Sony Pictures and private equity firm interested in buying Paramount for $26 billion, AP source says

( ) -q-22- UNDATED (Correspondent Jeremy House) “for a deal.”

Sony Pictures and the private equity firm Apollo Global Management have expressed interest in buying Paramount Global for $26 billion.

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Time: 22s
Title: SONY-APOLLO-PARAMOUNT-house-q-FRIam
Out-cue: for a deal]

TAG: Correspondent Jeremy House reporting. Earlier this week, New York-based Paramount said that Bob Bakish would step down as CEO of the film, television and multimedia company, to be replaced by a trio of executives who will form a new “Office of the CEO.”

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VERBATIM: A person familiar with the details says Sony would be the majority shareholder and Apollo would have a minority stake. The Sony-Apollo offer was first reported by The Wall Street Journal. The newspaper reported previously that Apollo had made an offer to buy Paramount on its own but Paramount’s board had concerns about the bid, including whether it could arrange financing for a deal.

Number of Americans applying for jobless claims remains historically low

( ) -q-19- UNDATED (Correspondent Jeremy House) “the previous week.”

The number of Americans applying for unemployment benefits was unchanged last week.

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Time: 19s
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TAG: Correspondent Jeremy House reporting. Weekly unemployment claims are considered a proxy for the number of U.S. layoffs in a given week.

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VERBATIM: The Labor Department reports unemployment claims for the week ending April 27 was 208,000, the same as the previous week. That’s the fewest since mid-February. In total, 1.77 million Americans were collecting jobless benefits during the week that ended April 20. That’s also the same as the previous week.

Japan’s Kishida unveils a framework for global regulation of generative AI

( ) -q-25- UNDATED (Correspondent Jeremy House) “for AI developers.”

Japanese Prime Minister Fumio Kishida has unveiled an international framework for regulation and use of generative AI.

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Time: 25s
Title: JAPAN-AI-house-q-THUam
Out-cue: for AI developers]

TAG: Correspondent Jeremy House reporting.

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VERBATIM: It adds to global efforts on governance for the rapidly advancing technology. Kishida says generative AI has the potential to be a vital tool to further enrich the world, but its dark side must also be confronted. When Japan chaired the Group of Seven leading industrialized nations last year, it launched a Hiroshima AI process to draw up international guiding principles and a code of conduct for AI developers.

Change Healthcare cyberattack due to lack of multifactor authentication

The beginning of February’s Change Healthcare cyberattack happened when hackers entered a server that lacked multi-factor authentication. That’s according to UnitedHealth CEO Andrew Witty. He told U.S. senators during a hearing that his company was still trying to understand why the server did not have the additional protection that guards against hackers guessing passwords. Witty also says hackers gained access to Change Healthcare and unleashed a ransomware attack that encrypted and froze large parts of the company’s system.

Microsoft will invest $2.2 billion in cloud and AI services in Malaysia

( ) -q-21- UNDATED (Correspondent Jeremy House) “center in Thailand.”

Microsoft CEO Satya Nadella says the company will invest $2.2 billion over the next four years in new cloud and artificial intelligence infrastructure in Malaysia.

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Time: 21s
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Out-cue: center in Thailand]

TAG: Correspondent Jeremy House reporting. Last month, Nadella also announced investments in Japan and the United Arab Emirates. Microsoft runs one of the world’s largest cloud computing operations and has taken a leap into artificial intelligence through its partnership with OpenAI, developers of ChatGPT.

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VERBATIM: It marks Microsoft’s single largest investment in the country, as the tech giant seeks to bolster support for AI development in the region and worldwide. Nadella earlier this week, also announced a $1.7 billion investment in cloud and AI services in Indonesia. He also said Microsoft will build its first regional data center in Thailand.

Google and Apple threatened by antitrust laws

The U.S. Justice Department has launched a double-barreled antitrust attack on Google’s dominant search and Apple’s trendsetting iPhone. The legal offensive is reviving memories of the epic battle that hobbled Microsoft before it roared back to yet again become the world’s most valuable company. The parallels to the DOJ’s landmark antitrust case in 1998 could provide a window into the potential breakthroughs that could be unleashed and new empires built if regulators succeed in their current attempts to crack down on Google and Apple now. It’s conceivable Google and Apple may never have created so many popular products or become as powerful as they are now if Microsoft hadn’t been reined in a quarter century ago…JH reporting.

