Business digest
'Trump bump' fades on Wall Street
NEW YORK — U.S. stocks fell to their worst loss since Election Day as the boost that Wall Street got from last week's victory for Donald Trump and a cut to interest rates by the Federal Reserve kept fading. The S&P 500 sank 1.3% Friday to close a losing week. The Dow Jones Industrial Average dropped 0.7%, and the Nasdaq composite fell 2.2%.
Moderna and other makers of vaccines helped drag the market down after President-elect Donald Trump named Robert F. Kennedy Jr., an anti-vaccine activist, to be his health secretary. Treasury yields swung following stronger-than-expected reports on the economy.
Kennedy still needs confirmation from the Senate to get the job, and some analysts are skeptical about his chances.
GM lays off about 1,000 workers
DETROIT — General Motors is laying off about 1,000 workers worldwide, shedding costs as it tries to compete in a crowded global automobile market. The workers are mostly salaried but some blue-collar workers were affected. They were told of the moves early Friday. The company confirmed the layoffs in a statement but gave few details. GM said it has to operate efficiently and have the right team structure to focus on its top priorities. GM and other automakers have been navigating an uncertain transition to electric vehicles worldwide, trying to figure out where to invest capital. The company has had to update gas-powered models while investing in EV battery and assembly plants as well as minerals and other parts for the next generation of electric vehicles.
Moody's downgrades Mexican debt outlook
MEXICO CITY — Mexico's president has lashed out at Moody's ratings service after it downgraded the Mexican government's debt outlook to "negative." Moody's said newly approved laws in Mexico could weaken the judiciary branch and checks and balances. It reaffirmed Mexico's Baa2 overall credit rating but said increased government debt represented a risk for Mexico. It also mentioned the possibility that the government will have to transfer more money to shore up the highly indebted state-owned oil company Pemex. President Claudia Sheinbaum said Friday that ratings agencies often have "this bias of origin" against her party's economic policies.
Judge rejects efforts to shutter bitcoin mine
NEW YORK — A New York judge has rejected an effort by state regulators to shutter a bitcoin mine over concerns about its greenhouse gas emissions. The decision will allow the Greenidge power plant to continue operating in the Finger Lakes region of the state. The state had previously found the gas-powered crypto mine ran afoul of a climate law intended to limit greenhouse gas emissions. But on Thursday, a state Supreme Court judge found Greenidge was entitled to a process to defend its alleged violation. Environmental groups have protested the facility, which they allege is pumping emissions into the air while contaminating the nearby Seneca Lake.
Ben & Jerry's accuses owner of censorship
Ben & Jerry's has sued its parent company Unilever accusing it of silencing the ice cream maker from making statements in support of Palestinians in the war in Gaza. The complaint filed Wednesday in federal court in New York says multi-national conglomerate Unilever has failed to adhere to its contractural obligations in merger and settlement agreements with Ben & Jerry's over its social mission. Unilever said in a statement that it rejects the claims made by Ben & Jerry's social mission board and that it will defend its case very strongly.
From Gazette news services
