Biden executive order requires AI safeguards

President Biden is signing a sweeping executive order to guide the development of artificial intelligence. The order requires industry to develop safety and security standards, introduce new consumer protections and give federal agencies an extensive to-do list to oversee the rapidly progressing technology. AI has been a source of deep personal curiosity for Mr. Biden, given its potential impact on the economy and national security. The president had directed his staff to move with urgency on a policy that could maximize AI’s possibilities and contain its perils.

Federal Reserve will make interest rates decision this week

This week the Federal Reserve will decide what to do about interest rates

VERBATIM:

The central bank has already hiked rates eleven times since March of last year, raising the cost of borrowing for homes and cars, while at more than twenty-percent, the average credit card rate has hit an historic high. This, at a time when skyrocketing prices have forced many people to rely more heavily on credit cards to make ends meet. The general consensus among economists is that the Fed will refrain from raising rates at Wednesday’s meeting, while not closing the door on the possibility of future rates hikes in the not-too-distant future. Rich Thomason reporting.

Salman Rushdie could take the stand against accused attacker

Author Salman Rushdie could take the stand against the man accused of repeatedly stabbing him.

(VERBATIM)

Chautauqua County District Attorney Jason Schmidt says Rushdie is on the witness list for the trial of 25-year-old Hadi Matar. A judge on Friday scheduled the trial to begin Jan. 8. Matar has pleaded not guilty to charges of assault and attempted murder. He’s accused of rushing the stage at the Chautauqua Institution in New York where Rushdie was about to speak in August 2022 and stabbing him more than a dozen times. A fatwa had been issued for Rushdie’s death by the Ayatollah Khomeini. Keith Peters reporting.

Amazon posts strong revenue and profits ahead of the holidays

( ) -q-26- UNDATED (Correspondent Jeremy House) “business grew robustly.”

Amazon has reported strong revenue and profits from the summer months driven by growth in online sales and its advertising business.

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TAG: Correspondent Jeremy House reporting. Amazon’s cloud computing unit AWS grew by 12%.

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VERBATIM: For the three months that ended on September 30, the company said it earned $143.1 billion in revenue, a 13% jump compared to the same period last year. Amazon made $9.9 billion in profits, topping analysts’ expectations. Amazon CEO Andy Jassy says the company had a strong quarter as it improved its delivery speed and its advertising business grew robustly.

Exxon Mobil Q3 results mixed compared with last year’s big numbers

( ) -q-26- UNDATED (Correspondent Jeremy House) “of $89.29 billion.”

Exxon Mobil’s third-quarter profit and revenue declined compared with the same time last year when the company put up enormous numbers.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: Despite the lower numbers, the oil giant had its strongest ever refinery throughput for the period and raised its quarterly dividend. Exxon Mobil earned $9.07 billion in the period. That compares with $19.66 billion a year earlier. Revenue slipped to $90.76 billion from $112.07 billion, but still topped Wall Street’s estimate of $89.29 billion.

UK PM Sunak warns against rush to regulate AI before understanding risks

( ) -q-19- UNDATED (Correspondent Jeremy House) “companies developing it.”

British Prime Minister Rishi Sunak warns against moving too fast on regulating AI before it’s fully understood.

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TAG: Correspondent Jeremy House reporting. Sunak is hosting a summit next week that’s focusing on the risks from so-called frontier artificial intelligence. These are cutting edge systems that can carry out a wide range of tasks but could contain unknown risks to public safety and security.

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VERBATIM: As authorities around the world scramble to draw up guardrails for artificial intelligence, Sunak warned about acting too quickly even as he outlined a host of risks that AI could bring. He said only governments are able to keep people safe from AI’s risks. Sunak adds it shouldn’t be left up to the tech companies developing it.

Economy posted strong 4.9% growth rate last quarter

( ) -q-28- UNDATED (Correspondent Jeremy House) “to restaurant meals.”

The nation’s economy expanded at a 4.9% annual rate from July through September.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The economy expanded last quarter at the fastest pace in more than two years — and more than twice the 2.1% annual rate of the previous quarter. Analysts say Americans defied higher prices, rising interest rates and widespread forecasts of a recession to spend at a brisk pace. Thursday’s report on the nation’s gross domestic product showed that consumers drove the acceleration, ramping up their spending on everything from cars to restaurant meals.