Amazon’s strong 1Q results driven by cloud-computing, Prime Video

Amazon has reported strong results for the first quarter. The Seattle-based e-commerce giant said it earned $143.31 billion in revenue in the first three months of this year. That’s a 13% jump compared to the same period last year. Net income came out to $10.43 billion, beating expectations from analysts surveyed by FactSet by more than a billion dollars.

G7 nations commit to phasing out coal by 2035

( ) -q-20- UNDATED (Correspondent Jeremy House) “coal phase-out date.”

Energy and environment ministers of the Group of Seven leading industrialized nations have committed to phase out coal power by 2035.

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Time: 20s
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TAG: Correspondent Jeremy House reporting. Britain, France, Italy and Canada are committed to phasing out coal no later than 2030, and observers say the United States and Germany are taking big steps toward that date.

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VERBATIM: It marks the first time the G7 has explicitly referenced a phase-out. But ministers left flexibility for countries heavily reliant on coal. The Beyond Fossils Fuel campaign called the commitment vague in a likely bid to coax a commitment from Japan. Japan is the only G7 country without a coal phase-out date.

Paycheck growth accelerated in Q1, a possible concern for the Fed

Pay and benefits for America’s workers grew more quickly in the first three months of this year. The Labor Department says compensation as measured by the government’s Employment Cost Index rose 1.2% in the January-to-March quarter. That’s up from a 0.9% increase in the previous quarter. It’s a trend that could contribute to higher inflation and raise concerns about the future path of price increases at the Federal Reserve.

Microsoft will invest $1.7 billion in AI and cloud infrastructure in Indonesia

( ) -q-22- UNDATED (Correspondent Jeremy House) “growing developer community.”

Microsoft will invest $1.7 billion over the next four years in new cloud and artificial intelligence infrastructure in Indonesia.

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Time: 22s
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Out-cue: growing developer community]

TAG: Correspondent Jeremy House reporting. The company sees Southeast Asia as a growing market and potential location for more AI product development.

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VERBATIM: It’s the single largest investment in Microsoft’s 29-year history in the country. Microsoft CEO Satya Nadella, who was visiting Indonesia and met with its president, said the company will also invest in AI training for 840,000 people. Nadella says Microsoft will also lend its support to Indonesia’s growing developer community.

Cities are raising taxes to expand child care access

A growing number of cities are passing tax increases to expand access to child care. Last year, New Orleans added more than 1,000 child care seats for low-income families after voters approved a historic property tax increase. In Whatcom County, Washington, a property tax increase added $10 million for child care and children’s mental health to the annual budget. One reason for the trend: People saw the economic impact of a lack of child care during the pandemic — a crisis that continues for some families.

McDonald’s posts weaker-than-expected Q1 results

McDonald’s said higher U.S. sales in the first quarter helped it overcome weakness in the Middle East and other markets. Some consumers have been boycotting McDonald’s over its perceived support for Israel. The Chicago burger giant said its same-store sales rose 1.9% worldwide in the January-to-March period. That was slightly below Wall Street’s forecast of a 2.1% increase. In the U.S., same-store sales rose 2.5% as the company raised prices and saw higher demand for delivery.

United Auto Workers reaches deal with Daimler Truck, averting potential strike in North Carolina

( ) -q-22- UNDATED (Correspondent Jeremy House) “and Memphis, Tennessee.”

The United Auto Workers union has announced it’s reached a last-minute tentative agreement with truck and bus manufacturer Daimler Truck, averting a potential strike of more than 7,000 workers.

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Time: 22s
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Out-cue: and Memphis, Tennessee]

TAG: Correspondent Jeremy House reporting. UAW President Shawn Fain says the new contract includes wage increases of more than 25% over the next four years and cost-of-living adjustments, among other things. Union members still need to approve the agreement.

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VERBATIM: The union struck a four-year agreement with the German company just before the expiration of the previous contract, which was enacted six years ago. It covers workers at various plants in North Carolina — where Daimler makes Thomas Built Buses, Freightliner and Western Star trucks. It also covers workers at distribution plants in Atlanta and Memphis, Tennessee.

Tesla founder Musk visits China as competitors show off new EVs

( ) -q-27- UNDATED (Correspondent Jeremy House) “discuss further cooperation.”

Tesla founder and CEO Elon Musk has met with a top government leader in the Chinese capital.

