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1 Central Florida restaurant shut down during week of Hurricane Milton

1 Central Florida restaurant shut down during week of Hurricane Milton

Only one restaurant in Central Florida shut down following health inspections the week of Oct. 6-12, according to data from the Florida Department of Business and Professional Regulation.

Orange

Sichuan Alley at 5034 W. Colonial Dr. in Orlando shut down on Oct. 7. Inspectors found 11 violations and only one was a high priority for rodent activity. A second inspection took place on Oct. 8. Inspectors found 10 violations but none were a high priority. The restaurant requires a follow-up inspection but poses no immediate threat to the public.

Complaints and warnings

Orange County had the top spot for most warnings and other complaints in Central Florida with 13.

Volusia had nine, Seminole had five, Brevard had two and Lake and Osceola had none.

Wealthier Americans are driving retail spending and powering US economy

Wealthier Americans are driving retail spending and powering US economy

By CHRISTOPHER RUGABER

WASHINGTON (AP) — It’s a trend that has surprised many: Why, despite being squeezed by high prices, have Americans kept spending at retail stores and restaurants at a robust pace?

One key reason is a relatively simple one: Wealthier consumers, boosted by strong gains in income, home equity and stock market wealth, have increasingly driven the spending.

That trend, documented by Federal Reserve research, represents something of a shift from the pre-pandemic period. And it suggests that consumer spending, the primary driver of the U.S. economy, could help sustain healthy growth this year and next.

Lower-income consumers, by contrast, have been disproportionately squeezed by higher-priced rent, groceries and other necessities, leaving them less able to spend on discretionary items, like electronics, entertainment and restaurant meals, than they were before the pandemic. Though their spending is starting to rebound as inflation-adjusted incomes rise, it could be years before their finances fully recover. read more

CATL reports big miss in quarterly income as EV demand cools

CATL reports big miss in quarterly income as EV demand cools

Contemporary Amperex Technology Co. Ltd. reported quarterly net income well short of analyst estimates as the global slowdown in electric vehicle sales starts to bite.

While net income for the third quarter ended Sept. 30 rose 26 percent to 13.1 billion yuan ($1.8 billion) versus the same period last year, that was a lot lower than the 14.7 billion yuan expected. Revenue shrank 12.5 percent to 92.3 billion yuan year-on-year, sharply down on projections for 118.4 billion yuan.

The world’s largest maker of EV batteries is being hit as automakers from General Motors to Ford begin to scale back EV production plans and delay model launches. Countries like Japan and Germany, home to some of the largest automotive incumbents, have seen not just a slowdown in the growth rate, but an outright decline in EV sales.

CATL supplies many big name carmakers, including Tesla Inc.

Although the Chinese giant dwarfs competitors, it isn’t alone in feeling the pain. The world’s third largest battery maker, South Korea’s LG Energy Solution Ltd., is likely to suffer its third consecutive quarterly profit decline, its most recent preliminary earnings show. read more