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Hope of coming back to shuttered GM plant fades for workers
TOLEDO, Ohio (AP) — It's looking less likely that General Motors will be making vehicles again at the Lordstown, Ohio, assembly plant that shut down last winter. Instead, GM wants to sell the plant to a fledgling electric vehicle maker and build a battery factory. The plant's fate is playing out amid negotiations aimed at ending the nearly 2-week-old strike against GM by 49,000 workers.
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US consumer spending rises just 0.1% in August
WASHINGTON (AP) — American consumers increased their spending by just 0.1% in August, the smallest gain in six months, even as their incomes rose at a solid pace. The Commerce Department says that personal income increased 0.4%, up from a small gain in the previous month.
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Fiat Chrysler to pay $40M fine for overstating sales numbers
DETROIT (AP) — Fiat Chrysler has agreed to pay $40 million to settle a complaint by securities regulators that it misled investors by overstating monthly sales numbers. The U.S. Securities and Exchange Commission says the company inflated sales by paying dealers to report fake numbers between 2012 and 2016.
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Wells Fargo hires New York Mellon's Scharf as its new CEO
NEW YORK (AP) — Wells Fargo has named its third CEO in as many years as the bank attempts to put behind it a series of recent scandals. The bank said that Charles Scharf, the chief executive of the Bank of New York Mellon, will take over for C. Allen Parker, who has led Wells Fargo since March after its second CEO stepped down.
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US durable goods orders edge up slight 0.2% in August
WASHINGTON (AP) — Orders to U.S. factories for big-ticket manufactured goods showed a slight increase in August but a key sector that tracks business investment plans declined, likely reflecting fallout from President Donald Trump's trade wars. The Commerce Department says that orders for durable goods edged up 0.2% in August after a much bigger 2% gain in July.
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Report: No-deal Brexit could leave UK with medical shortages
LONDON (AP) — A UK watchdog says there's still a "significant amount" of work to do to make sure the country has an adequate supply of medicine in case of a no-deal Brexit. In a report Friday, Britain's National Audit Office said additional shipping chartered by the U.K. across the English Channel may not be ready by Oct. 31, when Britain plans to leave the European Union. One expert says there are concerns about adequate drugs for patients with epilepsy, Parkinson's disease, diabetes and certain cancers.
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German govt says time is running out on Brexit
LONDON (AP) — The German government says it's still possible to reach a deal for Britain to leave the European Union on good terms next month, but cautioned that time is running out. Government spokesman Steffen Seibert said Friday that "with goodwill, it's doable." Chancellor Angela Merkel had told Britain's Prime Minister Boris Johnson in Berlin over a month ago that an agreement could be struck in 30 days, though she later noted it could also take longer.
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Feds crack Medicare gene test fraud that peddled cheek swabs
WASHINGTON (AP) — Federal law enforcement officials say they've taken down a $2 billion Medicare fraud scheme that enticed seniors to get their cheeks swabbed for unneeded DNA tests. Friday's "Operation Double Helix" targeted telemarketing companies, doctors and labs, in a joint effort by the FBI, U.S. attorneys' offices and the Health and Human Services inspector general. Officials say Medicare enrollees should refuse genetic tests unless ordered by their doctor.
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Boeing CEO to testify before House committee on 737 Max
WASHINGTON (AP) — Boeing CEO Dennis Muilenburg has agreed to testify before a congressional committee investigating the grounded 737 Max. He'll be joined at an Oct. 30 hearing by the chief engineer of the company's commercial airplanes division and its chief pilot for the 737. Last week House Transportation Committee Chairman Peter DeFazio, D-Ore., formally asked that they appear. The committee has held three hearings since May on the Max, but no one from Boeing has testified.
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US stocks fall; S&P 500 ends with 2nd straight weekly loss
NEW YORK (AP) — Wall Street capped a choppy week with a second straight weekly loss for the S&P 500 as worries about a potential escalation in the trade war between the U.S. and China erased early gains. Technology companies led the broad slide for stocks as investors weighed a published report saying that the Trump administration is considering ways to limit U.S. investments in China. Washington and Beijing are scheduled to resume trade talks next month.
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The S&P 500 index fell 15.83 points, or 0.5%, to 2,961.79. The Dow Jones Industrial Average dropped 70.87 points, or 0.3%, to 26,820.25. The Nasdaq lost 91.03 points, or 1.1%, to 7,939.63. The Russell 2000 index of smaller-company stocks slipped 12.85 points, or 0.8%, to 1,520.48.
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