US applications for jobless benefits highest since October 2021

( ) -q-22- UNDATED (Correspondent Jeremy House) “7,500 to 237-thousand, 250.”

The number of Americans applying for unemployment benefits last week rose to its highest level since October 2021.

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TAG: Correspondent Jeremy House reporting. Overall, 1.76 million people were collecting unemployment benefits the week that ended May 27.

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VERBATIM: The Labor Department reports U.S. applications for jobless claims were 261,000 for the week ending June 3. That’s an increase of 28,000 from the previous week. Weekly jobless claims are considered representative of U.S. layoffs. The four-week moving average of claims rose by 7,500 to 237,250.

Leaders gather in Paris to accelerate wringing more out of every ounce of fuel

( ) -q-26- UNDATED (Correspondent Jeremy House) “growth in emissions.”

As 30 environment and trade ministers, and 50 CEOs gather in Paris for the 8th international conference on energy efficiency, the International Energy Agency is taking stock.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The conference brings together world leaders on energy, business, environment and climate to accelerate progress on energy efficiency globally. The agency just released a report that shows significant strides in improving energy efficiency. Investment increased 15% globally in one year to $600 billion. The report also notes growth is not leading to the traditional parallel growth in emissions.

Europe’s economy shrank. For households that are hurting, it’s just numbers

( ) -q-25- UNDATED (Correspondent Jeremy House) “definition of recession.”

The European economy has contracted slightly at the end of last year and beginning of 2023.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The revised figures from the European Union’s statistics agency underline the impact of the loss of Russian natural gas and high inflation on consumer spending. Economic output in the 20 countries that use the euro currency dropped 0.1% in both the final three months of 2022 and first three months of this year from the previous quarters. Two consecutive quarters of declining output is one definition of recession.

British PM Sunak to discuss Ukraine, economy and AI with Biden this week

( ) -q-18- UNDATED (Correspondent Jeremy House) “with President Biden.”

The war in Ukraine is top of British Prime Minister Rishi Sunak’s agenda as he starts a two-day trip to Washington.

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TAG: Correspondent Jeremy House reporting. The breaching of a major dam in southern Ukraine has given the subject added urgency. Sunak said that if Moscow was responsible it would “demonstrate the new lows that we would have seen from Russian aggression.” Sunak also wants to discuss closer economic ties and artificial intelligence during the trip.

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VERBATIM: Sunak is carrying the message that post-Brexit Britain remains an essential American ally in a world of emboldened authoritarian states. The U.S. and U.K. are the two biggest military donors to Ukraine. The war will be the focus of Sunak’s meeting Thursday at the White House with President Biden.

China trade tumbles in May, adding to signs economic recovery is slowing

( ) -q-27- UNDATED (Correspondent Jeremy House) “travel and commerce.”

China’s exports fell 7.5% from a year earlier in May and imports were down 4.5%, adding to signs an economic recovery is slowing.

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TAG: Correspondent Jeremy House reporting. Retail spending is lower than expected as consumers worry about the economic outlook and possible job losses. Manufacturing activity has been contracting as interest rate hikes in the United States and Europe chill demand for exports.

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VERBATIM: Customs data show exports slid to $283.5 billion, reversing from April’s unexpectedly strong 8.5% growth. Imports fell to $217.7 billion, moderating from the previous month’s 7.9% contraction. Trade weakness adds to signs of a slowing of China’s rebound following the lifting in December of anti-virus controls that disrupted travel and commerce.

Federal Reserve won’t likely raise rates next week but maybe next month

( ) -v-35- UNDATED (Correspondent Jeremy House) “std.”

When the Federal Reserve meets next week, Chairman Jerome Powell will need to forge a consensus. Correspondent Jeremy House has more on the story.

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VERBATIM: One group of officials would like to pause their rate increases after 10 straight hikes to allow time to assess whether higher borrowing rates are slowing inflation. But a second group worries that inflation is still too high and thinks the Fed should continue hiking at least once or twice more — beginning next week. Some analysts believe Powell will turn what previously was considered a “pause” into a “skip.” A “pause” might suggest that the Fed won’t necessarily raise its benchmark rate again. A “skip” implies that it probably will — just not now…JH, Washington

U.S. sues Binance over mishandled funds, securities law violations

The world’s largest cryptocurrency exchange Binance and its founder Changpeng Zhao are accused of misusing investor funds. In a lawsuit filed by the SEC, Binance is also accused of operating as an unregistered exchange and violating a slew of U.S. securities laws. Filed in the U.S. District Court for the District of Columbia, the Securities and Exchange Commission lawsuit lists thirteen charges against the firm. Binance is a Cayman Islands limited liability company founded by Zhao.

