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Business Standard
3 days ago
- Automotive
- Business Standard
Elon Musk could lose billions depending on how spat with Trump unfolds
Trump can mess things up for Tesla by encouraging federal safety regulators to step in at any sign of trouble for the robotaxis AP New York The world's richest man could lose billions in his fight with world's most powerful politician. The feud between Elon Musk and Donald Trump could mean Tesla's plans for self-driving cars hit a roadblock, SpaceX flies fewer missions for Nasa, Starlink gets fewer overseas satellite contracts and the social media platform X loses advertisers. Maybe, that is. It all depends on Trump's appetite for revenge and how the dispute unfolds. Joked Telemetry Insight auto analyst Sam Abuelsamid, Since Trump has no history of retaliating against perceived adversaries, he'll probably just let this pass. Turning serious, he sees trouble ahead for Musk. For someone that rants so much about government pork, all of Elon's businesses are extremely dependent on government largesse, which makes him vulnerable. Trump and the federal government also stand to lose from a long-running dispute, but not as much as Musk. Tesla robotaxis: The dispute comes just a week before a planned test of Tesla's driverless taxis in Austin, Texas, a major event for the company because sales of its EVs are lagging in many markets, and Musk needs a win. Trump can mess things up for Tesla by encouraging federal safety regulators to step in at any sign of trouble for the robotaxis. Even before the war of words broke out on Thursday, the National Highway Transportation Safety Administration requested data on how Musk's driverless, autonomous taxis will perform in low-visibility conditions. That request follows an probe last year into 2.4 million Teslas equipped with full self-driving software after several accidents, including one that killed a pedestrian. The Department of Justice has also probed the safety of Tesla cars, but the status of that investigation is unclear. The DOJ did not respond immediately to requests for comment. The promise of a self-driving future led by Tesla inspired shareholders to boost the stock by 50 per cent in the weeks after Musk confirmed the Austin rollout. But on Thursday, the stock plunged more than 14 per cent amid the Trump-Musk standoff. On Friday, it recovered a bit, bouncing back nearly 4 per cent. Tesla's recent rise was almost entirely driven by robotaxi enthusiasm," said Morningstar analyst Seth Goldstein. Elon's feud with Trump could be a negative. Carbon credits business: One often-overlooked but important part of Tesla's business that could take a hit is its sales of carbon credits. As Musk and Trump were slugging it out Thursday, Republican senators inserted new language into Trump's budget bill that would eliminate fines for gas-powered cars that fall short of fuel economy standards. Tesla has a thriving side business selling regulatory credits to other automakers to make up for their shortfalls. Musk has downplayed the importance of the credits business, but the changes would hurt Tesla as it reels from boycotts of its cars tied to Musk's time working for Trump. Credit sales jumped by a third to $595 million in the first three months of the year even as total revenue slumped. Reviving sales: Musk's foray into right-wing politics cost Tesla sales among the environmentally minded consumers who embraced electric cars and led to boycotts of Tesla showrooms. If Musk has indeed ended his close association with Trump, those buyers could come back, but that's far from certain. One analyst speculated earlier this year that Trump voters in so-called red counties could buy Teslas in a meaningful way. But he's now less hopeful. There are more questions than answers following Thursday developments, TD Cowen's Itay Michaeli wrote in his latest report, and it's still too early to determine any lasting impacts. Michaeli's stock target for Tesla earlier this year was $388. He has since lowered it to $330. Tesla was trading Friday at $300. Moonshot mess: Trump said Thursday that he could cut government contracts to Musk's rocket company, SpaceX, a massive threat to a company that has received billions of federal dollars. The privately held company that is reportedly worth $350 billion provides launches, sends astronauts into space for Nasa and has a contract to send a team from the space agency to the moon next year. But if Musk has a lot to lose, so does the US SpaceX is the only US company capable of transporting crews to and from the space station, using its four-person Dragon capsules. The other alternative is politically dicey: depending wholly on Russia's Soyuz capsules. Musk knew all this when he shot back at Trump that SpaceX would begin decommissioning its Dragon spacecraft. But