German business confidence heads downhill after 6-month rise

( ) -q-23- UNDATED (Correspondent Jeremy House) “than in April.”

A closely watched survey shows that German business confidence has dropped for the first time after a six-month rise.

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TAG: Correspondent Jeremy House reporting. There was a sharp decline of confidence in the manufacturing sector where expectations saw their largest increase since March 2022. That was the month after Russia launched its war in Ukraine.

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VERBATIM: The decline comes as inflation recedes only slowly in Europe’s biggest economy and interest rates continue to increase. The Ifo institute says its monthly index dropped to 91.7 points in May from 93.4 last month. Managers’ outlook for the next six months declined significantly while their assessment of both their current situation was slightly worse than in April.

A digital euro? European Central Bank preps for future of money

( ) -q-22- UNDATED (Correspondent Jeremy House) “to volatile cryptocurrencies.”

Proposals for a digital European currency are taking shape.

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TAG: Correspondent Jeremy House reporting. ECB President Christine Lagarde says a digital currency from the central bank will help make Europe independent of outside payment services companies like Mastercard and Apple Pay. The question is: Will a digital euro offer any more convenience? A final decision would be years away.

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VERBATIM: The European Central Bank is finalizing the design of a digital euro that people could use in stores. That would add another way to hold Europe’s currency, on top of cash and bank accounts. The idea is to ensure the euro keeps up with developing technology and new ways to pay for things. It also could be a stable alternative to volatile cryptocurrencies.

UK economy to avoid recession but inflation still a worry

( ) -q-25- UNDATED (Correspondent Jeremy House) “the coming years.”

The International Monetary Fund says the British economy will avoid falling into recession this year.

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TAG: Correspondent Jeremy House reporting. The upgraded forecast aligns with that from the Bank of England, which also upgraded its economic outlook this month.

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VERBATIM: In upgraded growth forecasts, the Washington-based IMF said domestic demand had proven more resilient than anticipated in the face of a surge in energy costs. The IMF now thinks the British economy will grow by 0.4% this year, up from its previous prediction of a 0.3% decline. But the IMF also says inflation is likely to remain stubbornly high over the coming years.

Alaska pursues carbon offset market while embracing oil

( ) -q-28- UNDATED (Correspondent Jeremy House) “sequestering carbon dioxide.”

Alaska’s push to become a bigger player in the clean energy market will be in the spotlight this week at a conference convened by Republican Governor Mike Dunleavy.

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TAG: Correspondent Jeremy House reporting. Some wonder if the program will gain traction as the aim isn’t restricting emissions but generating new revenue.

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VERBATIM: This comes as Alaska continues to embrace new fossil fuel production, including the controversial Willow oil project. Dunleavy successfully pushed through the recent legislature a bill that would allow the state to make money off credits that companies or other entities could buy to offset their carbon emissions. Lawmakers cast the bill as allowing Alaska to continue to permit drilling, mining and timber activities while also stepping in to the potentially lucrative market for sequestering carbon dioxide.

Car seats and baby formula are regulated. Is social media next?

( 8a ) -q-29- UNDATED (Correspondent Jeremy House) “products children use.”

The U.S. Surgeon General is warning there is not enough evidence to show that social media is safe for young people.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: Dr. Vivek Murthy is calling on tech companies, parents and caregivers to take “immediate action to protect kids now.” With young people’s social media use “near universal” but its true impact not fully understood, Murthy is asking tech companies to share data and increase transparency with researchers and the general public. He’s also asking policymakers to address the harms of social media the same way they regulate things like car seats, baby formula and other products children use.

Meta hit with record fine for transferring European user data to US

( ) -q-16- UNDATED (Correspondent Jeremy House) “decision on hold.”

The European Union has slapped Meta with a record $1.3 billion privacy fine and ordered it to stop transferring user data across the Atlantic.

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TAG: Correspondent Jeremy House reporting. The legal battle began in 2013 when Austrian lawyer and privacy activist Max Schrems filed a complaint about Facebook’s handling of his data following former National Security Agency contractor Edward Snowden’s revelations about U.S. cybersnooping.

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VERBATIM: The fine is the latest salvo in a decade-long case sparked by U.S. cybersnooping fears. Meta, which had previously warned that services for its users in Europe could be cut off, vowed to appeal. It also plans to ask the courts to immediately put the decision on hold.

Economists predict inflation, interest rates will stay high this year

( ) -q-17- UNDATED (Correspondent Jeremy House) “target of 2%.”

A new survey says the Federal Reserve will make only modest progress in its fight against inflation for the rest of this year, even while keeping its benchmark interest rate at a 16-year high.

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TAG: Correspondent Jeremy House reporting. The persistence of high inflation is likely the main reason the business economists expect the Fed to keep its key rate at its current level of roughly 5.1%, its highest point in 16 years.

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VERBATIM: The National Association for Business Economics’ survey found that the median forecast is for inflation to average 4.2% this year. That’s up from a 3.9% forecast in the group’s previous survey, conducted in February. That is far above the Fed’s inflation target of 2%.

