Kohl's, Dick's add to worries with weak outlooks
Advertisement
ENERGY
Solar, criticized by Trump, claims big US gain in 2024
Workers installed solar panels on the rooftop of a home in Poway, Calif.
Sandy Huffaker/Bloomberg
The US power grid added more capacity from solar energy in 2024 than from any other source in a single year in more than two decades, according to a industry report released Tuesday. The data was released a day after the new US energy secretary, Chris Wright, strongly criticized solar and wind energy on two fronts. He said Monday at the start of CERAWeek by S&P Global, an annual energy conference in Houston, that they couldn't meet the growing electricity needs of the world and that their use was driving up energy costs. The report, produced by the Solar Energy Industries Association and Wood Mackenzie, a research firm, said about 50 gigawatts of new solar generation capacity was added last year, far more than any other source of electricity. Wright and President Trump have been strongly critical of renewable energy, which former president Joe Biden championed as a way to address climate change. The energy secretary, Trump, and Republicans in Congress have pledged to undo many of Biden's climate and energy policies. — NEW YORK TIMES
Get Starting Point
A guide through the most important stories of the morning, delivered Monday through Friday.
Enter Email
Sign Up
TECH
Lyft working on simpler version of its app for elderly riders
Lyft signage on a vehicle in New York.
Shelby Knowles/Bloomberg
Lyft Inc. is working on a simplified version of its app for elderly riders, part of an effort to further differentiate itself from rival Uber Technologies Inc. Dubbed 'Lyft Silver,' the new mode would include a user experience 'designed for seniors with a simple new look' and 'easy access to support,' according to a Bloomberg News review of the app's publicly available iOS code. The offering, which has not been previously reported, would also let older users share ride details with a contact and use digital gift cards sent by people they know. The marketing language in the code indicates Lyft wants to promote the feature as one that 'empowers older adults' to be independent, while giving their relatives 'peace of mind.' 'We're not one to spoil surprises, but you can bet we're always working on ways to connect and serve more audiences better — especially underserved communities that help grow rideshare,' a Lyft spokesperson said, declining to comment specifically on the feature in the works. — BLOOMBERG NEWS
Advertisement
AUTOMAKERS
Nissan, facing mounting challenges, replaces its CEO
A Nissan logo is displayed on a Nissan Pathfinder SUV at the Pittsburgh International Auto Show in 2024.
Gene J. Puskar/Associated Press
Nissan Motor Corp. is tapping a new CEO as it grapples with a growing list of setbacks, from sluggish sales to failed merger talks and looming tariff threats in the United States. On Tuesday, the Japanese automaker announced that Makoto Uchida, its CEO since 2019, would step down. Ivan Espinosa, 46, a Nissan veteran of two decades and the company's chief planning officer, will take over as leader next month, the company said. The move follows a tumultuous year for Nissan, putting the nearly century-old company into a leadership transition midway through a restructuring effort and at a time of heightened uncertainty for the industry. — NEW YORK TIMES
AVIATION
At Southwest Airlines, checked bags will no longer fly for free
A Southwest Airlines plane in Love Field in Dallas.
LM Otero/Associated Press
Southwest Airlines will begin charging customers a fee to check bags, abandoning a decades-long practice that executives had described last fall as key to differentiating the budget carrier from its rivals. Southwest, which built years of advertising campaigns around its policy of letting passengers check up to two bags for free, said Tuesday that people who haven't either reached the upper tiers of its Rapid Rewards loyalty program, bought a business class ticket, or hold the airline's credit card will have to pay for checked bags. The airline did not outline the fee schedule but said the new policy would start with flights booked on May 28. 'We have tremendous opportunity to meet current and future customer needs, attract new customer segments we don't compete for today, and return to the levels of profitability that both we and our shareholders expect,' CEO Bob Jordan said in a statement. Less than a year ago, the Dallas-based airline announced it was doing away with another tradition, the open-boarding system it has used for more than 50 years. Southwest expects to begin operating flights with passengers in assigned seats next year. Southwest has struggled recently and is under pressure from activist investors to boost profits and revenue. The airline reached a truce in October with hedge fund Elliott Investment Management to avoid a proxy fight, but Elliott won several seats on the company board. — ASSOCIATED PRESS
Advertisement
CYBERSECURITY
X's attackers hit servers faulted for lacking key protection
The logo of X, the social media platform formerly known as Twitter, displayed on a smartphone.