it is unclear how serious his threat was. Several hours later in a reply to another X user he said he wouldn't do it. Starlink impact? A subsidiary of SpaceX, the satellite internet company Starlink, appears to also have benefited from Musk's once-close relationship with the president. Musk announced that Saudi Arabia had approved Starlink for some services during a trip with Trump in the Middle East last month. The company has also won a string of other recent deals in Bangladesh, Pakistan, India and elsewhere as Trump has threatened tariffs. It's not clear how much politics played a role, and how much is pure business. On Friday, The Associated Press confirmed that India had approved a key license to Starlink. At least 40 per cent of India's more than 1.4 billion people have no access to the internet. Ad revival interrupted? Big advertisers that fled X after Musk welcomed all manner of conspiracy theories to the social media platform have started to trickle back in recent months, possibly out of fear of a conservative backlash. Musk has called their decision to leave an illegal boycott and sued them, and the Trump administration recently weighed in with a Federal Trade Commission probe into possible coordination among them. If Trump sours on X, "there's a risk that it could again become politically radioactive for major brands, said Sarah Kreps, a political scientist at Cornell University. She added, though, that an exodus isn't obvious, and it would depend heavily on how the conflict escalates, how long it lasts and how it ends. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
28-05-2025
- Business
- Time of India
Planning a wedding is stressful. Couples and vendors now have to factor in tariffs
Image: AP New York, Krista Vasquez had her heart set on getting married in a body-hugging, halter-style gown from Spain. In April, the Atlanta paramedic learned her dream dress would cost nearly $300 more because of new U.S. tariffs on imported goods. With little wiggle room in her timing, the bride-to-be quickly checked around for similar styles. The story was the same: any dresses from Europe would come with tariff-driven price increases ranging from $150 to $400. And that was before President Donald Trump said he would increase the tariff on goods produced in the European Union from 10% to 50%. Vasquez, 33, went with her first choice, fearing shipping delays or additional costs like a rush fee before her October wedding if she placed an order elsewhere. "It's already expensive enough to get married," she said. "It just kind of made me a little sad." Wedding cakes, decor, attire, flowers, party favours, photo and video equipment, tableware, wine and Champagne. Not many goods used in the wedding industry remain untouched by the tariffs Trump has imposed since returning to office. How much of the import taxes get passed down to consumers is up to florists, photographers, caterers and myriad other vendors and intermediaries, such as wholesalers. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2025 Top Trending local enterprise accounting software [Click Here] Esseps Learn More Undo Olivia Sever, a 28-year-old online content creator in San Diego, has a lot of wedding shopping ahead of her. Much of what she wants may cost more because of tariffs. An immediate concern is some of her paper goods. Her wedding planner has already flagged a 10% price increase for the menus, place cards and signage she wanted for her September celebration in Hawaii. Sever said shifting to American goods isn't always cost-effective. For instance, flowers grown in Hawaii are in high demand, with increased prices to match, in response to 10% tariffs imposed on a large number of imports around the world. That includes flowers from Ecuador, Colombia and other countries that grow the bulk of the flowers the U.S. imports. "There's just so many unknowns, but we have our budget and we're trying to work within our budget," Sever said. "If that means we can't get these, you know, specific shell cups I want, then we just won't get them and we'll get something else." Here's a look from inside the wedding industry on tariffs. Tariffs and the wedding cake industry Clients of Phoenix cake artist Armana Christianson pay roughly $750 to $800 for one of her creations. She spent two years perfecting the 16 flavour combinations she offers. They range from simple vanilla bean, made with vanilla bean paste imported from Mexico, to dark chocolate raspberry with a whipped hazelnut ganache that's dependent on chocolates and powders from Belgium. Not all of Christianson's cost woes are tariff-driven. The chocolate industry was already struggling because of a cocoa bean shortage. "I'm a small business with just myself as my employee. I've seen at minimum a 20% increase in just the chocolate I use. It's a type of chocolate that I've