Saudi oil giant Aramco will not increase maximum daily production

( ) -q-26- UNDATED (Correspondent Jeremy House) “about climate change.”

Saudi Arabia’s oil giant Saudi Aramco says it will not try to increase its maximum daily oil production to 13 million barrels a day after receiving an order from the country’s Energy Ministry.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The firm said it would maintain its maximum output at 12 million barrels a day. It did not give a reason for the ministry’s decision. However, crude oil prices globally have fallen over recent months as demand has been soft. Aramco reported earning $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists worried about climate change.

Facing scrutiny over quality control, Boeing withdraws request for safety exemption

( ) -q-25- UNDATED (Correspondent Jeremy House) “off during flight.”

Boeing says it is withdrawing a request for a safety exemption needed to certify a new model of its 737 Max airliner.

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TAG: Correspondent Jeremy House reporting. Last week, Democratic Senators Maria Cantwell and Tammy Duckworth urged the Federal Aviation Administration to deny the request.

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VERBATIM: The turnabout follows severe criticism after a door plug blew out on a different 737 Max model over Oregon this month. Boeing asked federal regulators late last year to allow it to begin delivering its 737 Max 7 airliner to customers. The request came even though the airplane does not meet a safety standard designed to prevent part of the engine housing from overheating and breaking off during flight.

Europe’s economic blahs drag on with zero growth at the end of last year

( ) -q-24- UNDATED (Correspondent Jeremy House) “red for contraction.”

Europe’s economy failed to expand at the end of 2023.

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TAG: Correspondent Jeremy House reporting. Disruptions to shipping in the Red Sea have constricted global trade through the Suez Canal, a major route between Asia and Europe, surging shipping costs and threatening to boost inflation.

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VERBATIM: The stagnation has now lasted for more than a year amid higher energy prices, costlier credit and lagging growth in powerhouse Germany. The EU statistics agency says zero growth for the October-to-December period of last year follows a 0.1% contraction in the three months before that. The start of this year looks no better, with indicators of business activity still flashing red for contraction.

Most Americans feel they pay too much in taxes, AP-NORC poll finds

( ) -q-23- UNDATED (Correspondent Jeremy House) “state sales tax.”

A majority of U.S. taxpayers feel they pay too much in taxes, with many saying that they receive a poor value in return.

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TAG: Correspondent Jeremy House reporting. Adults who are 60 and older are more likely than younger adults to perceive taxes, generally, as fair.

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VERBATIM: A new poll from the University of Chicago Harris School of Public Policy and The Associated Press-NORC Center for Public Affairs Research shows bout two thirds of U.S. taxpayers say they spend “too much” on federal income taxes. About 7 in 10 say the same about local property taxes. Meanwhile, roughly 6 in 10 feel that way about state sales tax.

Houthi attacks in Red Sea idle car factories, delay new fashion

( ) -q-26- UNDATED (Correspondent Jeremy House) “parts from Asia.”

Attacks on ships in the Red Sea by Yemen’s Houthi rebels have unraveled a key global trade route, forcing vessels into longer and more costly journeys around Africa.

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Out-cue: parts from Asia]

TAG: Correspondent Jeremy House reporting.

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VERBATIM: The problem isn’t nearly as bad as the supply chain logjams that caused delays, shortages and higher prices in 2021 and 2022. But if the conflict in Gaza drags on, the trade disruption in the Red Sea could surge inflation. The disruption has forced car factories in Belgium and Berlin to idle. And a Maryland company that makes hospital supplies doesn’t know when to expect parts from Asia.

With inflation slowing, the Fed faces expectations for rate cuts

( ) -q-25- UNDATED (Correspondent Jeremy House) “May or June.”

Chairman Jerome Powell will enter this week’s Federal Reserve meeting in a much more desirable position than he likely ever expected.

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Out-cue: May or June]

TAG: Correspondent Jeremy House reporting.

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VERBATIM: Inflation is nearing the Fed’s target rate, the economy is still growing at a steady pace, consumers keep spending and the unemployment rate is near a half-century low. When they last met in December, the Fed’s policymakers said they expected to cut their benchmark rate three times this year. Yet the timing of those rate cuts remains uncertain. Most economists say they expect the first rate cut to occur in May or June.

More Americans File For Jobless Benefits

The Labor Department says applications for unemployment benefits rose to 214,000 for the week ending Jan. 20, an increase of 25,000 from the previous week. Overall, 1.83 million Americans were collecting jobless benefits during the week that ended Jan. 13. That’s an increase of 27,000 from the previous week. Weekly unemployment claims are viewed as representative for the number of U.S. layoffs in a given week.

