US consumer spending rose in July, but risks to economic expansion are mounting

Top fund manager Vanguard Group will ask companies about the gender, age and race of their directors, adding pressure on U.S. companies to …
ECONOMY

U.S. consumer spending rose in July

U.S. consumer spending increased solidly in July as households bought a range of goods and services, which could further allay financial market fears of a recession, but the strong pace of consumption is unlikely to be sustained amid tepid income gains.

The report from the Commerce Department on Friday added to July trade and inventory data in suggesting that while the economy was slowing, it was not losing altitude rapidly for now. But risks to the longest economic expansion in history are mounting, mostly from a year-long trade war between the United States and China.

The trade fight between the two economic giants has spooked financial markets and caused an inversion of the U.S. yield curve, which has stoked fears that the economic expansion, in its 11th year, is in danger of being derailed.

Consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.6 percent last month after an unrevised 0.3 percent gain in June, the government said.

But with Washington due to slap additional tariffs on Chinese goods Sept. 1 and in December, there are concerns that consumer spending could take a hit.

A survey from the University of Michigan on Friday showed its consumer sentiment index in August dropping by the most since December 2012.

— Reuters

CORPORATIONS

Vanguard to press firms on diversity

Top fund manager Vanguard Group will ask companies about the gender, age and race of their directors, adding pressure on U.S. companies to diversify their leadership.

Vanguard gave the guidance in its annual stewardship report released Friday morning. With about $5 trillion under management and known for products such as the Vanguard 500 index fund, the firm wields much influence over executives and directors at major U.S. companies.

In addition, Vanguard asked boards to spell out their views on diversity, to broaden their search for minority candidates, and “to prioritize adding diverse voices to their boards.”

Pressure has grown on U.S. companies to bring more women into senior leadership roles in recent years. It has been hastened by the #MeToo movement, a response to accusations of sexual assault and harassment in Hollywood and elsewhere.

Investors have not been as focused about adding minorities, however, and their gains have lagged.

Vanguard stopped short of seeking director-by-director details from companies, saying in its report it wanted descriptions “at least on an aggregate basis,” which a spokeswoman called sufficient. Other companies have gone further and detailed the specific race and gender of directors in their proxy statements.

— Reuters

Also in Business

Ford is recalling more than 550,000 trucks and SUVs in North America because seat backs may not properly restrain people in a crash. The recall covers certain 2018 through 2020 F-150 pickups, 2019 and 2020 Super Duty trucks, 2018 and 2019 Explorer SUVs, and 2019 and 2020 Expedition SUVs. All have manual driver or front passenger seat-back recliner mechanisms. Also included are some 2020 Explorer and Lincoln Aviator SUVs with rear seats with manual seat-back mechanisms.

Volkswagen must forfeit greenhouse gas emissions credits and is lowering the fuel economy ratings on 98,000 vehicles after the Environmental Protection Agency said vehicle software overstated real-world performance. Volkswagen said Friday it had agreed to a court settlement worth $96.5 million to reimburse eligible customers for the fuel economy restatement.

The U.S. Chamber of Commerce called on the Trump administration and California officials to find a middle ground on automobile efficiency standards that federal agencies plan to slash, warning of “potentially dire consequences” without a workable compromise that continues to improve fuel economy. The Chamber’s call is the latest sign of corporate opposition to the Trump administration’s proposal to cap vehicle fuel-efficiency and greenhouse gas standards after 2020 and revoke California’s authority to set their rules, a plan under final review.

— From news services

Related Posts:

  • No Related Posts

UK drivers cover an estimated 216m miles a year without an MOT

A study of more than 2,000 drivers by company car insurance firm Direct Line for Business found that almost a fifth had “accidentally” driven their car …

British motorists drive an estimated 216 million miles a year in vehicles that do not have a valid MOT, according to new research.

More on the MOT test:

A study of more than 2,000 drivers by company car insurance firm Direct Line for Business found that almost a fifth had “accidentally” driven their car for at least a week after the MOT certificate had expired in the past five years. Even more worryingly, eight percent confessed to having driven without a valid MOT certificate for more than six months.

