AUTONOMOUS VEHICLES
Truck travels 80 miles in Arizona without a driver
NEW YORK — A semitruck completed an 80-mile route in Arizona with no human on board and no human intervention during the trip using technology developed by TuSimple, the company said Wednesday. The San Diego company says it’s the first successful fully autonomous run by a class 8 vehicle, or semi, on open public roads with no human intervention. The nighttime trip earlier this month started at a railyard in Tucson and ended at a distribution center in Phoenix with approval and supervision from the Arizona Department of Transportation and law enforcement. A lead vehicle scouted the route for unexpected obstacles about five miles ahead of the autonomous semi, and a trailing vehicle following about one-half mile behind the truck was prepared to intervene if necessary, along with several unmarked police vehicles. TuSimple said the semi successfully navigated highway lane changes, traffic signals, on-ramps, and off-ramps while “naturally interacting with other motorists.’’ TuSimple says that drivers represent about 40 percent of all trucking operational costs and that its virtual driver “can be operated for significantly less.” It also estimates that its technology saves about 10 percent on fuel-related costs compared to human-driven trucks. Founded in 2015, TuSimple says it has 70 autonomous trucks globally and two million miles of road testing completed. — Associated Press
COFFEE
Starbucks stores in the UK will no longer charge more for dairy alternatives
Starbucks will no longer charge extra for five dairy alternatives in its 1,020 UK locations starting next month. Beginning Jan. 5, drinks made with almond, coconut, oat, soy, or a Starbucks-branded nut milk will cost the same as those made with cow’s milk, the company said on its website. Customers in the United States will still have an upcharge for dairy alternatives, which varies by region but adds 80 cents to a bill in New York City. The world’s biggest coffee-shop operator has been expanding its vegetarian menu options as consumers look for ways to eat healthier with the environment in mind. — Bloomberg News
INTERNATIONAL
Apple puts Indian factory on probation over living conditions
Apple put Foxconn Technology Group’s factory in southern India on probation following worker protests and an investigation that revealed substandard living conditions. Foxconn, which uses the facility to assemble iPhones among other gadgets, apologized for the lapses in health standards and pledged to revamp its management and operations in the country. The factory, located in Sriperumbudur on the outskirts of Chennai, was shut down after the protests and will resume operations once “necessary improvements” are made. Apple’s key assembly partner has grappled with labor issues in the past, particularly in China, where it makes most of the world’s iPhones among other devices from laptops to tablets and gaming consoles for major global brands. The Taiwanese company, China’s biggest employer of private labor, began a sweeping revamp of its operations after a spate of suicides in 2010 exposed harsh living and working conditions for the hundreds of thousands of migrants it employs to put together gadgets for foreign corporations. — Bloomberg News
HOUSING
Pending home sales dropped in November
A gauge of US pending home sales unexpectedly fell in November as high prices and low inventory restrict home buying. The National Association of Realtors’ index of pending home sales decreased 2.2 percent from a month earlier to 122.4, according to data released Wednesday, more than all estimates in a Bloomberg survey. The figures suggest the housing market is easing toward the end of a year that’s been buoyed by strong demand and low borrowing costs. However, high prices and limited inventory are weighing on activity. Contract signings retreated across all four regions from the prior month. The Midwest posted the largest decline, falling 6.3 percent, the most since February. Compared with a year earlier, contract signings were down 2.7 percent on an unadjusted basis. A separate report last week showed that sales of previously owned US homes increased for a third straight month in November. The pending home-sales data are often seen as a leading indicator of existing home sales given they typically go under contract a month or two before they’re sold. Unlike existing home sales, which are calculated when a contract closes, the index of pending home sales is based on contract signings. — Bloomberg News
METALS
Alcoa to stop aluminum production in Spain due to rising energy costs
Alcoa is set to halt primary aluminum production at its plant in Spain for two years, the latest casualty of soaring energy prices in Europe. The curbs at Europe’s second-largest aluminum plant come after energy costs spiked to fresh records last week, putting heavy industries under increasing financial strain. Aluminium Dunkerque Industries France, the region’s top smelter of the metal, trimmed output earlier this month. Alcoa welcomed a vote by a majority of workers at the San Ciprian plant in Galicia to back the proposal to stop output until the end of 2023, said a spokeswoman for the company. She said the plan offers a chance of a viable future to the troubled plant. Alcoa has been trying for years to close the operations, saying the smelter was ‘’uncompetitive.’’ — Bloomberg News
CRYPTOCURRENCY
Ether outpaced Bitcoin this year
Bitcoin may be the most popular cryptocurrency. But crypto investors would be wise to keep on eye on Ether, which dramatically outperformed its more volatile cousin in 2021 — a trend that could continue in 2022. Volatility tied to the presidential election gave it a boost, which then sped up as traders embraced risk after the first COVID vaccine arrived in early November 2020. For a while, Bitcoin showed a positive correlation with the S&P 500 Index, emerging-market securities, and even commodities as a measure of inflation. But then, after putting up a 516 percent return in about six months, its momentum plateaued. — Bloomberg News
TRADE
Merchandise deficit grew in November
The US merchandise-trade deficit widened to a record in November as imports surged to an all-time high. The gap increased to $97.8 billion last month from a revised $83.2 billion in October, according to Commerce Department data released Wednesday. The figure exceeded all estimates in a Bloomberg survey of economists. The data aren’t adjusted for inflation. The value of imports rose 4.7 percent to $252.4 billion, led by industrial supplies. Imports of consumer goods climbed to a record $67 billion. Exports decreased to $154.7 billion. The goods-trade shortfall has reached new records this year, consistent with solid consumer demand and business investment. With inventories still very lean, strained supply chains and congested ports have made it difficult for US importers to satisfy the robust appetite for finished goods and supplies. — Bloomberg News