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Showing posts from December, 2022

5 cars that shook up the auto industry in 2022

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The F-150 Lightning has altered the way Americans view electric trucks. The automobile got a whole lot better in 2022. Electric vehicles Travel ed unprecedented miles on a single charge. Sports car performance reached a new pinnacle. Electric pickup trucks quested and conquered. Here are five vehicles that are shaking up the industry and changing how Americans drive. F-150 Lightning Ford Motor Co. took America's top-selling pickup truck for 40 years and swapped a gas-powered engine for an electric motor and battery. The results? The pioneering F-150 Lightning. The truck, nearly identical to its F-150 sibling, has been an instant success and the Dearborn automaker said it is on track to sell 15,000 units in 2022. "Ford understands the truck customer and applied that expertise to the F-150 Lightning," Ed Kim, president of AutoPacific, told ABC News. "This is a really good truck. You're driving something the size of a small house but it's so fast." The F...

Google to pay Indiana $20 million to resolve privacy suit

Google has agreed to pay Indiana $20 million to resolve the state’s lawsuit against the technology giant over allegedly deceptive location tracking practices INDIANAPOLIS -- Google will pay Indiana $20 million to resolve the state's lawsuit against the Technology giant over allegedly deceptive location tracking practices, state Attorney General Todd Rokita announced. Rokitas filed a separate lawsuit against Google when negotiations between the company and a coalition of state attorneys general stalled, he said. Those states agreed to a $391.5 million settlement with the company in November. As a result of the separate lawsuit, Indiana received about twice as much money as it would have under the deal with the 40 states in the coalition, Rokita said in his announcement Thursday. “This settlement is another manifestation of our steadfast commitment to protect Hoosiers from Big Tech’s intrusive schemes,” Rokita said. States began investigating after a 2018 Associat...

Who could Elon Musk choose as the next Twitter CEO?

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Twitter owner Elon Musk promised to step down as soon as he finds a successor. Elon Musk earlier this month pledged to step down as the head of Twitter as soon as he finds someone "foolish enough to take the job." Musk's tentative resignation followed a Twitter poll posted by the billionaire entrepreneur in which 57.5% of respondents called on Musk to stop leading the company. Musk said he will retain control over the software and server departments, important teams that will grant him significant control over how the social media platform operates. It remains possible that Musk may reverse his decision to step down, since he has changed his mind about previous policy decisions at Twitter, such as a proposed content moderation council, which he ultimately abandoned. He hasn't shared further details on the search for a successor or the traits he's looking for in one, but that ambiguity hasn't stopped some candidates from putting their names forward, includin...

Southwest cuts 2,300 flights, schedule in sustained chaos

Southwest Airlines is still trying to extract itself from sustained scheduling chaos and cancelled another 2,350 flights after a winter storm overwhelmed its operations days ago DALLAS -- Southwest Airlines continued to extract itself from sustained scheduling chaos Thursday, cancelling another 2,350 flights after a winter storm overwhelmed its operations days ago. The Dallas carrier acknowledged it has inadequate and outdated operations Technology that can leave flight crews out of position when adverse weather strikes. Southwest was the only airline unable to recover from storm-related delays that began over the weekend when snow, ice and high winds raked portions of the country. As has been the case every day this week, the vast majority of flight cancellations nationwide, are Southwest flights . There were 2,451 flights cancelled before noon Thursday in the U.S., and 2,357 were Southwest routes, or about 58% of its entire schedule, according to the FlightAware tracking service. ...

Rocky ride: Tesla stock on pace for worst year ever

Owning Tesla stock this year has been anything but a smooth ride for investors LOS ANGELES -- Owning Tesla stock this year has been anything but a smooth ride for investors. Shares in the electric vehicle maker are down nearly 70% since the start of the year, on pace to finish in the bottom five biggest decliners among S &P 500 stock s. By comparison, the benchmark index is down about 20%. While Tesla has continued to grow its profits, signs of softening demand and heightened com Pet ition have investors increasingly worried. And then there’s CEO Elon Musk’s acquisition of Twitter. Some of Musk’s actions since taking over the social media company, including doing away with a content moderation structure created to address hate speech and other problems on the platform, have unnerved Twitter’s advertisers and turned off some users. That’s stoked concerns on Wall Street that Twitter is taking too much of the billionaire’s attention, and possibly offending loyal Tesla customers. Musk...

Southwest under scrutiny after wave of storm cancellations

The U.S. Department of Transportation says it will look into flight cancellations by Southwest Airlines that have left travelers stranded at airports across the country amid an intense winter storm that has killed dozens of people The U.S. Department of Transportation said it will look into flight cancellation s by Southwest Airlines that have left Travel ers stranded at airports across the country amid an intense winter storm that has killed dozens of people. Many airlines were forced to cancel flights due to the weather, but Southwest was by far the leader in canceled flights. About 4,000 domestic U.S. flights were cancelled Monday, according to the tracking website FlightAware, and 2,900 of those were Southwest's. Other major airlines, including American, United, Delta and JetBlue, suffered cancellation s rates of between none and 2%. The cancellation rate at Southwest Airlines was 62%, according to FlightAware. Southwest spokesman Jay McVay said at a press conference ...

