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GM to take a $1.6 billion hit as tax incentives for EVs are slashed and emission rules ease

General Motors will record a negative impact of $1.6 billion in its next quarter after tax incentives for electric vehicles were slashed by the U.S. and rules governing emissions are relaxed. Shares fell less than 2% before the opening bell Tuesday. The EV tax credit ended last month. The clean vehicle tax credit was worth $7,500 for new EVs and up to $4,000 for used ones. Meanwhile, the Environmental Protection Agency has been working on easing rules aimed at cleaning up auto tailpipe emissions as the Trump administration move to undo incentives for automakers to go electric. ...

Slowdown in US hiring suggests economy still needs rate cuts, Fed’s Powell says

WASHINGTON (AP) — A sharp slowdown in hiring poses a growing risk to the U.S. economy, Federal Reserve Chair Jerome Powell said Tuesday, a sign that the Fed will likely cut its key interest rate twice more this year. Powell said in a speech in Philadelphia that despite the federal government shutdown cutting off official economic data, “the outlook for employment and inflation does not appear to have changed much since our September meeting,” when the Fed reduced its key rate for the first time this year. Fed officials at that meeting also forecast that the central bank would ...

Wall Street veers upward after Trump softens his criticism of China

NEW YORK (AP) — And back up goes Wall Street. U.S. stocks rallied Monday after President Donald Trump said “it will all be fine,” just days after he sent the market reeling by threatening much higher tariffs on China. The S&P 500 jumped 1.6% in its best day since May and recovered just over half its drop from Friday. The Dow Jones Industrial Average climbed 587 points, or 1.3%, and the Nasdaq composite leaped 2.2%. “Don’t worry about China,” Trump said on his social media platform Sunday. He also said that China’s leader, Xi Jinping, “doesn’t want Depression for his ...

Rock around the rink

CORTLAND — Brian Bathory never imagined he’d be getting back on roller skates after a few close calls as a kid. The Masury man said he attended a birthday party at a skating rink when his three kids were younger and decided to give it another try. He recently visited Cortland Roller Rink with son, Aiden, 14, and said the exercise and social interaction drew him back in. “I skated as a kid a couple of times, and I fell a couple of times, and I was like, ‘I’m not doing this,’” he said, explaining he had a change of heart because “Of all the things it’s good for, ...

Report: Solar, wind power grows faster than electricity demand

Worldwide solar and wind power generation has outpaced electricity demand this year, and for the first time on record, renewable energies combined generated more power than coal, according to a new analysis. Global solar generation grew by a record 31% in the first half of the year, while wind generation grew by 7.7%, according to the report by the energy think tank Ember, which was released after midnight Tuesday London time. Solar and wind generation combined grew by more than 400 terawatt hours, which was more than overall global demand increased in the same period, it found. The ...

Business briefs

FARMERS ANNOUNCEMENT: Farmers National Bank has appointed Rochelle Baer to the role of director of private banking. This is a newly created position within the organization and is a result of the continued growth and success of the Private Banking division of Farmers, the company said in a news release. Baer brings 30 years of experience in retail and commercial banking and has been with Farmers for 17 years. Not only was Baer a founding member of the Farmers Private Bank team, she has also received numerous sales accolades during her tenure at Farmers. “Since its inception, our ...