Business

American Association of Port Authorities CEO Chris Connor announced he is retiring effective Oct. 1.

The Federal Reserve said July 26 it no longer foresees a recession and raised its key interest rate by a quarter-point from roughly 5.1% to 5.3% — its highest level since 2001.

Higher gasoline and diesel taxes hit the pumps in several states starting July 1, while new laws also took effect to raise revenue from the sale of alternative fuels.

Seven major automakers are joining forces to build an electric vehicle charging network that would rival Tesla’s and nearly double the number of fast-charging plugs in North America.

MILAN — Stellantis on July 26 reported a 37% boost in earnings in the first half of the year, driven by strong North America income and an increase in electric vehicle sales in Europe.

Canadian National Railway Co. reported revenue of C$4.06 billion ($3.1 billion) in the second quarter, down 7% and missing analysts’ estimates.

Paccar posted record quarterly income in the three months that ended June 30, beating estimates as profits across some of the company’s divisions reported healthy year-over-year gains.

Congress is wading into the debate over whether automakers should be allowed to sell more self-driving cars while manufacturers seek federal permission to expand testing of the technology.

Walmart Inc. shares could surge more than 30% in the next 12 months as the shopping behemoth continues to gain market share even as grocery inflation eases, according to Piper Sandler.

UPS and the Teamsters have reached a tentative five-year collective bargaining agreement that covers more than 340,000 workers, the company and the union announced in separate statements.