SEC files complaint against Elon Musk
DETROIT — U.S. securities regulators have filed a complaint against Tesla CEO Elon Musk alleging that he made false and misleading statements about plans to take the company private in August. The Securities and Exchange Commission says in the complaint filed Thursday that Musk falsely claimed in an Aug. 7 statement on Twitter that funding was secured to take the company private at $420 per share.
More warn that tariffs will mean price hikes
DETROIT (AP) — From Ford to Walmart to Procter & Gamble, a growing number of iconic American companies are warning that President Donald Trump’s tariffs on U.S. imports are raising their costs and prices. Jim Hackett, CEO of Ford, the second-largest U.S.-based automaker, said Wednesday that Trump’s taxes on imported steel and aluminum are costing Ford $1 billion through 2019.
US economy grew at 4.2 percent rate in Q2E
WASHINGTON (AP) — The U.S. economy grew at a robust annual rate of 4.2 percent in the second quarter, the best performance in nearly four years, though economists believe growth has slowed in the current quarter partly because of a drag from trade. The government reports that performance of the gross domestic product, the country’s total output of goods and services, was unchanged from an estimate the Commerce Department made last month.
Need a spatula? Amazon has a store for that
NEW YORK (AP) — Amazon is expanding its physical presence again, this time opening a 4,000-square-foot store that sells a wide range of products, including shower curtains, Hallmark cards and baby bottles. The store, called Amazon 4-star, opened Thursday in New York and will only offer Amazon.com’s best-selling items or those that get four or more star ratings on its website. The products in the store can be changed out weekly, based on changing customer reviews or what is or isn’t selling well.