Business Highlights: Musk’s Twitter plans, Wall Street surge

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Elon Musk Takes Over Twitter But Where Does He Go From Here?

SAN FRANCISCO – Elon Musk has taken over Twitter after a long legal battle and months of uncertainty. The question now is what the billionaire Tesla CEO will actually do with the social media that he bought for $ 44 billion. Musk gave an indication of where he is going in a tweet Friday. He wrote that no decision about content or restoring suspended accounts will be made until a “content management council” is installed. He wrote that the council will have different views. The executive shake-up was expected, with Musk firing several Twitter executives on Thursday. A fourth confirmed his departure, in a tweet.

Wall Street’s rally marked its first weekly gain since the summer

NEW YORK – Wall Street closed flat, marking another tough week with Apple and other companies making even bigger summer profits than expected. The S&P 500 rose 2.5% Friday and posted its first weekly back-to-back gain since August. Stocks have rebounded recently on hopes for a call this year of high interest rates shaking the market. Recently, many large US companies are reporting earnings that are better than expected, although the bag is still very mixed. Apple, Intel, and Gilead Sciences jumped following strong news, which helped offset disappointing forecasts from Amazon.

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The single-point average US inflation was 6.2% higher in September

WASHINGTON – Inflation rates closely monitored by the Federal Reserve continued to be painful last month, new signs show that prices for many goods and services in the United States are still rising. Friday’s report from the Commerce Department showed that prices rose 6.2% in September from 12 months earlier, the same annual rate as in August. Excluding food and energy inflation, so-called core prices rose 5.1% last month from a year ago. The report also showed that consumers spent more months last month, even after adjusting for inflation, a sign of Americans’ willingness to continue spending in the face of higher prices.

EU approves ban on new electric cars by 2035

BRUSSELS – European Union legislators and member states have signed an agreement to ban the sale of new petrol and diesel cars in cars from 2035. The EU agreement concluded on Thursday night is the first agreement of the “Fit for 55” package of the group, which was established by the bloc’s executive commission to achieve the goal of reducing 55% of emissions in this decade. Under the agreement, car manufacturers will be required to reduce emissions from new car sales by 55% in 2030 before reaching a 100% cut five years later. According to EU data, transport is the only sector in which greenhouse gas emissions have increased over the past three decades.

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Germany sees unexpected growth in the 3rd quarter; high inflation

BERLIN – The German economy grew in the third quarter, an unexpectedly strong performance supported largely by private spending. But the immediate outlook for Europe’s biggest economy remains bleak, with inflation rising again in October. The Federal Statistical Office said on Friday that gross domestic product in Europe’s largest economy expanded 0.3% in July-September compared to the previous quarter. That followed a slight increase of 0.1% in the second quarter. The government previously said that GDP is expected to decline in the third quarter and is expected to fall again in the last three months of the year and in early 2023. Germany’s annual inflation rate rose again in October, rising to 10.4% from 10% the previous month.

Oil giants are reaping huge profits amid high energy prices

NEW YORK – The oil industry is making another big profit as consumers around the world struggle for higher fuel and energy prices. Exxon Mobil broke records with a profit of $19.66 billion in the third quarter. Chevron earned a record $11.23 billion in revenue. Oil and gas prices are high all over the world, because demand is growing faster than supply. The high cost of energy has affected consumers in many ways. Americans have struggled with painful gasoline prices in recent months. Higher energy prices also hit manufacturers and retailers, who pass those savings on to consumers in the form of higher prices for food, clothing and other products.

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IRS: Growing gap between US income taxes owed and paid

WASHINGTON – The IRS says that income tax revenue but not government debt is expected to grow. For the 2014 to 2016 tax years, it is estimated that the gross “tax bill” amounted to $496 billion per year. That’s an increase of more than $58 billion from previous estimates. The IRS data released Friday projects that for 2017 to 2019, the estimated average tax gap will be $540 billion per year. Ensuring that people actually pay their taxes is one of the tax collection agencies’ biggest challenges. Treasury Secretary Janet Yellen said last month that the tax gap is estimated to be $7 trillion over the next decade.

The S&P 500 jumped 93.76 points, or 2.5%, to 3,901.06. The Dow Jones Industrial Average gained 828.52 points, or 2.6%, to 32,861.80 and the Nasdaq gained 309.78 points, or 2.9%, to 11,102.45. The Russell 2000 index of small companies rose 40.60 points, or 2.2%, to 1,846.92.

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