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“There are,’’ the Bank of England warns, “more consequences from falling prices than meets the eye.’’What could be so bad about lower prices? It is only now emerging from decades of falling prices that began with the collapse of its property and financial markets in the early 1990s. Mainly because falling prices tend to discourage consumers from spending. Why buy now, after all, if you can purchase what you want — cars, furniture, appliances, vacations — at a lower price later? If consumers were to pull back, en masse, to await lower prices, businesses would face intense pressure to cut prices even more to try to jump-start sales.

Persons: they're, that's, what's, Joe Biden's, ’ ’ Lisa Cook, “, United States hasn’t, Tom Krisher Organizations: WASHINGTON, Federal Reserve's Board of Governors, Bank of England, United, España, Unemployed, Bank of Japan, Fed, Bank for International, AP Locations: America, United States, Japan, Spanish, Detroit

Attacks on ships in the Red Sea are delivering another shock to global trade, coming on top of pandemic-related logjams at ports and Russia's invasion of Ukraine. The normal route — three weeks via the Suez Canal — has been shut down by the Houthi attacks. Chief executive Stuart Machin said the Red Sea trouble was “impacting everyone and something we’re very focused on." For Europe, the impact is even bigger: 40% of clothes and 50% of shoes traverse the Red Sea. Norwegian fertilizer giant Yara said it was “only mildly impacted by the transit challenges in the Red Sea."

Persons: What’s, Ryan Petersen, Petersen, It’s, Clifton Broumand, Broumand, —, ”, “, it’s, Tesla, Spencer, Stuart Machin, Steve Lamar, Lamar, Flexport, Katheryn Russ, Davis, Judah Levine, Freightos, it's, Russ, Obama, Carlos Tavares, Stellantis, Jan Hoffmann, Frank Conforti, Conforti, ____ Anderson, Kelvin Chan, Anne D'Innocenzio, Yuri Kageyama, Tom Krisher, David McHugh Organizations: WASHINGTON, —, Hamas, Machine, Volvo, Suzuki Motor Corp, American Apparel & Footwear Association, University of California, U.S . Federal Reserve, BMW, Retailer, Free People, AP Business Locations: Belgium, Germany, British, Maryland, Asia, Ukraine, Yemen, Gaza, Europe, United States, Suez, Africa, “, Panama, Greater Landover , Maryland, Taiwan, China, Los Angeles, Berlin, Swedish, Ghent, Hungary, Japan, U.S, overcapacity, Red, Israel, India, New York, London, Tokyo, Detroit, Frankfurt

It’s still not clear which vehicles would be eligible for the full $7,500 tax credit under the new rules because the government has yet to publish any lists. But they are still years away from being able to produce an electric vehicle without materials and components from China. Sam Abuelsamid, a mobility analyst for Guidehouse Insights, expects many EVs now eligible for the full $7,500 U.S. tax credit will see that cut in half next year when the new regulations take effect. Getting the tax credit upfront — rather than waiting until filing tax returns next year — “will actually reduce your monthly payment, which is a major stumbling block for consumers,” he said. Adeyemo and other officials declined to say whether batteries from the Ford plant would qualify for tax credits.

Persons: —, Biden, Joe Biden's, It’s, Wally Adeyemo, David Turk, Adeyemo, Turk, John Bozzella, Sam Abuelsamid, EVs, Abuelsamid, — “, ”, Joe Manchin, Manchin, Janet Yellen, Ford, Tom Krisher Organizations: WASHINGTON, Treasury, Energy, EV, Administration, “, Motors, Hyundai, Ford, GM, Alliance for Automotive Innovation, Guidehouse, Democratic, Natural Resources Committee, Ford Motor Co, Amperex Technology, Associated Press Locations: U.S, China, United States, North Korea, Russia, Iran, North America, Michigan, Detroit

Gene Sperling, the White House liaison for the strike talks, was in daily contact with executives at the UAW and the three automakers. By that point, there was enough trust that the misunderstanding did little from the White House perspective to hurt the relationship. The UAW president declined to endorse the president who had engaged in the historic outreach. So as I said we’ll do that when it’s time.”Still, the White House saw itself as building trust with the UAW as the talks progressed. As soon as a tentative agreement was in place, Barra told the gathered negotiators that she needed to text the White House.

Persons: Joe Biden, Shawn Fain, Biden, Fain, Gene Sperling, Sperling, We’re, Donald Trump, “ I’m, ” Biden, ”, Julie Su, Su, umbrage, “, ” Fain, “ We’ll, Ford, Stellantis, Mary Barra, Barra, Tom Krisher Organizations: WASHINGTON, United Auto Workers, General Motors, UAW, GM, Ford, Chrysler, Democratic, White, Democratic White Houses, Associated Press, Democrats, AP VoteCast, Republican, Labor, Biden, AP Locations: Delaware, Michigan, Pennsylvania, Wisconsin, Detroit

SAN FRANCISCO (AP) — Ford on Thursday reported significant growth in the third quarter, although its financial results fell short of Wall Street estimates. The results came out just a day after Ford reached a tentative contract agreement with the United Auto Workers union. The Ford deal could set the pattern for agreements with the other two automakers, where workers will remain on strike. The UAW called on all workers at Ford to return to their jobs and said that will put pressure on GM and Stellantis to bargain. Shares in Ford Motor Co., which is based in Dearborn, Michigan, were down 3.4% in after-hours trading following the earnings report.