US maritime liability rules changed after 2019 boat fire

U.S. federal lawmakers have changed 19th-century maritime liability rules for accident victims and their families in response to the 2019 boat fire off the coast of Southern California that killed 34 people LOS ANGELES -- Federal lawmakers have changed 19th-century maritime liability rules for accident victims and their families in response to the 2019 boat fire off the coast of Southern California that killed 34 people. The Small Passenger Vessel Liability Fairness Act was included in the $858 billion defense spending bill that President Joe Biden signed Friday. It updates the Limitation of Liability Act of 1851, under which boat owners were able to limit their liability to the value of the remains of the vessel. In the case of the Conception, the scuba diving boat where an inferno trapped 33 passengers and one crew member in the bunkroom below deck off Santa Barbara three years ago, the boat was a total loss. Now owners of small passenger vessels can be held lega...

Asian shares higher in thin holiday trading

Shares have advanced in Asia in thin holiday trading BANGKOK -- Shares rose Monday in Asia in thin post-Christmas holiday trading , with markets in Hong Kong, Sydney and several other places closed. Tokyo's Nikkei 225 index gained 0.5% to 26,367.40 and the Kospi in Seoul added 0.2% to 2,317.48. The Shanghai Composite index surged 0.7% to 3,067.54 and the SET in Bangkok added 0.3%. Traders were awaiting a speech by the governor of Japan's central bank Monday for hints into whether the Bank of Japan might further adjust its longstanding ultra-lax monetary policy to cope with pressures from inflation. Last week, markets were jolted by a slight adjustment in the target range for the yield of long-term Japanese government bonds, viewing it as a sign the Bank of Japan might finally unwind its massive support for the economy through ultra-low interest rates and purchases of bonds and other assets. A widening gap between interest rates in Japan and other countries has pulled the Japa...

IRS mandatory presidential audit policy goes under spotlight

An IRS policy governing the audits of tax returns filed by U.S. presidents is under new scrutiny WASHINGTON -- An IRS policy governing the audit s of tax returns filed by U.S. president s is under new scrutiny after a report published by a congressional panel found the agency failed to perform the mandatory inspection of Donald Trump's returns until Congress pressed for information about the process. The three-point policy states that individual returns for the president and the vice president are subject to mandatory review, “should always be kept in an orange folder,” should be kept from the eyes of IRS employees and “should be locked in a secure drawer or cabinet when the examiner or reviewer is away from the work area.” The report released Tuesday by the Democratic majority on the House Ways and Means Committee said the process, which dates to 1977, was “dormant, at best” during the early years of the Trump administration. By comparison, there were audits ...

Tunisia's political experiment threatens economic collapse

Tunisia’s political crisis has brought the already struggling economy closer to collapse NICE, France -- Tunisia’s increasingly authoritarian president appears determined to upend the country’s political system. The strategy is not only threatening a democracy once seen as a model for the Arab world, experts say it is also sending the economy toward a tailspin. The International Monetary Fund has frozen an agreement meant to help the government get loans to pay public sector salaries and fill budget gaps aggravated by the COVID-19 pandemic and the fallout from Russia’s war in Ukraine. Foreign investors are pulling out of Tunisia, and ratings agencies are on alert. Inflation and joblessness are on the rise, and many Tunisians, once proud of their country’s relative prosperity, now struggle to make ends meet. An election debacle a week ago has made matters worse: Just 11% of voters took part in a first-round vote for a new parliament meant to replace a legislature...

Judge kept FTX execs' plea deals secret to get founder to US

A judge agreed to keep secret that two of Sam Bankman-Fried's executive associates were cooperating with investigators so that the cryptocurrency entrepreneur would not change his mind and fight extradition from the Bahamas to the United States NEW YORK -- A judge kept secret that two of Sam Bankman-Fried’s closest associates had turned against him so the Cryptocurrency entrepreneur wouldn’t get spooked and fight extradition from the Bahamas, according to court transcripts made public Friday. U.S. prosecutors in New York waited until Bankman-Fried, the founder of the collapsed crypto exchange FTX, was in FBI custody before revealing that his business partners, Carolyn Ellison and Gary Wang, had secretly pleaded guilty to fraud charges and were cooperating in the investigation. U.S. Attorney Damian Williams announced the guilty pleas when Bankman-Fried was in the air late Wednesday. Prosecutors had been concerned that if Bankman-Fried found out his friends were cooperatin...