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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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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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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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.

Jobless benefits applications hold steady as labor market remains strong

The number of Americans filing for jobless benefits didn’t change last week. The Labor Department reports unemployment claims for the week ending April 13 were unchanged from the previous week’s 212,000. In total, 1.81 million Americans were collecting jobless benefits during the week that ended April sixth. It represented an increase of 2,000 from the previous week.

Amazon to keep selling cashier-less checkout system

Amazon wants other businesses to know it’s not giving up on its Just Walk Out technology. Although the company is ditching the cashier-less checkout system at its Amazon Fresh grocery stores, it plans to sell the technology to more than 120 third-party businesses this year. Just Walk Out uses cameras, artificial intelligence and sensor trackers to determine what’s taken off of shelves. They enable customers to grab what they want and leave after paying at a store’s entry gate.

Nokia sees double-digit fall in Q1 amid weak 5G demand

Wireless and fixed-network equipment maker Nokia has reported a smaller-than-expected profit and a substantial double-digit fall in sales in the first quarter. The figures were due to a market weakened by a lack of investment by clients in 5G technology. The Finnish company reported a net profit of 501 million euros for the January-to-March period, up 46% from 342 million euros a year earlier. Nokia’s CEO said the ongoing weakness in the telecom equipment market was expected, because of economic uncertainty and high financing costs.

Europe wants 2 things from China. It may not get far on either of them.

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

Europe wants two things from China. Correspondent Jeremy House tells us what they are.

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VERBATIM: First, a shift in its relatively pro-Russia position on the war in Ukraine. Second, a reduction in the trade imbalance. It’s not clear if it will get very far on either front. German Chancellor Olaf Scholz this week became the latest European leader to leave China with promises to talk, but little more. There is some reason for hope on the European side. China badly wants foreign investment to boost its sluggish economy. But that may not outweigh the larger strategic reasons China has for promoting its green energy exports and aligning itself with Russia…JH reporting.

Japan records a trade deficit for third straight fiscal year

( ) -q-22- UNDATED (Correspondent Jeremy House) “in four years.”

Japan recorded a trade deficit for the third straight fiscal year as the costs of energy and other imports rose and the yen remained weak.

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TAG: Correspondent Jeremy House reporting. The decline in the yen affected the trade balance, as it cost more in yen to import and boosted the value of exports when converted to yen.

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VERBATIM: The data showed the deficit was $38 billion for the fiscal year that ended in March. The biggest trade deficits were in the Middle East, mainly Saudi Arabia and the United Arab Emirates, as well as Australia and Indonesia. Japan had a trade surplus with the U.S. and some European countries. Annual exports to China declined for the first time in four years.

UK inflation falls to lowest level since late 2021

( ) -q-19- UNDATED (Correspondent Jeremy House) “move appears clear.”

Inflation in the U.K. fell to its lowest level in two and a half years in March after a further easing in food prices.

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TAG: Correspondent Jeremy House reporting. Britain’s inflation rate is set to fall further in April, possibly to below 2%, as a result of sharply lower domestic energy bills, which economists think could prompt rate-setters to consider a cut in interest rates in the next few months.

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VERBATIM: Britain’s Office for National Statistics says consumer prices rose by 3.2% in the year to March, down from 3.4% in February. That’s the lowest level since September 2021. Inflation is still running higher than the Bank of England’s target of 2%, but the direction of the move appears clear.

Apple CEO says company will ‘look at’ manufacturing in Indonesia

( ) -q-21- UNDATED (Correspondent Jeremy House) “located in Bali.”

Apple CEO Tim Cook said the company is “looking at” manufacturing in Indonesia as he met with Indonesian President Joko Widodo today (ON WEDNESDAY).

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TAG: Correspondent Jeremy House reporting. Apple began moving some production to countries like Vietnam, and more recently India, after shutdowns to fight COVID-19 in China repeatedly disrupted the company’s shipments.

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VERBATIM: Widodo’s administration has worked for years to bring manufacturing to the country to power economic development. Meanwhile Apple has been seeking to diversify its supply chains away from China, where most of its smartphones and tablets are assembled. Cook’s visit to Indonesia came after Apple announced its fourth Apple Developer Academy in the country, to be located in Bali.

Bayer seeks lawmakers’ help to squelch weedkiller cancer claims

The maker of a popular weedkiller is turning to lawmakers in key states to try to squelch legal claims that it failed to warn about cancer risks. Bayer disputes such claims, but already has paid about $10 billion to resolve them. Thousands of similar lawsuits remain pending. Bayer has supported legislation in Idaho, Iowa and Missouri that would shield pesticide and herbicide companies from failure-to-warn claims if they use labels approved by the federal Environmental Protection Agency. But legal experts warn it could have broader consequences — extending to any product liability claim or providing immunity from lawsuits of any kind. Critics say it could spread nationwide.

China’s economy grew 5.3% in first quarter, beating expectations

( ) -q-24- UNDATED (Correspondent Jeremy House) “on its growth.”

China’s economy grew faster than expected in the first quarter of the year with help from policies and stronger demand, though signs of weakness persisted.

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TAG: Correspondent Jeremy House reporting. Policymakers have unveiled a raft of fiscal and monetary policy measures meant to boost the economy and financial markets. China has set an ambitious gross domestic product growth target of about 5% for 2024.