built into my recipes. Changing brands isn't acceptable," Christianson said. The imported white chocolate in her white chocolate mud cake, a popular flavour, shot up from $75 or $100 per cake to $150. She used nearly 10 pounds of it in a recent order, a cake that had five tiers. Christianson may have to come up with new recipes based on less expensive ingredients. In the meantime, she said, she's eating the cost of tariffs for clients already on her books. "I don't have it in my contract where I can raise prices for unexpected events like this," she said. "Unfortunately, that's something I have to add to new contracts for my future couples." Tariffs and the wedding dress industry Almost all bridal gowns are made in China or other parts of Asia - and so are many of the fabrics, buttons, zippers and other materials used, according to the National Bridal Retailers Association. Manufacturing in those countries, where labour generally costs less, has put the price of high-quality bridal gowns within reach for many American families. Retailers and manufacturers say the U.S. lacks enough skilled labour and production of specialized materials to fully serve the market. Skilled seamstresses are hard to find and often come from older generations. "The materials that we sell in a bridal shop include lace, beadwork, boning for the corsetry. We don't really make stuff like that in this country. There just aren't very many designers who create and put their whole looks together in this nation," said Christine Greenberg, founder and co-owner of the Urban Set Bride boutique in Richmond, Virginia. "The designs done here are normally very simple designs. You don't see a lot of American-made gowns that have a lot of detail, a lot of embroidered lace, and that's a really popular wedding gown style," she said. Many designers with gowns labelled made in the U.S. still are using imported materials, Greenberg noted. If Trump's highest tariffs on China are reinstated after a current pause, Greenberg said her small business will pay between $85,000 and $100,000 extra in import taxes this year. "For a small, family-owned business that only hosts one bride at a time, this will absolutely lead us and many others to close for good," she said. "We can't buy American when the products don't exist." Tariffs and the cut flower industry Roughly 80% of cut flowers sold in the U.S. come from other countries. And lots of quality faux flowers are made in China. Colombia is a large supplier of roses, carnations and spray chrysanthemums. Ecuador is another major rose supplier. The Netherlands produces a huge share of tulips and other flowers. In addition, some of the cut greens used as filler in flower arrangements and bouquets in the U.S. are imported. "If you're talking about cars and computer chips, they've got inventory that's sitting there. It's already stateside. Our inventory turns in days and we saw the impact almost immediately," said Joan Wyndrum, co-founder of the online floral distributor Blooms by the Box. "We're all absorbing a little bit, but it's inevitable that it comes out on the consumer end of it." Wyndrum, who works directly with wholesalers and growers, said the U.S. flower industry isn't capable at the moment of absorbing all the production from elsewhere. She does a lot of business with U.S. suppliers, though, and sees a huge opportunity for growth stateside. "There's a benefit to the U.S. bride to have flowers grown here. It's the simple reason of freshness," she said. Tariffs and the wedding industry overall Jacqueline Vizcaino is a luxury wedding planner and event designer in Atlanta. She's also national president of the Wedding Industry Professionals Association, a 3,500-member, education-focused trade group whose members include transportation and photo booth providers, makeup artists, caterers, linen distributors and planners. Any one wedding may involve 40 or more vendors, Vizcaino said. Huge jumps in costs are already widespread due to tariffs, she said, florals and fabrics among them. With many weddings planned up to a year or more in advance, she and others in the industry are girding for more bad news. "We're going to see a lot of interactions that aren't so pleasant in the next eight to 12 months," she said. Tariffs have delayed decision-making among many couples planning weddings. "Decisions are taking double the time because of the uncertainty. People are shopping around more and wanting (vendors) to lock in at the lowest price possible," Vizcaino said. Said McKenzi Taylor, a planner who coordinates weddings in Las Vegas, San Diego and the Black Hills in South Dakota: "Our inquiry-to-booking window has grown from 40 days to 73. Cancellations are up so far this year, on pace to double from last year, with costs definitely being a concern for couples. My vendors are shaking in their boots."