Rusted car a definite MOT fail in the UK

Of those who accidentally drove without a valid MOT for a week, almost half (45 percent) said they only drove once, but eight percent admitted to driving five or more times. Assuming the average motorist drives 21.6 miles every day, Direct Line says this means Brits could have covered as many as 216 million miles each year without a valid MOT certificate.

MOT certificates are a legal requirement for all cars used on the public road, unless they are electric goods vehicles registered before March 1, 2015, tractors or some classic cars first registered more than 40 years ago. Driving a vehicle that needs an MOT but does not have one is punishable by a fine of up to £1,000.

Mechanic inspecting car with torch

The MOT test involves checking over key vehicle components and ensuring the car is safe to be used on the road. Any faults will fall into one of four categories, ranging from ‘dangerous’ to ‘advisory’, via ‘major’ and ‘minor’. Vehicles with dangerous or major faults will fail, while minor and advisory faults will be noted down and should be monitored and fixed if necessary.

According to Direct Line for Business’ study, men are more likely than women to have driven without a valid MOT, with 20 percent of men claiming to have forgotten the test compared with 15 percent of women. Meanwhile those aged 18-34 are much more likely to forget than 35-54-year olds or 55-year olds, of whom just nine percent admitted to having driven without an MOT.

Halfords Autocentre MOT Service and Tyres centre in Basingstoke UK

Regionally, a third (32 percent) of Londoners admitted to driving without a valid MOT for a week, while 25 percent of drivers in the North East confessed to the same offence. Rounding out the top four were the North West (20 percent) and Yorkshire (19 percent).

Matt Boatwright, head of Direct Line for Business, said: “Keeping a vehicle roadworthy is a legal requirement and essential from a safety perspective for both the person driving and others on the road. We understand that having to turn down work because your van is in the garage can be frustrating, however not having a valid MOT could result in a hefty fine and in some cases lead to you losing your licence.”

Related Posts:

  • No Related Posts

MSTS Becomes First FinTech Company to be Approved as European Electronic Toll Service …

MSTS is a financial technology company, working globally with B2B companies across transportation, manufacturing, retail and eCommerce. MSTS’ …

MSTS Tolls will provide EETS-compliant hardware and software solutions for transportation companies across Europe

RIJSWIJK, the Netherlands, Feb. 12, 2019 /PRNewswire/ — MSTS, a global B2B payment and credit solutions provider, today announced that its MSTS Tolls division has been registered as a European Electronic Toll Service (EETS) provider.

As the first FinTech company, and seventh overall provider, to be approved with EETS since its inception in 2012, MSTS will provide customizable hardware and software solutions to support transportation companies across Europe and issue a proprietary EETS toll box.

MSTS Tolls, with more than 30 years of tolling experience, manages toll cards, guarantees payments and contracts with more than 20 European toll operators, allowing fleets to focus on their business – transportation. Using MSTS EETS-compliant toll boxes with backend payment processing, fleet managers can easily manage payments through a user-friendly, proprietary customer portal with mobile functionality. MSTS will also offer its solution as a white-labeled solution to partners.

“We’re bringing a technology-first, customer-centric and innovative approach to transport companies and our partners with our EETS solution,” said Inez Berkhof, VP EMEA, MSTS.

Said Brandon Spear, MSTS president: “A fully implemented EETS will change the entire landscape of how road user charging is managed across Europe. The European Commission has recognized the need for technological innovation in a space largely occupied by government subsidies only providing a local toll payment solution. We innately understand the intricate, complex needs of fleet operations through our 30-plus year history in the transportation industry, and we use technology to solve for pain points related to toll payments.”

EETS is currently in effect in several toll domains: Austria, Belgium, France, Italy, Portugal, Poland A4, Hungary and Spain. In the future, it will span the whole of Europe. MSTS’ 30 years of expertise in toll payments, and its focus on technology, have contributed to the creation of an industry leading solution and state-of-the-art OBU for all EETS-compliant toll domains.

