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U.S. applications for unemployment benefits fell slightly last week as businesses continue to retain employees in an economy that has largely withstood rapidly rising interest rates for more than a year U.S. applications for unemployment benefits fell slightly last week as companies held on to employees in an economy that has largely withstood rapidly rising interest rates, intended to cool hiring and spending, for more than a year. The number of Americans applying for jobless benefits last fell week by 4,000, to 228,000 the week ending August 26, the Labor Department reported Thursday. The four-week moving average of claims , which evens out some of the weekly volatility, rose by 250 to 237,500. Jobless claim applications are seen as representative of the number of layoffs in a given week. The Federal Reserve, in its now year-and-a-half battle against inflation, has raised interest rates 11 times to 5.4%, the highest level in 22 years. Part of the Fed’s intent was to cool the job ...

Farmers Insurance says it will lay off 11% of its workforce — about 2,400 employees — as part of a corporate restructuring aimed at increasing its efficiency and long-term profitability NEW YORK -- Farmers Insurance said Monday it will lay off 11% of its workforce — about 2,400 employees — as part of a corporate restructuring aimed at increasing its efficiency and long-term profitability . The California-based insurer said the job cuts will impact all lines of its Business . Monday was the last working day at the company for most employees impacted by the layoffs, Farmers confirmed to The Associated Press. In a statement announcing the job cuts, Raul Vargas, president and CEO of Farmers Group Inc., a subsidiary of Swiss giant Zurich Insurance Group, alluded to “existing conditions” in the insurance industry. “As our industry continues to face macroeconomic challenges, we must carefully manage risk and prudently align our costs with our strategic plans for sustainable profitability ,...

The Department of Justice is suing Elon Musk's SpaceX for allegedly rejecting job applicants over their asylum or refugee status. The Department of Justice is suing SpaceX, the aerospace company owned by Elon Musk, over alleged discriminatory practices against people living in the country under asylum and refugees. The federal government contends in its civil lawsuit, which was filed Thursday, that the company violated the Immigration and Nationality Act between September 2018 and May 2022 by discouraging asylees and refugees from applying to the company and refusing to hire or consider them. The complaint contends that Musk and SpaceX's leadership repeatedly made false claims that the company couldn't hire anyone who wasn't a U.S. citizen or green card holder, because of "export control laws," but the Department of Justice argued that those laws do not enforce such restrictions. In this NASA handout, A SpaceX Falcon 9 rocket with the company's Dragon spac...

One of North Carolina’s most powerful legislators is expressing optimism that further expansion of state-sanctioned gambling will be worked out before legislators leave for home later this summer RALEIGH, N.C. -- One of North Carolina's most powerful legislators expressed optimism Thursday that a further expansion of state-sanctioned gambling will be worked out before legislators end this year's regular business later this summer. The General Assembly hasn't adjourned while House and Senate Republicans negotiate sticking points on a two-year state government budget that was supposed to take effect July 1. Chamber leaders also continue to talk about whether they should permit casinos on non-tribal lands, authorize and regulate video gambling machines, or both, Senate leader Phil Berger told reporters. When asked to evaluate the chances that legislation allowing some combination of new gambling would reach Democratic Gov. Roy Cooper's desk this summer within or separ...

Energy giant BP says it earned nearly $2.6 billion in the second quarter LONDON -- Energy giant BP said Tuesday that it earned nearly $2.6 billion in the second quarter, almost half what it posted in the first three months of the year as oil and natural gas prices that surged after Russia's invasion of Ukraine have fallen. The company's underlying replacement cost profit, which excludes one-time items and fluctuations in the value of inventories, was down nearly 70% from the April-to-June period a year ago, when London-based BP brought in $8.45 billion. It's the latest oil and gas major to see profit s fall from record highs last year, following British rival Shell, France's TotalEnergies and U.S.-based ExxonMobil. Energy prices spiked after Russia launched its war in Ukraine, raising fears about Moscow's supplies of oil and natural gas before it cut off most of its gas heading to Europe. Energy costs were a major driver of inflation around the world, stirr...

