Business Highlights: India’s population, EV sales
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As India’s population soars above all, fewer women have jobs
MUMBAI, India (AP) — India will soon eclipse China to become the world’s most populous country, and its economy is among the fastest-growing. But the number of Indian women in the workforce, already among the 20 lowest in the world, has been shrinking for years. It’s not only a problem for individual women, but a growing challenge for India’s own economic ambitions if its estimated 670 million women are left behind as its population expands. The hope is that India’s fast-growing working-age population will propel the nation’s economic growth for years to come. Yet experts worry this could just as easily become a demographic liability if India fails to ensure its rising population, especially its women, are employed.
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Stocks end mixed on Wall Street amid rate hike expectations
NEW YORK (AP) — Stocks were mixed on Wall Street Monday in their first trading after a report heightened speculation the Federal Reserve may tap the brakes again on financial markets and the economy. The S&P 500 gained 0.1%. Big tech stocks were worst off as bets built for the Fed to raise interest rates at its next meeting. That forced the Nasdaq down slightly, but hope still remains that the economy may skirt a recession. That helped the Dow rise modestly. Stocks were catching up to the bond market, where yields rose Friday with expectations for a rate hike.
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AP sources: EPA car rule to push huge increase in EV sales
WASHINGTON (AP) — The Biden administration will propose strict new automobile pollution limits this week that would require at least 54% of new vehicles sold in the U.S. to be electric by 2030, ramping up quickly to as high as 67% by 2032. That’s according to industry and environmental officials briefed on the plan. The proposed regulation by the Environmental Protection Agency would set greenhouse gas emissions limits for the 2027-2032 model years that would be more ambitious than goals the auto industry agreed to in 2021. Environmental groups are applauding the ambitious numbers, but the plan is likely to get strong pushback from the auto industry.
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New BOJ head says banks stable, rules out major policy shift
TOKYO (AP) — The new governor of Japan’s central bank has signaled, once again, that he plans no drastic changes in its ultra-low interest rate policy. Bank of Japan Gov. Kazuo Ueda said Japan’s financial institutions are not facing the sorts of turmoil seen recently with bank failures in the U.S. and Europe. Ueda pledged to do his utmost to maintain stability in both prices and financial systems Monday. Japan’s central bank is seeing its first leadership change in a decade, at a time when inflationary pressures around the world remain a risk and central banks are fighting back with big interest rate increases. Japan’s benchmark rate remains at minus 0.1%.
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Home-based workers became younger, more diverse in pandemic
NEW YORK (AP) — People working from home became younger, more diverse, better educated and more likely to move during the COVID-19 pandemic. That’s according to a report from the U.S. Census Bureau released last week. The report says that, in many respects, the demographic makeup of people working from home from 2019 to 2021 became more like workers who were commuting. The industry groups that saw the greatest jumps in people working from home were information, finance and professional and administrative services. The smallest gains were in agriculture and mining; entertainment and food services; and armed forces.
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Reports: Tesla plans Shanghai factory for power storage
BEIJING (AP) — Chinese state media say electric car maker Tesla Inc. plans to build a factory in Shanghai to produce power-storage devices for sale worldwide. The reports say Tesla made the announcement at a signing ceremony in Shanghai, where the company operates an auto factory. Plans call for annual production of 10,000 Megapack units. The factory is due to break ground in the third quarter of this year and start productions in the second quarter of 2024.
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Unemployment fell to 3.5% under Biden. For how much longer?
WASHINGTON (AP) — President Joe Biden keeps seeing good economic news and bad public approval ratings. The unemployment rate has fallen to 3.5% and more than 236,000 jobs were added in March. But there’s been no political payoff for the president. US. adults are skipping past the jobs numbers and generally not feeling good about the economy. To explain that pessimism, White House aides cite high inflation, the hangover from the pandemic and Republicans’ belief that the economy is sour whenever there’s a Democrat in the White House. The challenge for Biden might be the expectation that unemployment will get much worse this year. The fear is that interest rates have to rise in order to beat inflation.
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Small towns reclaim abandoned ski areas as nonprofits
CUCHARA, Colorado (AP) — Under the gaze of the imposing Spanish Peaks in southern Colorado, the 50-acre Parker-Fitzgerald Cuchara Mountain Park is the story of so many American ski areas, only the community was determined to change the script. Ski resorts boomed in the 70s and 80s, emerging even in areas that didn’t have the climate or workers to sustain them long-term. First-time ski resort owners took on debt and quickly filed for bankruptcy after a bad snow season. But some communities including Cuchara one are now finding a niche, offering an alternative to endless lift lines and sky-high ticket prices. They’re reopening, several as nonprofits, offering a mom-and-pop experience at a far lower cost than mountains run by corporate conglomerates.