Housing on the ballot: Harris, Trump push different plans for tackling housing affordability crisis
Millions of Americans can't afford to buy a home or rent a suitable apartment, making housing a central issue for voters in the upcoming presidential election. The Harris and Trump campaigns have laid out plans aimed at boosting home construction. Among Harris' policy proposals: tax incentives to build 3 million additional homes and rentals, and $25,000 in down-payment assistance for first-time homebuyers. Trump also says he would give tax incentives for homebuyers and cut "unnecessary" regulations on home construction, among other moves. Economists say the campaigns' platforms offer some good ideas, but no sure fixes to the housing market's longstanding challenges.
Boeing reports $6 billion quarterly loss ahead of vote by union workers who have crippled production
EVERETT, Wash. (AP) -- Boeing reported a massive loss of more than $6 billion in its third quarter, dragged down by a work stoppage and charges tied to its commercial aircraft and defense programs. Boeing lost $9.97 per share for the period ended Sept. 30, with an adjusted loss of $10.44 per share. Analysts polled by Zacks Investment Research were calling for a loss of $10.34 per share. Revenue totaled $17.84 billion, matching Wall Street estimates. The biggest news of the day, however, is likely to come Wednesday evening, when the machinists union reveals whether striking members will return to factories after crippling production.
Financial cooperation and BRICS expansion are on the table as Putin hosts Global South leaders
KAZAN, Russia (AP) -- Russia's President Vladimir Putin is hosting China's Xi Jinping, India's Narendra Modi and other world leaders at a summit of the BRICS bloc of developing economies, part of Kremlin efforts to challenge Western global clout. The three-day meeting in the city of Kazan attended by 36 countries showcases the failure of the U.S.-led efforts to isolate Russia over its actions in Ukraine. The Kremlin has touted the summit as "the largest foreign policy event ever held" by Russia. The alliance that initially included Brazil, Russia, India, China and South Africa has expanded to embrace Iran, Egypt, Ethiopia, the United Arab Emirates and Saudi Arabia. Turkey, Azerbaijan and Malaysia have formally applied to become members, and several others have expressed interest in joining.
Stock market today: Wall Street declines in early trading with a bevy of earnings on the way
Wall Street was on track to open with losses on Wednesday as more high-profile companies roll out their latest financial results. Futures for the S&P 500 was down 0.2% before the opening bell, while futures for the Dow Jones Industrial Average gave up 0.5%. McDonald's tumbled 7% in extended hours after U.S. regulators reported that an E. coli outbreak linked to the fast food giant's Quarter Pounder hamburgers sickened dozens of people across the U.S. Starbucks skidded 4.7% overnight after the Seattle coffee chain's fourth-quarter profits fell well short of Wall Street's targets and pulled its 2025 guidance.
Miners are razing forests to meet surging demand for metals and minerals, report says
JAKARTA, Indonesia (AP) -- A report by the World Resources Institute shows that rapidly expanding mining operations are causing widespread destruction of tropical primary rainforests and protected areas, raising carbon emissions and displacing Indigenous communities. An analysis from the global nonprofit organization released Wednesday shows that the world lost nearly 1.4 million hectares (nearly 3.5 million acres) of trees due to mining in 2001-2020. Coal and gold mining have been the biggest drivers of tree cover loss related to mining. But increasingly, extraction of critical materials for everyday items like smartphones and renewable energy, such as cobalt and lithium, are driving growth of the mining sector.
China has deported a VW executive for allegedly using drugs while in Thailand
BEIJING (AP) -- A senior executive for Volkswagen in China has been deported for allegedly using cocaine and marijuana while on vacation in Thailand. A Chinese Foreign Ministry spokesperson confirmed Wednesday that a Volkswagen employee had been deported after being detained for 10 days. A Beijing police report said an investigation had determined that the 56-year-old man had used both drugs on Oct. 5 and that he had been sentenced to detention from Oct. 10-20 as an administrative penalty. Chinese authorities did not release the man's name, but German media reported it was Jochen Sengpiehl, whose LinkedIn profile lists him as Volkswagen's chief marketing officer in China.
Coke's quarterly revenue and volumes fall but still beat expectations
Coca-Cola Co. said Wednesday its third quarter revenue fell as sales volumes flattened or declined around the world. But the company still beat Wall Street's forecasts and said it expects full-year organic revenue to rise 10%, which is at the high end of its previous guidance. The Atlanta beverage giant said its revenue fell 1% to $11.9 billion. That still beat Wall Street's forecast of $11.6 billion, according to analysts polled by FactSet. The company said it raised prices 10% in the July-September period, partly due to hyperinflation in markets like Argentina.
US fines American Airlines $50 million over mishandling of disabled passengers and wheelchairs
DALLAS (AP) -- The U.S. government is fining American Airlines $50 million for failing to provide wheelchair assistance to passengers with disabilities and damaging thousands of wheelchairs over a five-year period. The Transportation Department announced the civil penalty on Wednesday. American will only have to pay half of the fine because it is receiving credit for money it spent to improve wheelchair handling and to compensate affected passengers. The incidents raised by the Transportation Department occurred between 2019 and 2023. American says it's making investments to improve the travel experience for people with disabilities and has reduced the rate of mishandled wheelchairs and power scooters by more than 20%.
Kuwait bans 'Call of Duty: Black Ops 6' video game, likely over it featuring Saddam Hussein in 1990s
DUBAI, United Arab Emirates (AP) -- The tiny Mideast nation of Kuwait has banned the release of the video game "Call of Duty: Black Ops 6," which features the late Iraqi dictator Saddam Hussein and is set in part in the 1990s Gulf War. Kuwait has not publicly acknowledged banning the game, which is a tentpole product for the Microsoft-owned developer Activision set to be released on Friday worldwide. However, it comes as Kuwait still wrestles with the aftermath of the invasion and as video game makers more broadly deal with addressing historical and cultural issues in their work.
Lower-priced new cars are gaining popularity, and not just for cash-poor buyers
DETROIT (AP) -- An "affordability shift" is taking root in the U.S. auto industry. The trend is being led by people who feel they can no longer afford a new vehicle that would cost them roughly today's average selling price of more than $47,000 -- a jump of more than 20% from the pre-pandemic average. Yet there are other buyers who could manage the financial burden but have decided it just isn't worth the cost. And the trend is forcing automakers to reassess their sales and production strategies. If the trend toward lower-priced vehicles proves a lasting one, more generous discounts could lead to lower average auto prices and slowing industry profits.