Check out this week's Business Briefs, an encompassing look at top business news this week from the Associated Press, with a special spotlight on national business and the economy.Student loan forgiveness application website goes liveWASHINGTON — President Joe Biden has officially kicked off the application process for his student debt cancellation program.
National News AP US businesses propose hiding trade data used to trace abuse A group of major U.S. businesses wants the government to hide key import data -- a move trade experts say would make it more difficult for Americans to link the products they buy to labor abuse overseas. The proposal obtained by The Associated Press was made by an advisory panel comprised of executives from 20 companies, including Walmart, General Motors and Intel.
Technology AP 11 more crash deaths are linked to automated-tech vehicles Eleven additional people were in crashes involving vehicles using automated driving systems during a four-month period earlier this year, according to newly released government data, part of an alarming pattern of incidents linked to the technology.
Business News United Airlines reaps $942 million profit on strong summer United Airlines has reported a $942 million profit for the third quarter after a strong summer travel season. Chicago-based United said Tuesday that is expects to beat Wall Street forecasts for profit in the fourth quarter too. Airline executives say that concern about inflation and the economy doesn't seem to be discouraging people from traveling. U.S. air travel is rebounding from the onset of the pandemic.
Technology AP BMW investing $1.7B in S Carolina as automaker shifts to EVs BMW will invest $1 billion in its sprawling factory near Spartanburg, South Carolina, to start producing electric vehicles and an additional $700 million to build a electric-battery plant nearby. The German automaker’s announcement reflects its commitment to transitioning to electric-vehicle production in North America, in line with similarly ambitious plans by other major automakers.
Govt-and-politics AP EU leaders avoid deep rift on gas price cap at energy summit European Union leaders are struggling to find immediate practical solutions on how to deal with the energy crisis but avoid an open rift between Germany and France. That would have exposed a divided bloc as it confronts Russian President Vladimir Putin over his war in Ukraine.
Business News AP Average long-term US mortgage rates rise this week to 6.94% Average long-term U.S. mortgage rates inched up this week ahead of another expected rate increase by the Federal Reserve when it meets early next month. Mortgage buyer Freddie Mac reported Thursday that the average on the key 30-year rate ticked up this week to 6.94% from 6.92% last week. Last year at this time, the rate was 3.09%.