Airbnb loses $349 million on Italian tax dispute but posts revenue gain

( ) -q-19- UNDATED (Correspondent Jeremy House) “into the first.”

Airbnb says that it lost $349 million in the fourth quarter because of an income tax settlement with Italy.

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TAG: Correspondent Jeremy House reporting. Airbnb says a settlement with Italy over taxes cost it about $1 billion. Excluding the special expenses, Airbnb says it would have earned $489 million.

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VERBATIM: Despite the loss, the company says bookings and revenue rose, and demand for vacation rentals on its platform remains strong. Airbnb says first-quarter revenue will meet or beat Wall Street expectations. But the company says the pace of bookings growth will “moderate” from the fourth quarter into the first.

Lab-grown diamonds have low price tags, but sustainability claims lag

Lab-created diamonds come with sparkling claims. One such claim is that such diamonds are ethically made by machines running on renewable energy. But many don’t live up to these claims or don’t respond to questions about their electricity sources, and lab diamonds require a lot of electricity. They are chemically the same as diamonds found in the ground, but cost a fraction of the price, which appeals to younger people facing high costs of living.

Senate GOP Helps Democrats Pass Aid For Ukraine, Israel, and Taiwan.

US inflation slowed in January, but remains elevated

( 10a ) -q-26- UNDATED (Correspondent Jeremy House) “in mid-2022.”

Annual inflation in the United States cooled last month, yet remained elevated.

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TAG: Correspondent Jeremy House reporting. The latest reading is still well above the Federal Reserve’s 2% target level at a time when public frustration with inflation has become a pivotal issue in President Joe Biden’s bid for re-election.

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VERBATIM: It’s the latest sign that the pandemic-fueled price surge is only gradually coming under control. The consumer price index rose 0.3% from December to January. That’s up from a 0.2% increase the previous month. Compared with a year ago, prices are up 3.1%. That is less than the 3.4% figure in December and well below the 9.1% inflation peak in mid-2022.

New York cracks down on business’ handling of credit card transactions

( ) -q-28- UNDATED (Correspondent Jeremy House) “in surprise surcharges.'”

New York state wants to put some teeth into credit card transactions.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: Businesses in New York will now be required to clearly post how much extra their products will cost if customers pay with a credit car. A new state law means stores can no longer post a sign on a door and at the register stating that credit card purchases will be subject to surcharges. Gov. Kathy Hochul said in a statement the law “will ensure individuals can trust that their purchases will not result in surprise surcharges.”

Mobileye CEO more autonomous vehicles on the road in 2 years

( ) -q-29- UNDATED (Correspondent Jeremy House) “is moving ahead.”

Mobileye’s CEO anticipates more autonomous vehicles on the road in 2 years.

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TAG: Correspondent Jeremy House reporting. Shashua says he expects his company to sell a system that allows drivers to take their eyes off the road, and a fully driverless system, each in about two years.

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VERBATIM: Six years ago, automakers and tech companies thought they were on the cusp of putting thousands of self-driving robotaxis on the street to carry passengers without a human driver. Then an Uber autonomous test vehicle hit and killed a pedestrian in Arizona and General Motors’ Cruise robotaxis ran into trouble in San Francisco. Yet Amnon Shashua, co-founder and CEO of Mobileye, which makes automated driving systems, says the technology is moving ahead.

Diamondback Energy seeks to buy rival Endeavor in $50+ billion deal

Diamondback Energy will attempt to buy rival Endeavor Energy Resources to create an energy giant in the Southwestern United States worth more than $50 billion. Growing confidence in an economic recovery has driven massive deals in the energy sector in recent months. That includes Chevron’s $53 billion acquisition of Hess in October, and a $59.5 billion deal two weeks before that by Exxon Mobil. Diamondback will buy Endeavor in a cash-and-stock deal valued at about $26 billion.

Venezuela defends military buildup against neighboring Guyana

( ) -q-25- UNDATED (Correspondent Jeremy House) “lines for decades.”

The government of Venezuela accused neighboring Guayana of granting illegal oil exploration concessions in territory the two nations are disputing.

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TAG: Correspondent Jeremy House reporting. Venezuela has been laying claim to the mineral-rich Essequibo region, which covers about two thirds of Guyana’s surface area.

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VERBATIM: Venezuela said it would take any diplomatic actions necessary. The comments came after Guyana said that it has satellite imagery showing Venezuelan military movements near the South American country’s eastern border with Guyana. Oil giant ExxonMobil has said it will keep ramping up production in offshore Guyana despite the escalation of the territorial dispute. The two sides have feuded over border lines for decades.

Finance minister blasts Moody’s downgrade of Israel’s credit rating

( ) -q-23- UNDATED (Correspondent Jeremy House) “economy was negative.”

Israel’s finance minister has slammed a decision by the financial ratings agency Moody’s to downgrade Israel’s credit rating.

