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  • Business
    Reuters

    Automakers win extension on use of Chinese graphite in EV tax credits

    The U.S. Treasury Department on Friday gave automakers additional flexibility on battery mineral requirements for electric vehicle tax credits on some crucial trace minerals from China, such as graphite. The department said it would give automakers until 2027 to remove some hard-to-trace minerals like graphite contained in anode materials and critical minerals contained in electrolyte salts, binders, and additives. New rules took effect on Jan. 1 restricting Chinese content in batteries eligible for EV tax credits of up to $7,500, which sharply cut the number of eligible vehicles.

  • Business
    The Canadian Press

    US employers scaled back hiring in April but still added 175,000 jobs in the face of higher rates

    WASHINGTON (AP) — The nation’s employers pulled back on their hiring in April but still added a decent 175,000 jobs in a sign that persistently high interest rates may be starting to slow the robust U.S. job market. Friday’s government report showed that last month’s hiring gain was down sharply from the blockbuster increase of 315,000 in March. And it was well below the 233,000 gain that economists had predicted for April. Yet the moderation in the pace of hiring, along with a slowdown last mon

  • Business
    Yahoo Finance Video

    Amgen surges over confidence in early obesity drug results

    Shares of Amgen (AMGN) are jumping Friday morning after the company showed confidence in early results from a GLP-1 weight-loss drug that is in development to treat obesity. The pharmaceutical giant beat first-quarter revenue estimates while reporting a loss of $113 million. Yahoo Finance Senior Health Reporter Anjalee Khemlani joins The Morning Brief to break down the latest developments from Amgen and its outlook on use cases for the drug in question, MariTide. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Nicholas Jacobino

  • Business
    Reuters

    US service sector contracts in April; price pressures reaccelerate

    The Institute for Supply Management (ISM) said on Friday that its non-manufacturing PMI fell to 49.4 last month from 51.4 in March, the lowest reading since December 2022. A reading above 50 indicates growth in the services industry, which accounts for more than two-thirds of the economy. The slowdown in economic growth comes after 525 basis points worth of interest rate hikes from the Federal Reserve since March 2022 designed to quell elevated inflation.