Tuane Fernandes/Bloomberg
A cyberattack that brought down Elon Musk's X targeted servers that were insufficiently protected from malicious traffic, according to cybersecurity analysts. Users of the social media platform faced intermittent outages through Monday, which Musk blamed on a 'large, coordinated group' or country waging a 'massive cyberattack.' He didn't provide any additional specifics to bolster his claim. Jérôme Meyer, security researcher with Nokia Deepfield, a business unit within Nokia Oyj, said X had been targeted in a distributed denial-of-service attack, or DDoS, which floods a website with traffic and forces it offline. Meyer said he was able to track the attack by reviewing data collected through Nokia's Deepfield, which is deployed inside telecommunications companies and provides analytics and DDoS protection. The waves of traffic targeted particular 'origin servers,' which process and respond to incoming internet requests, he said. Those servers were vulnerable to attack because it appears they weren't shielded behind technology that blocks DDoS attacks, Meyer said. They 'should not be exposed on the internet,' said Meyer, who added that one of the servers attacked on Monday were still isolated and vulnerable to attack on Tuesday morning. A representative for X didn't immediately respond to a request for comment. A pro-Palestinian 'hacktivist' group called Dark Storm Team took responsibility for the attack without providing any evidence. Bloomberg News wasn't able to independently verify the group's claims. — BLOOMBERG NEWS
Advertisement
AUTOMOTIVE
Trump selects a new Tesla on White House driveway to show support for Musk
President Trump and Tesla CEO Elon Musk spoke to reporters near a red Model S Tesla vehicle on the South Lawn of the White House on Tuesday.
Uncredited/Associated Press
President Trump shopped for a new Tesla on the White House driveway on Tuesday, selecting a shiny red sedan to show his support for Elon Musk's electric vehicle company as it faces blowback because of his work to advance the president's political agenda and downsize the federal government. 'Wow,' Trump said as he eased his way into the driver's seat of a Model S. 'That's beautiful.' Musk got in on the passenger side and joked about 'giving the Secret Service a heart attack' as they talked about how to start a vehicle that can reach 60 miles per hour in a few seconds. Trump told reporters that he would write a check for the car, which retails for roughly $80,000, and leave it at the White House so his staff can drive it. The president also said he hopes his purchase will boost Tesla, which is struggling with sagging sales and declining stock prices. 'It's a great product,' he said. Referring to Musk, Trump said, 'we have to celebrate him.' It was the latest — and most unusual — example of how Trump has demonstrated loyalty to Musk, who spent heavily on his comeback campaign last year and has been a key figure in his second administration. Tesla's stock price increased nearly 4 percent on Tuesday after dropping almost 48 percent since Trump took office in January. — ASSOCIATED PRESS
Advertisement
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
34 minutes ago
- Yahoo
Trump economic adviser ‘very comfortable' with a trade deal closing with China on Monday
National Economic Council Director Kevin Hassett said Sunday that he is 'very comfortable' with a trade deal closing between the United States and China after the two sides meet Monday in London. Hassett's comments on CBS' 'Face the Nation' come after President Donald Trump said last week that he had a 'very good' conversation with Chinese leader Xi Jinping and that talks with China are 'very far advanced.' Hassett said the United States is looking to restore the flow of 'crucial' rare earth minerals, which are used in the manufacturing of electronics, to the same levels before early April, when the US-China trade war escalated. 'Those exports of critical minerals have been getting released at a rate that is higher than it was, but not as high as we believe we agreed to in Geneva,' Hassett said. Commerce Secretary Howard Lutnick will lead the negotiations in London, along with Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer, who in May led a weekend of the trade talks in Geneva. But tensions between the nations escalated weeks later after Trump posted on Truth Social that China 'totally violated' its 90-day trade agreement, which had dialed back the tit-for-tat trade war. Under the agreement, the US temporarily lowered its overall tariffs on Chinese goods from 145% to 30%, while China cut its levies on American imports from 125% to 10%. Under the agreement, China said it would suspend or cancel its non-tariff countermeasures imposed on the United States since April 2. Part of Beijing's retaliatory measures included export restrictions on some rare earth minerals, which are essential parts used in products such as iPhones, electric vehicles and fighter jets. The Trump administration on April 2 imposed sweeping 'reciprocal' tariffs on dozens of trading partners before pausing them for 90 days and lowering them to a 10% baseline. Hassett on Sunday declined to say what baseline tariffs could be in place moving forward as the Trump administration continues negotiations with trading partners ahead of the July 9 deadline. 