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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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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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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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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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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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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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.

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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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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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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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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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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.

America’s child care crisis is holding back moms without college degrees

( ) -q-24- UNDATED (Correspondent Jeremy House) “giving up work.”

The high costs and limited availability of quality child care are holding back American moms without college degrees.

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TAG: Correspondent Jeremy House reporting. The findings come from an analysis of U.S. Census survey data by The Associated Press.

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VERBATIM: Women’s participation in the workforce has recovered from the pandemic, reaching historic highs in December. But that masks a lingering employment crisis among moms who lack a college degree. For these moms, a day without work is often a day without pay. And when they face an interruption in child care arrangements, an adult in the family is far more likely to adjust by giving up work.

After House votes for possible TikTok ban in US, app not expected to go away anytime soon

( ) -q-22- UNDATED (Correspondent Jeremy House) “firm ByteDance Limited.”

Experts are saying despite this weekend’s vote in the House to ban it, don’t expect Tiktok to go away any time soon.

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Out-cue: firm ByteDance Limited]

TAG: Correspondent Jeremy House reporting. House Republicans included TikTok as part of a foreign aid package that was a priority for President Biden and had broad congressional support for Ukraine and Israel. Adding the TikTok measure meant that The bill passed on Saturday now goes to the Senate.

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VERBATIM: The House has passed legislation that would ban TikTok in the United States if the popular social media platform’s China-based owner doesn’t sell its stake within a year. Approval of the bill means it will be fast-tracked after an earlier version had stalled in the Senate. Both Democrats and Republicans have voiced national security concerns about the app’s owner, the Chinese technology firm ByteDance Limited.

Hawaii lawmakers take aim at vacation rentals after wildfire amplifies housing crisis

( ) -q-17- UNDATED (Correspondent Jeremy House) “of vacation rentals.”

An acute housing shortage hitting fire survivors on the Hawaiian island of Maui is squeezing out residents.

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Out-cue: of vacation rentals]

TAG: Correspondent Jeremy House reporting.

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VERBATIM: The situation is prompting state lawmakers to consider giving counties the authority to phase out vacation rentals. The deadly wildfire last August burned the core of Lahaina’s (lah HIGH nah) residential housing stock. Neighborhoods spared by the fire have a high percentage of vacation rentals.

Tesla cuts the price of its “Full Self Driving” system to $8,000

( ) -q-28- UNDATED (Correspondent Jeremy House) “the United States.”

Tesla knocked about a third off the price of its “Full Self Driving” system to $8,000 from $12,000.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The system can’t drive itself and so drivers must remain alert and be ready to intervene.
Tesla CEO and billionaire Elon Musk promised in 2019 that there would be a fleet of robotaxis on the road in 2020. However, the promise has yet to materialize and the system still has to be supervised by humans. The cuts follow Tesla’s moves to slash $2,000 off the prices of three of its five models in the United States.

Netflix up to nearly 270 million subscribers after another strong start to 2024

( ) -q-20- UNDATED (Correspondent Jeremy House) “its total subscribers.”

Netflix gained another 9.3 million subscribers to start the year while its profit soared with the help of a still-emerging expansion into advertising.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: Netflix also caught investors off guard with a change that will make it more difficult to track the video streaming service’s future growth. The performance demonstrated that Netflix is still building on its momentum of last year. But Netflix’s stock price dipped after management disclosed plans to phase out quarterly updates on its total subscribers.

Google combines its Android software and Pixel hardware divisions to integrate AI

( ) -q-22- UNDATED (Correspondent Jeremy House) “company’s hardware group.”

Google says it will combine the software division responsible for Android mobile software and the Chrome browser with the hardware division known for Pixel smartphones and Fitbit wearables.

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TAG: Correspondent Jeremy House reporting. In a letter sent to employees, Google CEO Sundar Pichai said the changes will “turbocharge the Android and Chrome ecosystems” while helping to spur innovation.

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VERBATIM: It’s part of a broader push to integrate artificial intelligence more widely throughout the company. Google is also reorganizing its AI research and responsibility groups, although those changes mostly won’t directly affect consumer products. The decision will place both operations under the oversight of a Google executive who previously oversaw the company’s hardware group.

Biden administration restricts oil, gas leasing in 13 million acres of Alaska’s petroleum reserve

( ) -q-25- UNDATED (Correspondent Jeremy House) “and predicted lawsuits.”

The Biden administration says it will restrict new oil and gas leasing on 13 million acres of a federal petroleum reserve in Alaska.

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Out-cue: and predicted lawsuits]

TAG: Correspondent Jeremy House reporting. Friday’s decision also cements an earlier plan that called for closing nearly half the reserve to oil and gas leasing.

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VERBATIM: The aim of the restriction is to help protect wildlife such as caribou and polar bears as the Arctic continues to warm. The decision finalizes protections first proposed last year as the Biden administration prepared to approve the controversial Willow oil project. Alaska Republican Senator Dan Sullivan called the restriction an “illegal” attack on the state’s economic lifeblood, and predicted lawsuits.