Persons: — Ford, Ford, John Lawler, Lawler, “ We’re, ”, Farley, Kumar Galhotra, “, Shawn Fain, Tom Krisher Organizations: FRANCISCO, Ford, EV, United Auto Workers, General Motors, UAW, Ford Motor Co, Associated Press Locations: Kentucky, Marshall , Michigan, Dearborn , Michigan, Detroit

WASHINGTON (AP) — The U.S. government appears poised to order a recall of millions of air bag inflators due to a manufacturing flaw that could send metal shrapnel rocketing through a car's interior. Instead of releasing pressurized gas to inflate the air bag, the canister essentially explodes, sending metal shrapnel into the vehicle at head height. He said the government would be setting a dangerous precedent by targeting a parts supplier rather than a vehicle manufacturer in ordering a recall. The hearing also featured emotional testimony from Jacob Tarvis, whose mother, Marlene Beaudoin, died as a result of an exploding air bag inflator in 2021. “GM will continue to work collaboratively with NHTSA, other manufacturers, and ARC to monitor and investigate the long-term performance and safety of ARC airbag inflators," the statement said.

Persons: inflators, ” Bruce York, Sharon Yukevich, ”, Steve Gold, Gold, Jacob Tarvis, Marlene Beaudoin, Beaudoin, Tarvis, “, Tom Krisher Organizations: WASHINGTON, Traffic Safety Administration, ARC Automotive Inc, ARC, NHTSA's, NHTSA, Motors, GM Locations: U.S, Knoxville , Tennessee, United States, Canada, Detroit

The union is pushing for higher wages, shorter work weeks and assurances from the country’s top automakers that new electric vehicle jobs will be unionized. The dueling appearances reflect what will likely be a chief dynamic of the 2024 general election, which is increasingly looking like a rematch between Trump and Biden. Trump has tried to capitalize on the strike to drive a wedge between Biden and union workers, a constituency that helped pave the way for the ex-president’s surprise 2016 victory. While Biden has not implemented an electric vehicle mandate, he has set a goal that half of all new vehicle sales be electric by 2030. He’s set to hold a press conference to highlight Trump’s “false promises to blue collar and union workers in Michigan and across America.”___AP Auto Writer Tom Krisher in Van Buren Township, Michigan, contributed to this report.

Persons: Donald Trump, Joe Biden, Trump, plumbers, Biden, ”, Biden’s, Joe Biden’s, ” Trump, autoworkers, “, Shawn Fain, ” Fain, Jason Miller, Adrian Mitchell, ” Mitchell, “ He’s, Mitchell, Matthew Coleman, Romulus, Ford —, Asa Hutchinson, He’s, Tom Krisher Organizations: Republican, United Auto Workers, Trump, Biden, Drake Enterprises, UAW, Democratic, U.S . Trump, U.S, Supreme, General Motors, Big Three, —, Motors, Stellantis, Arkansas Gov Locations: California, Michigan, Detroit, Clinton Township, Michigan , Wisconsin, Pennsylvania, Lordstown , Ohio, Romulus , Michigan, Korean, U.S, America, Van Buren Township , Michigan

LANSING, Mich. (AP) — The prospect of an auto workers strike could test Joe Biden 's treasured assertion that he's the most pro-union president in U.S. history. Political Cartoons View All 1154 Images“I think the American public as a whole realizes the impact that the American auto workers have on the economy," Killian said. But, unlike with rail and airline workers, the president doesn’t have the authority to order autoworkers to stay on the job. Nowhere will the political fallout of an auto workers strike be felt more than Michigan, which Biden won by nearly 3 percentage points in 2020. And Ray Curry, the former UAW president who was unseated by Fain, had worked with Biden in the past, even attending White House ceremonies.

Persons: Joe Biden, Marick, Doc Killian, Killian, ” Biden, Biden, ”, Shawn Fain, “, Fain, Donald Trump, Trump, TRUMP, doesn't . Fain, Dave Green, ” Green, doesn’t, Mark Brewer, Brewer, Ray Curry, Gene Sperling, Biden's, he'll, what's, Randi Weingarten, Biden’s, Weingarten, ___ Weissert, Tom Krisher Organizations: United Auto Workers, General Motors, Ford, Wayne State University, CNN, UAW, Republican, UAW “, “ Union, Democratic, GOP, Michigan Democratic Party, U.S, White, longtime Democratic, Trump, American Federation of Teachers, Associated Press Locations: LANSING, Mich, Michigan, Ohio, Indiana, Detroit, Wayne , Michigan, America, China, Washington, United States, U.S, Wisconsin, Pennsylvania, Philadelphia

☆ Elon Musk accuses SEC of unlawfully muzzling him
▼ + stars: | 2022-09-28 | by ( Tom Krisher | Associated Press | ) www.nbcnews.com time to read: +4 min

DETROIT (AP) — U.S. Securities regulators are unlawfully muzzling Tesla CEO Elon Musk, violating his free speech rights by continually trying to enforce a 2018 securities fraud settlement, Musk’s lawyer contends in a court brief. The SEC is investigating whether Musk violated the settlement with tweets last November asking Twitter followers if he should sell 10% of his Tesla stock. But in the brief, Musk attorney Alex Spiro contends that the SEC is continually investigating Musk for topics not covered by the settlement. The whole dispute stems from an October 2018 agreement with the SEC that Musk signed. The judge also said Musk’s argument that the SEC had used the settlement order to harass Musk and launch investigations was “meritless.”

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