German factory orders dipped again as 2nd quarter started

Official figures show that German factory orders, an important indicator for Europe’s biggest economy, dipped in April after a big drop in March. The data pointed to a disappointing start to the second quarter. Germany’s Economy Ministry said orders were down 0.4% compared with the previous month. That followed a painful 10.9% drop in March. Economists had expected an increase in April, but the ministry said the figure was influenced in part by fluctuations in bulk orders.

Microsoft to pay $20M settlement in children’s data case

Microsoft will pay a fine of $20 million to settle Federal Trade Commission charges. It’s alleged that Microsoft illegally collected and retained the data of children who signed up to use its Xbox video game console. The agency charged that Microsoft gathered the data without notifying parents or obtaining their consent, and that it also illegally held onto the data. Microsoft vice president for Xbox Dave McCarthy has outlined additional steps the company is taking to improve its age verification systems and to ensure that parents are involved in the creation of child accounts for the service.

Europe wants a label for AI as it fights disinformation

The European Union is pushing online platforms like Google and Meta to step up efforts to fight false information by adding labels to text, photos and other content generated by artificial intelligence. A top EU Commission official says the ability of a new generation of AI chatbots to create complex content and visuals in seconds raises “fresh challenges for the fight against disinformation.” The 27-nation bloc has asked Google, Meta, Microsoft, TikTok and other tech companies that have signed up to the voluntary EU agreement on combating disinformation to dedicate efforts to tackling the AI problem. The official says companies should roll out technology to recognize AI-generated content and “clearly label this to users.”

No breakthrough in NATO-Turkey talks about Sweden joining

( ) -q-24- UNDATED (Correspondent Jeremy House) “candidate’s accession protocol.”

NATO Secretary-General Jens (yenz) Stoltenberg says representatives from Turkey and Sweden will meet this coming week to try to bridge their differences about the Nordic country joining the military alliance.

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TAG: Correspondent Jeremy House reporting. Stoltenberg said he and Erdogan agreed that Turkish and Swedish officials “should meet again in the week starting on June 12.

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VERBATIM: Stoltenberg made no breakthrough on the membership impasse during meetings with President Erdogan and other senior Turkish officials over the weekend. NATO wants to bring Sweden into the fold by the time allied leaders meet in Lithuania on July 11 and 12. Turkey and Hungary have yet to endorse the move. All 31 member countries must ratify a candidate’s accession protocol.

Millions in grant money to eliminate dozens of dangerous rail crossings

The Biden administration is handing out more than $570 million in grants to help eliminate railroad crossings in 32 states. The grants are being made available just as the railroad industry is increasingly relying on longer and longer trains to cut costs. The grants will help eliminate more than three dozen crossings that delay traffic and sometimes keep first responders from where help is desperately needed. There have been examples of ambulance delays resulting in a death and homes burning down while firefighters wait at a blocked crossing.

Britain’s leading business lobby group unveils new proposals

Britain’s leading business lobby group has set out a series of proposals it hopes can secure its future

VERBATIM:

The proposals follow a string of allegations of inappropriate behavior that led to the cancellation of membership subscriptions from some of the country’s biggest companies. In a statement, the Confederation of British Industry said it will ask its members to vote on the proposals to improve its governance structures and internal culture at a general meeting on June 5. The CBI has been rocked by multiple sexual misconduct allegations in recent months, which prompted dozens of household names, including automaker BMW to ditch their membership of the organization.

Delta Air Lines faces lawsuit over carbon-neutral claims

A consumer class action lawsuit claims Delta Air Lines inaccurately billed itself as the world’s “first carbon-neutral airline” and should pay damages

VERBATIM:

The complaint in federal court in California alleges the airline relied on carbon offsets that were largely bogus. Polluting companies often buy carbon credits to cancel out their emissions with projects that promise to absorb carbon dioxide out of the air, or prevent pollution. They’ve been under increasing scrutiny amid claims that benefits are exaggerated.

Employers added 339,000 jobs in May as labor market stays durable

( ) -q-25- UNDATED (Correspondent Jeremy House) “to pre-pandemic levels.”

The nation’s employers stepped up their hiring in May, adding 339,000 jobs.

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TAG: Correspondent Jeremy House reporting. The stronger hiring demonstrates the job market’s resilience after more than a year of rapid interest rate increases by the Fed.

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VERBATIM: The number is well above expectations and evidence of strength in an economy that the Federal Reserve is continuously trying to cool. The unemployment rate rose to 3.7%, from a five-decade low of 3.4% in April. Many industries, from construction to restaurants to health care, are still adding jobs to keep up with consumer demand and restore their workforces to pre-pandemic levels.

Audit finds NHTS auto safety defect probes take too long

( ) -q-30- UNDATED (Correspondent Jeremy House) “important safety issues.”