China manufacturers to stop using US-made Micron chips

China has stepped up a feud with Washington over security by telling users of computer equipment deemed sensitive to stop buying products from the biggest U.S. memory chipmaker, Micron Technology. The country’s cyberspace agency says Micron products have unspecified “serious network security risks” that threaten China’s information infrastructure and affect national security. The United States, Europe and Japan are reducing Chinese access to chipmaking and other technology they say might be used in weapons. President Xi Jinping’s government has criticized the curbs and warned of unspecified consequences.

Brazil refuses to grant license for controversial offshore oil drilling project

Brazil’s environmental regulator has refused to grant a license for a controversial offshore oil drilling project near the mouth of the Amazon River

VERBATIM:

The refusal prompted celebration from environmentalists who had warned of its potential impact. The agency’s president highlighted environmental concerns in announcing the decision to reject the state-run oil company Petrobras’ request to drill the FZA-M-59 block. The unique and biodiverse area is home to little-studied swaths of mangroves and a coral reef.

Biden admin announces $251 million investment in carbon capture and storage

The Biden administration is announcing an investment of $251 million in carbon capture and storage projects in seven states

VERBATIM:

The aim is to reduce pollution that drives climate change. The announcement comes after the Environmental Protection Agency recently released new limits on greenhouse gas emissions from power plants. The new limits could force the plants to deploy carbon capture and storage to decrease emissions.

Fed officials are split about what to do next to fight inflation

The stubbornness of high inflation is dividing the Federal Reserve over how to manage interest rates in the coming months. The in-fighting is leaving the outlook for the Fed’s policies cloudier than at any time since it unleashed a streak of 10 straight rate hikes in March 2022. Many Fed watchers have expected the officials to forgo another increase in their benchmark rate when they next meet in mid-June. Yet recent warnings from several of them about the continuing inflation threat suggest that that outcome is far from certain.

More than 30 million U.S. drivers unaware dangerous airbag threat

More than 30 million U.S. drivers have vehicles that contain a potentially deadly threat. The danger includes airbag inflators that in rare cases, can explode in a collision and spew shrapnel. Few of them know it. And because of a dispute between federal safety regulators and an airbag parts manufacturer, they aren’t likely to find out anytime soon. The National Highway Traffic Safety Administration is demanding that the manufacturer, ARC Automotive of Knoxville, Tennessee, recall 67 million inflators. But ARC is refusing to do so, setting up a possible court fight with the agency.

Britain unveils $1.2B strategy to boost computer chip industry

( ) -q-27- UNDATED (Correspondent Jeremy House) “Britain’s national security.”

Britain’s government has unveiled its long-awaited semiconductor strategy.

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TAG: Correspondent Jeremy House reporting. The amount is dwarfed by the U.S. Chips Act and the European Union’s chip program, which are offering tens of billions.

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VERBATIM: The U-K is catching up with similar efforts by Western allies seeking to reduce reliance on Asian production of the computer chips in everything from smartphones to washing machines. Under the British plan, the country’s semiconductor industry will get up to $1.2 billion in government investment over the next decade. The strategy is aimed at boosting the domestic chip industry, as well as alleviating supply chain disruption and protecting Britain’s national security.

Supreme Court sidesteps case against Google, protects social media against lawsuits

The justices returned to a lower court the case of a family of an American college student who was killed in an Islamic State terrorist attack in Paris. The family wants to sue Google for YouTube videos they said helped attract Islamic State recruits and radicalize them. Google owns YouTube. Google claims immunity from the lawsuit under a 1996 law that generally shields social media company for content posted by others.

Fewer Americans apply for jobless benefits, labor market still strong

( ) -q-22- UNDATED (Correspondent Jeremy House) “to 244-thousand, 250.”

Fewer Americans applied for jobless benefits.

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TAG: Correspondent Jeremy House reporting. The weekly claims numbers are broadly as representative of the number of U.S. layoffs. Overall, 1.8 million people were collecting unemployment benefits the week that ended April 29.

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VERBATIM: The Labor Department reported Thursday that applications for jobless claims for the week ending May 6 fell by 22,000 to 242,000 from 264,000 the week before. The drop comes following a spike the previous week that some saw as a sign that higher interest rates were finally hobbling the labor market. The four-week moving average of claims ticked down by 1,000 to 244,250.

Japan racks up trade deficit although exports gradually rebound

( ) -q-24- UNDATED (Correspondent Jeremy House) “soaring energy costs.”

Japan has racked up a trade deficit in April, marking the 21st month in a row of deficits, although it declined dramatically compared to a year ago, as exports recovered.

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TAG: Correspondent Jeremy House reporting. Japan imports almost all its energy needs. The weak yen also helped send imports higher.

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VERBATIM: Finance Ministry data show Japan’s trade deficit totaled 3.2 billion dollars, as exports gained 2.6% and imports fell 2.3%. Vehicle shipments recovered, along with the export of auto parts and electronics products, as the supply crunch related to social restrictions over the coronavirus pandemic eased. Imports fell as soaring energy costs.

Americans urged to cancel surgeries in Mexico border city after meningitis death

State and federal health officials are warning U.S. residents to cancel planned surgeries in Mexico border city afterCorrespondent Jeremy House reporting. The Centers for Disease Control and Prevention has issued a travel advisory for U.S. residents seeking medical care in Matamoros.

