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P&G’s sales climb in Q4, but cautious on fiscal 2023 outlook

Procter & Gamble’s sales rose 3% in the fiscal fourth quarter, but the world’s largest consumer products maker gave a lackluster fiscal 2023 sales forecast as it contends with rising commodity and freight costs. Shares of the Cincinnati-based company dropped 5% in morning trading Friday. Like many businesses, P&G is dealing with consumers pulling back on their spending as they worry about inflation and a possible recession. “The operational cost and currency challenges we faced over the last two years will continue in fiscal 2023. We began the new fiscal year with consumers ...

For one family, Pine Creek Seed Farm has been a labor of love

SOUTH AVIS — Nearly a century after his great-grandfather began a seed corn operation nestled along Pine Creek in South Avis, Chris McCracken is continuing his legacy. McCracken, along with his wife Jenni, started Pine Creek Seed Farm in 2021 after a few years of planning. “I was ...

FEMA report: Flood insurance hikes will drive 1M from market

ST. LOUIS (AP) — When questioned by members of Congress, the Federal Emergency Management Agency said its new update to the nation’s flood insurance program will prompt more people to sign up for coverage, even though many will pay more for it. But in a FEMA report obtained by The Associated Press under the Freedom of Information Act, the agency estimates one million fewer Americans will buy flood insurance by the end of the decade — a sizable number of people at risk of catastrophic financial loss. As climate change drives increased flood risk in many parts of the country, ...

As holiday weekend starts, airport crowds top 2019 numbers

The July Fourth holiday weekend is off to a booming start with airport crowds crushing the numbers seen in 2019, before the pandemic. Travelers seemed to be experiencing fewer delays and canceled flights early Friday than they did earlier this week. The Transportation Security ...

Kohl’s sale falls apart in shaky retail environment

SILVER SPRING, Md. — The potential sale of the Kohl’s department store chain has fallen apart in a shaky retail environment of rising inflation and consumer anxiety. Kohl’s entered exclusive talks early this month with Franchise Group, the owner of Vitamin Shop and other retail outlets, for a deal potentially worth about $8 billion. “Given the environment and market volatility, the Board determined that it simply was not prudent to continue pursuing a deal,” said Kohl’s Chairman Pete Boneparth. It was the second time this week that a major retailer retreated from a ...

Chip shortage leaves 95K GM vehicles unfinished in storage

DETROIT (AP) — The global shortage of computer chips and other parts forced General Motors to build 95,000 vehicles without certain components during the second quarter. The Detroit automaker said in a regulatory filing Friday that most of the incomplete vehicles were built in June, and that it expects most of them to be finished and sold to dealers before the end of the year. The unsold vehicles amounted to 16% of GM’s total sales from April through June. The company said Friday that it sold more than 582,000 vehicles during the quarter, down more than 15% from a year ago. The ...