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Time: 27s
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TAG: Correspondent Jeremy House reporting. Tesla has a major manufacturing base in Shanghai for both domestic sales in China and exports to Europe and other regions.

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VERBATIM: The meeting comes just as China’s carmakers are showing off their latest electric vehicle models at the Beijing auto show. China’s state broadcaster CCTV said the country’s Premier Li Qiang told Musk that he hopes the U.S. will work more with China on “win-win” cooperation. Earlier, CCTV said that Musk had come at the invitation of the China Council for the Promotion of International Trade to discuss further cooperation.

Dubai plans to move its busy international airport to a $35 billion new facility within 10 years

( ) -q-21- UNDATED (Correspondent Jeremy House) “Dubai World Central.”

Dubai International Airport, the world’s busiest for international travel, will move its operations to the city-state’s second, sprawling airfield in its southern desert reaches “within the next 10 years.”

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Out-cue: Dubai World Central]

TAG: Correspondent Jeremy House reporting.

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VERBATIM: It’s a project worth nearly $35 billion. The announcement marks the latest chapter in the rebound of Dubai’s long-haul carrier Emirates after the coronavirus pandemic grounded international travel. Plans have been on the books for years to move the operations of the airport known as DXB to Al Maktoum International Airport at Dubai World Central.

US growth slowed sharply last quarter to 1.6% pace, reflecting an economy pressured by high rates

( ) -q-24- UNDATED (Correspondent Jeremy House) “reducing their inventories.”

The nation’s economy slowed last quarter.

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Time: 24s
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Out-cue: reducing their inventories]

TAG: Correspondent Jeremy House reporting. The state of the U.S. economy has seized Americans’ attention as the election season has intensified. Although inflation has slowed sharply, to 3.5% from 9.1% in 2022, prices remain well above their pre-pandemic levels.

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VERBATIM: The economy grew at an annual rate of 1.6%, in a sign that the high interest rates may be taking a toll on borrowing and spending. The gross domestic product decelerated from its brisk 3.4% growth rate in the final three months of 2023. Consumers continued to drive growth last quarter, but slowed their spending. Growth was also held back down by businesses reducing their inventories.

Meta more than doubles Q1 profit but revenue guidance pulls shares down after-hours

( ) -q-25- UNDATED (Correspondent Jeremy House) “from $28.65 billion.”

Facebook and Instagram parent company Meta says its first-quarter profit more than doubled.

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TAG: Correspondent Jeremy House reporting. According to FactSet, analysts, on average, were expecting revenue of $36.14 billion.

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VERBATIM: The increase in profits was boosted by higher advertising revenue and a 6% increase on the average price of ads on its platforms. Meta Platforms earned $12.37 billion in the January-to-March period. That’s up from $5.71 billion in the same period a year earlier. Revenue rose 27% to $36.46 billion from $28.65 billion.

What do weight loss drugs mean for a diet industry built on eating less and exercising more?

( ) -q-23- UNDATED (Correspondent Jeremy House) “for quick fixes.”

New weight loss drugs are reshaping a dieting industry built on eating less and exercising more.

[CutID: <Cuts> WEIGHT-LOSS-DRUGS-house-q-THUam.mp3
Time: 23s
Title: WEIGHT-LOSS-DRUGS-house-q-THUam
Out-cue: for quick fixes]

TAG: Correspondent Jeremy House reporting. The drugs are so disruptive that even established diet companies like WeightWatchers and brands like Lean Cuisine are trying to keep up.

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VERBATIM: The arsenal of drugs like Wegovy and its predecessor, the diabetes medication Ozempic, has proven successful in eliminating unwanted pounds more quickly and easily than weight loss methods. Some health experts worry about traditional diet companies and gyms getting in the medication business. They believe the drugs will cater to society’s need for quick fixes.

TikTok has promised to sue over the potential US ban. What’s the legal outlook?

( ) -q-24- UNDATED (Correspondent Jeremy House) “could still prevail.”

Legislation forcing TikTok’s parent company to sell the video-sharing platform or face a ban in the U.S. could face an uphill battle in court.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: Critics of the sell-or-be-banned ultimatum argue that it violates TikTok users’ First Amendment rights. The app’s China-based owner, ByteDance, has already promised to sue, calling the legislation unconstitutional. Whether a court challenge could successfully block a potential TikTok ban treads into murky waters. Supporters of the bill say that national-security claims could still prevail.

