Google sales

Business Highlights: Fed Climate Concern, Google Sales

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Climate change a growing concern for the Fed as candidates are heard

WASHINGTON (AP) — How far the Federal Reserve can go to force banks to factor climate change implications into their lending policies could be the focus of a Senate hearing Thursday on the nominations of Sarah Bloom Raskin and two economists on the influential Fed Board of Governors. The Fed is already moving towards analyzing the risks facing banks due to rising temperatures and changing weather patterns. What many in the oil and gas industry fear is something bigger: that the Fed might eventually take action to discourage banks from lending to the energy industry – something it hasn’t. still taken into account in its policy-making.

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Tesla Recall: ‘Full Self-Driving’ Software Runs Stop Signs

DETROIT (AP) — Tesla is recalling nearly 54,000 vehicles because their “Full Self-Driving” software lets them drive through stop signs without coming to a complete stop. Documents released Tuesday by US security regulators say Tesla will disable the feature with a software update over the internet. The software allows vehicles to drive through intersections with stop signs in any direction at up to 5.6 miles (9 kilometers) per hour. Ignoring stop signs is illegal in most states. The recall affects 2016-2022 Model S sedans and X SUVs, as well as 2017-2022 Model 3 sedans and 2020-2022 Model Y SUVs. Tesla says it has no reports of any accidents or of injuries.

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Google’s fourth-quarter ad sales soar again, parents plan to split shares

SAN RAMON, Calif. (AP) — Google’s digital advertising empire turned in another strong performance during the holiday shopping season, propelling a 36% increase in revenue for its parent company in the last three months of 2021. The results announced Tuesday underscore how well the tech giants have adapted to become even more successful during a nearly two-year pandemic that has upended much of the economy. In a show of confidence meant to make its shares more affordable to more investors, Google’s parent company Alphabet also announced plans to conduct its first stock split since 2014. Alphabet jumped 7% on the news.

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Record sale prices push GM’s profit up 56% to $10 billion last year

DETROIT (AP) — General Motors increased its net profit 56% last year, helped by higher prices for its vehicles that have become scarce due to a worldwide shortage of computer chips. The Detroit automaker said Tuesday it earned $10.02 billion for the full year. And he predicted record pretax profit in 2022 of $13 billion to $15 billion and net profit of $9.4 billion to $10.8 billion. Excluding one-time items, GM earned $7.07 per share for the year, beating analyst estimates of $6.83. Annual revenue of $127 billion is below estimates of $128.7 billion. In the fourth quarter, GM made a net profit of $1.7 billion.

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Starbucks’ strong holiday season in the US offset by China’s collapse

SEATTLE (AP) — Starbucks had a strong holiday season in the United States, but weaker sales in China at the end of the second year of the pandemic. U.S. same-store sales, or sales at stores open for at least a year, were up 18% from the October-December period a year ago. The Seattle-based coffee giant said more American customers are visiting and spending more per visit. But same-store sales in China fell 14%, in part due to continued shutdowns in some regions. Starbucks revenue rose 19% to $8.1 billion in its first fiscal quarter. That was ahead of Wall Street forecasts.

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Exxon Rebounds to Fourth Quarter Profits as Demand Continues to Improve

NEW YORK (AP) — Exxon Mobil returned to profit in the fourth quarter as demand for oil continues to improve. The oil and gas company earned $8.87 billion, or $2.08 per share, for the three-month period. A year earlier, it had lost $20.07 billion, or $4.70 per share. Removing some items, earnings were $2.05 per share. Analysts polled by Zacks Investment Research had expected earnings of $1.96 per share. Exxon does not adjust its reported results for one-time events such as asset sales.

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Ethiopian Airlines resumes flights with the Boeing 737-Max

NAIROBI, Kenya (AP) — Ethiopian Airlines said it has resumed flights with the Boeing 737-Max nearly three years after one of the planes crashed outside the country’s capital, killing 157 people. The airline said in a statement on Tuesday that passengers on today’s flight included government officials and diplomats. Boeing accepted responsibility for the loss of control of Ethiopian Airways Flight 302 shortly after takeoff from Addis Ababa Bole International Airport in March 2019. At the time, it was the second accident involving a 737-Max aircraft in six months. After the crash in Ethiopia, US authorities grounded the 737-Max until Boeing could fix the plane’s faulty software.

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The end: Facebook-backed digital currency Diem sold to bank

SAN FRANCISCO (AP) — A once ambitious but now faltering Facebook-backed digital currency project known as Diem is dead, its assets sold to bank holding company Silvergate Capital. Silvergate and the Diem Association announced the sale on Tuesday. Diem said it became clear from his discussions with federal regulators that the project could not move forward. Facebook owner Meta did not immediately respond to a post for comment. It’s been clear for some time that Diem, which was first called Libra, was fighting an uphill battle with regulators, and Meta has gradually distanced itself from the project. Facebook announced the Libra project in 2019, envisioning it at the time as a stablecoin based on a basket of national currencies that could serve as a global currency for unbanked people around the world.

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The S&P 500 rose 30.99 points, or 0.7%, to 4,546.54. The Dow Jones Industrial Average added 273.38 points, or 0.8%, to 35,405.24. The Nasdaq advanced 106.12 points, or 0.7%, to 14,346. The Russell 2000 Small Business Index gained 22.29 points, or 1.1%, to 2,050.74