Tuesday’s business headlines

INDIANAPOLIS (WISH) — Here’s a look at Tuesday’s business headlines with Jane King.

Elon Musk says he’ll make ‘significant improvements’ to Twitter

Elon Musk says he plans to make “significant improvements to Twitter” if the deal is approved by regulators.

He promises to make the algorithms open source to increase trust, eliminate the spam bots and authenticate all humans.

He also says he will err on the side of free speech rather than shutting down users.

Economist: world in early stages of significant recession

Piper Sandler Chief Global Economist Nancy Lazar warns that the world is in the early stages of a “very significant” and “synchronized” recession.

She spoke to FOX Business and says it will start in Europe.

She says the U.S. may avoid a full blown recession but will likely see a sharp economic downturn.

40% of small businesses intend to raise prices amid inflation

About 40% of U.S. small businesses intend to raise selling prices by 10% or more amid decades-high inflation.

The National Federation of Independent Businesses says smaller businesses have fewer options than bigger companies in dealing with inflation.

Online sales hurting banana industry

Banana growers say online sales fueled by COVID-19 are killing off the industry.

Fruit arriving damaged on doorsteps as well as the online shopping system to pay per banana rather than by weight were contributing to a decline in sales.

70% of Americans changing summer vacation plans due to cost

Roughly 70% of Americans to change their summer vacation plans due to cost.

Bankrate says some are taking fewer trips, others are traveling shorter distances and some are picking cheaper activities or accommodations.

Bankrate says a year ago, COVID-19 was the main reason Americans were pulling back on travel but now it’s cost.