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Stock Market News: Tesla shares slide, Microsoft-Activision deal, Powell remarks

Federal Reserve Chairman Jerome Powell delivers testimony on the economy for the second day, jobless claims jump, Tesla stock downgraded, inks Bed Bath & Beyond deal and Microsoft-Activision heads steps up to defend $69 billion deal. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.


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Conclusion to search for the missing Titantic sub

The U.S. Coast Guard confirmed a likely catastrophic event took the lives of the five crew members attempting to tour the wreckage site of the Titantic deep in the Atlantic ocean.

Prior to the confirmation, a remotely operated vehicle found a "debris field" in the days-long search for five ocean explorers missing aboard the OceanGate Titan submersible, a deep-sea vehicle that vanished Sunday in an attempt to dive to the wreck of the Titanic, the U.S. Coast Guard said Thursday morning.

*This is a developing story

Posted by FOX Business Team

US Senate advances Chile tax treaty, paving way for ratification

The U.S. Senate voted overwhelmingly on Wednesday to advance a tax treaty with Chile, paving the way for final approval of a pact seen as crucial for ensuring access for U.S. companies to lithium, a mineral essential for electric vehicle batteries.

The agreement cleared a Senate procedural hurdle by 97-2, comfortably over the two-thirds supermajority required to approve treaties in the 100-member chamber.

Business interests have been pushing for the tax agreement for years. The U.S. Chamber of Commerce called it an urgent priority. Without it, taxes on U.S. companies with Chilean operations could climb to more than 44%, the business group said.

Chile's Congress approved the treaty in 2015.

Posted by Reuters

US safety agency to require automatic emergency braking on heavy trucks and buses

The government’s traffic safety agency says it will require that heavy trucks and buses include potentially life-saving automatic emergency braking equipment within five years.

Automatic braking systems in heavy vehicles would prevent nearly 20,000 crashes a year and save at least 155 lives, the National Highway Traffic Safety Administration said.

Thursday’s announcement follows a similar plan announced last month for all new passenger cars and light trucks.

The actions represent the traffic safety agency’s latest move toward regulating electronic systems that take on certain tasks that drivers themselves have typically done.

Posted by Associated Press

United Airlines is tweaking its app to give customers rebooking options and vouchers during delays


United Airlines says when flights are delayed or canceled it will use its app to send customers options for rebooking and, in some cases, vouchers for meals and hotel rooms.

United said Thursday that it began testing the service on its app late last year and found that it reduced the number of people waiting in airports lines to speak to airline agents.

Airlines are under pressure from the Biden administration to improve customer service. The Transportation Department said recently it would begin writing new rules to require passenger compensation when the airline causes delays and cancellations.

So far this year, United has canceled about 5,400 flights, or 1.3% of its schedule, which matches the industrywide average, according to figures from Nearly 100,000 other United flights this year have arrived at least 15 minutes late.

Posted by Associated Press

Uber to lay off 200 employees in recruitment division


Uber Technologies said on Wednesday it was cutting 200 jobs in its recruitment division amid plans to keep the staff count flat through the year and streamline costs.

The reductions affect less than 1% of Uber's 32,700-strong global workforce and follow the ride-share company laying off 150 employees in its freight services division earlier this year.

The latest cuts account for 35% of Uber's recruiting team, according to the Wall Street Journal, which first reported the development earlier in the day.

Uber trimmed its staff count by 17% at the start of the pandemic in mid-2020 and has implemented smaller cuts than chief rival Lyft in recent months.

Posted by Reuters

Micron confirms up to $825M investment in India chip facility


U.S. memory chip firm Micron Technology, Inc said on Thursday it would invest up to $825 million in a new chip assembly and test facility in Gujarat, India, its first factory in the country.

Micron said that with support from the Indian central government and from the state of Gujarat, the total investment in the facility will be $2.75 billion. Of that total, 50% will come from the Indian central government and 20% from the state of Gujarat.

Reuters reported earlier this week that India's Cabinet approved the project ahead of Prime Minister Narendra Modi's state visit to the U.S., which kicked off on Wednesday.

Micron said construction of the new facility in Gujarat is expected to begin in 2023 and the first phase of the project will be operational in late 2024. A second phase of the project is expected to start toward the second half of the decade, it said. The two phases together will create up to 5,000 new direct Micron jobs.

Posted by Reuters

Weekly US applications for unemployment aid remain relatively elevated

The number of Americans applying for unemployment benefits remained elevated last week, a possible sign that the Federal Reserve’s rate hikes are beginning to cool a still-strong labor market.

U.S. applications for jobless claims were 264,000 for the week ending June 17, the same as the previous week, the Labor Department reported Thursday.

That’s slightly more than analysts were expecting. The claims numbers for the past two weeks are the highest since October of 2021.

The four-week moving average of claims, which smooths out some of the week-to-week volatility,rose by 8,500 to 255,750. That’s the highest level since November of 2021.

Posted by Associated Press

Mark Zuckerberg agrees to cage fight with Elon Musk: 'Send Me Location'

Elon Musk is taking Twitter's competition to Facebook literally and issued a challenge to fight in a cage match with Meta CEO Mark Zuckerberg, who swiftly accepted it.

Posted by FOX Business Team

Yellen says it's critical to maintain US-China ties after Biden's dictator remarks

U.S. Treasury Secretary Janet Yellen says it’s “critical” the U.S. and China maintain a relationship so they can “work together” on global challenges.

It comes after President Joe Biden’s remarks calling Chinese leader Xi Jinping a “dictator” drew condemnation from Beijing.

Speaking at a news conference Thursday, Yellen said that “President Biden and I both believe it’s critical to maintain communication ... to clear up misperceptions, miscalculations."

She added that the countries “need to work together where possible” but “we are also forthright in recognizing we do have disagreements.” Yellen is attending a two-day summit in Paris seeking a better global financial response to climate change and poverty.

Posted by Associated Press

Microsoft, US regulators head to court over $69B deal


Microsoft will be facing U.S. regulators on Thursday in an attempt to win clearance to complete a $69 billion takeover of video game maker Activision Blizzard.

A lot is at stake as the deal will reshape a pastime that's bigger than the movie and music industries combined.

Microsoft will go up against the U.S. Federal Trade Commission's attempt to block a deal that it contends will stifle competition and innovation.

Posted by FOX Business Team

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