General Motors posted $2.54 billion in second-quarter net income, a 52% increase over a year ago DETROIT -- Despite taking on a huge chunk of an expensive electric vehicle recall, General Motors posted $2.54 billion in second-quarter net income, a 52% increase over a year ago. Continued strong vehicle sales and pricing, as well as cost cuts, led to the better-than-expected quarter. The Detroit automaker on Tuesday raised its financial guidance for the full year with one qualification: that it can negotiate union labor contracts without a strike. Chief Financial Officer Paul Jacobson told reporters that customers paid about $1,600 more per vehicle last quarter than from January through March — with an average U.S. sale price of $52,000. Discounts and inventory remained flat as the company sold 19% more vehicles than a year ago in the U.S., its most profitable market. GM is being cautious on prices and not counting on them staying high all year, Jacobson said. “We’re not assuming majo...

Manchester United has announced a 10-year extension to its partnership with Adidas that the English club says will be worth more than $1 billion MANCHESTER, England -- Manchester United announced a 10-year extension to its partnership with Adidas that the English club said Monday will be worth more than $1 billion. United’s deal with the German Sports wear brand as its official uniform supplier runs to 2035 and “has a minimum cash guarantee of 900 million pounds ($1.15 billion), subject to certain adjustments,” the team said, making it the most lucrative in Premier League History . “It is very natural for us to continue our cooperation,” Adidas CEO Bjorn Gulden said. “We will combine tradition and innovation to please both the players and the fans.” “We look forward to continuing our partnership with one of the most iconic clubs in Football .” The deal for the club’s single biggest source of revenue provides stability at a time when it is up for sale, with United's American owne...

U.S. auto safety regulators have opened another investigation into safety problems with Tesla vehicles DETROIT -- U.S. auto safety regulators have opened yet another investigation into safety problems with Tesla vehicles. This time the National Highway Traffic Safety Administration is looking into a dozen complaints about loss of steering control or loss of power steering in the 2023 Models 3 and Y electric vehicles. The probe covers an estimated 280,000 vehicles. Five drivers alleged in complaints they couldn't steer the vehicles at all. Seven more cited a loss of power steering that required increased steering effort. There was one report of a crash but no complaints of any injuries. The agency says in a document posted Tuesday on its website that loss of steering control can be accompanied by messages to drivers indicating that the power steering assist has been reduced or disabled. The document says investigators will look into how often the problem happens, manufac...

Environmentalists have filed a lawsuit to prevent the construction of a new potash mine they say would devastate a lake ecosystem in the drought-stricken western Utah desert SALT LAKE CITY -- Environmentalists filed a lawsuit on Monday to prevent the construction of a new potash mine that they say would devastate a lake ecosystem in the drought-stricken western Utah desert. The complaint against the Bureau of Land Management is the latest development in the battle over potash in Utah, which holds some of the United States' largest deposits of the mineral used by farmers to fertilize crops worldwide. Potash, or potassium sulfate, is currently mined in regions including Carlsbad, New Mexico and at Utah's Bonneville Salt Flats, where the Bureau of Land Management also oversees a private company's potash mining operations. The Southern Utah Wilderness Alliance argues in Monday's complaint that, in approving a potash mining operation at Sevier Lake — a shallow saltwat...

Ford is resuming production of the F-150 Lightning electric pickup after closing a factory in Dearborn, Michigan, for six weeks to triple production capacity DETROIT -- Ford is resuming production of the F-150 Lightning electric pickup after closing a factory in Dearborn, Michigan, for six weeks to triple production capacity. The move comes just two weeks after the company cut prices on all versions of the trucks, some by as much as $10,000, fueling speculation that demand had fallen. But company officials said Tuesday that they're getting six times the orders now than before the price cuts, and Ford has an order bank big enough to take up 45 days of production at the reworked Rouge Electric Vehicle Center. The company wouldn't give an exact number of orders. Lightning sales in the second quarter of the year were more than double the same period in 2022, but there were up only 4% from the first quarter. Ford says that's because they stopped production at the Rouge Electri...

Crumbling COVID-19 vaccine and treatment sales chopped Pfizer’s second-quarter earnings, but both the drugmaker and Wall Street expect a rebound in the back half of 2023 Crumbling COVID-19 vaccine and treatment sales chopped Pfizer’s second-quarter earnings, but both the drugmaker and Wall Street expect a rebound in the back half of 2023. Pfizer recorded no U.S. sales of its treatment, Paxlovid, in the recently completed quarter, as the company shifts to selling the pills on the commercial market after contracting with the government. Paxlovid brought in only $143 million total sales during the quarter after recording $8 billion in last year’s quarter. Sales of the vaccine Comirnaty also slid 83% to $1.49 billion in the quarter, as both products fell short of Wall Street expectations. Both Pfizer’s leaders and analysts who follow the company had expected a sales drop in the quarter as inventories already on the market were used up. But they also expect a rebound later this year, as ...

