The Donald trumps our roundup of the day's top business news stories.
Donald Trump Announces Candidacy, Comedians Declare National Holiday
Real estate developer and reality show host Donald Trump announced his entry into the 2016 presidential race. Declaring the American Dream dead, Trump said, “We need somebody that can take the brand of the United States and make it great again.” Trump, 69, declared his entry into the race in the atrium of Trump Tower. In his 40-minute speech, he had little good to say about the other announced candidates, President Obama, China, or politicians in general. As for his main qualification: “I’m really rich,” he proclaimed. He declared that he would be “the greatest jobs president that God ever created. This is Trump’s first presidential bid.
Toyota Expands Previous Recall
Toyota is adding nearly 1.4 million cars, trucks and SUVs to a growing recall for air bags that can explode with too much force, the Associated Press reports. The company said it's expanding a previous recall after Takata Corp. of Japan agreed in May to double the size of its air bag inflator recall to 33.8 million. Vehicles added to a passenger air bag inflator recall include the 2003 to 2007 Corolla and Matrix, 2005 and 2006 Tundra pickup, 2005 to 2007 Sequoia SUV and the 2003 to 2007 Lexus SC430 convertible. The propellant in some Takata inflators can burn too quickly, blowing apart a metal canister and sending shrapnel into the passenger compartment. The problem has been blamed for at least seven deaths and more than 100 injuries.
The White House Announces $4 Billion in Private Clean Energy Investment
At a Clean Energy Investment Summit on Tuesday, the Obama administration announced $4 billion in pledges from major foundations and institutional investors to pay for innovations that reduce carbon pollution. President Obama is also using his executive powers to help make such investments easier. The investment commitments are coming from hundreds of organizations ranging from the Sierra Club Foundation to Goldman Sachs. Among the initiatives is the creation of a non-profit group that would identify and assess companies and commercial investments that result in projects that are both profitable and aim to address climate change.
United Airlines Departs from Kennedy Airport
United Airlines announced Tuesday it will end service in October at New York’s John F. Kennedy International Airport, Bloomberg reports. Beginning this October 25, the airline will transfer its only flights from JFK, which serve Los Angeles and San Francisco, to Newark. The cross-country market includes the most profitable domestic routes. Chicago-based United will continue to operate 37 daily departures from LaGuardia to other domestic destinations. United plans to swap its slots at Kennedy with Delta Air Lines Inc. and take Delta’s slots at Newark.
Putin Going Ballistic
Russia's military will add over 40 new intercontinental ballistic missiles in 2015 that are capable of piercing any missile defenses, President Vladimir Putin announced Tuesday. Putin spoke at the opening of an arms show at a shooting range in Alabino just west of Moscow, a huge display intended to showcase Russia's resurgent military, the Associated Press reports. NATO Secretary-General Jens Stoltenberg accused the Russians of "nuclear saber-rattling," and said that was one of the reasons the western military alliance has been beefing up its ability to defend its members. U.S. Secretary of State John Kerry, briefing reporters via teleconference from Boston, where he is recovering from surgery on a broken leg, said Putin could be posturing, but that the announcement was concerning. The U.S. and the EU have slapped Russia with economic sanctions, and Washington and its NATO allies have pondered an array of measures in response to Russia's moves.
Kerkorian Will Calls for Sale of MGM Resorts
MGM Resorts says that the will of hotel and casino tycoon Kirk Kerkorian, who died Monday at age 98, orders his investment company to sell its stake in the hotel and casino operator, the Associated Press reports. Kerkorian's company, Tracinda Corp., owns a 16.2 percent stake in MGM Resorts worth about $1.74 billion. MGM Resorts made the announcement in a Securities and Exchange Commission filing on Tuesday. MGM Resorts owns the MGM Grand as well as the Luxor, Bellagio and the MGM Macau.