'You could be certain that there's going to be some tariffs,' Hassett said. Lutnick told CNN's 'State of the Union' in May that 'we will not go below 10%' and to expect that baseline rate for the foreseeable future. The Trump administration has so far announced only one trade deal, with the United Kingdom. The Trump administration has touted that other countries, particularly China, will bear the burden of tariffs. Businesses and economists have warned otherwise, spurring uncertainty about consumer spending and fears of a potential recession. Amid those concerns, US inflation slowed to its lowest rate in more than four years in April. The annual inflation rate fell from a 2.4% increase in March to 2.3% as consumer prices rose 0.2%, according to Consumer Price Index data. 'All of our policies together are reducing inflation and helping reduce the deficit by getting revenue from other countries,' Hassett said. The Treasury Department reported that a record $16.3 billion was collected in gross customs duties in April, a sharp jump from the $8.75 billion that was collected in March. Since the start of the 2025 fiscal year, which began in October 2024, the United States has collected about $63.3 billion in gross customs duties — a more than $15 billion increase from the same period during the last fiscal year. The Congressional Budget Office estimates that increased tariff revenue, without accounting for effects on the US economy, could reduce total deficits by $3 trillion over the next decade. The US government deficit stood at about $2 trillion in 2024, or roughly 7% of gross domestic product, according to a June 2024 report by the CBO. Meanwhile, House Republicans' sweeping bill to enact Trump's policy agenda would pile another $3.8 trillion to the government's $36 trillion debt pile, according to recent CBO estimates. CNN's Matt Egan and Alicia Wallace contributed to this report. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
43 minutes ago
- Yahoo
Outer Worlds 2 Is Xbox's First $80 Video Game
Today's Xbox Summer Game Fest showcase was a solid hour of big and small announcements, including a new Call of Duty trailer and the reveal of Xbox's handheld PC device. But it also brought us our first $80 Xbox game. The Outer Worlds 2, Obsidian's next big open-world RPG following this year's excellent Avowed, kicked off Xbox's showcase with a new trailer. And after the event, Xbox and Obsidian showed off even more of the upcoming space RPG sequel. It also opened up pre-orders, and that's when people discovered that Outer Worlds 2 is $80. While reactions to this news were mostly negative, it isn't surprising. We knew Xbox was going to start charging $80 for games this year, as the company confirmed this was the plan in May. It announced last month that it was raising prices on all hardware and accessories, too. And it confirmed that by the holidays, some of its new first-party games will see a price jump from $70 to $80. Unfortunately for Outer Worlds 2 and developers Obsidian, the upcoming RPG is the first Xbox game to be priced at $80. When Microsoft announced its plans to raise prices on games and consoles, it didn't specify why. But it's not hard to connect the dots. Xbox is raising prices due to President Trump's ongoing tariff waragainst other countries. While it is true that prices for Xbox consoles and accessories are increasing all around the world, the difference is far greater in the U.S. Of course, Xbox isn't the first video game company to charge $80 for a video game. Nintendo famously broke the internet when it announced that Mario Kart World on Switch 2 was going to be priced at $80. And I'd bet my next lunch that GTA 6 will cost at least $80 when it arrives in May 2026. It wasn't that long ago that people were getting used to $70 games. And now that Xbox has finally made the leap, it's only a matter of time until other companies start charging $80 as one of the most expensive hobbies around, gets even more costly. . For the latest news, Facebook, Twitter and Instagram.