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TAG: Correspondent Jeremy House reporting. It’s the first time Moody’s has lowered Israel’s credit rating, which is used by investors to measure the riskiness of investing in a global entity or government. Prime Minister Benjamin Netanyahu says Israel’s economy remains strong.

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VERBATIM: Bezalel Smotrich (BEH zah lel SMOH trich) says the decision “did not include serious economic claims.” In its announcement, Moody’s warned that the ongoing war in Gaza and a possible war in the north with Hezbollah could adversely affect Israel’s economy. It downgraded Israel’s rating from A1 to A2 and said the outlook for the country’s economy was “negative.”

Jeff Bezos sells nearly 12 million Amazon shares worth at least $2 billion

( ) -q-27- UNDATED (Correspondent Jeremy House) “than 3.2 million.”

Jeff Bezos has filed a statement with federal regulators indicating his sale of nearly 12 million shares of Amazon stock worth more than $2 billion.

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TAG: Correspondent Jeremy House reporting. In a separate SEC filing, Bezos has listed the proposed sale of 50 million Amazon shares around Feb. 7 with an estimated market value of $8.4 billion.

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VERBATIM: The Amazon executive chairman notified the U.S. Securities and Exchange Commission of the sale of 11,997,698 shares of common stock on February 7 and February 8. The collective value of the shares of the Seattle-based company, was more than $2.042 billion. The stocks were grouped in five blocks between over 1 million to more than 3.2 million.

Three friends in Las Vegas have attended all Super Bowls in person

They’ve attended all the Super Bowls in-person… and they’re in Las Vegas again this year to keep their streak alive. The three friends say they are the final fans who can claim membership in the exclusive “never missed a Super Bowl” club. Don Crisman of Maine, Gregory Eaton of Michigan and Tom Henschel, who splits time between Florida and Pennsylvania are now all in their 80s. This year would have made Eaton happy, had his Detroit Lions made it to the big game. Each treasures the memories of the games they’ve seen. As they take in Super Bowl 58, they’re hoping they can all make it all the way to the 60th edition of the game two years from now.

Mexico’s president proposes pensions equal to people’s full salaries at retirement

Mexico’s president has proposed giving people pensions equal to their full salaries at the time they retire, something no other country does

VERBATIM:

President Andres Manuel López Obrador leaves office in September, and he really wants his party’s candidate to win the June 2 elections. But analysts say it may also be an attempt to set the agenda for the next administration, by saddling the future president with unrealistically high expectations. For the moment, López Obrador doesn’t have the votes in Congress to get the pension plan passed.

JPMorgan Chase plans to open at least 500 new branches in the next three years

JPMorgan Chase plans to open at least 500 new branches in the next three years

VERBATIM:

It will reverse a decade-long industry trend where banks like JPMorgan and Bank of America have closed branches as fewer Americans need to cash a paycheck or pull money out of an ATM. The new branches will be primarily located in cities such as Boston, Charlotte, Washington, D.C. as well as Philadelphia and Minneapolis. These are markets that Chase has expanded into in recent years, and are cities that are noticeably dominated by other big banks.

Growing optimism about U.S. economy driving a record run on Wall Street

Growing optimism about prospects for the U.S. economy are driving a record run on Wall Street, with the S&P 500 Index starting the week at an all-time high

VERBATIM:

The diversified stock index that includes some of the best-known companies on the planet sits above five-thousand for the first time. It opens the week at five-thousand-26. Analysts say investors’ fears of a recession are fading, with growing optimism for a “soft landing” for the economy, with inflation brought to heel without a recession. There are also hopes that the Fed will begin cutting interest rates before too much longer, lowering the cost of borrowing. Rich Thomason reporting.

China, US hold economic talks as trade issues heat up on the campaign trail

( ) -q-27- UNDATED (Correspondent Jeremy House) “China if elected.”

Chinese and U.S. officials have met in Beijing for talks on tough issues dividing the two largest economies.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: China’s Ministry of Finance said Beijing raised objections to higher tariffs on Chinese exports, two-way investment restrictions and other limits on trade and technology. The U.S. Treasury Department said U.S. officials reiterated concerns over Chinese industrial policy practices and overcapacity, and the resulting impact on U.S. workers and firms. Former President Donald Trump has vowed to sharply raise tariffs on China if elected.

NTSB: Bolts on Boeing jetliner were missing before mid-flight panel blowout

( ) -q-20- UNDATED (Correspondent Jeremy House) “of the Max.”

Investigators say bolts that helped secure a panel on the Boeing jetliner were missing before the panel blew off the plane in midflight last month.

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TAG: Correspondent Jeremy House reporting. Both airlines have been returning their planes to service since the Federal Aviation Administration approved guidelines for inspections of the part that blew out, called a door plug.

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VERBATIM: The National Transportation Safety Board has issued a preliminary report into the January 5 accident. The loss of the panel forced pilots of the Alaska Airlines Boeing 737 Max 9 jet to make a harrowing emergency landing. Alaska and United Airlines are the only U.S. carriers using that particular model of the Max.