Facebook parent Meta posts sharply higher profit in Q3

( ) -q-24- UNDATED (Correspondent Jeremy House) “to 34.15-billion dollars.”

Facebook parent Meta has posted sharply higher earnings for the third quarter.

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TAG: Correspondent Jeremy House reporting. Meta said the number of active users on Facebook was 3.05 billion as of Sept. 30, an increase of 3% from a year earlier. The company was sued by 41 states plus the the District of Columbia on Tuesday for harming young people’s mental health.

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VERBATIM: The earnings were boosted by an increase in advertising revenue and lower expenses after Meta laid off thousands of workers. The company based in Menlo Park, California, said it earned nearly $11.6 billion in the July-to-September quarter. That’s up from $4.4 billion a year earlier. Revenue rose 23% to $34.15 billion.

Stellantis to invest in Chinese EV manufacturer

( ) -q-26- UNDATED (Correspondent Jeremy House) “stake in Leapmotor.”

Stellantis says it plans to invest about 1.5 billion euros, or about $1.6 billion, in Leapmotor, a Chinese electric vehicle manufacturer.

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TAG: Correspondent Jeremy House reporting. The companies said the 51% Stellantis-led joint venture will have exclusive rights to export and sell Leapmotor’s vehicles outside China.

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VERBATIM: The two companies said they have formed a strategic partnership and joint venture that aims to expand the Chinese EV maker’s global sales. Stellantis, the European-based maker of Jeep and Ram said it will benefit from Leapmotor’s “tech-first EV ecosystem” in China to meet its own targets for shifting to electric vehicles. The investment will give Stellantis an approximately 20% stake in Leapmotor.

USDA tightens restrictions on livestock and poultry producers

( ) -q-23- UNDATED (Correspondent Jeremy House) “the same rules.”

Livestock and poultry producers will need to comply with more specific standards if they want to label their products as organic.

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TAG: Correspondent Jeremy House reporting. The rules cover issues including outdoor space requirements, living conditions for animals, maximum density regulations for poultry and how animals are transported for slaughter.

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VERBATIM: The U.S. Department of Agriculture’s new Organic Livestock and Poultry Standards follow years of negotiations with organic groups, farm organizations and livestock and poultry producers. The Organic Trade Association pushed hard for new regulations. The association says the standards will promote consumer trust and ensure competing companies abide by the same rules.

Japan’s automakers unveil EVs galore at Tokyo show

( ) -q-26- UNDATED (Correspondent Jeremy House) “sportscar EV concept.”

Toyota, Honda, Nissan and other Japanese automakers are serious about rolling out battery electric vehicles to catch up with the world’s frontrunners like Tesla and BYD.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: It’s a message being heard at the Tokyo Mobility Show, which runs through November 5 and where an EV is the star at practically every booth. Journalists got a preview of the concept models ahead of the show’s opening to the public Saturday. Among them are Toyota’s lean, angular Lexus concept, set to go on sale in 2026, which runs on lithium-ion batteries. Honda is showing a sportscar EV concept.

Carnival ruled negligent over cruise where 662 passengers got COVID-19

( ) -q-27- UNDATED (Correspondent Jeremy House) “two earlier cruises.”

A cruise operator that failed to cancel a voyage from Sydney that led to a COVID-19 outbreak has been ruled negligent in an Australian class-action case.

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TAG: Correspondent Jeremy House reporting. The lead plaintiff was awarded about $2,800 for medical expenses. Her lawyer said passengers who were sicker could expect larger payouts. Carnival Australia said it was considering the judgment in detail.

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VERBATIM: The Ruby Princess ocean liner left Sydney on March 8, 2020, for a 13-day cruise to New Zealand, but returned in 11 days as Australia’s borders were closing. More than 660 of the 2,671 passengers were infected and 28 died. The judge ruled Carnival was negligent under Australian consumer law. He noted Carnival already had outbreaks on two earlier cruises.

China latest step in the expansion of its space station.

( ) -q-20- UNDATED (Correspondent Jeremy House) “for three months.”

China has announced plans to send a new telescope to probe deep into the universe as it prepared to launch the country’s next three-member crew for its orbiting space station.