To learn more about transportation industry and tollway solutions from MSTS, visit https://www.multiservicetolls.com/.

About MSTS:

MSTS is a financial technology company, working globally with B2B companies across transportation, manufacturing, retail and eCommerce. MSTS’ Credit as a Service solution accelerates business commerce by streamlining payments and A/R processes. On behalf of its clients, MSTS processes $5 billion in transactions per year and collects $370 million each month. MSTS, a wholly-owned subsidiary of World Fuel Services Corporation, has 40 years of experience underwriting businesses for credit and facilitates transactions for its customers in over 190 countries and territories.

Related Links

http://www.msts.com

SOURCE MSTS

Related Posts:

  • No Related Posts

Automatically Driving Vehicles Market Size by 2023 Demand-Supply Scenario, Economic Factors …

Alphabet-Waymo, Google, FCA, NXP Semiconductors, General Motors, Uber, Apple, Baidu, Ford, Intel, Argo.ai, CB Insights, Volk swagen, Toyota, …

Automatically Driving Vehicles

Automatically Driving Vehicles Market provide comprehensive analysis of Automatically Driving Vehicles industry and its sub-segments in the global market, thereby providing a detailed structure of the industry. Also, provides factors driving and restraining the growth, understand the demand-supply scenario and provide gap analysis of the industry, upcoming technologies and trends, competitiveness/competitive landscape.

Ask Sample PDF of report at http://www.industryresearch.co/enquiry/request-sample/11396160

Automatically Driving Vehicles Market Top Vendors: –

Alphabet-Waymo, Google, FCA, NXP Semiconductors, General Motors, Uber, Apple, Baidu, Ford, Intel, Argo.ai, CB Insights, Volk swagen, Toyota, Benz, Tesla, Audi,

Geographical Regions: – APAC, Europe, North America, ROW

Automatically Driving Vehicles Market by Types: –

Fuel Vehicle

New Energy Vehicle

Automatically Driving Vehicles Market by Applications: –

Passenger Vehicles

Commercial Vehicles

Browse for more Details at http://www.industryresearch.co/11396160

Study objectives: –

  • To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the global Automatically Driving Vehicles market
  • To provide insights about factors influencing and affecting the market growth
  • To provide historical and forecast revenue of the market segments and sub-segments with respect to countries
  • To provide historical and forecast revenue of the market segments based on product, type, end user, and regions for the global Automatically Driving Vehicles market.
  • To provide strategic profiling of key players in the market, and comprehensively analysing their market share, core competencies, and drawing a competitive landscape for the market
  • To provide economic factors that influences the global Automatically Driving Vehicles market
  • To provide detailed analysis of the value chain and supply chain of the global Automatically Driving Vehicles market

Price of Report: $ 2480 (Single User Licence)

Purchase Report at https://www.industryresearch.co/purchase/11396160

Post Views: 4

Related Posts:

  • No Related Posts

AAA recommends car care before Thanksgiving travel

AAA has also partnered with Lyft to offer free rides to customers at select AAA Car Care Centers. A membership isn’t required for the free maintenance …

MIAMI VALLEYAAA suggests motorist get their cars checked out and tuned up before Thanksgiving holiday travel to avoid finding themselves stranded, according to a release.

“AAA recommends motorists use a simple checklist to determine their vehicle’s fall and winter maintenance needs,” said AAA Tire & Auto Manager Jon Bucher. “Many of the items on the list can be inspected by a car owner in less than an hour, but others should be performed by a certified technician.”

>> RELATED: AAA winter weather driving tips

Content Continues Below

To help drivers prepare for winter, AAA is offering a free bumper-to-bumper vehicle maintenance inspection at all Miami Valley area AAA Car Care Center, read the release. AAA has also partnered with Lyft to offer free rides to customers at select AAA Car Care Centers.

A membership isn’t required for the free maintenance inspection or Lyft ride.

For more information about the Thanksgiving travel forecast, visit the AAA News Rooms website.