Business Highlights

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Autoworkers face uncertain future in an era of electric cars

TOLEDO, Ohio (AP) — When General Motors boldly announced its goal last month to make only battery-powered vehicles by 2035, it didn’t just mark a break with more than a century of making internal combustion engines. It also clouded the future for 50,000 GM workers whose skills — and jobs — could become obsolete far sooner than they knew. As a greener U.S. economy edges closer into view, GM wants a factory workforce that eventually will build only zero-emissions vehicles. It won’t happen overnight. But the likelihood is growing that legions of autoworkers who trained and worked for decades to build machines that run on petroleum will need to do rather different work in the next decade — or might not have jobs.

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US jobless claims fall slightly to 793,000 with layoffs high

WASHINGTON (AP) — The number of Americans seeking unemployment benefits fell slightly last week to 793,000, evidence that job cuts remain high despite a substantial decline in new confirmed viral infections. Last week’s total declined from 812,000 the previous week. That figure was revised higher from the previously reported 779,000. The numbers point to a still-elevated number of layoffs. Before the virus erupted in the United States in March, weekly applications for jobless aid had never topped 700,000, even during the Great Recession. The job market had shown tentative improvement last summer but then slowed through the fall and in the past two months has essentially stalled.

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Biden hopes infrastructure can bridge partisan divide

WASHINGTON (AP) — President Joe Biden is hoping that launching an effort to build roads and bridges can help to unite Democrats and Republicans in a time of sharp partisan divisions. Biden met with lawmakers from both parties at the White House on Thursday to discuss infrastructure. During his presidential campaign, he proposed a $2 trillion investment in infrastructure and clean energy. The meeting comes as the Senate is holding impeachment proceedings against former President Donald Trump where partisan divisions are on full display.

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Bombardier to end Learjet production, cut 1,600 jobs

WICHITA, Kan. (AP) — The iconic Learjet, which carried generations of business executives and was made famous in pop songs, is about to fade into aviation history. Canada’s Bombardier said Thursday it will end production of the Learjet later this year. The company will eliminate 1,600 jobs in Canada and the United States. The plane first flew in the 1960s and was among the first private luxury jets. Frank Sinatra let Elvis Presley borrow his Learjet to elope with Priscilla Beaulieu. But the Learjet’s fate was sealed in 2015 when Bombardier dropped plans to build a new model. The pandemic also hurt demand for planes.

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Disney 1Q profit falls but beats expectations due to Disney+

NEW YORK (AP) — The Walt Disney Co.’s net income fell sharply in its most-recent quarter. The coronavirus pandemic is still weighing heavily on many of the entertainment giant’s businesses, from theme parks to movies. Disney’s parks and resorts have been closed or operating at significantly reduced capacity since the second quarter of 2020. Its cruise ships have been suspended during that time as well. Live sporting events have been cancelled and film and TV projects have been disrupted too. Disney said it expects coronavirus disruption to cost about $1 billion in fiscal 2021.

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EU hopeful for firm economic growth despite virus challenges

BRUSSELS (AP) — The European Commission is cautiously optimistic that European economies will see good growth this year and next despite deep uncertainty about when the coronavirus might be contained. Fast-spreading new variants and a lack of clarity about the vaccine rollout make predictions complicated. Still, the EU’s executive arm forecast Thursday that growth in the 19 nations using the single currency should reach 3.8% this year and next after a 6.8% drop in 2020. Growth in the full 27-nation EU is predicted to hit 3.7% in 2021 and 3.9% next year. Economy Commissioner Paolo Gentiloni says that while challenges remain “there is, at last, light at the end of the tunnel.”

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US stock indexes wobble as investor caution offsets optimism

NEW YORK (AP) — Stocks are closing nearly flat on Wall Street Thursday as investors remain cautiously optimistic about prospects for a new round of government aid as the economic recovery seemingly stalls. Wall Street continued to digest solid corporate earnings and updates on a decline of new virus cases. The latest government report on jobless claims, though, reaffirmed that employment remains a weak spot in the economy as vaccine distribution ramps up in the hopes of eventually ending the pandemic and its impact. Technology stocks led the gainers. Dating app Bumble soared on its first day as a publicly traded company.

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The S&P 500 index rose 6.50 points, or 0.2%, to 3,916.38. The Dow Jones Industrial Average slipped 7.10 points, or less than 0.1%, to 31,430.70. The Nasdaq gained 53.24 points, or 0.4%, to 14,025.77. The Russell 2000 index of smaller-company stocks added 2.88 points, or 0.1%, to 2,285.32.

The Associated Press