Americans' inflation-adjusted incomes rebounded to pre-pandemic levels last year
WASHINGTON (AP) -- The inflation-adjusted median income of U.S. households rebounded last year to roughly its 2019 level, overcoming the biggest price spike in four decades to restore most Americans' purchasing power. The proportion of Americans living in poverty also fell slightly last year, to 11.1%, from 11.5% in 2022. And the ratio of women's median earnings to men's widened for the first time in more than two decades as men's income rose more than women's in 2023. The latest data came Tuesday in an annual report from the Census Bureau, which said the median household income, adjusted for inflation, rose 4% to $80,610 in 2023, up from $77,450 in 2022.
EU's top court dismisses Apple's final appeal against order to pay Ireland 13B euros in back taxes
BRUSSELS (AP) -- The European Union's top court has rejected Apple's final legal challenge against an order from the bloc's executive commission to repay 13 billion euros ($14.34 billion) in back taxes to Ireland, bringing an end to the long-running dispute. The European Court of Justice overruled a lower court's earlier decision in the case and stated that "Ireland granted Apple unlawful aid, which Ireland is required to recover." The case drew outrage from Apple when it was opened in 2016. The European Commission, the bloc's executive branch, had accused Apple of striking an illegal tax deal with Irish authorities so that it could pay extremely low rates. In 2020, the European Union's General Court disagreed with that.
Google and Apple have to pay billions in fines and back taxes after EU rejects their final appeals
LONDON (AP) -- Google lost its final legal challenge against a European Union penalty for giving its own shopping recommendations an illegal advantage over rivals in search results, ending a long-running antitrust case that came with a whopping fine. The European Union's Court of Justice upheld a lower court's decision on Tuesday. It dismissed the company's appeal against the $2.7 billion penalty from the European Commission, the 27-nation bloc's top antitrust enforcer. The commission's original decision in 2017 accused Google of unfairly directing visitors to its Google Shopping service to the detriment of competitors. It was one of three multibillion-euro fines the commission imposed on Google in the past decade as Brussels ramped up its crackdown on the tech industry.
Southwest Airlines shakes up its board under pressure from a big shareholder
Southwest Airlines will revamp its board and the chairman will retire next year, but it intends to stick with CEO Robert Jordan. The moves were announced Tuesday after Southwest met with representatives from hedge fund Elliott Investment Management, which is pushing for changes including a leadership shakeup at the airline. Southwest says six directors will leave the board in November and it plans to appoint four new ones, who could include candidates put forward by Elliott. And Chairman Gary Kelly will step down next year. Elliott has called for the ouster of Jordan and Kelly.
SpaceX launches billionaire to conduct the first private spacewalk
CAPE CANAVERAL, Fla. (AP) -- A billionaire has rocketed back into orbit, aiming to perform the first private spacewalk. Unlike his previous chartered flight, tech entrepreneur Jared Isaacman shared the cost with SpaceX this time around. Isaacman, along with a pair of SpaceX engineers and a former Air Force Thunderbirds pilot, launched before dawn Tuesday aboard a SpaceX rocket from Florida. The four aim to reach new heights during their five-day trip, higher than the International Space Station. Isaacman and a SpaceX employee also plan to test their new custom suits with a spacewalk Thursday where they'll always have a hand or foot touching the capsule.
Labor costs remain high for small businesses, but a report shows wage growth is slowing for some
NEW YORK (AP) -- Employee wages are one of the biggest costs for small businesses. A new survey found some owners may be seeing a bit of relief when it comes to wages. But while some say wage growth has stabilized or slowed, others note they haven't seen any moderation in their industries yet. The Paychex Small Business Employment Watch found hourly earnings growth for workers at firms with 50 employees or less dropped to 2.89% in August. It's the first time growth has dropped below 3% since January 2021.
Kentucky bourbon icon Jimmy Russell celebrates his 70th anniversary at Wild Turkey
LAWRENCEBURG, Ky. (AP) -- When bourbon fans enter the Wild Turkey visitors' center in Kentucky, they might be welcomed by Jimmy Russell. But he's no ordinary greeter. Russell has lived through much of the distillery's history. For 70 years, the distillery has been Russell's home away from home. The 89-year-old Russell marks his 70th anniversary at the distillery on Tuesday. For nearly a half century, he was master distiller at Wild Turkey, putting him in charge of of production. Now he spends some days as a goodwill ambassador. He signs whiskey bottles, poses for photos and chats about his favorite topics -- making bourbon and sipping it.
Oprah Winfrey names Elizabeth Strout's 'Tell Me Everything' as her latest book club pick
NEW YORK (AP) -- Oprah Winfrey's latest book club pick will be a story of familiar faces -- in more ways than one. Winfrey announced Tuesday that she had chosen "Tell Me Everything," the new novel by Pulitzer Prize winner Elizabeth Strout. It's the second time Winfrey has cited a book by Strout, whose "Olive, Again" was a 2019 selection. And it's a return to popular literary territory, Strout's fictional Crosby, Maine. The author continues the lives of such favorites as the elderly Olive Kitteridge and the renowned scribe Lucy Barton.
Limits to anti-nausea pill coverage wear on cancer patients and doctors
Some cancer patients are hitting coverage limits on a cheap anti-nausea pill that can ward off waves of vomiting after treatment. Doctors say restrictions on the number of tablets can hurt care. Pharmacy benefit managers say their restrictions guard against overuse. In between sits patients. They may have to ration pills or opt for less-effective help. The conflict offers a glimpse at how relatively simple acts of care can grow complex in the fragmented U.S. health care system.
Stock market today: Wall Street holds steady as calm returns following weeks of sharp swings
NEW YORK (AP) -- U.S. stocks are holding relatively steady in quiet trading, offering a calm respite following weeks of sharp swings. The S&P 500 rose 0.3% in early Tuesday trading. The Dow Jones Industrial Average slipped 17 points, and the Nasdaq composite gained 0.2%. Oracle jumped to help lead the market after delivering better profit for the latest quarter than analysts expected. Trading elsewhere was mostly quiet ahead of a U.S. presidential debate coming Tuesday evening and inflation updates due in upcoming days. Yields were also holding relatively steady in the bond market following weeks of sharp movements.