Mass. commits to large increase in electric buses and trucks

Vermont Energy Investment Corp.


Mass. commits to large increase in electric buses and trucks

Massachusetts joined 14 other states and Washington, D.C., on Tuesday in committing to a huge increase in the number of electric buses and trucks on the roads in the coming decades. The states, which include most of New England, New York, Hawaii, California, Washington, Oregon, and others, set a goal for electric or zero-emission vehicles to account for 100 percent of heavy- and medium-duty vehicle sales in their boundaries by 2050, and 30 percent by 2030. They promised to develop a task force to identify the obstacles to achieve the goal and develop plans to address them, though the signed agreement also states that its objectives are not legally binding. The move comes as many of the East Coast states, including Massachusetts, work on a separate plan to develop a regional cap-and-trade system for fuel emissions, which officials have said could partially help fund electric vehicle adoption. The Baker administration in June also opened its electric vehicle rebate program, previously designated for consumers, to commercial fleets. — ADAM VACCARO


Burger King changes its cows’ diet

Burger King is staging an intervention with its cows. The chain has rebalanced the diet of some of the cows by adding lemon grass in a bid to limit bovine contributions to climate change. By tweaking their diet, Burger King said Tuesday that it believes it can reduce a cow’s daily methane emissions by about 33 percent. Cows emit methane as a by-product of their digestion, and that has become a potential public relations hurdle for major burger chains. — ASSOCIATED PRESS



Consumer prices edged up in June

US consumer prices increased 0.6 percent in June, after three months of declines, with a big jump in gasoline prices accounting for over half of the gain. The Labor Department reported Tuesday that the increase in its consumer price index followed declines of 0.4 percent in March, 0.8 percent in April and 0.1 percent in May as the hit to demand caused by the widespread shutdowns of the economy kept a lid on prices. The June report showed that energy prices jumped 5.1 percent with gasoline costs surging 12.3 percent. However, even with that gain gasoline pump prices are 23.4 percent below where they were a year ago. — ASSOCIATED PRESS



Walgreens says looting during protests caused at least $75m in damage

Damage related to looting cost Walgreens at least $75 million, offering a look at the cost of US unrest for one of the nation’s largest retailers. Walgreens said the estimate includes store damage and lost inventory through May, when the company’s fiscal third quarter ended, according to a filing with the Securities and Exchange Commission. Store closures during protests also hurt sales, the company said. Demonstrations, most of which were peaceful, surged across the United States in May following the killing of George Floyd by police in Minneapolis. Some were accompanied by looting. — BLOOMBERG NEWS


Wells Fargo posts first quarterly loss since 2008

Wells Fargo lost $2.4 billion in the second quarter, the first quarterly loss for the bank since the real estate crash of 2008. Wells said it set aside an additional $8.4 billion for loan loss provisions — the money set aside to cover potentially bad loans — more than double last quarter’s $3.83 billion as the effects of the coronavirus pandemic ravaged almost every aspect of its business. With the coronavirus pandemic now in its fifth month in the United States, Wells said the number of its loans that were 90 days or more past due jumped more than 34 percent from the same quarter last year.



Swatch to cut 2,400 jobs and close stores

Swatch Group cut a record 2,400 jobs and trimmed its store network as the Swiss watchmaker became unprofitable for the first time. The maker of Omega and Longines timepieces said Tuesday it accelerated plans to shut stores permanently in Hong Kong as well as shops that sell its colorful namesake brand and Calvin Klein timepieces. Sales in the six months through June plummeted 43 percent. — BLOOMBERG NEWS


Widow of former Korean Air chairman sentenced for abusing employees

The widow of the former Korean Air chairman received a suspended prison sentence Tuesday for assault and other abuses of her chauffeur, security guard, and other employees in a case that extended a bizarre legal saga surrounding the company’s founding family. Lee was accused of physically andverbally abusing her employees between 2011 and 2018, including reportedly kicking her chauffeur for failing to load luggage into a car and throwing pruning shears toward a security guard at her home. She is the widow of former Korean Air chairman Cho Yang-ho, who died last year. Their son, Walter Cho, has been leading Korean Air since then. Their daughter, Cho Hyun-ah, was a company executive who gained notoriety in 2014 after she ordered a Korean Air passenger plane to return to a terminal at John F. Kennedy International Airport in New York because she was angry that the crew served her macadamia nuts in a bag instead of on a plate. — ASSOCIATED PRESS


JPMorgan Chase earmarks billions to cover loan losses

The coronavirus pandemic is weighing heavily on the financial health of JPMorgan Chase, as the nation’s largest financial company set aside billions in the second quarter to cover potential losses from all the businesses and consumers who are unable to pay their debts due to the slumping economy. Last quarter, when the coronavirus pandemic had only just begun, JPMorgan set aside nearly $8.3 billion to cover loan losses. The bank added additional $10.5 billion to those reserves this quarter.



Carnival to borrow another $1 billion as ships remain docked

Cruise ship operator Carnival Corp. is back in the debt markets this week, adding around $1 billion to the nearly $7 billion it’s borrowed since the coronavirus pandemic devastated the international tourism trade. The world’s largest cruise group is selling bonds to international investors, according to people familiar with the matter who asked not to be identified because the information isn’t public yet. The once mighty international tourism industry is among the worst hit of the COVID-19 pandemic. Cruise operators such as Carnival have been left with the huge overheads that come with operating fleets of ships when revenues have collapsed. The firm said last week that it expects to burn through $650 million of cash every month through to the end of the year. — BLOOMBERG NEWS


China to punish Lockheed Martin for Taiwan missile deal

China will impose unspecified sanctions on defense contractor Lockheed Martin Corp. after the United States approved a possible $620 million deal to supply missile parts to Taiwan, the latest in a series of punitive actions by the superpowers as relations grow colder. The move comes as tensions grow between the United States and China on a number of fronts, from the trade war and territorial claims in the South China Sea to the coronavirus pandemic and new security law Beijing imposed on Hong Kong. Zhao called on the United States to cut military ties with Taiwan — which China considers part of its territory — to avoid “further harm to bilateral relations.” — BLOOMBERG NEWS