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Business Standard
21-05-2025
- Business
- Business Standard
Google's search engine enters full 'AI mode' in next phase of its makeover
AI mode is being offered to all comers in the US just two-and-half-months after the company began testing with a limited Labs division audience AP New York Google on Tuesday unleashed another wave of artificial intelligence technology to accelerate a year-long makeover of its search engine that is changing the way people get information and curtailing the flow of internet traffic to websites. The next phase outlined at Google's annual developers conference includes releasing a new AI mode option in the United States. The feature makes interacting with Google's search engine more like having a conversation with an expert capable of answering questions on just about any topic imaginable. AI mode is being offered to all comers in the US just two-and-half-months after the company began testing with a limited Labs division audience. Google is also feeding its latest AI model Gemini 2.5, into its search algorithms and will soon begin testing other AI features, such as the ability to automatically buy tickets to concerts and conduct searches through live video feeds. The expansion builds upon a transformation that began a year ago with the introduction of conversational summaries called AI overviews that have been increasingly appearing at the top of its results page and eclipsing its traditional rankings of web links. About 1.5 billion people now regularly engage with AI overviews, according to Google, and most users are now entering longer and more complex queries. What all this progress means is that we are in a new phase of the AI platform shift, where decades of research are now becoming reality for people all over the world," Google CEO Sundar Pichai said before a packed crowd in an amphitheater near the company's Mountain View, California, headquarters. Although Pichai and other Google executives predicted AI overviews would trigger more searches and ultimately more clicks to other sites, it hasn't worked out that way so far, according to the findings of search optimisation firm BrightEdge. Clickthrough rates from Google's search results have declined by nearly 30% during the past year, according to BrightEdge's recently released study, which attributed the decrease to people becoming increasingly satisfied with AI overviews. The decision to make AI mode broadly available after a relatively short test period reflects Google's confidence that the technology won't habitually spew misinformation that tarnishes its brand's reputation, and acknowledges the growing competition from other AI-powered search options from the likes of ChatGPT and Perplexity. The rapid rise of AI alternatives emerged as a recurring theme in legal proceedings that could force Google to dismantle parts of its internet empire after a federal judge last year declared its search engine to be an illegal monopoly. In testimony during a trial earlier this month, longtime Apple executive Eddy Cue said Google searches done through the iPhone maker's Safari browser have been declining because more people are leaning on AI-powered alternatives. And Google has cited the upheaval being caused by AI's rise as one of the main reasons that it should only be required to make relatively minor changes to the way it operates its search engine because technology already is changing the competitive landscape. But Google's reliance on more AI so far appears to be enabling its search engine to maintain its mantle as the internet's main gateway a position that's main reason its corporate parent, Alphabet Inc, boasts a market value of $2 trillion. During the year ending in March, Google received 136 billion monthly visits, nearly 29 times more than ChatGPT, according to data compiled by Even Google's own AI mode acknowledged that the company's search engine seems unlikely to be significantly hurt by the shift to AI technology when a reporter from The Associated Press asked whether its introduction would make the company even more powerful. Yes, it is highly highly that Google's AI mode will make Google more powerful, particularly in the realm of information access and online influence, the AI mode responded. The feature also warns web publishers should be concerned about AI mode reducing the traffic that they get from search results. Google's upcoming tests in its Labs division foreshadow the next wave of AI technology likely to be made available to the masses. Besides using its Project Mariner technology to test the ability of an AI agent to buy tickets and book restaurant reservations, Google will also experiment with searches done through live video and an opt-in option to give its AI technology access to people's Gmail so it can learn more about a user's tastes and interests. Other features on this summer's test list include a Deep Search option that will use AI to dig even deeper into complex topics and another tool that will produce graphical presentations of sports and finance data. Google is also introducing its equivalent of VIP access to all its AI technology with an Ultra subscription package that will cost $250 per month and include 30 terabytes of storage, too. That's a big step beyond Google's previous top-of-the-line AI pro package that cost $20 per month and included two terabytes of storage.
