Business

LONDON (AP) — The British pound has fallen to an all-time low against the U.S. dollar after the government pledged a sweeping package of tax cuts that have fueled concerns about its economic policy. The pound fell as low as $1.0373 Monday, before rallying to above $1.07 in early London trading. The British currency has lost more than 5% against the dollar since Friday, when Treasury chief Kwasi Kwarteng announced the biggest tax cuts in 50 years.

NEW DELHI (AP) — Apple Inc. will make its iPhone 14 in India, the company said on Monday, as manufacturers shift production from China amid geopolitical tensions and pandemic restrictions that have disrupted supply chains for many industries.

Amazon said Monday that next month it will hold a second Prime Day-like shopping event, making it the latest major retailer to offer holiday deals earlier this year to entice cautious consumers struggling with tighter budgets. During the Oct. 11-12 event, Amazon Prime members will get early access to discounted items. The “Prime Early Access Sale” follows Amazon's annual Prime Day in July.

WASHINGTON (AP) — A federal judge has rejected the Justice Department’s bid to block a major U.S. sugar manufacturer from acquiring its rival, clearing the way for the acquisition to proceed. The ruling was handed down Friday by a federal judge in Wilmington, Delaware. It comes months after the Justice Department sued to try to halt the deal between U.S. Sugar and Imperial Sugar Company, one of the largest sugar refiners in the nation.

WILMINGTON, Del. (AP) — Tesla CEO Elon Musk will spend Monday and Tuesday with lawyers for Twitter, answering questions ahead of an October trial that will determine whether he must fork over the $44 billion he agreed to pay for the social platform before attempting to back out of the deal.

Dow sinks to 2022 low

Markets sold off around the world on mounting signs the global economy is weakening just as central banks raise the pressure even more with additional hikes to interest rates. The Dow Jones Industrial Average closed at its lowest point since 2020 Friday. The S&P 500 fell 1.7%, close to its 2022 low.

DETROIT (AP) — The Detroit auto show has returned with a roar. And a soar. The prestigious North American International Auto Show last was held in 2019. It returned last week. Visitors once again can lay eyes on the latest offerings from some of the world’s biggest automakers.

WASHINGTON (AP) — Intensifying its fight against high inflation, the Federal Reserve raised its key interest rate by a substantial three-quarters of a point for a third straight time and signaled more large rate hikes to come. The Fed’s move boosted its benchmark short-term rate, which affects many consumer and business loans, to a range of 3% to 3.25%, the highest level since early 2008.

NEW YORK (AP) — Walmart is taking a cautious approach to the holiday shopping season, announcing it will hire 40,000 U.S. workers for the holidays, a majority of them seasonal workers.

NEW YORK (AP) — Home Depot workers in Philadelphia have filed a petition with the federal labor board to form what could be the first store-wide union at the world's largest home improvement retailer.

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