Global Glance: Gannett gives up on tronc; how the election’s affecting consumers

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Here are today’s top business headlines from across the nation and world:

Newspaper deal falls apart as Gannett gives up on tronc

NEW YORK (AP) — USA Today publisher Gannett walked away Tuesday from its attempted takeover of Tronc, the owner of the Los Angeles Times, Chicago Tribune and other major dailies. Gannett’s target was elusive from the beginning, with a publicly contentious back-and-forth between the two companies. Tronc, formerly known as Tribune Publishing, had rejected at least two bids from Gannett since April, saying it preferred to go it alone and focus on tech-driven initiatives involving artificial intelligence and global expansion in entertainment news and video. Read more

The election impact: How consumers are reacting

NEW YORK (AP) — Americans have been anxious about the contentious presidential election, and when they get fretful, they tend to stop shopping. While government reports show overall spending has held up, some analysts say they’re seeing signs that shoppers are being cautious. A dip is normal before an election, but the question this year is whether the uncertainty could drag on after election day and cut into holiday buying. Retailers are hoping an improving job market and wage gains will get Americans in the mood to spend. Read more

After explosion, company aims to restart gas pipeline

HELENA, Ala. (AP) — Executives at a pipeline company say their goal is to restart the line as early as this weekend after an explosion and fire shut down gasoline shipments to millions across the South. The deadly explosion sparked a geyser of fire Monday and closed off the vital pipeline, raising fears of another round of gas shortages and price increases. It’s Colonial Pipeline’s second accident and shutdown in two months. Read more

October sales fall as US auto boom slows

DETROIT (AP) — It’s a chilly autumn for U.S. auto sales. Sales of new cars and trucks fell an estimated 4 percent in October as consumer demand waned, according to Autodata Corp. Hyundai and Subaru both reported 4-percent sales increases from last October. But General Motors’ sales fell 2 percent, Toyota’s sales were down 9 percent and Fiat Chrysler’s sales dropped 10 percent. Honda’s sales fell 4 percent and Nissan’s were down 2 percent. Volkswagen’s sales fell 18.5 percent. Read more

US factory activity picks up in October

WASHINGTON (AP) — U.S. manufacturing grew last month at the fastest pace since July, a sign that American factories are coping with economic weakness overseas and a strong dollar. The Institute for Supply Management said Tuesday that its manufacturing index came in at 51.9, up from 51.5 in September. Anything above 50 signals growth. Ten of 18 manufacturing industries reported growth last month. Read more

Tesla says SolarCity could provide $1B in revenue next year

DETROIT (AP) — Tesla is making its case to shareholders that a combination with solar panel maker SolarCity Corp. would be financially as well as environmentally beneficial. In documents released Tuesday, Tesla said SolarCity – the largest home solar panel installer in the U.S. – could add $1 billion in revenue to the combined company next year. That would be more than double the $400 million revenue SolarCity reported in 2015. Read more


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