Business Highlights: Ford chairman says UAW strike threatens company future; Wall Street makes gains
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Ford Executive Chair Bill Ford calls on autoworkers to end strike, says company’s future is at stake
DETROIT (AP) — Ford Motor Co. Executive Chairman Bill Ford called on autoworkers to come together and end a monthlong strike that he says could cost the company the ability to invest in the future. In a rare speech during contract talks in Dearborn, Michigan, Ford said high labor costs could limit future investments. The great-grandson of company founder Henry Ford said that will cost many jobs and America will also lose. The company is near an impasse with the United Auto Workers union, which walked out at targeted Detroit Three factories on Sept. 15.
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Reese’s $25,000 promotion may violate sweepstakes laws
Reese’s may be violating state and federal laws with a sweepstakes offer currently advertised on packs of peanut butter cups. The promotion on two-cup packages reads “You could win $25,000” and, in smaller print, “See details inside.” But only after consumers have bought and opened a package can they see the small print: no purchase is necessary to win. The Reese’s contest was first reported Monday by Edgar Dworsky, a consumer advocate and former assistant attorney general in Massachusetts. Pennsylvania-based Hershey Co., which owns the Reese’s brand, didn’t immediately respond to telephone and email messages left Monday by The Associated Press.
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Stock market today: Wall Street rises, and oil and gold fall as some of last week’s moves unwind
NEW YORK (AP) — U.S. stocks rallied as some of last week’s moves driven by worries about war in the Middle East unwound. The S&P 500 climbed 1.1% Monday. The Dow rose 314 points, and the Nasdaq composite added 1.2%. Treasury yields rose after tumbling last week on worries that fighting in Gaza will escalate. Crude oil prices dropped, and gold also slipped as last week’s flight toward safer investments waned. More than 50 companies in the S&P 500 will report their earnings for the summer this week, and expectations are rising that this season may mark a return to growth.
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The ancient ways of natural wine are finding new fans
SONOMA, Calif. (AP) — Natural wine is gaining a following in the U.S. even as overall wine sales drop. Natural wine has no definition, but it’s usually made with organic grapes and fermented naturally, with no additives. The result is wines that are earthy, savory and less predictable than many of the wines churned out by big producers. But natural wine needs to overcome some hurdles that may be hampering its growth. Unlike organic wine that must be government certified, natural wine has no set definition in the U.S. It’s not easy to find, since most natural wines don’t have the word “natural” on their labels. Still, many winemakers say the natural movement isn’t about rules, and they want the freedom to add ingredients if it will improve taste.
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Used clothing from the West is a big seller in East Africa. Uganda’s leader wants a ban
KAMPALA, Uganda (AP) — The Owino Market in Uganda’s capital has long been a go-to enclave for rich and poor people alike looking for affordable but quality-made used clothes, underscoring perceptions that Western fashion is superior to what is made at home. But, despite their popularity, secondhand clothes are facing increasing pushback. Ugandan President Yoweri Museveni declared in August that he was banning imports of used clothing, saying the items are coming “from dead people.” His order is yet to be enforced, with dealers in secondhand clothing saying they cannot countenance such an embargo.
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Kenya seeks more Chinese loans at ‘Belt and Road’ forum despite rising public debt
NAIROBI, Kenya (AP) — Kenya’s President William Ruto is seeking $1 billion more in loans from China, despite rising public debt that has now reached $68 billion. He’s in Beijing for the summit of the Belt and Road Initiative, China’s ambitious plan to connect Africa, Asia and Europe through massive infrastructure and energy projects. Kenya is struggling with ballooning public debt and owes $8 billion to Chinese creditors. Some of the loans will mature in the current fiscal year, putting further pressure on the government. However, it’s not clear if President Ruto and his delegation will get a restructuring or extension on the interest payments.
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Japan criticizes Russian ban on its seafood following the release of treated radioactive water
TOKYO (AP) — Japan has criticized Russia’s announcement that it’s joining China in banning the imports of Japanese seafood in response to the release of treated radioactive wastewater from the wrecked Fukushima nuclear power plant. Russia said it will start implementing import restrictions on Japanese seafood on Monday, nearly two months after the tsunami-wrecked Fukushima Daiichi nuclear power plant started releasing treated and diluted radioactive wastewater into the ocean. The Japanese Foreign Ministry called Moscow’s restrictions “unjust” and says they go counter to the global move toward easing or lifting of import restrictions on Japanese food.
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Putin’s visit to Beijing underscores China’s economic and diplomatic support for Russia
TAIPEI, Taiwan (AP) — Russian President Vladimir Putin is expected to meet this week with Chinese leaders in Beijing on a visit that underscores China’s support for Moscow during its war in Ukraine. The countries have forged an informal alliance against the United States and other democratic nations that’s now complicated by the Israel-Hamas war. China has sought to balance its ties with Israel with its economic relations with Iran and Syria, which are strongly backed by Russia. Putin’s visit is also a show of support for Chinese leader Xi Jinping’s signature Belt and Road initiative. China will be marking the 10th anniversary of Xi’s announcement of the policy that has laden countries with heavy debt after they signed contracts for Chinese-financed infrastructure.
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The S&P 500 rose 45.85 points, or 1.1%, to 4,373.63. The Dow Jones Industrial Average rose 314.25 points, or 0.9%, to 33,984.54. The Nasdaq composite rose 160.75 points, or 1.2%, to 13,567.98. The Russell 2000 index of smaller companies rose 27.35 points, or 1.6% to 1,747.06.