Consumers Change Shopping Habits Amid Inflationary Prices

Consumers are pushing back against inflationary prices by changing the way they shop. Fed up with prices that remain about 19% higher-on average-than where they were before the pandemic, consumers are fighting back. In grocery stores, they’re shifting away from name brands to store-brand items, switching to discount stores or simply buying fewer items like snacks or gourmet foods. The trend has been most visible with food and everyday consumer goods like napkins and paper towels. More Americans are opting for used cars as well, forcing some dealers to provide incentives for new car buyers.

Germany’s businesses downbeat about coming months

Germany’s businesses remain mired in pessimism. The pessimism comes despite a small uptick in the latest Ifo institute survey of business sentiment, which rose slightly to 85.5 points in February from 85.2 points in January. Europe’s largest economy struggles with shortages of skilled labor, slower global trade, and political squabbling. Economists say there’s little likelihood of an upturn soon in Germany’s economy.

California is forging ahead with food waste recycling

( ) -q-22- UNDATED (Correspondent Jeremy House) “they can use.”

Two years after California launched an effort to keep organic waste out of landfills, the state is behind on getting food recycling programs up and running.

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TAG: Correspondent Jeremy House reporting. By 2025, the state seeks to slash by 75% the amount of organic waste it sends to landfills from 2014 levels.

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VERBATIM: CalRecycle’s director Rachel Wagoner says about three-quarters of communities are currently collecting organic waste from homes. It’s hard to change people’s longstanding behavior quickly and some communities have faced delays setting up organic waste hauling contracts due to the pandemic. Meanwhile, some of those that ramped up collection now have more compost than they can use.

How to use new generative AI search sites

( ) -q-29- UNDATED (Correspondent Jeremy House) “accuracy and reliability.”

A lot people think Google searches are getting worse.

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TAG: Correspondent Jeremy House reporting. Studies by researchers suggest the quality of traditional Google search results is indeed declining. Now, chatbots powered by generative artificial intelligence, including from Google itself, are shaking up how search works.

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VERBATIM: While Google has been the one-stop shop for decades, its longtime dominance has attracted a flood of spammy links and AI-generated junk content fueled by “search engine optimization” techniques. Meanwhile, the rise of generative AI chatbots is giving people new and different ways to look up information.That pushes down genuinely useful results. But because the technology is so new, there are concerns about chatbots’ accuracy and reliability.

Jobless benefits applications fall again as labor market powers on

( ) -q-22- UNDATED (Correspondent Jeremy House) “cool the economy.”

The number of Americans applying for jobless benefits fell to its lowest level in five weeks.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The dropoff comes even as more high-profile companies announce layoffs. The Labor Department reports applications for unemployment benefits fell by 12,000 to 201,000 for the week ending February 17th. Weekly unemployment claims have remained at historically low levels in recent years, despite efforts by the U.S. Federal Reserve to cool the economy.

Japan’s Nikkei stock index breaks its 1989 record, hits all-time high

( ) -q-22- UNDATED (Correspondent Jeremy House) “post-war economic boom.”

Japan’s benchmark Nikkei 225 index has surged past the record it set in 1989 before its financial bubble burst, ushering in an era of faltering growth.

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TAG: Correspondent Jeremy House reporting. Stock prices have been rising in recent months, even as the economy slipped into recession. Foreign investors, who account for a large share of trading volume, plunged in seeking bargains thanks to the yen’s weakness against the U.S. dollar.

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VERBATIM: The index closed Thursday at over 39-thousand, up 2.2%. It had been hovering for weeks near 34-year highs. The Nikkei 225’s previous record was 38,916, set on December 29, 1989. That’s more than a generation ago, at the height of Japan’s post-war economic boom.

Fed minutes: Officials worried that inflation progress could stall

( ) -v-33- WASHINGTON (Correspondent Jeremy House) “into a recession.”

Federal Reserve officials acknowledged at their most recent meeting in January that there had been “significant progress” in reducing inflation. Correspondent Jeremy House has more on the story.

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VERBATIM: Despite the encouraging news, some of the policymakers expressed concern that strong growth in spending and hiring could disrupt that progress. In minutes from the meeting, most Fed officials also said they were worried about moving too fast to cut their benchmark interest rate before it was clear that inflation was sustainably returning to their 2% target. Only “a couple” were worried that the Fed might keep rates too high for too long and cause the economy to slow more than necessary, or even slip into a recession…JH, Washington.

Nvidia’s 4Q revenue, profit soar thanks to demand for its chips used for AI

( ) -q-24- UNDATED (Correspondent Jeremy House) “a year earlier.”

Nvidia posted stronger-than-expected results for its latest quarter, more than tripling its revenue from a year earlier.

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TAG: Correspondent Jeremy House reporting. The company, based in Santa Clara, California, earned $12.29 billion, up from its year-ago profit of $1.41 billion.

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VERBATIM: The positive results were due to soaring demand for Nvidia’s graphics chips used for artificial intelligence. The company has seen its value skyrocket over the past year, joining an exclusive list of businesses with a market value over $1 trillion. Nvidia’s revenue for its fiscal fourth quarter was $22.1 billion, up from $6.05 billion a year earlier.