A government audit has found that the U.S. agency charged with keeping the roads safe is slow to investigate automobile safety defects, limiting its ability to handle rapidly changing or severe risks.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: In addition, the National Highway Traffic Safety Administration’s Office of Defects Investigation doesn’t have an integrated computer system for its probes. The audit from the Department of Transportation’s Inspector General found that the office has made progress in restructuring and modernizing its data and analysis systems. But it found that weaknesses in meeting the office’s own goals for timely investigations increase possible delays in probing important safety issues.

Meta tests blocking news content on Instagram, FB for some Canadians

( ) -q-24- UNDATED (Correspondent Jeremy House) “the bill passes.”

Meta is preparing to block news for some Canadians on Facebook and Instagram in a temporary test that is expected to last through the end of June.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The Silicon Valley tech giant is following in the steps of Google. Earlier this year, Google blocked news content from some of its Canadian users in response to a government bill that will require tech giants to pay publishers for linking to or otherwise repurposing their content online. Meta says it’s prepared to block news permanently on Facebook and Instagram if the bill passes.

US, Taiwan sign trade deal over China’s opposition

( ) -q-28- UNDATED (Correspondent Jeremy House) “island’s elected government.”

The United States has signed a trade agreement with Taiwan over opposition from China, which claims the self-ruled island democracy as part of its territory.

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TAG: Correspondent Jeremy House reporting. The measure was signed by employees of the unofficial entities that maintain relations between the United States and Taiwan, a center for high-tech industry.

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VERBATIM: The two governments say the U.S.-Taiwan Initiative on 21st Century Trade will strengthen commercial relations by improving customs, investment and other regulation. The U-S and Taiwan have no formal diplomatic ties, but maintain unofficial relations and have billions of dollars in annual trade. The Chinese government accused Washington of violating agreements on Taiwan’s status and demanded the U.S. government stop official contact with the island’s elected government.

American Airlines to appeal ruling breaking up JetBlue partnership

American Airlines says it will appeal a court ruling that would break up a partnership with JetBlue. Last week, a federal judge said an alliance between American and JetBlue to work together in New York and Boston violates antitrust law. American Airlines CEO Robert Isom says he disagrees with the ruling. He notes the partnership is helping consumers by creating more competition against Delta and United in the Northeast. That’s an argument that the judge rejected.

Europe sees inflation drop to 6.1%, but consumer relief will take months

Europe is getting a break on inflation. Price increases for the 20 countries that use the euro fell to 6.1% in May. That’s down from 7% in April. But that doesn’t feel like much relief for people going shopping for food and other necessities. That’s because price increases this summer are coming on top of already-high prices from last year caused by the war in Ukraine.

A wave of retirements is leaving some US industries desperate to hire

Across the U.S. economy, a number of industries are facing the same formidable challenge. That challenge is replenishing a workforce that is being diminished by a surge of retirements that began during the pandemic and has continued since. Since 2019, the proportion of retirees in the U.S. population has risen from 18% to nearly 20%, the equivalent to about 3.5 million fewer workers. And the trend seems sure to accelerate.

Applications for jobless benefits tick up slightly

The number of Americans filing for unemployment benefits rose slightly last week. Applications for jobless claims were 232,000 for the week ending May 27, an increase of just 2,000 from the previous week. The four-week moving average of claims fell by 2,500 to 229,500. Overall, 1.8 million people were collecting unemployment benefits the week that ended May 20, about 6,000 more than the previous week.

China factory activity slows, adding to economic strains

( ) -q-26- UNDATED (Correspondent Jeremy House) “to cool inflation.”

A survey shows China’s factory activity has decelerated in May, adding to signs its economic rebound after the end of anti-virus controls is slowing.

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TAG: Correspondent Jeremy House reporting. At home, Chinese consumer spending revived after anti-virus curbs on travel and business activity were lifted in December. But the recovery has been weaker than expected.

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VERBATIM: A monthly purchasing managers’ index issued by China’s national statistics agency and an industry group declined to 48.4 from April’s 49.2 on a 100-point scale. Numbers below 50 show activity is declining. Chinese manufacturers have been hurt by weakening global demand after central banks in the United States, Europe and Asia raised interest rates to cool inflation.

China warns of AI risks, calls for beefed-up national security measures

( ) -q-26- UNDATED (Correspondent Jeremy House) “poses to humankind.”

China has warned of the risks posed by advances in artificial intelligence while calling for heightened national security measures.

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TAG: Correspondent Jeremy House reporting. The official Xinhua News Agency said Xi urged “dedicated efforts to safeguard political security and improve the security governance of internet data and artificial intelligence.”

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VERBATIM: The statement was issued after a meeting chaired by Communist Party leader and President Xi Jinping. It underscores the tension between the government’s determination to seize global leadership in cutting-edge technology and concerns about the possible social and political harms of such technologies. It followed a warning by scientists and tech industry leaders in the U.S. about the perils AI poses to humankind.