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VERBATIM: The warning comes after five people from Texas developed suspected cases of fungal meningitis. One of those people died. The Texas Department of State Health Services says the five people who became ill traveled to Matamoros, across the border from Brownsville, Texas, for surgical procedures that included the use of an anesthetic injected near the spinal column. Meningitis is the swelling of the protective covering of the brain and spinal cord.

Japan’s economy rebounds on healthy consumption as COVID restrictions ease, tourists arrive

( ) -q-25- UNDATED (Correspondent Jeremy House) “a 1.1% growth.”

Japan’s economy has grown at an annual pace of 1.6% in the quarter through March.

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TAG: Correspondent Jeremy House reporting. The pace was also better than the market consensus forecast at 0.2%. The biggest contributor to quarterly growth was private demand.

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VERBATIM: Data showed private demand rebounded after COVID-19-related restrictions were eased. Japan’s Cabinet Office says real gross domestic product, which measures the sum value of a nation’s products and services, grew 0.4% in the January-to-March quarter in the world’s third-largest economy. That was the strongest GDP growth pace since April-June 2022 marked a 1.1% growth.

IRS moves forward with free e-filing system in pilot program to launch in 2024

( ) -q-23- UNDATED (Correspondent Jeremy House) “challenges and more.”

The IRS is planning to launch a pilot program for a government-run, online tax filing system that’s free for all.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The agency was tasked with looking into how to create a “direct file” system as part of the funding it received with the Inflation Reduction Act that President Biden signed last summer. After months of research, the IRS published a feasibility report. It lays out taxpayer interest in direct file, how the system could work, its potential cost, operational challenges and more.

Monopoly concerns push FTC to sue to block Amgen’s more than $26B deal for Horizon

( ) -q-26- UNDATED (Correspondent Jeremy House) “rare disease treatments.”

Federal regulators are suing to block biotech drug developer Amgen’s more than $26 billion deal for Horizon Therapeutics.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The Federal Trade Commission says the deal, announced last December, would give Amgen unfair leverage to block competition for Horizon medications. The FTC said the deal would entrench Horizon’s monopoly position on treatments for thyroid eye disease and chronic refractory gout. Amgen leaders said in December that the deal would give their company a strong platform to expand into rare disease treatments.

Retail sales up 0.4% in April from March, buoyed by solid job market

( ) -q-20- UNDATED (Correspondent Jeremy House) “sales rose 0.6-percent.”

Consumers picked up their spending in April from March.

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TAG: Correspondent Jeremy House reporting. Spending increased 1.2% at online retailers and ticked up 0.6% at restaurants and bars. Department stores, electronic stores and home furnishings stores saw declines. The figures are not adjusted for inflation unlike many other government reports.

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VERBATIM: Retail sales increased 0.4% in April from March, when it was down 0.7%. It marked the first increase since January when unusually warm weather and a big jump in Social Security benefits likely spurred more spending. Excluding car dealers and gas stations, retail sales rose 0.6%.

Fed Appeals Court: Musk must have his tweets approved by Tesla lawyer

( ) -q-17- UNDATED (Correspondent Jeremy House) “over the tweets.”

A federal appeals court says Elon Musk cannot back out of a settlement with securities regulators over 2018 tweets claiming he had the funding to take Tesla private.

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TAG: Correspondent Jeremy House reporting. The 2nd U.S. Circuit Court of Appeals in Manhattan ruled just days after hearing arguments from lawyers in the case.

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VERBATIM: Musk had challenged a lower court judge’s ruling last year requiring him to abide by the deal. The settlement with the Securities and Exchange Commission required that his tweets be first approved by a Tesla attorney. It also called for Musk and Tesla to pay civil fines over the tweets.

Biden admin announces nearly $11 billion for renewable energy in rural areas

( ) -q-21- UNDATED (Correspondent Jeremy House) “and environmental cleanup.”

The U.S. Department of Agriculture has announced a nearly $11 billion investment to help bring affordable clean energy to rural communities throughout the country.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: Rural electric cooperatives, renewable energy companies and electric utilities will be able to apply for funding through two programs. Agriculture Secretary Tom Vilsack says funding for these programs comes from the Inflation Reduction Act. The act has generated hundreds of billions of dollars for renewable energy transition and environmental cleanup.

Haddock, a staple Atlantic fish, is in decline off New England

( ) -q-22- UNDATED (Correspondent Jeremy House) “list last month.”

Federal fishing managers say a staple seafood species caught by East Coast fishers for centuries is overfished.

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TAG: Correspondent Jeremy House reporting. American fishers say the study was flawed. And they fear losing out on haddock revenues especially because other species, such as cod, have declined. Consumers are still likely to find plenty of haddock because most of it is imported.

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VERBATIM: They’re cutting fishing quotas for Gulf of Maine haddock by around 80% to prevent a collapse of the population. Haddock are one of the most popular fish species in the U.S., particularly for New England seafood dishes like fish and chips. A recent scientific assessment finds Gulf of Maine haddock stock declined unexpectedly. They were added to an overfishing list last month.