Walmart rips again in Q4 but customer spending per trip is down

( ) -q-21- UNDATED (Correspondent Jeremy House) “its advertising business.”

Walmart has reported another quarter of strong results.

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TAG: Correspondent Jeremy House reporting. Walmart will now have access to Vizio’s SmartCast operating system, which would allow Walmart to offer its suppliers the ability to display ads on streaming devices.

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VERBATIM: Walmart’s low prices attracted shoppers looking for deals in an economically challenging environment marked by bouts of inflation. Yet inflation is fading, resulting in Walmart customers spending less per trip. Walmart has also confirmed that it would buy smart TV maker Vizio for $2.3 billion to boost its advertising business.

A warning from South Korea’s government to striking doctors

( ) -q-23- UNDATED (Correspondent Jeremy House) “return to work.”

The South Korean government has warned thousands of striking doctors to return to work immediately or face legal action.

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TAG: Correspondent Jeremy House reporting. By law, if doctors refuse to abide by the order, they could face up to three years in prison.

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VERBATIM: The warning comes after the doctors’ collective walkouts caused cancellations of surgeries and disrupted other hospital operations. The Health Ministry says about 7,800 medical interns and residents have walked off their jobs to protest the government’s push to recruit more medical students. The ministry says the government issued an official order for most of the striking doctors to return to work.

Unions oppose plan to move NBA, NHL teams to northern Virginia

( ) -q-23- UNDATED (Correspondent Jeremy House) “to their support.”

Influential labor groups now say they are opposing efforts to move two professional sports franchises from the nation’s capital to northern Virginia.

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TAG: Correspondent Jeremy House reporting. The Senate leader says the legislation isn’t dead, but Tuesday’s development won’t make it easier to get the deal across the finish line.

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VERBATIM: The opposition is partially due to the apparent inability to reach a satisfactory deal for union workers on the construction projects. The announcement is a blow for the proposal backed by Republican Governor Glenn Youngkin. Leaders in Virginia’s Democratic-controlled General Assembly have made clear labor union’s demands related to the project’s construction and its future jobs are central to their support.

Alabama Supreme Court rules frozen embryos are ‘children’

The Alabama Supreme Court has ruled that frozen embryos created during fertility treatments should be considered children under state law. The decision was issued in a pair of wrongful death cases brought by couples who had frozen embryos destroyed in an accident at a fertility clinic. Justices said an 1872 state law allowing parents to sue over the death of a minor child “applies to all unborn children, regardless of their location.” In a concurring opinion, Alabama Chief Justice Tom Parker quoted the Bible and said, “Even before birth, all human beings bear the image of God.”

Home Depot’s strong Q4 overshadowed by weakening 2024 expectations

( ) -q-16- UNDATED (Correspondent Jeremy House) “for fiscal 2024.”

Home Depot’s sales continued to weaken in its fiscal fourth quarter.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The country’s largest home improvement retailer is dealing with Americans who remain concerned about high mortgage rates and inflation. Home Depot’s quarterly results topped analysts’ expectations. However, the company provided a soft sales forecast for fiscal 2024.

China cuts key interest rate in latest move to boost ailing property sector

( ) -q-29- UNDATED (Correspondent Jeremy House) “on excessive borrowing.”

China’s central bank has cut its five-year loan prime rate while leaving its one-year rate unchanged.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: It was the first time the five-year rate, which is a benchmark for mortgage rates, was cut since May. The five year rate was lowered by 0.25 basis points to 3.95% while the one-year rate remains at 3.45%. As markets reopened after a weeklong Lunar New Year holiday break, China’s state-owned banks announced a flurry of plans for billions of dollars worth of loans to support developers struggling after a crackdown on excessive borrowing.

Boeing and China’s COMAC announce new orders at Singapore Airshow

( ) -q-21- UNDATED (Correspondent Jeremy House) “45 787 Dreamliners.”

The Singapore Airshow – Asia’s largest – has kicked off with an array of aerial displays including some by China’s COMAC C919 narrow-body airliner.

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TAG: Correspondent Jeremy House reporting. The biennial show comes as Asia’s aviation sector is taking off following the COVID-19 pandemic, when many countries in the region closed their borders to most international travel.

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VERBATIM: The event is expected to draw more than 50,000 visitors and over 1,000 participating companies. China’s COMAC announced a new order of 40 domestically-made C919 passenger jets from Tibet Airways. Meanwhile, Boeing said Thai Airways placed an order of 45 787 Dreamliners.

A mass resignation of trainee doctors in South Korea

( ) -q-22- UNDATED (Correspondent Jeremy House) “other problems first.”

Trainee doctors in South Korea have begun resigning en masse in protest of a government plan to increase the number of medical students.

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TAG: Correspondent Jeremy House reporting. South Korea’s Vice Health Minister Park Min-soo expressed “deep worries” over the trainee doctors’ action. He said the government ordered them to continue working.

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VERBATIM: The doctors’ action reportedly caused delays in surgeries and other treatments at hospitals, but no major disruptions occured. South Korean Health authorities say it’s urgent to have more doctors considering the country’s fast-aging population. But doctors say the government must use available resources to raise medical fees and resolve other problems first.

