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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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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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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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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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.

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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Out-cue: giving up work]

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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Out-cue: the United States]

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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Out-cue: company’s hardware group]

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.

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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Time: 22s
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Out-cue: in four years]

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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Time: 19s
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Out-cue: move appears clear]

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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Out-cue: located in Bali]

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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Out-cue: on its growth]

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.