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Business Standard
03-05-2025
- Health
- Business Standard
216 deaths reported as US sees deadliest flu season for children in 15 yrs
The flu vaccination rate for US children has plummeted from about 64 per cent five years ago to 49 per cent this season\ AP New York More US children have died this flu season than at any time since the swine flu pandemic 15 years ago, according to a federal report released Friday. The 216 pediatric deaths reported by the Centers for Disease Control and Prevention eclipse the 207 reported last year. It's the most since the 2009-2010 H1N1 global flu pandemic. It's a startlingly high number, given that the flu season is still going on. The final pediatric death tally for the 2023-2024 flu season wasn't counted until autumn. This number that we have now is almost certainly an undercount, and one that when the season is declared over, and they compile all the data it's almost certain to go up, said Dr. Sean O'Leary, of the American Academy of Pediatrics. There are likely several contributors to this season's severity, but a big one is that fewer children are getting flu shots, added O'Leary, a University of Colorado pediatric infectious diseases specialist. The flu vaccination rate for US children has plummeted from about 64 per cent five years ago to 49 per cent this season. Flu vaccinations may not prevent people from coming down with symptoms, but research shows they are highly effective at preventing hospitalisations and deaths, O'Leary said. The season has not only been hard on children. CDC officials have described it as highly severe, and estimate that so far there have been at least 47 million illnesses, 610,000 hospitalisations and 26,000 deaths this season. CDC officials have information about underlying conditions on nearly 5,200 adults who were hospitalised with flu this season, and 95 per cent had at least one existing health problem. But among 2,000 hospitalised children with more detailed health information, only about 53 per cent had an underlying condition including asthma and obesity. The CDC report did not say how many of the children who died were vaccinated. The agency did not make an expert available to talk about the flu season. The good news is that flu indicators have been waning since February, and last week all 50 states were reporting low or minimal flu activity. The season has seen more of a mix of flu strain circulating than in many other years, with two different Type A strains H1N1 and H3N2 causing a lot of infections. But CDC data released earlier this year suggested flu shots were doing a pretty good job at preventing deaths and hospitalisations. The CDC continues to recommend that everyone ages 6 months and older get an annual flu vaccine. Childhood vaccinations in general have been declining, driven by online misinformation and the political schism that emerged around Covid-19 vaccines. Robert F Kennedy Jr. has also echoed some of the rhetoric of antivaccine activists since taking over as the nation's health secretary. But there may be other reasons fewer children got flu shots this year, O'Leary said. Many pediatricians offices are understaffed and are not holding as many after-hours vaccination clinics as in the past. Also, more Americans are getting their vaccinations at pharmacies, but some drugstores don't vaccinate children, he said. My hope is that this season will be a bit of wake up call for folks that we actually do need to vaccinate our kids against influenza, O'Leary said.
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Business Standard
01-05-2025
- Business
- Business Standard
USDA funding cuts may worsen hunger crisis as reliance on food banks grows
Food banks typically see the most need during periods of high unemployment and yet the US is facing down a hunger crisis during a relatively resilient labour market AP New York The Campaign Against Hunger was already struggling to feed thousands of families a week when the Trump administration pulled more than $1.3 million in grants. Demand has only increased at the New York nonprofit since the city emerged from the Covid-19 pandemic and the related economic insecurity. In a first for the pantry, however, it isn't just the jobless lining up for its fresh produce and meats. It's working people, too. Food banks typically see the most need during periods of high unemployment and yet the US is facing down a hunger crisis during a relatively resilient labour market. The latest US Department of Agriculture research showed there were one million more food insecure households in 2023 than 2022. Now, income stagnation and rising living costs are sending wage earners to food banks across the country all as the federal government shuts off funding streams that provide millions with healthier, harder-to-get groceries. The squeeze comes as Republicans discuss budget plans that hunger relief groups fear will deepen the crisis by slashing food stamp spending. We were already in a bad state. But now we have been plunged head down into a crisis that should never have been, said Melony Samuels, executive director of The Campaign Against Hunger. If major cuts like these continue, I would imagine that our doors will close. Higher food costs mean longer lines Funding cuts began threatening food availability in March. The USDA halted $500 million of expected food deliveries and cut another $1 billion for hunger relief programs supporting local producers. The Department of Homeland Security also rescinded Federal Emergency Management Agency grants for local governments and nonprofits including The Campaign Against Hunger to shelter and feed newly arrived noncitizen