Ford, Jim Farley, Jeff Gilbert discussed on WTOP 24 Hour News


Can't trying to figure out how to make a profit in a world where you can't. Yep, it's pretty depressing. But you keep trying. Can we take a break? Sure. It's depressing when you say it out loud. Later this morning, the federal government will release the gross domestic product for the second quarter analysts say it will show whether the U.S. is approaching a recession. Ford made a $3.7 billion pre-tax profit in the second quarter, but job cuts may still be on the way. Ford CEO Jim Farley admits they're in the midst of what he calls sweeping and strategic changes or modernizing to take out unnecessary costs, redesigning work. Ford says job cuts are definitely possible, but specifics will be announced on their own schedule. JJ reporter Jeff Gilbert in Detroit, a first for the owner of Facebook and Instagram. Meta has posted its first revenue decline in history, dragging it down a drop off and ad revenue and competition from rival TikTok. Meta earned profits of $6.6 billion in the April through June period, that's down 36% from the more than $10 billion in the same period a year ago. CBS Jennifer Kuiper. New aerial surveys show massive amounts of methane are venting into the atmosphere from hundreds of oil and gas operations across the Permian Basin in southwestern Texas. Methane's earth warming power is 83 times stronger than the carbon dioxide that comes from car tailpipes and power plant smokestacks. Thursday will be the day humanity has consumed all that the earth can sustainably produce for the year. For the next 5 months or so, we're all living on credit they argue. Overshoot day, as it's known, has come earlier than ever. Environmentalists say at present, we're using the resources of one and three quarter planets each year. The BBC's Chris barrow, the stock market reacted positively to Wednesday's fed rate hike the Dow up almost one and a half percent. This is CBS News. Parents make a lot of promises to their kids. We promise to be there every step of the way, especially on those wobbly first steps. We promise

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