Trump administration cuts nearly $8B in clean energy projects in states that backed Harris
WASHINGTON (AP) — The Trump administration has announced the cancellation of $7.6 billion intended for clean energy projects across 16 states. Each of those are states where both senators voted against the Republican bill to keep the federal government open. The cuts likely will affect battery plants, hydrogen technology projects and more. The announcement Thursday by the Energy Department came after the Republican funding bill couldn't muster enough votes to pass in the Senate, initiating a federal government shutdown. The Trump administration says the projects do not align with national energy needs, while critics argue the move is politically motivated and could raise energy costs and threaten thousands of jobs.
Fired Surface Transportation Board member sues Trump over his dismissal ahead of rail merger review
A former Democratic member of the U.S. Surface Transportation Board has filed a lawsuit challenging his dismissal by President Donald Trump. Robert Primus claims his firing on Aug. 27 was illegal and threatens the board's independence. The White House has not responded to the lawsuit, which was filed Tuesday. Primus was dismissed just before the board was to consider Union Pacific's proposed $85 billion acquisition of Norfolk Southern. Critics argue that Trump's actions undermine the board's independence. Primus, who served since 2001, was the only member to oppose a previous major railroad merger.
Parents of college student killed in Tesla crash allege design flaw trapped her in the burning car
A lawsuit filed Thursday by parents of a college student killed in a Tesla crash says she was trapped inside as the car burned because of a design flaw that makes it difficult to open the doors in fires. The suit filed in California state court by the parents of Krysta Tsukahara alleges she burned and suffocated to death even though the company that has helped Elon Musk become the world’s richest man knew about the flaw for years but failed to fix it. Tesla did not immediately reply to a request for comment.
The federal shutdown will cut off vital economic data, including Friday's jobs report
WASHINGTON (AP) — The government shutdown will deprive policymakers and investors of economic data vital to their decision-making at a time of unusual uncertainty about the direction of the U.S. economy. The absence will be felt almost immediately, as the government’s monthly jobs report scheduled for release Friday will likely be delayed. If the shutdown is short-lived, it won’t be very disruptive. But if the release of economic data is delayed for several weeks or longer, it could pose challenges, particularly for the Federal Reserve. The Fed is grappling with where to set a key interest rate at a time of conflicting signals, and the Fed may have little new data to analyze before its next meeting later this month.
Wall Street ticks to more records, led by technology stocks
NEW YORK (AP) — U.S. stocks edged up to more records. The S&P 500 rose 0.1% Thursday. The Dow Jones Industrial Average added 0.2%, while the Nasdaq composite climbed 0.4%. All three set all-time highs. Technology stocks helped lead the way after OpenAI announced partnerships with South Korean companies for its Stargate artificial-intelligence infrastructure project. Fair Isaac surged to its best day in nearly three years after unveiling a program where customers can potentially bypass big credit bureaus for FICO credit scores. Stock indexes also rose across much of Europe and Asia, while Treasury yields eased in the bond market.
Berkshire Hathaway to pay $9.7 billion for OxyChem, potentially Warren Buffett's last big deal
OMAHA, Neb. (AP) — Berkshire Hathaway is buying Occidental Petroleum’s chemical division for $9.7 billion in what may be one of the last big deals of Warren Buffett. Buffett wasn’t mentioned anywhere in materials released by Berkshire Hathaway on Thursday, seemingly signaling the passing of the torch to Greg Abel. Berkshire’s cash pile has been steadily growing for years to hit $344 billion because Buffett has been unable to find any major acquisitions at attractive prices since completing the $11.6 billion acquisition of Alleghany Insurance in 2022. OxyChem will fit nicely within Berkshire alongside Lubrizol, which Buffett bought in 2011 for $9 billion, but Berkshire generally doesn’t consolidate its subsidiaries, so OxyChem will likely continue operating independently.
OpenAI now worth $500 billion, possibly making it the world's most valuable startup
OpenAI could now be the world’s most valuable startup, ahead of Elon Musk’s SpaceX and TikTok parent company ByteDance, after a secondary stock sale designed to retain employees at the ChatGPT maker. Current and former OpenAI employees sold $6.6 billion in shares to a group of investors, pushing the privately held artificial intelligence company’s valuation to $500 billion, according to a source with knowledge of the deal who was not authorized to discuss it publicly. The valuation reflects high expectations for the future of AI technology and continues OpenAI’s remarkable trajectory from its start as a nonprofit research lab in 2015.
Supreme Court lets Lisa Cook remain as a Federal Reserve governor for now
WASHINGTON (AP) — The Supreme Court is allowing Lisa Cook to remain as a Federal Reserve governor for now. The court is declining to act on the Trump administration’s effort to immediately remove her. In a brief unsigned order Wednesday, the high court said it would hear arguments in January over President Donald Trump’s effort to force Cook off the Fed board. The White House said it looks forward to “ultimate victory” after presenting those oral arguments. Cook's lawyers praised the court for “rightly” letting her stay in her job. The justices will consider whether to block a lower-court ruling in Cook’s favor while her challenge to her firing by Trump continues.
Musk reports Tesla sales jump after months of boycotts, but experts suspect more pain is in store
NEW YORK (AP) — Tesla reported a surprise increase in sales in the third quarter as the electric car maker likely benefited from a rush by consumers to take advantage of a $7,500 credit before it expired on Sept. 30. The company reported Thursday that sales in the three months through September rose 7% compared to the same period a year ago. The gain follows two quarters of steep declines as people turned off by CEO Elon Musk’s foray into right-wing politics avoided buying his company’s cars and even protested at some dealerships. Sales rose to 497,099 vehicles, compared with 462,890 in the same period last year.
Gatorade and Cheetos are among the Pepsi products getting a natural dye makeover
VALHALLA, New York (AP) — Pepsi has a new challenge: Keeping products like Gatorade and Cheetos vivid and colorful without the artificial dyes that U.S. consumers are increasingly rejecting. PepsiCo announced in April that it would accelerate a planned shift to natural colors in its foods and beverages. Right now, around 40% of the company’s products contain synthetic dyes. Some products like Tostitos and Lay's chips will stop using synthetic dyes later this year. But the company says it can take two or three years to identify natural sources, test them and bring them to market. PepsiCo hasn’t committed to meeting the Trump administration’s goal of phasing out synthetic dyes by the end of 2026.
