Business Highlights: Soaring US dollar, Netflix rebound

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‘Bad situation’: Rising US dollar spreads pain around the world

As the value of the US dollar soars, other currencies around the world are declining in comparison. This contributes to skyrocketing prices for essential goods and services and exacerbates financial hardship, particularly in poorer countries. It has sparked complaints from an auto parts dealer in Nairobi, a baby clothes seller in Istanbul, a wine importer in Manchester, England, and the driver of the colorful Filipino minibus known as a jeepney. The dollar is up 18% this year against a basket of key currencies around the world. The US Federal Reserve’s rate hikes have pushed US Treasury and corporate bond rates higher, attracting investors and pushing the US currency higher.

11 more fatalities are linked to automated tech vehicles

DETROIT — Eleven more people were killed in accidents involving vehicles equipped with automated driving systems over a four-month period earlier this year, according to newly released government data that is part of an alarming pattern of incidents involving the technology. Ten of the deaths involved Tesla vehicles, although it’s unclear from the data whether the technology itself was to blame or whether driver error was to blame. The 11th fatality involved a Ford pickup truck. The fatalities included four motorcycle accidents that occurred during the spring and summer: two in Florida and one each in California and Utah.

The EU faces a battle to prevent energy prices from fueling the economy

BRUSSELS – European Union leaders enter a crucial phase this week to ensure runaway energy prices and tight supplies don’t further weaken their struggling economies and fuel unrest. At the same time, they must keep all 27 members united in their opposition to Russian President Vladimir Putin. The EU’s executive board on Tuesday unveiled a draft that would widen the gap between those who want to push through a common gas price cap to keep prices down and those who believe it will primarily prevent supplies and industries and businesses further will starve, must bridge. Then, on Thursday, EU leaders will hold two days of talks to find a compromise, difficult as that may be.

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Stocks rise on Wall Street as investors focus on earnings

NEW YORK — Stocks rose on Wall Street, contributing to weekly gains for major indexes that have tumbled broadly amid inflation and recession concerns. The S&P 500 rose 1.1% on Tuesday. The Dow Jones Industrial Average and the Nasdaq also rose. Gains were mitigated by an earlier jump that sent nearly all stocks in the S&P 500 higher. It was the latest knee-jerk move in a market that has moved erratically for the past few weeks. Many US companies are reporting solid earnings for the last quarter. Goldman Sachs led banks higher after releasing earnings that beat forecasts.

Netflix rebounds from recent subscriber losses with a 3Q gain

SAN FRANCISCO — Netflix has reversed its recent subscriber losses with a summer profit. Management hopes to build on the gains with the forthcoming launch of a cheaper version of the video-streaming service that will include advertising for the first time. The Los Gatos, Calif.-based company said Tuesday it added 2.4 million subscribers for the period July through September, a comeback after losing 1.2 million subscribers in the first half of the year. The performance topped analyst estimates and allowed Netflix to reclaim the mantle as the world’s largest video-streaming service, ahead of Walt Disney Co., at least temporarily.

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United Airlines posts $942 million profit in strong summer

CHICAGO — United Airlines has reported third-quarter earnings of $942 million after a strong summer travel season. Chicago-based United said Tuesday it expects to beat Wall Street earnings forecasts for the fourth quarter as well. Airline executives say worries about inflation and the economy don’t seem to be stopping people from travelling. US air travel has been recovering since the pandemic began. Almost 2.5 million travelers passed through checkpoints at US airports on Sunday. That is the highest number since the pandemic. International travel still lags behind, but even there, United feels optimistic enough to plan more flights to Europe next summer.

Report: Farm losses from Hurricane Ian could reach $1.56 billion

ST. PETERSBURG, Fla. — A new report finds preliminary Florida farm losses from Hurricane Ian’s high winds and rainfall could reach $1.56 billion, with citrus, beef, vegetable and cantaloupe farms hit hardest are. Tuesday’s report from the University of Florida’s Institute of Food and Agricultural Sciences said there could be many impacts yet to come from flooded land, depending in part on whether some damaged crops can be replanted to cover some of the save winter vegetable growing season. The estimated losses this year are a high scenario of $1.56 billion and a low potential loss of about $787 million.

Amazon workers reject New York union offer

NEW YORK – Amazon workers in upstate New York on Tuesday overwhelmingly rejected a union bid, handing a second defeat to the workers’ group trying to bring the company to the negotiating table since its historic victory earlier this year. Warehouse workers near Albany cast 406 votes out of 612 ballots counted — or about 66% — against the Amazon Labor Union, giving the company enough support to push back the fledgling group made up of former and current Amazon workers . According to the National Labor Relations Board, 206 workers — or 33.6% — voted for the group. The 31 additional ballots contested by either Amazon or the union were not enough to affect the outcome.

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Meta agrees to sell Giphy, ending battle with UK regulators

LONDON — Facebook parent Meta says it will sell Giphy after running out of options to thwart a decision by UK regulators, who again found the deal to buy the GIF-sharing platform would curb competition and innovation . The British competition authority ordered Meta last year to reverse the deal. The company appealed to a court, which dismissed most of its arguments. Meta said she was disappointed but accepted the verdict as the final word. Meta said it would await further details of the divestment order and not file another appeal, which would end the protracted battle over the $400 million acquisition.

The S&P 500 rose 42.03 points, or 1.1%, to 3,719.98. The Dow Jones Industrial Average rose 337.98 points, or 1.1%, to 30,523.80. The Nasdaq rose 96.60 points, or 0.9%, to 10,772.40. The Russell 2000 index of smaller companies rose 20.20 points, or 1.2%, to 1,755.96.

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