and have found “myriad problems,” including that vehicles steer into oncoming traffic, run red lights, and fail to make routine turns.

The National Highway Traffic Safety Administration has since 2016 opened 38 special investigations of Tesla crashes believed to involve ADAS. Nineteen deaths were reported in those crashes.

The case is Matsko v Tesla Inc et al, U.S. District Court, Northern District of California, No. 22-05240.

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Reporting by Jonathan Stempel in New York; editing by Jonathan Oatis

Our Standards: The Thomson Reuters Trust Principles.

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