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TAG: Correspondent Jeremy House reporting. China says it plans to send a crewed mission to the moon by the end of the decade.

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VERBATIM: The spokesperson and deputy director general of the Chinese Manned Space Agency says the mission was part of an expansion of the space station. Three astronauts will replace a crew that’s been on the station for six months. One of the astronauts, Tang Hongbo, is a veteran who led a 2021 space mission for three months.

Forming a unity government in Poland

( ) -q-26- UNDATED (Correspondent Jeremy House) “for prime minister.”

The leaders of three opposition groups that collectively won the most votes in Poland’s recent elections say they have agreed to form a government together.

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Out-cue: for prime minister]

TAG: Correspondent Jeremy House reporting.

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VERBATIM: The leaders also announced that Donald Tusk, the leader of the largest group, is their candidate to be prime minister. Tusk is a former prime minister and former president of the European Council. Their announcement came just before President Andrzej Duda was scheduled to open two days of postelection consultations with the heads of parties that won seats in the new parliament. Duda is required to tap a candidate for prime minister.

EPA proposes banning cancer-causing chemical TCE

( ) -q-28- UNDATED (Correspondent Jeremy House) “and immune system.”

The U.S. Environmental Protection Agency is seeking to ban the cancer-causing chemical trichloroethylene.

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TAG: Correspondent Jeremy House reporting. Companies using TCE in electric vehicle batteries or in making some refrigerants would be get more time to transition away from it.

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VERBATIM: The chemical is known as TCE. It’s used in a range of consumer products, including automobile brake cleaners, furniture care products and arts and crafts spray coating. The EPA wants to ban manufacturing, processing and distributing the chemical within a year. The EPA has found TCE causes liver cancer, kidney cancer and non-Hodgkin’s lymphoma. It can also damage the central nervous system, liver, kidneys and immune system.

Autoworkers strike cuts into GM earnings, company sees further losses

( ) -q-20- UNDATED (Correspondent Jeremy House) “July through September.”

A strike by autoworkers against General Motors is expected to cut the automaker’s pretax earnings by $800 million this year, and another $200 million per week after that.

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TAG: Correspondent Jeremy House reporting. While the earnings figure was 7% below a year ago due to lost production from the strike and increased warranty costs, the results soundly beat Wall Street estimates.

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VERBATIM: The company’s chief financial officer says those figures just include factories that are on strike now by the United Auto Workers union. Paul Jacobson says if more plants are added, the losses will pile up further. Jacobson’s statements came as GM reported just over $3 billion in net income from July through September.

Japan’s PM plans income tax cut for households and corporate tax breaks

( ) -q-17- UNDATED (Correspondent Jeremy House) “of the month.”

Japan’s Prime Minister Fumio Kishida says he is preparing to take bold economic measures.

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TAG: Correspondent Jeremy House reporting. Previously, Kishida had been considered reluctant to cut taxes because his government must find the funds to double Japan’s defense budget within five years as planned while also trying to counter the impact of Japan’s low birth rate and rapidly declining population.

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VERBATIM: The measures include an income tax cut for households hit by inflation and tax breaks for companies to promote investment. The package is seen as a move to lift Kishida’s dwindling public support. The tax cuts would be part of a new economic stimulus package he plans to announce by the end of the month.

Apple supplier Foxconn subjected to tax inspections by Chinese authorities

( ) -q-27- UNDATED (Correspondent Jeremy House) “China-friendly candidate.”

Chinese state media report that Foxconn, a Fortune 500 company known globally for making Apple iPhones, was recently subjected to searches by Chinese tax authorities.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: Such a move against a major Taiwanese enterprise in China is rare. Tensions have been high between China and Taiwan in recent years. China claims the democratic self-governing island as part of its own territory. Foxconn’s founder, Terry Gou, said in August that he would be running as a candidate in Taiwan’s presidential elections, which will be held early next year. He then resigned from his seat on the board of Foxconn. Gou is seen as a China-friendly candidate.

Chevron buys Hess for $53 billion, 2nd buyout among major producers this month

( ) -q-21- UNDATED (Correspondent Jeremy House) “about two months.”

Chevron is buying Hess for $53 billion.