GDP Sees 3.3% Growth In Fourth Quarter

The nation’s economy grew at an unexpectedly brisk pace of 3.3% in the FOURTH quarter of 2023. Americans showed a continued willingness to spend freely despite high interest rates and price levels that have frustrated many households. The GDP decelerated from its sizzling 4.9% annual growth rate the previous quarter. But the latest figures mark the sixth straight quarter in which GDP has grown at an annual pace of 2% or more. For all of 2023, the economy grew 2.5%, up from 1.9% in 2022.

German train drivers go on strike for 6 days, stalling railway traffic

( ) -q-27- UNDATED (Correspondent Jeremy House) “to 24 hours.”

Germany’s train drivers have brought rail traffic to a standstill…again.

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TAG: Correspondent Jeremy House reporting. As with the previous strikes, around 80% of long-distance trains were canceled and there were also considerable restrictions on regional services, according to Deutsche Bahn.

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VERBATIM: A six-day strike by the GDL union, which began early Wednesday, will affect passenger services and freight trains operated by state-owned Deutsche Bahn until next Monday evening. The strike is an attempt by the union to push their demands in a rancorous dispute with the country’s main railway operator over working hours and pay. The union held a three-day strike earlier this month and two warning strikes last year which lasted up to 24 hours.

Protesting farmers block roads across France

( ) -q-28- UNDATED (Correspondent Jeremy House) “and his government.”

French farmers are staging protests across the country and in Brussels.

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Out-cue: and his government]

TAG: Correspondent Jeremy House reporting. Roadblocks are spreading in many French regions, one day after a farmer and her daughter died due to a traffic collision at a protest barricade.

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VERBATIM: The farmers are protesting low wages and what they consider to be excessive regulation, mounting costs and other problems. Some farmers are protesting in Brussels, home to EU headquarters, where French farmers’ union Rural Coordination has called for a demonstration against the “ever-increasing constraints of European regulations and ever-lower incomes.” The protests are the first major challenge for newly appointed Prime Minister Gabriel Attal and his government.

Netflix’s gains 13 million new global 4Q subscribers

( ) -q-25- UNDATED (Correspondent Jeremy House) “spike in subscribers.”

Netflix has registered its third-consecutive quarter of accelerating subscriber growth in the final three months of 2023.

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TAG: Correspondent Jeremy House reporting. The increase in subscribers comes even as it became more expensive to watch Netflix’s programming. Netflix, which is based in Los Gatos, California, now has more than 260 million worldwide subscribers

United Airlines expects a Q1 loss after Boeing Max 9 groundings

( ) -q-25- UNDATED (Correspondent Jeremy House) “planes fly again.”

United Airlines is warning that it will lose money in the first three months of the year partly because of the grounding of its Boeing Max 9 airplanes.

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TAG: Correspondent Jeremy House reporting. The planes have been grounded since a panel called a door plug blew off an Alaska Airlines Boeing Max 9 during a flight in early January.

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VERBATIM: United says it expects to lose between 35 cents and 85 cents per share in the first quarter. The company is predicting a bounce back and full-year earnings in 2024 of between $9 and $11 per share. That’s based on the assumption that Boeing 737 Max 9 planes will be ungrounded after January. Federal regulators aren’t putting a timeline on when they’ll let the planes fly again.

Macy’s rejects $5.8B takeover bid

Macy’s rejected a $5.8 billion takeover offer from investment firms Arkhouse Management and Brigade Capital Management.

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Out-cue: and store closures]

In rejecting the offer, Macy’s said the firms didn’t provide a viable financing plan. Arkhouse and Brigade offered $21 per share for the stock they don’t already own. The department store chain also said there was a lack of compelling value in the non-binding proposal. The move comes a week after Macy’s announced job cuts and store closures.

ADM executive placed on leave amid accounting investigation

An accounting investigation is under way at Archer Daniels Midland and the top financial executive at the agribusiness giant has been placed on administrative leave.

ADM named Ismael Roig as interim chief financial officer. Roig joined Archer Daniels Midland in 2004. ADM said it’s working with outside counsel and the audit committee of the company board to complete the investigation quickly.

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VERBATIM: The company postponed the release of its annual and quarterly financial reports that were scheduled for Tuesday. Meanwhile, shares of the Chicago company tumbled 24% on Monday. ADM said that an investigation was initiated in response to a voluntary document request by the U.S. Securities and Exchange Commission. The company said it’s cooperating with the SEC.

With Trump closing in on nomination, VP audition is now underway

Vice presidential candidates typically aren’t tapped until after a candidate has locked down the nomination. But former President Donald Trump’s decisive win in the Iowa caucuses and the departure of Florida Gov. Ron DeSantis from the race on Sunday has only heightened what had already been a widespread sense of inevitability. That has given the visits this past week by New York Rep. Elise Stefanik and other Republicans the feel of tryouts for the role reminiscent of Trump’s days as a reality TV host.