migrants after their release. Secretary Noem has directed FEMA to implement additional controls to ensure that all grant money going out is consistent with law and does not go to fraud, waste or abuse, as in the past, DHS Assistant Secretary Tricia McLaughlin said in a statement. Samuels said her nonprofit is limiting normally bimonthly food distributions to once a month due to the lost funds, which are being withheld amid what she called baseless allegations" from DHS that the nonprofit might have broken laws against transporting undocumented migrants. That means fewer nutritious options for the dozens of people some holding babies, many pushing carts who recently waited to shop inside The Campaign Against Hunger's Brooklyn mock-store on an overcast weekday in April. Longtime Brooklyn resident Kim Dennis has noticed the uptick in need. On top of her Supplemental Nutrition Assistance Programme benefits, the 65-year-old retiree visits The Campaign Against Hunger twice each month for groceries like potatoes and pork chops that are more difficult to find at other food banks often filled with canned goods. The lines are getting a lot, a lot, a lot, a lot," Dennis said, partially due to recent immigration waves. Everything is going up and a lot of us cannot afford." Over half of responding food banks told Feeding America they served more neighbors this February than the same month last year. Christiana Santamaria said she visits a local food bank in Alameda, California each week to feed herself, her husband and their daughter. They struggle to cover food costs, internet bills and car payments with a monthly household income of nearly $3,000. I mean, my husband, he works full-time. He has a quote-unquote good job.' But I mean, it's the military. And if even the military can't afford things, that's sad," she said. Food banks face deficits The country's largest hunger-relief network is also feeling the strain. Feeding America consists of more than 200 member food banks. Their assistance is often easier to obtain than government benefits such as SNAP that some advocates say require burdensome applications. Many families put dinner on the table through a combination of the two a strategy food bank leaders say could be upended if Republican lawmakers cut SNAP allotments or expand work requirements. Houston Food Bank CEO Brian Greene expects his organization, which operates the largest distribution among Feeding America partners, to lose somewhere around $4 million this year. The government pullbacks amp up that pressure. If the cuts stay, Greene said, the projected losses include $3 million for food storage and distribution, $7 million supporting local farmers and producers, and 40 tractor trailer loads a month carrying key produce and protein. Greene is trying to make up the difference through donations. But he's realistic. Surveys consistently place American philanthropy around 2% of GDP and social services receive just a sliver of that. Even if charitable contributions spiked, he said, they couldn't replace federal support. That makes SNAP availability even more critical to alleviating hunger. Cutting the program by 11%, he said, would be the equivalent of wiping out every food bank in the United States. Less predictability and variety Food purchases are funded through the Farm Bill. Trump's trade war has also generated more money for USDA to buy food commodities under a 1935 program that dedicates tariff collections toward bonus food purchases. What concerns hunger relief groups, however, is that the suspended purchases are covered by a different funding pot that allows the USDA great discretion when responding to economic disruptions. The first Trump administration put more than $2 billion of those funds toward The Emergency Food Assistance Program, or TEFAP. However, USDA is now reviewing $500 million allocated last fall for the program. Federal commodities programs provide some of the most reliable supplies of proteins. Vince Hall, who leads government relations for Feeding America, said TEFAP-purchased foods account for more than 20% of everything distributed by the entire network. That number rises in rural communities where the cost of reaching distant populations is higher and donated products are less available. The impact trickles down to smaller pantries that rely on larger food banks. Mother Hubbard's Cupboard is bracing for about 25% food reductions from a Feeding America partner in Bloomington, Indiana. What we're likely to see then would be a dip in what are really the nutritional staples that we expect in the pantry, said Mother Hubbard's Cupboard President Megan Betz. A 2022 study measuring food pantries' value suggests participating families obtain between $600 and $1000 annually from them. That's equivalent to a couple months of food for some low-income households, according to co-author David Just, an applied economics professor at Cornell University. The centers helped cushion families from the pandemic's economic shocks. But food insecurity started rising as the government rolled back its pandemic-era assistance. Need has surpassed the height of COVID-19, according to Alameda County Community Food Bank Executive Director Reggie Young. The weight of the Oakland nonprofit's annual food distributions has doubled its pre-pandemic totals. Food insecurity nationwide is the highest it's been in about a decade, according to Just, making it potentially a really difficult time to start cutting food assistance through the pantries. This could cause some pretty significant pain, he said. "And I don't know that we're delivering something more efficient in the end. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
