Top 5 stories of the week: Asbury looks to sell dealerships; UAW threatens Stellantis stamping plant
A quick look at the top automotive stories of the week as determined by reader interest.
Google, Justice Department make final arguments about whether search engine is a monopoly
By MATTHEW BARAKAT (AP Business Writer)
WASHINGTON (AP) — Google’s preeminence as an internet search engine is an illegal monopoly propped up by more than $20 billion spent each year by the tech giant to lock out competition, Justice Department lawyers argued at the closings of a high-stakes antitrust lawsuit.
Google, on the other hand, maintains that its ubiquity flows from its excellence, and its ability to deliver results customers are looking for.
The U.S. government, a coalition of states and Google all made their closing arguments Friday in the 10-week lawsuit to U.S. District Judge Amit Mehta, who must now decide whether Google broke the law in maintaining a monopoly status as a search engine.
Much of the case, the biggest antitrust trial in more than two decades, has revolved around how much Google derives its strength from contracts it has in place with companies like Apple to make Google the default search engine preloaded on cellphones and computers.
At trial, evidence showed that Google spends more than $20 billion a year on such contracts. Justice Department lawyers have said the huge sum is indicative of how important it is for Google to make itself the default search engine and block competitors from getting a foothold.
DeSantis signs bill making it harder for banks to drop customers
TALLAHASSEE — Gov. Ron DeSantis signed a law Thursday making it harder for banks to drop customers and creating a state liaison to field Floridians’ complaints with the Internal Revenue Service.
HB 989 is designed to protect conservative groups, gun sellers and private prisons from being dropped by financial institutions, DeSantis said during a news conference in Jacksonville.
“If you own a firearm store — federal firearm license, following the laws and everything — if they just cut you off because they don’t like that business, you have recourse here in this new piece of legislation,” DeSantis said.
He cited examples of PayPal freezing the assets of conservative Florida-based advocacy group Moms for Liberty in 2022 and Bank of America and J.P. Morgan dropping Boca Raton-based private prison operator GEO Group following pressure from activists.
One of Moms for Liberty’s co-founders said PayPal was confused about the group’s IRS status and its account was unfrozen.
But individuals and small businesses of all kinds have increasingly found their accounts closed by banks.
Jeep Gladiator 4xe plug-in hybrid coming in 2025
Jeep, which has dominated the plug-in hybrid market, is adding a third nameplate to its 4xe line in 2025.
US employers scaled back hiring in April. How that could let the Fed cut interest rates
By PAUL WISEMAN and ANNE D’INNOCENZIO (AP Business Writers)
WASHINGTON (AP) — The nation’s employers pulled back on their hiring in April but still added a decent 175,000 jobs in a sign that persistently high interest rates may be starting to slow the robust U.S. job market.
Friday’s government report showed that last month’s hiring gain was down sharply from the blockbuster increase of 315,000 in March. And it was well below the 233,000 gain that economists had predicted for April.
Yet the moderation in the pace of hiring, along with a slowdown last month in wage growth, will likely be welcomed by the Federal Reserve, which has kept interest rates at a two-decade high to fight persistently elevated inflation. Hourly wages rose a less-than-expected 0.2% from March and 3.9% from a year earlier, the smallest annual gain since June 2021.
The Fed has been delaying any consideration of interest rate cuts until it gains more confidence that inflation is steadily slowing toward its 2% target. Rate cuts by the central bank would, over time, reduce the cost of mortgages, auto loans and other consumer and business borrowing.