Business

LOS ANGELES (AP) — A persistently low inventory of homes on the market held back U.S. home sales again in April, even as the national median sale price posted its biggest annual drop in 11 years. Existing home sales fell 3.4% in April from March to a seasonally adjusted annual rate of 4.28 million, the National Association of Realtors said Thursday. That’s slightly below what economists were expecting, according to FactSet.

DETROIT (AP) — More than 33 million people in the United States are driving vehicles that contain a potentially deadly threat: Air bag inflators that in rare cases can explode in a collision and spew shrapnel. Few of them know it. And because of a dispute between federal safety regulators and an air bag parts manufacturer, they aren't likely to find out anytime soon.

HELENA, Mont. (AP) — Montana became the first state in the U.S. to enact a complete ban on TikTok on Wednesday when Republican Gov. Greg Gianforte signed a measure that's more sweeping than any other state's attempts to curtail the social media app, which is owned by a Chinese tech company.

DETROIT (AP) — Ford is recalling over 422,000 SUVs in the U.S. because the image from the rear camera may not be displayed. The recall covers certain Ford Explorers and Lincoln Aviators from the 2020 through 2023 model years, as well as 2020 through 2022 Lincoln Corsairs. All have 360-degree cameras.

Elon Musk on Tuesday dismissed speculation that he might step down as Tesla's CEO and told the company’s annual shareholders meeting that the electric car and solar panel company would start doing some advertising. “Say it ain’t so,” one shareholder asked Musk about stepping down as Tesla's leader. “It ain’t so,” he replied without further discussion.

DETROIT (AP) — Ford is recalling more than 310,000 trucks in the U.S. because the driver’s front airbag may not inflate in a crash. The recall covers certain F-250, F-350, F-450, and F-550 Super Duty trucks from the 2016 model year.

CHEYENNE, Wyo. (AP) — Declaring a mission to liberate “Taco Tuesday” for all, Taco Bell is asking U.S. regulators to force Wyoming-based Taco John’s to abandon its longstanding claim to the trademark. Too many businesses and others refer to “Taco Tuesday” for Taco John’s to be able to have exclusive rights to the phrase, Taco Bell asserts in a U.S. Patent and Trademark Office filing that is, of course, dated Tuesday.

NEW YORK (AP) — An infant formula recalled over potential bacteria contamination was distributed to retailers across eight states even after the recall began, according to a release published by the U.S. Food and Drug Administration this week. In March, Perrigo Co. issued a voluntary recall of certain lots of its Gerber Good Start SootheProTM Powdered Infant Formula “out of an abundance of caution” due to the possible presence of Cronobacter sakazakii, a germ that can cause serious or deadly infections in infants.

NEW YORK (AP) — Consumers picked up their spending in April from March, buoyed by a solid job market and easing inflationary pressures. Retail sales increased 0.4% in April from March when it was down 0.7%. It marked the first increase since January when unusually warm weather and a big jump in Social Security benefits likely spurred more spending.

DETROIT (AP) — Stellantis is telling owners of nearly 220,000 Jeep Cherokee SUVs worldwide to park them outdoors and away from other vehicles because the power liftgates can catch fire even when the engines are off. The company is recalling certain Cherokees from the 2014 through 2016 model years. Water can get into the liftgate control computer, causing an electrical short that can touch off a fire.

After years of explosive growth during the pandemic, Home Depot's revenue during the first quarter fell short of expectations and the company cut its profit and sales outlook for the year, sending shares skidding before the opening bell Tuesday. It was a rough start to a busy week of retail earnings and the numbers from the nation's biggest home improvement chain dragged down retail stocks as well as the Dow.

ANN ARBOR, Mich. (AP) — With new and used cars still painfully expensive, Ryan Holdsworth says he plans to keep his 9-year-old Chevy Cruze for at least four more years. Limiting his car payments and his overall debt is a bigger priority for him than having a new vehicle. A 35-year-old grocery store worker from Grand Rapids, Michigan, Holdsworth would probably be in the market for a vehicle within a few years — if not for the high cost. For now, it's out of the question.

