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US lawmakers urge Meta to delay shutting down transparency tool
US lawmakers voiced "concern" Wednesday over Meta's decision to shut down CrowdTangle -- a digital tool considered vital in monitoring falsehoods –- in a major election year, urging the tech giant to delay the move by six months. But the tech giant, which has been moving away from news across its platforms, will not make the new tool accessible to for-profit media.
Ford profits tumble on higher costs, hitting shares
Ford shares tumbled Wednesday after the automaker reported lower than expected profits on higher costs connected to product launches and warranty repairs for older model vehicles. Lawler also pointed to elevated costs connected to product launches in the first half of 2024 for the new F-series pickup truck and Explorer sport utility vehicle.
NBA signs 11-year media deals worth reported $76 bn
The NBA announced 11-year global media rights deals with The Walt Disney Company, NBCUniversal and Amazon on Wednesday worth a reported $76 billion and running from the 2025-26 through 2035-36 season. Even though no financial details were officially revealed, ESPN, The Wall Street Journal and Forbes magazine have reported the $76 billion combined figure for the deals.
Bank of Canada lowers key lending rate to 4.5%
Canada's central bank on Wednesday lowered its key lending rate to 4.5 percent, saying the second straight cut of 25 basis points was warranted due to slowing inflation. After an unexpected upturn in May, Canada's annual inflation rate slowed to 2.7 percent year-on-year in June, the bank said, paving the way for Wednesday's rate cut.
Disneyland strike averted as unions agree tentative deal
Unions representing Disneyland theme park employees in California reached a tentative deal with the company on Wednesday, averting a major strike at the "happiest place on Earth." Employees at its California theme parks have not gone on strike since 1984, according to the Los Angeles Times.
With no money or fuel, Cuban fishermen improvise on floating rafts
Small white squares dot the ocean off Havana, an unlikely fleet of fishermen bobbing on makeshift polystyrene rafts they use to make up for a lack of fuel or money to buy a proper boat. - 'Fishing is luck' - Fishermen mostly set off in pairs on their makeshift boats, which are one meter wide and about four meters long.
Gucci-owner Kering alerts on profits as earnings tumble
Luxury group Kering said Wednesday that its half-year net profit fell by half and warned operating earnings for the second half of the year would be down around 30 percent.
US new home sales dip in June, missing estimates
The sales rate of new family homes in the United States dipped in June, missing analyst estimates amid still elevated interest rates, according to government data released Wednesday. The data comes on the heels of a report Tuesday that also showed a drop in sales of previously-owned homes that also missed analyst estimates.
Olympic partner Coca-Cola chided over French taxes
The French tax authorities have claimed Olympics sponsor Coca-Cola owes it millions of euros, documents showed Wednesday, in the latest such allegation just days before the Summer Games kick off.
AFP
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