Toyota Chairman Akio Toyoda tests high-performance full-electric sports car
The only thing missing from the electric prototype is “the smell of gasoline,” Toyoda said.
Fed Chair Powell sees progress on inflation, though not quickly enough
By CHRISTOPHER RUGABER (AP Economics Writer)
WASHINGTON (AP) — Inflation may be cooling — just not yet fast enough for the Federal Reserve.
Chair Jerome Powell offered a nuanced view Wednesday of how the Fed intends to address its core challenge at a time when inflation is both way below its peak but still well above the central bank’s 2% target: Give it more time, and maybe some help from additional interest rate hikes.
Yet on a hopeful note, Powell also suggested that the trends that are needed to further slow inflation, from lower apartment rents to slower-growing wages, are starting to click into place.
As a result, the Fed decided Wednesday to forgo another increase in its benchmark interest rate, leaving it at about 5.1%. The pause followed 10 straight hikes in 15 months — the fastest series of increases in four decades.
By leaving rates alone, at least for now, Powell and other top Fed officials hope to use the extra time to more fully assess how higher borrowing rates have affected inflation and the economy. They also want to see whether the collapse of three large banks this spring will weigh on lending and growth.
Bud Light, top US seller since 2001, loses sales crown to Modelo as beer backlash continues
By DEE-ANN DURBIN (AP Business Writer)
After more than two decades as America’s best-selling beer, Bud Light has slipped into second place.
Modelo Especial, a Mexican lager, overtook Bud Light in U.S. retail dollar sales in the month ending June 3, according to Nielsen data analyzed by Bump Williams Consulting. Modelo controlled 8.4% of U.S. grocery, convenience and liquor store sales; Bud Light fell to 7.3%.
It’s a milestone in Bud Light’s months-long sales decline since early April, when critics who were angered by the brewer sending a commemorative can to transgender influencer Dylan Mulvaney vowed to boycott the brand. Bud Light has also faced backlash from Mulvaney’s fans, who think the brand didn’t do enough to support her.
Dave William, Bump Williams’ vice president of analytics and insights, said Bud Light has been the top-selling U.S. beer since 2001, and it could still retain that crown this year. He noted that Bud Light’s year-to-date market share of 9% is still outpacing Modelo’s, at 8%. And Bud Light’s sales volumes are higher.
TrueCar replaces CEO, lays off nearly a quarter of work force
The company said it is restructuring in a bid to align expenses with revenue.
FedEx Express Canada launches first all-electric commercial vehicles with BrightDrop
Fedex Express Canada deployed 50 all-electric vehicles with BrightDrop, hoping to reduce carbon emissions in last-mile delivery.