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TAG: Correspondent Jeremy House reporting. Chevron says the acquisition of Hess adds a major oil field in Guyana as well as shale fields in North Dakota.

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VERBATIM: The acquisition comes as major producers seize the initiative while oil prices surge. The Chevron-Hess deal comes less than two weeks after Exxon Mobil said that it would acquire Pioneer Natural Resources for about $60 billion. Crude prices are up 9% this year and have been hovering around $90 per barrel for about two months.

EU demands Meta, TikTok detail efforts to curb disinformation from Israel-Hamas war

( ) -q-26- UNDATED (Correspondent Jeremy House) “to the test.”

The European Union has demanded Meta and TikTok detail their efforts to curb illegal content and disinformation during the Israel-Hamas war.

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TAG: Correspondent Jeremy House reporting. Elon Musk’s social media platform X faced the EU’s first formal request under the rules last week.

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VERBATIM: The 27-nation bloc’s executive branch has formally requested that the social media companies provide information on how they’re complying with pioneering new digital rules aimed at cleaning up online platforms. Meta and TikTok were asked to explain what they’ve done to reduce the risk of spreading and amplifying terrorist and violent content, hate speech and disinformation. The Israel-Hamas war is putting the new digital rules to the test.

Union Pacific railroad’s quarterly profit falls 19% as volumes slow, costs remain high

( ) -q-27- UNDATED (Correspondent Jeremy House) “several years ago.”

Union Pacific’s third-quarter profit fell 19% as the railroad hauled about 3% fewer shipments and costs remained high.

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TAG: Correspondent Jeremy House reporting. The railroad’s revenue slipped 10% to $5.9 billion in the quarter because of the lower volumes and the lag between when fuel prices increase and when the railroad’s fuel surcharge kicks in.

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VERBATIM: Meanwhile, the average speed of Union Pacific’s trains improved 5% as new CEO Jim Vena began to tweak the operations. Union Pacific said Thursday it earned $1.53 billion, or $2.51 per share. Those results topped Wall Street expectations. Vena says he’s focused on improving safety and service at the railroad. More cuts are possible but major changes aren’t expected because Union Pacific already overhauled its operation several years ago.

American Airlines lost $545 million in the third quarter on higher labor costs

( ) -q-23- UNDATED (Correspondent Jeremy House) “with their pilots.”

American Airlines is reporting a $545 million loss for the third quarter due to higher labor costs.

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TAG: Correspondent Jeremy House reporting. American’s revenue is about flat with last year, while United and Delta saw increases of more than 10% each.

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VERBATIM: It’s also cutting its forecast of full-year profit. The airline said its results were dragged down by nearly $1 billion in special charges related to a new contract with pilots. American’s loss stands in contrast with profits of more than $1 billion turned in by its two closest rivals, United and Delta, which also have expensive new contracts with their pilots.

Applications for US jobless benefits fall to lowest level in more than 8 months

( ) -q-18- UNDATED (Correspondent Jeremy House) “fewest since January.”

Applications for unemployment benefits fell to their lowest level in eight months last week.

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TAG: Correspondent Jeremy House reporting. The four-week moving average of claims ticked down by 1,000 to 205,750. Overall, 1.73 million people were collecting unemployment benefits the week that ended Oct. 7, about 29,000 more than the previous week.

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VERBATIM: Businesses are continuing to retain workers despite elevated interest rates meant to cool the economy and labor market. The Labor Department reports jobless claim applications fell by 13,000 to 198,000 for the week ending October 14. That’s the fewest since January.

Netflix raises premium plan prices even with increase of subscribers

( ) -q-21- UNDATED (Correspondent Jeremy House) “a ten-percent increase.”

Netflix has disclosed summertime subscriber gains that surpassed analysts’ projections.

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TAG: Correspondent Jeremy House reporting. The $15.50 per month price for Netflix’s most popular streaming option in the U.S. will remain unchanged, as will a $7 monthly plan backed by ads. The company’s shares more than 12% in extended trading.

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VERBATIM: It’s a signal that the video streaming service’s crackdown on password sharing is converting former freeloaders into paying customers. In an effort to bring in even more revenue, Netflix also announced it’s raising the price for its most expensive streaming service by $2 to $23 per month in the U.S. That’s a 10% increase.