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A business newsletter from Globe Columnist Larry Edelman covering the trends shaping business and the economy in Boston and beyond.


Honda and GM suspend plan to build affordable EVs together

Honda is shelving plans to jointly develop affordable electric vehicles with General Motors due to a changing business environment, chief executive Toshihiro Mibe said. The carmakers had agreed in April of last year to create a new architecture based on GM’s Ultium EV battery that will be used primarily for small crossover sport utility vehicles, with plans to roll out the first models in North America in 2027. GM warned earlier this week that it can no longer say whether it will achieve its forecast for $14 billion in profit this year, blaming the United Auto Workers strike because it’s made the company’s financial future too difficult to predict. — BLOOMBERG NEWS


Taco Tuesday is now for everyone

The salsa-spicy battle over the phrase “Taco Tuesday” ended this week, freeing anyone, anywhere to use it without running afoul of the law. A bar on the Jersey Shore that had held the exclusive rights to it in the state relinquished its hold on Tuesday after facing the prospect of an expensive and potentially unsuccessful legal battle with fast food giant Taco Bell. — WASHINGTON POST


Apple raises price of TV+

Apple raised prices of its Apple TV+, Arcade gaming, and News+ subscription services on Wednesday, in a move that could generate more revenue for its increasingly key services division. The company increased the cost of TV+ to $9.99 from $6.99, Arcade to $6.99 from $4.99, and News to $12.99 from $9.99 a month. The TV+ price increase is the second in its history. It was originally priced at $4.99 when it launched in 2019. The annual price of TV+ is moving to $99 from $69. — BLOOMBERG NEWS


Norfolk Southern earnings hurt by derailment costs

The costs related to the East Palestine derailment continue to grow to reach nearly $1 billion for Norfolk Southern, but the railroad’s service is improving and its insurance companies have started to pay their share of the cost of the crash in eastern Ohio early this year. The Atlanta based railroad said this year’s third-quarter profit of $478 million, or $2.10 per share, was half of last year’s $958 million, or $4.10 per share. The results were hurt by the derailment costs, a drop in its fuel surcharge revenue, and flat volume. Without the derailment costs, the railroad would have made $601 million, or $2.65 per share. — ASSOCIATED PRESS


Boeing loses money partly due to cost of new Air Force One jets

Boeing reported a $1.64 billion loss for the third quarter on Wednesday as it delivered fewer copies of its best-selling plane and sunk more money into building two new Air Force One presidential jets. The aircraft maker lowered its forecast of 737 Max production to between 375 and 400 planes this year, down from a previous estimate of 400 to 450. Boeing said production and deliveries of 737s will be slowed as it does inspections and additional work to fix a pressure-sealing section of the planes. Boeing reported a $482 million loss in the quarter on a contract with the Air Force to build two new presidential jets because of higher estimated manufacturing costs. The company also lost $315 million on a satellite contract. — ASSOCIATED PRESS


Saudi Aramco looking to create synthetic fuels

Saudi Aramco aims to start operating by 2025 two demonstration plants to produce synthetic fuels that emit less carbon dioxide when burned. The world’s biggest crude oil exporter will produce test quantities of synthetic gasoline and jet fuel and seeks to find regular buyers once they’ve tested the product, according to Ahmad Al Khowaiter, Aramco’s head of technology and innovation. If buyers accept the fuels, Aramco would build commercial-scale synthetic fuels refineries, he said in an interview at the kingdom’s main investment conference in Riyadh. — BLOOMBERG NEWS


T-Mobile added more new customers than expected

T-Mobile posted third-quarter profits that beat estimates, buoyed by better-than-expected mobile customer gains. It’s the last of the Big Three wireless carrier to report strong results, a positive sign for the telecommunications industry, which has been struggling with subscriber growth in recent years. The Bellevue, Wash.-based company added a net 850,000 postpaid mobile phone customers in the quarter ending Sept. 30, the company said Wednesday, beating analysts’ estimates of 780,400. In June, T-Mobile reported adding 760,000 mobile phone customers in what it said was its best second quarter in eight years. — BLOOMBERG NEWS


Google and bank group to steer billions to small and minority-owned businesses

Google and a coalition of US banks and foundations are pledging to steer at least $4 billion toward small businesses and minority lending institutions, Deputy Treasury Secretary Wally Adeyemo said Tuesday. The Biden administration announced a series of measures to boost small and minority-owned businesses ahead of its annual Freedman’s Bank Forum, which focuses on economic opportunity for communities of color. A group of large banks and foundations called the Economic Opportunity Coalition will commit to securing $3 billion in deposits for lenders that target underserved groups, including rural Americans and minorities, Adeyemo told reporters ahead of Wednesday’s event. The pledge is an increase over the $1 billion commitment the EOC made last year to community development financial institutions and minority depository institutions. — BLOOMBERG NEWS


No black chefs among Michelin-starred restaurants in Atlanta

Black chefs are still being overlooked for that elusive Michelin star, even in Atlanta where almost every second person is Black. In the inaugural guide for the Georgia capital, the longtime restaurant arbiter found just five dining rooms that were deserving of a star, which the guide defines as “high quality cooking, worth a stop.” There were no two- or three-star restaurants. And the guide failed to award stars to any restaurant that is Black-owned or with a kitchen run by a Black chef, in a city where traditional African American cooking is crucial to the local food scene. It continues a trend that has seen only six Black chefs be awarded a Michelin star. — BLOOMBERG NEWS

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