The daily business briefing: August 1, 2023

1. Musk forced to take down flashing 'X' over Twitter HQ

Construction crews on Monday dismantled a giant flashing "X" sign from the roof of the San Francisco headquarters of billionaire Elon Musk's social media company, formerly known as Twitter. The city's Department of Building Inspection received two dozen complaints after Musk rebranded the company and put up the sign over the weekend. "SHUT IT OFF!!" one complaint said. "It is currently flashing rapidly and extremely brightly. It is creating a massive nighttime nuisance and making it hard to sleep." Several people said they couldn't block out the flashing strobe light, even when they closed their blinds. "Subtlety is not (Musk's) strength," said Sam Chand, who lives across the street from the building.

The Washington Post

2. Georgia utility cranks up new nuclear reactor

Georgia Power Co. announced Monday that the first totally new U.S. nuclear reactor built in decades had completed tests and was supplying electricity to the grid. At full power, Unit 3 at Plant Vogtle southeast of Augusta will produce 1,100 megawatts of electricity, enough to power 500,000 homes and businesses. The reactor is sending electricity to utilities in Georgia, Florida, and Alabama. A fourth reactor at the plant is nearing completion. The two new reactors were supposed to cost $14 billion, but the price tag ballooned to $31 billion. The plant's debut came as government officials and some utilities seek ways to fight climate change and take a fresh look at nuclear power as an alternative to plants that burn fossil fuels.

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The Associated Press

3. Burning car-carrying freighter towed out of shipping lanes

Authorities have towed a burning freighter carrying 3,783 cars far from shipping lanes in an effort to salvage the ship, the Dutch public works and water management ministry said Monday. The Panamanian-registered Fremantle Highway caught fire on July 26 as it headed from Germany to Egypt. The 21 crew members are all Indian nationals, the ship's owner, Japan's Shoei Kisen, said. One crew member died in the blaze. Another seven were injured when they jumped overboard. Ship charger company "K" Line said 498 of the vehicles on board are electric vehicles, which have lithium-ion batteries that burn with twice the energy of a normal fire.

Reuters

4. Stock futures edge lower ahead of more earnings

U.S. stock futures fell slightly early Tuesday ahead of more corporate earnings reports. Futures tied to the Dow Jones Industrial Average, the S&P 500, and the Nasdaq were down 0.3% at 6:30 a.m. ET. More than 160 companies in the S&P 500 report second quarter results this week. More than half of the companies in the index have already reported, with 80% beating Wall Street's expectations, according to FactSet. All three of the main U.S. indexes gained on Monday. The Dow rose 0.3%. The S&P 500 and the tech-heavy Nasdaq rose 0.2%. British oil giant BP on Tuesday reported a 70% drop in second-quarter profit compared to last year due to weak oil prices.

CNBC

5. Ukraine, Croatia agree on alternative route for grain exports

Ukraine and Croatia have reached an agreement to export Ukrainian grain through Croatian ports on the Danube River, a deal seen crucial to keeping world food prices stable. "We agreed on the possibility of using Croatian ports on the Danube and the Adriatic Sea to transport Ukrainian grain," Ukrainian Foreign Minister Dmytro Kuleba said Monday after meeting with Croatian counterpart Gordan Grlic-Radman, according to the Ukrainian government website. "Now we will work to build the most efficient routes to these ports." Ukraine had to seek alternative routes for its grains and edible oils after Russia ended the United Nations-brokered Black Sea Grain Initiative, which let ships carry the exports safely through the Black Sea.

CNN