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China’s economic growth falls to 3%, gradually recovering
BEIJING (AP) – China’s economic growth fell last year to its second-lowest level in at least four decades under pressure from anti-virus controls and a slump in real estate. But activity is gradually reviving after the lifting of restrictions that kept millions of people at home. Official data show that the world’s second largest economy grew by 3% last year. Growth fell to 2.9% year-on-year in December from 3.9% in the previous month. Retail spending and other indicators have improved. But the recovery is expected to be modest. Cautious consumers are only gradually returning to malls and restaurants amid a surge in COVID-19 infections.
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Jury selection begins in investor’s lawsuit against Elon Musk
SAN FRANCISCO (AP) — A Silicon Valley judge is questioning potential jurors to hear allegations that Elon Musk defrauded Tesla investors by claiming in a 2018 tweet that he arranged financing to take the electric car maker private. The tweets fueled a rally in Tesla’s stock price that came to an abrupt end a week later after it became apparent that Musk didn’t have the funds for a buyout after all. The investors then sued him. They said Tesla’s stock wouldn’t have fluctuated so much in value if he hadn’t balked at the prospect of buying the company for $420 a share.
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The fastest Corvette ever is a gas-electric hybrid with all-wheel drive
DETROIT (AP) — The fastest Corvette ever built is coming later this year, and it’s powered by more than just a roaring V8. The E-Ray is a gas-electric hybrid, the first all-wheel-drive version of the legendary front-wheel electric sports car, a traditional 6.2-liter V8 powering the rear. Aimed at affluent buyers who want new technology in Chevrolet’s top-of-the-line sports car, the $104,000 E-Ray turns your head as it accelerates from zero to 60 miles per hour in 2.5 seconds. General Motors says it can run the quarter mile in 10.5 seconds. Still, engineers say the 655-horsepower system is civil enough for the daily commute.
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NJ gambling revenue hits all-time high, helped by online
ATLANTIC CITY, N.J. (AP) — Gambling revenue in New Jersey is set to hit a record $5.2 billion in 2022, but only half of that amount is won by casinos from personal gamblers. Figures released Tuesday by state gambling regulators show that casinos, horse tracks that accept sports bets and online partners of both types of gambling have reached levels last seen in 2006. But the recent number was achieved with a big boost from online gambling and sports betting. betting — revenue streams that contribute to the bottom line but are also largely shared with third parties such as sportsbooks and technology platforms.
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United Airlines made $843 million in profit, up from 2023
United Airlines reported higher fourth-quarter profit and higher revenue than Wall Street expected. And United gives an optimistic forecast for 2023. United announced on Tuesday that it earned $843 million in the fourth quarter. United thinks people will continue to travel despite inflation and concerns about the economy. The Chicago-based airline says demand for flights remains strong in the new year, which will help it cover expected higher costs due to new labor contracts it is negotiating with unions, including pilots. United’s report comes after upbeat comments from its closest rivals, Delta Air Lines and American Airlines.
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Davos organizers: Musk not invited despite what he says
DAVOS, Switzerland (AP) — The World Economic Forum says billionaire Elon Musk was not on the guest list for the annual gathering of business executives, global leaders and cultural trendsetters in Davos, Switzerland — despite what the Twitter owner claims. Musk is not among the dignitaries gathered in the posh Alpine town this week to discuss global issues, although he says he was invited. Forum spokesman Yann Zopf denied that on Tuesday, saying the last time Tesla’s CEO received an invitation was “not this year and not recently — the last time was in 2015.” In a Dec. 22 tweet, Musk said, “My reason for declining the invitation to Davos” is that it sounded boring.
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Emerson Unveils $7.6 Billion Bid for National Instruments
NEW YORK (AP) – Emerson announces bid to buy National Instruments for $7.6 billion. Emerson is offering $53 per share in cash, an improvement on an offer made in November. It originally offered $48 per share in May. Last week, National Instruments Corp. said he was conducting a strategic review and deploying a “poison pill”. It’s a financial maneuver that companies use to fend off unwanted suitors. Emerson is interested in National Instruments’ diverse electronic test and measurement offerings and a suite of intelligent device, control and software technologies.
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EU unveils plan for subsidy-driven cleantech future
BRUSSELS (AP) — The European Union is pushing ahead with a major clean-tech industrial plan that should not only keep the continent at the forefront of planning for a greener future, but also guarantee its economic survival as it faces challenges from China and the United States. European Commission President Ursula von der Leyen presented drafts of her “Green Deal industrial plan” on Tuesday at the World Economic Forum in Davos. The plan will make it much easier to promote subsidies for green industries and pool projects across the EU that have been boosted by significant funding. The EU is aiming to be climate neutral by 2050. Von der Leyen said the 27-nation bloc would take a stronger stand against unfair trade practices.
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The S&P 500 fell 8.12 points, or 0.2%, to 3,990.97. The Dow Jones Industrial Average fell 391.76 points, or 1.1%, to 33,910.85. The Nasdaq rose 15.96 points, or 0.1%, to 11,095.11. The Russell 2000 index of smaller companies fell 2.75 points, or 0.1 percent, to 1,884.29.