Yahoo
43 minutes ago
- Yahoo
US, China to Resume Trade Talks With Focus on Rare Earth Exports
(Bloomberg) -- Supply Lines is a daily newsletter that tracks global trade. Sign up here. Next Stop: Rancho Cucamonga! Where Public Transit Systems Are Bouncing Back Around the World ICE Moves to DNA-Test Families Targeted for Deportation with New Contract Trump Said He Fired the National Portrait Gallery Director. She's Still There. US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn Top trade negotiators from the US and China are set to hold fresh talks in London on Monday, offering a glimmer of hope that the world's two largest economies can defuse tensions over Chinese dominance in rare-earth minerals. Both sides have accused the other of reneging on a deal in Geneva in May where they tried to start dialing back their trade war. Relations have spiraled since President Donald Trump's return to the White House, stoking uncertainty for companies and investors. China said Saturday it approved some applications for rare-earth exports, without specifying which countries or industries were involved — after Trump said Friday that Chinese President Xi Jinping had agreed to restart the flow of minerals and magnets using the materials. 'We want the rare earths, the magnets that are crucial for cell phones and everything else to flow just as they did before the beginning of April and we don't want any technical details slowing that down,' Kevin Hassett, head of the National Economic Council at the White House, said Sunday on CBS's Face the Nation. 'And that's clear to them.' US-China trade tensions escalated this year as a series of duty hikes on each other's goods sent tariffs well above 100% before hitting a pause. While the Geneva deal was meant to pave the way for a broader de-escalation, subsequent talks quickly stalled amid mutual recriminations. The US complained about a decline in shipments of rare-earth magnets essential for American electric vehicles and defense systems, while China bristled at tightened US restrictions on artificial intelligence chips from Huawei Technologies Co., access to other advanced technologies and crackdowns on foreign students in the US. Trump's reprieve on US tariffs for Chinese goods runs out in August, unless he decides to extend it. If deals aren't reached, the White House has said Trump plans to restore tariff rates to the levels he first announced in April, or lower numbers that exceed the current 10% baseline. In London, US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer will meet a Chinese delegation led by Vice Premier He Lifeng. Trump offered a positive spin on what has been a rollercoaster relationship since he took office in January, saying on social media that the talks should go 'very well.' While a call between Trump and Xi last week generated some hope on Wall Street for lower duties between the trading partners, investors' optimism was limited. While promising to reshape US trading relationships, the US president has reached only one new trade agreement — with the UK. The Geneva meeting underscored the challenge of deal-making between China and the US. 'There was confusion and misunderstanding or misinterpretation intentionally on both sides, depending on how you look at it, about what was agreed to,' said Josh Lipsky, chair of international economics at the Atlantic Council. 'They left too many things open to interpretation and they all paid the price for it in the intervening weeks.' After the two leaders spoke, the Chinese Foreign Ministry said Trump told Xi that Chinese students are welcome to study in the US. Trump later said it would be his 'honor' to welcome them. For now, Xi appears to be betting that a reset in ties will lead to tangible wins in the weeks and months ahead, including tariff reductions, an easing of export controls and a less-fraught tone. The US and China 'just want to get back to where they were in Switzerland with a few more agreements down on paper to actually understand what is gonna be licensed, what gets permitted, what doesn't,' Lipsky said. The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again Is Elon Musk's Political Capital Spent? What Does Musk-Trump Split Mean for a 'Big, Beautiful Bill'? Cuts to US Aid Imperil the World's Largest HIV Treatment Program ©2025 Bloomberg L.P.
