Business news in brief

By The Associated Press

Average U.S.

vehicle age hits record 12.6 years

DETROIT | Cars, trucks and SUVs in the U.S. keep getting older. A study published Wednesday says U.S. vehicles hit a record average age of 12.6 years in 2024 as people hang on to their rides largely because new ones cost so much.

S&P Global Mobility, which tracks state vehicle registration data nationwide, says the average vehicle age grew about two months from last year’s record.

But the growth in age is starting to slow as new vehicle sales recover from pandemic-related shortages of parts, including computer chips. The average age increased by three months in 2023.

Cybersecurity labeling for smart devices introduced

WASHINGTON | Consumer labels designed to help Americans pick smart devices that are less vulnerable to hacking could begin appearing on products before the holiday shopping season, federal officials said Wednesday.

Under the new U.S. Cyber Trust Mark Initiative, manufacturers can affix the label on their products if they meet federal cybersecurity standards. The types of devices eligible for labels include baby monitors, home security cameras, fitness trackers, refrigerators and other internet-connected appliances.

U.S. existing

home sales drop 1.9% in April

WASHINGTON | High mortgage rates and rising prices continued to put a damper on the spring homebuying season last month.

Existing home sales fell 1.9% to a seasonally adjusted annual rate of 4.14 million in April from a revised 4.22 million in March, the National Association of Realtors reported Wednesday. Sales dropped across the country — down 4% in the Northeast, 2.6% in the West, 1.6% in the South and 1% in the Midwest.

The median price of previously occupied homes rose 5.7% to $407,600 — the tenth straight increase and a record for April.

Trump’s campaign says it will begin accepting cryptocurrency

WASHINGTON | Donald Trump ‘s presidential campaign said Tuesday it would begin accepting donations in cryptocurrency as part of an effort to build what it calls a “crypto army” leading up to Election Day.

The Trump campaign launched a fundraising page that allows “any federally permissible donor the ability to give” to its political committees using any crypto asset accepted through the Coinbase cryptocurrency exchange.

The announcement promotes Trump’s message that he is a crypto-friendly candidate, and also appeals to a core group of young male voters who are increasingly likely to dabble in digital assets. It came as Trump’s defense rested in his hush money case in New York.

—From AP reports