Stellantis troubles pile up amid criticism from dealers, UAW, shareholders
Sales and earnings are down as the company wages a global cost-cutting crusade that has included layoffs, buyouts and engineering hires in low-cost countries.
People on the move
Boards of directors
Kevin Yurasek, executive director of strategic communications for Lake Sumter State College, was appointed president of the Lake County chapter of the Florida Public Relations Association.
Sarah Lux, lead public information officer for Lake County Board of County Commissioners, was appointed president elect of the Lake County chapter of the Florida Public Relations Association.
Darryl E. Owens, associate vice president for communications and engagement at Beacon College, was appointed immediate past president of the Lake County chapter of the Florida Public Relations Association.
Kelsey Marquez, marketing officer for United Southern Bank, was appointed secretary/communications of the Lake County chapter of the Florida Public Relations Association.
Elisha Pappacoda, communications director for the Town of Lady Lake, was appointed membership director of the Lake County chapter of the Florida Public Relations Association.
Mandy Wettstein, owner of Amanda Wettstein PR and Government Relations, was appointed credentialing director of the Lake County chapter of the Florida Public Relations Association.
US inflation reaches lowest point in 3 years, though some price pressures remain
By CHRISTOPHER RUGABER AP Economics Writer
WASHINGTON (AP) — Inflation in the United States dropped last month to its lowest point since it first began surging more than three years ago, adding to a spate of encouraging economic news in the closing weeks of the presidential race.
Consumer prices rose just 2.4% in September from a year earlier, down from 2.5% in August, and the smallest annual rise since February 2021. Measured from month to month, prices increased 0.2% from August to September, the Labor Department reported Thursday, the same as in the previous month.
But excluding volatile food and energy costs, “core” prices, a gauge of underlying inflation, remained elevated in September, driven up by rising costs for medical care, clothing, auto insurance and airline fares. Core prices in September were up 3.3% from a year earlier and 0.3% from August. Economists closely watch core prices, which typically provide a better hint of future inflation.
Alan Detmeister, an economist at UBS Investment Bank, suggested that some items that contributed to higher core inflation last month, notably used cars, may rise again in the coming months, keeping prices a bit elevated. But other items that rose in price in September, like clothing and air fares, are more volatile and should cool soon.
Milton poses ‘threat’ to Florida insurance market, rating agency says
TALLAHASSEE — Hurricane Milton “poses a significant threat to the Florida property insurance market,” particularly for insurers that focus their business on the state, the financial-rating agency AM Best said in an analysis released Wednesday.
Milton, which slammed into heavily populated areas of the Gulf Coast on Wednesday, comes two weeks after Hurricane Helene caused extensive damage in Florida and other states. But much of the damage from Helene in Florida involved flooding — not something covered by typical property-insurance policies — while Milton was expected to cause costly wind and flood damage.
That will have implications for reinsurance, which is essentially backup insurance for insurers, and for insurance-company surplus amounts, which is money that provides a sort of financial cushion.
“The damage from Hurricane Milton is expected to be much worse than Helene’s and will be predominantly in Florida,” the analysis said. “Diversified, large insurers and reinsurers will … likely be able to absorb losses from Hurricane Milton as an earnings event.
U.S. appeals court judges challenge NADA, FTC in oral arguments for CARS Rule case
U.S. appeals court judges during oral arguments Oct. 9 delved into the National Automobile Dealers Association challenge and Federal Trade Commission’s defense of the CARS Rule regulations looming over dealerships.