Japan hosts Ukraine reconstruction conference to showcase its support

( ) -q-23- UNDATED (Correspondent Jeremy House) “and corporate officials.”

Japan has pledged long-term partnership in the reconstruction of Ukraine.

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TAG: Correspondent Jeremy House reporting. About 300 people and 80 companies from the two countries were expected to attend the meetings. Japan wants to highlight its opposition to Russia’s invasion and support for Ukraine at a time of expanding Chinese military moves in the region.

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VERBATIM: The pledge came at a conference held ahead of the two-year anniversary of Russia’s invasion of Ukraine. Tokyo is showcasing its commitment to supporting the war-torn country through business and financial means since it’s capacity to provide military aid is limited. Ukraine’s Prime Minister is heading his country’s delegation of more than 100 government and corporate officials.

Biden admin providing $1.5 billion to make computer chips in NY, Vermont

( ) -v-34- WASHINGTON (Correspondent Jeremy House) “std.”

The Biden administration says that the government would provide $1.5 billion to the computer chip company GlobalFoundries to expand its domestic production in New York and Vermont. Correspondent Jeremy House has more on the story.

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VERBATIM: The announcement is the third award of financial support for a semiconductor company under the 2022 CHIPS and Science Act. The law enables the government to invest more than $52 billion to revitalize the manufacturing of computer chips in the United States as well as advance research and development. GlobalFoundries intends to use the funding to help pay for the construction of a new advanced chip factory in Malta, New York, increase production at its existing plant in Malta, and revitalize its plant in Burlington, Vermont…JH, Washington.

Stellantis reported a 13% decrease in net profits in second half of 2023

Carmaker Stellantis reported an 13% decrease in net profits in the second half of 2023

VERBATIM:

The decrease was due to the impact of strikes in North America, Stellantis’ profit center, as it heads into a year it expects to be “turbulent.” The world’s third-largest carmaker reported net profits of 7.7 billion euros in the second half, down from 8.8 billion in the same period. Full-year profits were up 11% to 18.6 billion euros.

Federal accident investigators are pushing for better cockpit voice recorders

Federal accident investigators are pushing for better cockpit voice recorders

VERBATIM:

The investigators are pointing to limits of the device on the jetliner that suffered a door-panel blowout last month over Oregon. The National Transportation Safety Board says the Federal Aviation Administration should require all current planes to have recorders that can capture 25 hours of audio. That would be up from the current standard of two hours.

US wholesale inflation accelerated in January in latest sign that prices picked up last month

( ) -q-28- UNDATED (Correspondent Jeremy House) “coming under control.”

Wholesale prices in the United States accelerated in January, the latest sign that some inflation pressures in the economy remain elevated.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The producer price index rose 0.3% from December to January after having fallen -0.1% from November to December. Measured year over year, producer prices rose by a mild 0.9% in January. The figures follow a surprising report this week that showed that consumer prices eased less than expected last month, signaling that the pandemic-fueled inflation surge is only gradually and fitfully coming under control.

Ford CEO says company will rethink where it builds vehicles after last year’s autoworkers strike

( ) -q-28- UNDATED (Correspondent Jeremy House) “our manufacturing footprint.”

Ford’s top executive says that last fall’s contentious United Auto Workers’ strike changed the company’s relationship with the union to the point where it will “think carefully” about where it builds future vehicles.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: CEO Jim Farley told the Wolfe Research Global Auto Conference in New York that the company always took pride in its relationship with the UAW, having avoided strikes since the 1970s. But last year, Ford’s highly profitable factory in Louisville, Kentucky, was the first truck plant that the UAW shut down with a strike. Farley said as the company looks at the transition from internal combustion to electric vehicles, “we have to think carefully about our manufacturing footprint.”

DoorDash orders and revenue beat Wall Street expectations despite disappointing net losses

( ) -q-22- UNDATED (Correspondent Jeremy House) “by Wall Street.”

DoorDash’s revenues and orders exceeded expectations for the fourth quarter, although its net losses failed to shrink as quickly as Wall Street had hoped.

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TAG: Correspondent Jeremy House reporting. The company’s net loss narrowed to $156 million in the quarter, down from $642 million in the year-earlier period. Analysts, however, had expected them to narrow further to $61 million.

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VERBATIM: The San Francisco delivery company says its revenues rose 27% to $2.3 billion in the October-to-December period. That slightly exceeded the $2.25 billion analysts had projected. Total orders rose 23% to 574 million compared to the 561.3 million forecast by Wall Street.

US eases restrictions on Wells Fargo after years of strict oversight following scandal

( ) -q-28- UNDATED (Correspondent Jeremy House) “protection for whistleblowers.”

The Biden administration is easing its restrictions on banking giant Wells Fargo.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: White House officials say the bank has sufficiently fixed its toxic culture after years of scandals. Investors speculate that the bank, which had been under a tight leash for by regulators for years, may be able to start growing again. The Office of the Comptroller of the Currency terminated a consent order that required the bank to completely overhaul how it sold financial products to customers and provide additional consumer protections as well as employee protections for whistleblowers.