VW revamps approach in China in bid to overtake upstart EV makers

( ) -q-18- UNDATED (Correspondent Jeremy House) “EVs by 2030.”

Foreign automakers have been caught flat-footed in China by an electric vehicle boom that has shaken up the market over the last three years.

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Title: CHINA-VW-house-q-WEDam
Out-cue: EVs by 2030]

TAG: Correspondent Jeremy House reporting. Volkswagen CEO Oliver Blume described China to investors on Wednesday as the company’s “second home market.” But VW is expanding far beyond its roots as a maker of no-frills sedans used by Chinese taxi fleets.

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VERBATIM: That has left manufacturers like Volkswagen scrambling to develop new models for a very different market than at home. The Volkswagen Group, which includes Audi and Porsche, plans to launch 40 new models in China over the next three years. It’s also looking to have a lineup of 30 EVs by 2030.

U.S. finalizes rule to grant overtime for millions more salaried workers

( ) -q-26- UNDATED (Correspondent Jeremy House) “start of 2025.”

The Biden administration has finalized a new rule set to make millions of more salaried workers eligible for overtime pay in the U.S.

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TAG: Correspondent Jeremy House reporting. The current overtime eligibility threshold is $35,568, which was set under the Trump administration in 2019 — just three years after a more generous Obama-era effort was ultimately scuttled in court.

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VERBATIM: The move marks the largest expansion in federal overtime eligibility in decades. The Labor Department says starting July 1, employers will be required pay overtime to salaried workers who make less than $43,888 a year in certain executive, administrative and professional roles. That cap will then rise to $58,656 by the start of 2025.

New Jersey is motivating telecommuters to appeal their New York tax bills

( ) -q-25- UNDATED (Correspondent Jeremy House) “income tax revenues.”

New Jersey is incentivizing taxpayers who work from home for New York based employers to sue New York in court for taxing their wages.

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Time: 25s
Title: NJ-TELECOMMUTERS-house-q-WEDam
Out-cue: income tax revenues]

TAG: Correspondent Jeremy House reporting.

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VERBATIM: There’s hundreds of millions of dollars on the line. New Jersey Governor Phil Murphy last year signed legislation that rewards New Jersey residents with a tax break who win their tax appeal. Now Governor Ned Lamont of Connecticut wants to offer a similar bounty. Out-of-state taxpayers paid nearly $8.8 billion in 2021 in taxes, roughly 15% of New York’s total income tax revenues.

GM reports strong Q1 profits as prices help offset small US sales dip

( ) -q-28- UNDATED (Correspondent Jeremy House) “over $43 billion.”

Despite a small dip in U.S. vehicle sales, General Motors’ first-quarter net income rose more than 25% on strong deliveries of pickup trucks and other higher-profit vehicles.

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Time: 28s
Title: GM-PROFITS-house-q-TUEam
Out-cue: over $43-billion]

TAG: Correspondent Jeremy House reporting. Excluding one-time items, the company made $2.62 per share, beating Wall Street estimates of $2.13, according to FactSet.

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VERBATIM: The Detroit automaker said that while its average sales price per vehicle was down slightly from last year at just under $50,000, pickup sales remained strong. GM said it’s not seeing the price erosion across its lineup that other companies have experienced. GM said it made $2.97 billion from January through March, with revenue increasing 7.6% over the same period a year ago to just over $43 billion.

Federal Trade Commission sues to block Tapestry’s $8.5B acquisition of Capri

( ) -q-25- UNDATED (Correspondent Jeremy House) “and workplace benefits.”

The Federal Trade Commission has sued to block Tapestry’s $8.5 billion acquisition of Capri Holdings.

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Time: 25s
Title: FTC-TAPESTRY-CAPRI-house-q-TUEam
Out-cue: and workplace benefits]

TAG: Correspondent Jeremy House reporting. The FTC says the combined Tapestry and Capri would employ roughly 33,000 people worldwide.

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VERBATIM: The FTC says the deal would eliminate direct head-to-head competition between the fashion companies’ brands like Coach and Michael Kors in the so-called affordable luxury handbag arena. The agency adds the deal, announced in August 2023, also threatens to eliminate the incentive for the two companies to compete for employees. It also could depress employees’ wages and workplace benefits.