Business Highlights: The economic threat of rising rates, a huge recall of air bag inflators

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WASHINGTON — Surging interest rates are intensifying the challenges for the U.S. economy and threatening to derail the Federal Reserve’s drive to tame inflation without causing a deep recession. Since mid-summer, the yield on the 10-year Treasury note has steadily climbed, causing a spillover rise in other borrowing costs. The costs of mortgages, auto loans and credit card debt have all risen in response.

WASHINGTON — 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 interior. The National Highway Traffic Safety Administration held a public hearing Thursday on air bags made by ARC Automotive of Tennessee. At least 25 million vehicles containing ARC-made air bags could be affected. ARC has refused to issue a full-scale recall, setting the stage for the possible court fight.

SAN FRANCISCO — The Securities and Exchange Commission says it is seeking a court order that would compel Elon Musk to testify as part of an investigation into his purchase of Twitter, now called X. The SEC said in a Thursday filing in a San Francisco federal court that Musk failed to appear for testimony on Sept. 15. The agency said that was despite Musk being served an investigative subpoena by the SEC and having raised no objections at the time it was served.

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Get The Capital You Need To Keep Your Business MovingMelissa Houston is the author of Cash Confident: An Entrepreneur's Guide to Creating a Profitable Business, and the founder of She Means Profit. Melissa is a Certified Professional Accountant (CPA) and a Business Finance Strategist, where she helps successful business owners increase their profit margins so they can put more cash in their pocket and increase their net worth. Melissa's passion is helping business women overcome the finance issues and earn more profit in their business and personal lives. Melissa has over 20 years of business experience with large and small corporations, government, and not-for-profit industries while specializing in Internal Controls, corporate accounting, budgets, financial reporting, corporate & personal tax, audit, and SR&ED. She is the proud mother to two kind and beautiful teenagers and wife to her husband Jamie.
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Auto worker strike highlights disparities between temporary and permanent employeesAmong the many changes being sought by striking United Auto Workers is an end to a system that pays workers much different wages for doing the same job. The biggest disparity is with temporary workers employed by the Detroit automakers who are making roughly half of what their co-workers bring home. The UAW says eliminating the uneven wage scales is a big priority because companies are abusing the system to save money. GM and Jeep maker Stellantis have made offers to increase temporary worker starting pay and Ford is offering to make temporaries full-time workers after 90 days of work.
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