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China´s economic growth falls to 3%, gradually reviving
BEIJING (AP) – China´s economic growth fell to its second-lowest level in at least four decades last year under pressure from antivirus controls and a real estate slump.
But activity is gradually reviving after restrictions that kept millions of people at home were lifted. Official data showed the world´s second largest economy grew by 3% last year. Growth slid to 2.9% over a year earlier in December from the previous month´s 3.9%.
Retail spending and other indicators improved. But a recovery is expected to be modest. Wary consumers are returning only gradually to shopping malls and restaurants amid a surge in COVID-19 infections.
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Jury selection begins in investor lawsuit against Elon Musk
SAN FRANCISCO (AP) – A Silicon Valley judge is questioning potential jurors to hear allegations that Elon Musk cheated Tesla investors by claiming in a 2018 tweet that he had lined up financing to take the electric automaker private.The tweets fueled a rally in Tesla´s stock price that abruptly ended a week later after it became apparent that Musk did not have the funding for a buyout after all. Investors then sued him. They said Tesla shares would not have swung so widely in value if he had not dangled the prospect of buying the company for $420 per share.
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Fastest Corvette ever is all-wheel-drive gas-electric hybrid
DETROIT (AP) – The fastest Corvette ever made comes out later this year, and it´s not powered soley by a howling V8.
The E-Ray is a gas-electric hybrid, the first all-wheel-drive version of the storied sports car with the front wheels running on an electric motor the traditional 6.2-liter V8 powering the back. Aimed at affluent buyers who want new technology in the top-line Chevrolet sports car, the $104,000 E-Ray jerks your head back as it goes from zero to 60 mph (97 kilometers per hour) in 2.5 seconds.
General Motors says it can cover a quarter mile in 10.5 seconds. Yet engineers say the 655-horsepower system is civil enough for the daily commute.
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NJ gambling revenue matches all-time high, with online help
ATLANTIC CITY, N.J.
(AP) – New Jersey´s gambling revenue matched its all-time high of $5.2 billion in 2022, but only half that amount was won by casinos from in-person gamblers. Figures released Tuesday by state gambling regulators show the casinos, horse tracks that take sports bets, and online partners of both types of gambling matched a level last seen in 2006.
But the recent number was reached with a hefty assist from internet gambling and sports betting – revenue streams that help contribute to the bottom line but are also heavily shared with third parties such as sports books and tech platforms.
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United Airlines posts $843 million profit, bullish on 2023
United Airlines has reported a bigger fourth-quarter profit and higher revenue than Wall Street expected.
And United is giving a bullish forecast for 2023. United said Tuesday that it earned $843 million in the fourth quarter. United thinks people will keep traveling despite inflation and concern about the economy. The Chicago-based airline says demand for flights remains strong into the new year, and that will help it cover expected higher costs because of new labor contracts that it´s negotiating with unions, including pilots.
The report from United comes on the heels of upbeat comments by its closest rivals, Delta Air Lines and American Airlines.
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Davos organizers: Musk wasn´t invited despite what he says
DAVOS, Switzerland (AP) – The World Economic Forum says billionaire Elon Musk wasn´t on the guest list for the annual meeting of business executives, global leaders and cultural trend-setters in Davos, Switzerland – despite what the Twitter owner claims.
Musk isn´t among the notables gathering in the ritzy Alpine town this week to talk about global issues, though he says he was invited. Forum spokesman Yann Zopf knocked that down Tuesday, saying the last time the Tesla CEO got an invitation was “not this year and not recently – last time in 2015.” Musk said in a tweet Dec.
22: “My reason for declining the Davos invitation” was because it sounded boring.
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Emerson reveals $7.6 billion bid for National Instruments
NEW YORK (AP) – Emerson is taking public its bid to buy National Instruments for $7.6 billion. Emerson is offering $53 per share in cash, an enhanced offer that was made in November.It initially offered $48 per share in May. Last week National Instruments Corp. said that it was conducting a strategic review and put in place a “poison pill.” That´s a financial maneuver that companies use to ward off unwelcome suitors. Emerson is interested in National Instruments´ differentiated electronic test and measurement offerings and technology stack of intelligent devices, controls and software.
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EU outlines plan for clean tech future boosted by subsidies
BRUSSELS (AP) – The European Union is pushing forward with a major clean tech industrial plan that not only should keep the continent in the vanguard of plotting a greener future but also guarantee its economic survival as it faces challenges from China and the United States.
European Commission President Ursula von der Leyen presented the outlines for her “Green Deal Industrial Plan” on Tuesday at the World Economic Forum at Davos. The plan will make it much easier to push through subsidies for green industries and pool EU-wide projects that are boosted with major these details funding.
The EU is pursuing the goal of being climate neutral by 2050. Von der Leyen said that the 27-nation bloc will more forcefully counter unfair trading practices.
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The S&P 500 fell 8.12 points, or 0.2%, to 3,990.97.The Dow Jones Industrial Average fell 391.76 points, or 1.1%, to 33,910.85. The Nasdaq rose 15.96 points, or 0.1%, to 11,095.11. The Russell 2000 index of smaller companies fell 2.75 points, or 0.1%, to 1,884.29.