IRS expects to collect hundreds of billions more in overdue, unpaid taxes

( ) -q-28- UNDATED (Correspondent Jeremy House) “to 2031 period.”

The IRS says it expects to collect hundreds of billions of dollars more in overdue and unpaid taxes than previously anticipated using funding provided to the agency by the Inflation Reduction Act.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: A new analysis by the Treasury Department and the IRS says tax revenues are expected to increase by as much as $561 billion from 2024 to 2034. That is substantially more than previous estimates. The Congressional Budget Office in 2022 estimated that tax revenues would increase by $180.4 billion over the 2022 to 2031 period.

White House urges Congress to make internet more affordable

( ) -q-20- UNDATED (Correspondent Jeremy House) “to stay connected.”

The White House is pressing Congress to extend a federal program that helps families afford internet.

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TAG: Correspondent Jeremy House reporting. Congress approved the program through the bipartisan infrastructure law, which included a total of $65 billion for broadband-related investments.

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VERBATIM: The Affordable Connectivity Program is projected to run out of money at the end of April. Twenty-three million families are currently enrolled in the program and receive a discount on their monthly internet bills. If Congress does not appropriate more funding for the program, the enrolled families will either lose access to the internet or be required to pay more to stay connected.

Paris votes to slap SUVs with sky-high parking costs at Olympics

Parisians have voted to muscle SUVs off the French capital’s streets by making them much more expensive to park. It’s the latest leg in a drive by Socialist Mayor Anne Hidalgo to make the host city for this year’s Olympic Games greener and friendlier for pedestrians and cyclists. The official results from Sunday’s ballot show that more than 54% of the votes supported the measure to triple parking fees for large SUV drivers from out of town to 19-dollars, 50-cents per hour in the city’s center. Paris City Hall says just under 6% of the 1.3 million eligible voters cast ballots at the 39 voting stations set up around the city.

Financial regulators in China try to ease concerns about stock price manipulation

( ) -q-25- UNDATED (Correspondent Jeremy House) “throughout the day.”

China’s stock market regulators have renewed their effort to reassure jittery investors by promising to crack down on stock price manipulation and “malicious short selling.”

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: Share prices still sank on Monday, despite signs authorities may have sought to intervene with heavy buying of big cap shares like state-owned banks. Markets in China have been trading near five-year lows on heavy selling of property shares that have suffered with a slump in the real estate market. Shares in Shanghai and the smaller market in Shenzhen, near Hong Kong, swung between big losses and small gains throughout the day.

Samsung chief acquitted of financial crimes related to 2015 merger

( ) -q-24- UNDATED (Correspondent Jeremy House) “and accounting fraud.”

A South Korean court has acquitted Samsung Electronics Chairman Lee Jae-yong of financial crimes.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The crimes were related to a contentious merger in 2015 that tightened Lee’s grip over South Korea’s biggest company. The ruling by a Seoul court could ease the legal troubles of the Samsung heir less than two years after he was pardoned of bribery in a separate case. Prosecutors had sought a five-year jail term for Lee, who was accused of stock price manipulation and accounting fraud.

Australia’s inflation slowed to lowest rate in three years

Australia has reported inflation slowed in the last quarter to its lowest rate in three years, raising hopes of a ‘soft landing’ for the nation’s economy

VERBATIM:

The Australian Bureau of Statistics revealed the latest consumers price index data had slowed to 4.1%, down from 5.4% at the last quarterly update in September. The result means the annual inflation rate is at its lowest level since December 2021. The latest results will support the case that inflation is being tamed, moderating the need for the Reserve Bank of Australia to lift its official cash rate when it next meets on February 6.

Philippines, Vietnam sign South China Sea agreements

The Philippines and Vietnam have signed agreements to avoid incidents in the South China Sea and broaden cooperation between their coast guards

VERBATIM:

The growing alliance will likely be frowned upon by China, which claims virtually the entire waters. The agreements, along with discussions on enhancing information-sharing and training exchanges between the Vietnamese and Philippine militaries, were forged during a recent visit to Hanoi by Philippine President Ferdinand Marcos Jr. Both sides agreed to boost trade and investment and signed a key deal on rice.

US employers added surprisingly robust 353,000 jobs in January

( ) -q-22- UNDATED (Correspondent Jeremy House) “half-century low.”

The nation’s employers delivered a surprising burst of hiring to begin 2024.

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TAG: Correspondent Jeremy House reporting. The latest gains far exceeded expectations and showcased employers’ willingness to keep hiring to meet steady consumer spending.

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VERBATIM: The Labor Department says 353,000 jobs were added in January. It’s the latest sign of the economy’s continuing ability to shrug off the highest interest rates in two decades. The report showed that last month’s job gain topped the 333,000 that were added in December. The unemployment rate stayed at 3.7%, just off a half-century low.