BALTIMORE (AP) — A passenger walks up to an airport security checkpoint, slips an ID card into a slot and looks into a camera atop a small screen. The screen flashes “Photo Complete” and the person walks through — all without having to hand over their identification to the TSA officer sitting behind the screen.

Elon Musk confirmed that the new CEO for Twitter will be NBCUniversal’s Linda Yaccarino, an executive with deep ties to the advertising industry. “I am excited to welcome Linda Yaccarino as the new CEO of Twitter!” Musk wrote in a Friday tweet.

ORLANDO, Fla. (AP) — More than 74 million visitors came to the Orlando, Florida, area last year, a benchmark just short of pre-pandemic levels, tourism officials said Thursday. The number of tourists was 25% greater than it was in 2021, when central Florida was still recovering from the blows to tourism caused by the COVID-19 pandemic, which restricted international travel and caused convention cancellations.

Elon Musk said Thursday he has found a new CEO for Twitter, or X Corp. as it’s now called — and it's a woman. He did not name her but said she will be starting in about six weeks. Musk, who bought Twitter last fall and has been running it since, has long insisted he is not the company’s permanent CEO. The Tesla billionaire said in a tweet Thursday that his role will transition to being Twitter's executive chairman and chief technology officer.

Peloton is recalling more than 2 million of its exercise bikes because the bike’s seat post assembly can break during use, posing fall and injury hazards. The recall includes approximately 2.2 million of the Peloton Bikes Model PL01. The bikes were sold from January 2018 through May 2023 for about $1,400. They were sold at Peloton and Dick’s Sporting Goods stores nationwide and online at Amazon, Peloton and Dick's websites.

The number of Americans filing for jobless claims last week rose to its highest level in a year-and-a-half, though the labor market remains healthy by historical standards. Applications for unemployment benefits for the week ending May 6 rose by 22,000 to 264,000, the Labor Department reported Thursday. That's up from the previous week's 242,000 and the highest since November of 2021. The weekly claims numbers are seen as representative of the number of U.S. layoffs.

Can you afford to age in place?

Most older adults age 50 to 80 say it’s important to stay in their homes for as long as they can, according to the 2022 National Poll on Healthy Aging from the Institute for Healthcare Policy and Innovation at the University of Michigan. But only 1 in 3 said their home “definitely” has the features needed to allow them to age in place.

WASHINGTON (AP) — Consumer prices in the United States rose again in April, and measures of underlying inflation stayed high, suggesting that rising costs could persist for months to come. Prices rose 0.4% from March to April, the government said Wednesday, up from 0.1% from February to March. Compared with a year earlier, prices climbed 4.9%.

Norfolk Southern's stock fell before the opening bell Wednesday after the railroad unveiled plans to create a fund for residents near the site of an Ohio train wreck that would cover any decline in home values since a derailment earlier this year. In early February, 38 cars derailed in East Palestine, 11 carrying hazardous chemicals, with some spilling into nearby waterways.

President Joe Biden said Monday his administration will write new regulations that will require airlines to compensate air travelers and cover their meals and hotel rooms if they are stranded for reasons within the airline's control. The compensation would be in addition to ticket refunds when the airline is at fault for a flight being canceled or significantly delayed. It would give consumers in the United States protections similar to those in the European Union.

Facebook says it is not dead. It’s not even just for “old people,” as young people have been saying for years. The social media platform born before the iPhone is approaching two decades in …

WASHINGTON (AP) — Millions of Americans who qualified for free tax services — but were instead deceived into paying TurboTax for their returns — will soon get settlement checks in the mail. In a settlement last year, TurboTax's owner Intuit Inc. was ordered to pay $141 million to some 4.4 million people across the country. Those impacted were low-income consumers eligible for free, federally-supported tax services — but paid TurboTax to file their federal returns across the 2016, 2017 and 2018 tax years due to “predatory and deceptive marketing,” New York Attorney General Letitia James said.

Ford Motor Co. is recalling certain 2004 to 2006 Ranger vehicles because replacement front passenger airbag inflators may have been installed incorrectly. The National Highway Traffic Safety Administration said in a letter that the recall includes 231,942 vehicles.

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