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AP Business SummaryBrief at 11:38 p.m. EDT

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How much 'pain'? Fed to signal more rate hikes ahead

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell bluntly warned in a speech last month that the Fed’s drive to curb inflation by aggressively raising interest rates would “bring some pain.” On Wednesday, Americans may get a better sense of how much pain could be in store. The Fed is expected at its latest meeting to raise its key short-term rate by a substantial three-quarters of a point for the third consecutive time. Another hike that large would lift its benchmark rate — which affects many consumer and business loans — to a range of 3% to 3.25%, the highest level in 14 years.

How to get a student loan refund if you paid during pandemic

NEW YORK (AP) — When President Joe Biden announced a plan to forgive student loan debt, many borrowers who kept making payments during the pandemic wondered if they’d made the right choice. Borrowers who paid down their debt during a pandemic freeze that started in March 2020 can in fact get a refund — and then apply for forgiveness. But the process for doing that hasn’t always been clear. The Department of Education says borrowers who hold eligible federal student loans and have made voluntary payments since March 13, 2020, can get a refund.

Bill Clinton: 'The world's on fire,' but teamwork can help

NEW YORK (AP) — President Bill Clinton says he is amazed by the massive response to the return of the Clinton Global Initiative. That's the meeting of international leaders from politics, business and philanthropy set to gather in New York for the first time since 2016. Interest in the two-day meeting – which convenes a broad spectrum of luminaries, was so large that the Clinton Foundation had to turn more than 1,000 potential attendees away. Clinton says there's a “longing” for people to get together and make good things happen. The initiative has helped people in more than 180 countries since it was established in 2005.

Ukraine war thrusts German climate action into spotlight

UNITED NATIONS (AP) — Germany’s climate envoy says the country remains committed to phasing out coal as a source of power by 2030 even as it reactivates coal-fired power plants. The country says it has taken this step to get through the coming winter amid energy shortages as a result of Russia’s war in Ukraine. Ten months ago, in her role at Greenpeace, Jennifer Morgan chastised world leaders for being “weak” on phasing down coal rather than phasing it out altogether. More circumspect as a government official, she now says the dirty fuel is bitter medicine that her country is forced to take this winter.

US stocks rise ahead of expected interest rate hike by Fed

Stocks closed higher on Wall Street after swaying between small gains and losses much of the day as investors brace for another big interest rate increase this week from the Federal Reserve. The S&P 500 rose 0.7% on Monday. The Dow Jones Industrial Average and the Nasdaq also gained ground. Treasury yields moved higher. Markets were looking ahead to Wednesday, when the Federal Reserve will announce its latest decision on rates. It's expected to raise its benchmark rate, which influences interest rates throughout the economy, another three-quarters of a percentage point in its fight against inflation.

S. Korea requests Interpol's help in Terraform Labs probe

SEOUL, South Korea (AP) — South Korean prosecutors have asked Interpol to issue a fugitive alert for the founder of Terraform Labs as they investigate a $40 billion crash of the firm’s cryptocurrency that devastated retail investors around the world. The Seoul Southern District Prosecutors’ Office said it requested to Interpol on Monday to circulate a “red notice” for Do Kwon across the agency’s 195 member nations to locate and apprehend him. A South Korean court recently issued arrest warrants for Kwon and five other people connected to Terraform Labs as prosecutors investigated allegations of fraud and financial crimes related to the implosion of its digital currencies in May.

Beyond Meat exec accused of biting man's nose outside a game

FAYETTEVILLE, Ark. (AP) — Officials say a vegan food products company executive has been charged with felony battery and making a terroristic after a fracas outside a football game in which he's accused of biting a man's nose. Beyond Meat Chief Operations Officer Doug Ramsey is accused in the road rage attack outside Saturday's game in Fayetteville between the Arkansas Razorbacks and Missouri State Bears. A police report says the 53-year-old executive attacked a man who tried to pull in front of him in a parking garage traffic lane and made contact with a wheel on Ramsey's SUV. Beyond Meat has not responded to messages seeking comment.

Parts shortage forces Ford to cut its 3Q earnings forecast

DEARBORN, Mich. (AP) — A parts shortage that has thousands of Ford’s most-profitable vehicles sitting on lots waiting to be fully assembled has forced the automaker to slash its third-quarter earnings forecast. Ford said Monday it is expecting to be missing the necessary parts for as many as 45,000 vehicles. Most of them are SUVs and popular truck models, some of Ford’s biggest money makers. The company based in Dearborn, Michigan, now expects third quarter earnings before interest and taxes to be between $1.4 billion and $1.7 billion. It reported adjusted earnings before interest and taxes of $3.7 billion in the second quarter.

Volkswagen sets Porsche IPO at up to 9.4 billion euros

FRANKFURT, Germany (AP) — Volkswagen has set the price range for the multibillion-euro sale of a minority stake in luxury brand Porsche. The deal will reap billions to fund the German automaker's investments in new technologies and businesses including electric cars, software and services. The company said it aims for a listing on the Frankfurt stock exchange on Sept. 29 after it places a minority stake with investors, including the Qatar Investment Authority. The price range for preferred shares translates to 8.71 billion to 9.39 billion euros. Volkswagen has launched a major push into electric vehicles and says future profits will increasingly come from investments in electric cars, software and services as traditional internal combustion cars take a smaller share of the market.