The Indonesian government bought 12 drones worth $300 million from Turkish Aerospace as part of efforts to strengthen archipelagic country's defense system JAKARTA, Indonesia -- The Indonesian government bought 12 drones worth $300 million from Turkish Aerospace as part of efforts to strengthen Indonesia’s defense system, according to a written statement from the Indonesian Defense Ministry on Wednesday. The purchase aims to increase the variety, quantity and quality of Indonesia's military defense equipment with the contract signed Feb. 3 with Turkish Aerospace, which is headquartered in the capital, Ankara. The 12 units of ANKA drones are expected to be delivered before November 2025. In January, Indonesia sealed another deal worth $805 million to buy a dozen advanced Mirage 2000-5 fighter jets that were used by the Qatari air force. The purchase, manufactured by French company Dassault Aviation, was criticized for the age of the equipment. But the Defense Ministry said...

The operators of a historic ferry that carries traffic across Lake Michigan between Michigan and Wisconsin say it is out of service for the rest of the season after its ramp system was damaged in July LUDINGTON, Mich. -- A historic ferry that carries traffic across Lake Michigan between Michigan and Wisconsin is out of service for the rest of the season after its ramp system was damaged in July, the vessel's operators said. The S.S. Badger's daily crossings between Ludington, Michigan, and Manitowoc, Wisconsin, were suspended indefinitely by operator Lake Michigan Carferry after the ramp system failed July 21. On Tuesday, parent company Interlake Maritime Services announced that the ferry would not resume operation this sailing season because damage to the ramp's counterweight system requires months of repairs. “This is a very complicated process and one that will not be complete in time to resume service this season ,” Sara Spore, general manager of Lake Michigan Car...

BMW and Mercedes-Benz are well known for their 7 Series and S-Class flagship sedans BMW and Mercedes-Benz are well known for their 7 Series and S-Class flagship sedans. But now you should get familiar with their electric counterparts: the BMW i7 and Mercedes EQS sedan. These two all-electric sedans are among the most expensive, technologically advanced and luxurious electric vehicles on the market. But which one most successfully represents the pinnacle of EV design? Edmunds compared the i7 and EQS to find out. DRIVING RANGE AND CHARGING The EQS ’ most efficient 450+ trim level boasts an impressive EPA-estimated driving range of 350 miles on a full charge. Even better, it easily surpassed that estimate by driving 422 miles on Edmunds’ real-world range test. Edmunds has tested other EQS versions and found they all can go farther than their EPA estimates. For 2023, the i7 comes in just one version: the xDrive60. It has an EPA-estimated driving range of up to 318 miles. Edmunds’ test car ...

Homebuyers are finding creative ways to win their dream home in a competitive real estate market. The lack of available homes on the market is near historic lows, sparking fierce bidding wars in cities across the country – and prompting many buyers to get creative with their offers. In June, 1.08 million homes were for sale nationwide, according to the National Association of Realtors (NAR), down 13.6% from a year ago, when 1.22 million homes were available. "It's still a seller's market, and we won't see that change anytime soon," Sarah Drennan, a realtor with Terrie O'Connor Realtors, in northern New Jersey, tells ABC News. "Some of our homes are selling with anywhere from 10 to 50 offers, and within the first week the home is going under contract." Housing experts say the biggest challenge for home buyers right now is com Pet ition, and cash is still king. One-third of U.S. home buyers are paying in cash, the highest share in nearly a decad...

Egypt and other lower-income Middle Eastern countries like Lebanon and Pakistan are worried about what comes next after Russia pulled out of a crucial wartime grain deal CAIRO -- Ahmed Salah grew anxious when he heard the news that Russia had suspended a crucial wartime grain deal. The bakery owner in Egypt's capital is concerned it could mean global food prices soar. “There mightn’t be immediate impact,” the 52-year-old said last week as he oversaw workers baking bread in his shop in Cairo, “but if they didn’t find a solution soonest, things would be very difficult.” Russia pulled out of the deal brokered by the U.N. and Turkey to allow Ukraine’s grain to flow during a global food crisis. It helped stabilize food prices that soared last year after Russia invaded Ukraine — two countries that are major suppliers of wheat, barley, sunflower oil and other food to developing nations. Egypt, the world's largest wheat importer, and other lower-income Middle Eastern countries like Le...