AM SPORTS REPORT 1-22

AM SPORTS REPORT 1-22

Thousands attend March for Life in snowy Washington, DC

Wendy’s names PepsiCo executive as the burger chain’s new CEO

( ) -q-23- UNDATED (Correspondent Jeremy House) “the company’s board.”

Wendy’s has named a longtime PepsiCo executive as its new CEO.

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TAG: Correspondent Jeremy House reporting. Wendy’s Chairman Nelson Peltz thanked Penegor for driving strong sales growth and earnings at the company, but said Tanner was an ideal candidate to lead Wendy’s international expansion plans.

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VERBATIM: The Dublin, Ohio-based burger chain says Kirk Tanner will become president and CEO on February 5. Tanner, who joined PepsiCo in 1992, most recently served as its CEO of North American beverages. Tanner succeeds Todd Penegor, who has served as Wendy’s president and CEO since 2016. Penegor will also step down from the company’s board.

Some lawmakers want a commission to tackle $34 trillion national debt

( ) -q-20- UNDATED (Correspondent Jeremy House) “Security and Medicare.”

A bill to create a bipartisan commission that would tackle the nation’s soaring debt and make policy recommendations to Congress has won approval from a House committee.

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TAG: Correspondent Jeremy House reporting. Republicans blame federal spending for annual deficits. Many Democrats cite tax cuts enacted under Republican administrations.

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House Republicans are making the bill a priority. The chairman of the Budget Committee says “everything’s on the table” regarding possible action to slow the federal government’s increasing level of debt, which now stands at more than $34 trillion. Many Democrats see the commission as an attempt to force cuts to Social Security and Medicare.

Home-built small plane crashes off California coast

( ) -q-21- UNDATED (Correspondent Jeremy House) “Half Moon Bay.”

A small airplane that crashed into the ocean off the California coast has been identified as one of tens of thousands of home-built aircraft.

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TAG: Correspondent Jeremy House reporting. The four-seat plane was built by a now-retired dentist who flew the plane for 15 years before selling it. More than 33,000 amateur-built planes, a class known as Cozy aircraft, are licensed by the FAA, a figure that has tripled since the 1980s.

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VERBATIM: The aircraft are part of a high-flying hobby taking off across the country. Federal investigators say initial reports indicate four people were aboard the single-engine Cozy Mark IV when it went down last weekend just south of San Francisco. No survivors have been found. Only one body has been recovered from the waters near Half Moon Bay.

Weaker-than-expected increase in construction spending during November

( ) -q-20- UNDATED (Correspondent Jeremy House) “as previously reported.”

U.S. construction spending rose less than expected in November.

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Out-cue: as previously reported]

TAG: Correspondent Jeremy House reporting.

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VERBATIM: The Commerce Department says construction spending increased 0.4%. That was two-tenths of a percent lower than what economists had forecasted. The smaller increase came amid a decline in outlays on public projects. Meanwhile, October’s figure was revised up to 1.2-percent, twice the rate as previously reported.

Feds issue warning following hack of PA town’s municipal water authority

( ) -q-24- UNDATED (Correspondent Jeremy House) “as a threat.”

The hacking of a municipal water authority in a small Pennsylvania town is prompting new warnings from U.S. security officials.

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Out-cue: as a threat]

TAG: Correspondent Jeremy House reporting. In 2021, the federal government’s leading cybersecurity agency reported five attacks on water authorities over two years, four of them by ransomware and a fifth by a former employee.

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VERBATIM: The warnings come as states and the federal government are wrestling with how to harden water utilities against hackers. Officials say the danger is hackers gaining control of automated equipment to shut down pumps that supply drinking water or contaminate drinking water by reprogramming automated chemical treatments. Potentially hostile geopolitical rivals such as Iran and China are viewed by U.S. officials as a threat.

Brazil’s economy improves during President Lula’s first year back

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

Brazil’s improving economy is leaving opponents of Brazil’s president unimpressed. Correspondent Jeremy House has more on the story.

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VERBATIM: Luiz Inácio Lula da Silva likes to boast he had a good first year after returning to the job. The economy is improving, Congress passed a long overdue tax reform bill and rioters who wanted to oust him are now in jail. Still, the 78-year-old leader has struggled to boost his support on Main Street and among lawmakers. Some major setbacks have also taken place. It’s a sign his future could be less productive in a Brazil almost evenly split between his supporters and those of his predecessor, Jair (jeye EAR) Bolsonaro…JH reporting.

Mastercard SpendingPulse Says Holiday Spending Higher In 2023

Shopping tracker Mastercard SpendingPulse says holiday sales rose this year. The indicator tracks all kinds of payments including cash and debit cards, found sales from the beginning of November through Christmas Eve. It saw a rise of 3.1-PERCENT , but that was a slower pace of increase than last year…when it was 7.6%. The data –released on Tuesday –excludes the automotive industry and was not adjusted for inflation.