JBS to pay $20 million in pork price-fixing settlement

OMAHA, Neb. (AP) — JBS has agreed to pay $20 million to settle a lawsuit with consumers that accused the giant meat producer of conspiring with other meat companies to inflate pork prices. Even though the Brazilian company didn't admit wrongdoing, the latest settlement will only reinforce the concerns that the White House, members of Congress and trade groups have raised about how the lack of competition in the industry affects prices. A federal judge in Minnesota approve this latest settlement last week, but the judge also ruled that nearly $7 million of the settlement will go to the plaintiffs' lawyers. It's not yet clear how much individual consumers might receive.

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President Joe Biden, a self-described “car guy,″ often promises to lead by example on climate change by moving swiftly to convert the sprawling U.S. government fleet to zero-emission electric vehicles. But efforts to eliminate gas-powered vehicles from the fleet have lagged. Biden last year directed the government to purchase only American-made zero-emission passenger cars by 2027. But the General Services Administration, which buys two-thirds of the federal fleet, says there are no guarantees. It cites big upfront costs and specialized agency needs, such as off-road vehicles for national parks that have limited EV options. About 13% of new light-duty vehicles purchased across the government this year — meaning about 3,550 — were zero emissions.

The new chief at the Food and Drug Administration's tobacco center has inherited a raft of problems. Brian King joined the division tasked with regulating cigarettes, vaping products and other forms of nicotine in July. The agency is struggling to review a backlog of electronic cigarettes, which have contributed to a rise in underage vaping. It is also working to implement a long-delayed plan to ban menthol cigarettes and flavored cigars. King wants to exploit the potential for e-cigarettes to serve as as a less harmful alternative to smoking while at the same time prevent teen use.

Russian state-owned energy giant Gazprom says it may halt gas deliveries to Moldova, Europe’s poorest country, if it fails to pay its latest bill by Oct. 20 as its contract stipulates. Gazprom said Tuesday it had repeatedly allowed Moldovan national gas supplier Moldovagaz this year to pay its monthly bills with delay, but may not continue that practice. Gazprom further said it reserved the right to annul completely its 5-year supply contract with the tiny country over its failure to settle old debts. The director of Moldovan natural gas supplier Moldovagaz said his company “will make every effort to fulfil its contractual obligation.” Moldovagaz has struggled this year to meet its payments to Gazprom after prices rose sharply.

Incidents of fraud and scams are occurring more often on the popular peer-to-peer payment service Zelle. That's according to a report issued Monday by the office of Sen. Elizabeth Warren, giving the public its first glimpse into the growing problems at Zelle. The report also found that the large banks that partly own Zelle have been reluctant to compensate customers who have been victims of fraud or scams. For instance, less than half of the money customers reported being sent via Zelle without authorization was being reimbursed. The company that operates Zelle has said previously that 99.9% of all transactions on the network happen without complaints of fraud or scams.

Twitter wants a Delaware court to order Elon Musk to buy the social media service for $44 billion, as he promised back in April. But suppose a judge makes that ruling and Musk balks? The Tesla billionaire's reputation for dismissing government pronouncements has some worried about how he’d react to an unfavorable ruling of the Delaware Court of Chancery, known for its handling of high-profile business disputes. But the likelihood of him losing badly — such as by an order of “specific performance” that forces him to complete the deal — has raised concerns about how the Delaware court would, or could, enforce its final ruling.

Hotels, restaurants and other businesses along Florida's southwest coast face a long rebuilding process after Hurricane Ian. Damage assessments began Thursday. Fort Myers took a direct hit, as did Sanibel, a barrier island dotted with tourist resorts. The damage appears to be lighter in the Orlando area, home to Walt Disney World and other theme parks. Disney says the park is closed while crews assess damage and clear debris. Some airports are already reopening, and two of the biggest, in Orlando and Tampa, plan to resume flights on Friday morning, according to federal officials.

The Michigan Supreme Court has agreed to decide whether major changes in car insurance law apply to people who were catastrophically injured before summer 2019. The case is being closely watched by insurers, health-care providers and long-term crash victims. For decades, people injured in crashes were entitled to payment for “all reasonable charges” related to care and rehabilitation. But the new law set a fee schedule and a cap on reimbursements not covered by Medicare. The Michigan appeals court recently said the law couldn't be applied retroactively. It was a victory for roughly 18,000 people who were getting long-term care when the new law kicked in.

California Gov. Gavin Newsom has called on state regulators to relax rules on oil refineries in an effort to lower soaring fuel prices. According to AAA, the average cost of a gallon of gas in California is $6.30. That's far above the national average of $3.80. Oil refineries have to produce a specific blend of gas in the summer months that is designed to lower pollutants. Newsom wants to allow them to switch to the cheaper winter blend earlier than normal. The oil industry says that's an acknowledgement that state regulations play a role in rising prices. Newsom also called for a new tax on oil company profits.

U.S. new vehicle sales fell slightly in the third quarter, even with improvement in September. But there are warning signs consumers’ appetite for expensive new cars, trucks and SUVs may be waning. Edmunds.com says sales fell 0.9% from July through September. Multiple companies reported sales declines for the quarter on Monday, with General Motors a notable exception. However, many said sales rose in September as shortages of computer chips and other parts started to ease and auto factories were able to produce more. That increased vehicle supplies. But any monthly gain may be short lived due to high prices and rising interest rates.

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