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VERBATIM: The world’s second-largest economy expanded at a 5.3% annual pace in the January-to-March period, surpassing analysts’ forecasts of about 4.8%. Compared to the previous quarter, the economy expanded 1.6%. China’s economy has struggled to bounce back from the COVID-19 pandemic, with a slowdown in demand and a property crisis weighing on its growth.

Nissan says it will make next-generation EV batteries by early 2029

( ) -v-33- UNDATED (Correspondent Jeremy House) “std.”

Nissan says it expects to mass produce electric vehicles powered by advanced next-generation batteries by early 2029. Correspondent Jeremy House reports.

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VERBATIM: Japan’s legacy automakers have fallen behind newer rivals like America’s Tesla and China’s BYD in the emerging all-electric auto sector. However, Nissan sees a chance to catch up and perhaps leap ahead with a new kind of battery that promises to be more powerful, cheaper, safer and faster to charge than the lithium-ion batteries in use today. Solid-state batteries are widely seen as the next step for EVs, and leading automakers are racing to develop versions that can be mass produced…JH reporting.

Several thousand Tesla employees will soon be seeing pink slips

( ) -q-25- UNDATED (Correspondent Jeremy House) “and increased productivity.”

After reporting dismal first-quarter sales, Tesla is planning to lay off about a tenth of its workforce as it tries to cut costs.

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TAG: Correspondent Jeremy House reporting. News of the layoffs was first reported by electric vehicle website Electrek.

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VERBATIM: CEO Elon Musk detailed the plans in a memo sent to employees. The layoffs could affect about 14,000 of the 140,473 workers employed by the Austin, Texas, company at the end of last year. Musk’s memo said that as Tesla prepares for its next phase of growth, it needs to look at every aspect of the company for cost cuts and increased productivity.

The IRS is quicker to answer the phone on this Tax Day

( ) -q-20- UNDATED (Correspondent Jeremy House) “in plain language.”

Today (MONDAY) is Tax Day and the IRS is promoting the customer service improvements the agency rolled out since receiving tens of billions in new funding dollars through the Inflation Reduction Act.

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TAG: Correspondent Jeremy House reporting. The promotion also in part is meant to quickly normalize a more efficient and effective IRS before congressional Republicans threaten another round of cuts to the agency.

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VERBATIM: Agency leadership is trying to bring attention to what’s been done to repair its image as an outdated and maligned tax collector. Two improvements include cutting phone wait times and digitizing more documents. The IRS is also improving the “Where’s My Refund” tool to show more account details in plain language.

Retail sales up a strong 0.7% in March from February

Americans increased their spending pace in March at a better-than-expected pace from the previous month. The Commerce Department says retail sales rose 0.7% last month after being up a revised 0.9% in February. The numbers show how shoppers remain resilient despite inflationary pressures and other economic challenges. Sales fell a revised 1.1% in January, dragged down in part by inclement weather.

Homebuyers’ quandary: to wait or not to wait for lower mortgage rates

( ) -v-37- UNDATED (Correspondent Jeremy House) “std.”

Shop for a home now or hold out for possibly lower mortgage rates? Correspondent Jeremy House has more on the story.

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VERBATIM: It’s a question confronting many home shoppers this spring homebuying season amid widespread expectations that mortgage rates could come down once the Federal Reserve begins lowering its own short-term rate. Economists generally anticipate that the average rate on a 30-year mortgage could start declining later this year after surging to a 23-year high of nearly 8% in late October. Holding out for more attractive rates could give homebuyers some financial breathing room. But there’s a potential downside to waiting: Lower rates can bring out more buyers, driving up prices…JH reporting.

US-China competition to field military drone swarms could fuel global arms race

( ) -q-20- UNDATED (Correspondent Jeremy House) “dozens of drones.”

U.S. and Chinese military planners are gearing up for a new kind of warfare.

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TAG: Correspondent Jeremy House reporting. The world’s only AI superpowers are engaged in an arms race for swarming drones that is reminiscent of the Cold War, except drone technology will be far more difficult to contain than nuclear weapons.

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VERBATIM: It’s the kind of warfare in which squadrons of air and sea drones equipped with artificial intelligence work together like a swarm of bees to overwhelm an enemy. The planners envision a scenario in which hundreds, even thousands of the machines engage in coordinated battle. A single controller might oversee dozens of drones.

Citing TikTok and Nippon, Treasury wants to boost foreign investment review powers

U.S. Treasury wants to enhance the power of a little-known, secretive government committee to review deals made between U.S. firms and foreign investors. A new proposed rule would strengthen powers for the interagency Committee on Foreign Investment in the United States. It’s tasked with investigating corporate deals for national security concerns and holds power to force the company to change. This comes as high-profile deals involving foreign investment in the U.S., like Chinese firm ByteDance’s social media app TikTok, have received increased scrutiny by lawmakers and even President Biden.

Producer prices rose 2.1% from last year as inflation remains stubborn

( ) -q-24- UNDATED (Correspondent Jeremy House) “gain in February.”

U.S. producer prices rose in March from a year earlier at the fastest pace in nearly a year.

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TAG: Correspondent Jeremy House reporting. The figures offer more evidence that progress against inflation may have stalled this year and raising doubts about whether and when the Federal Reserve will start cutting interest rates.

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VERBATIM: The Labor Department says its producer price index — which measures inflationary pressure before it reaches consumers — rose 2.1% last month from March 2023. It’s the biggest year-over-year jump since April 2023. Compared to February, though, wholesale prices were up just 0.2%, down from a 0.6% gain in February.