Business News

US inflation ticked up last month as some price pressures remain persistent

WASHINGTON (AP) — Fueled by pricier used cars, hotel rooms and groceries, inflation in the United States moved slightly higher last month in the latest sign that some price pressures remain elevated. Consumer prices rose 2.7% in November from a year earlier, up from a yearly figure of 2.6% in October. Excluding volatile food and energy costs, so-called core prices increased 3.3%. Measured month to month, prices climbed 0.3% from October to November, the biggest such increase since April. Wednesday’s inflation figures are the final major piece of data Federal Reserve officials will consider before they meet next week to decide on interest rates. The November increase won’t likely be enough to discourage the officials from cutting their key rate by a quarter-point.

Albertsons gives up on Kroger merger and sues the grocery chain for failing to secure deal

Kroger and Albertsons’ plan for the largest U.S. supermarket merger in history has crumbled. The two companies accusing each other of not doing enough to push their proposed alliance through, and Albertsons pulled out of the $24.6 billion deal on Wednesday. The bitter breakup came the day after two judges — a federal judge in Oregon and a state judge in Washington — issued injunctions to block the merger, saying it could reduce competition and harm consumers. Albertsons is now suing Kroger, seeking a $600 million termination fee, as well as billions of dollars in legal fees and lost shareholder value. Kroger says the claims are “baseless.”

Donald Trump will ring the New York Stock Exchange bell. It’ll be a first for him

NEW YORK (AP) — President-elect Donald Trump is expected to ring the opening bell at the New York Stock Exchange, marking the ceremonial start of the day’s trading. That’s supposed to happen on Thursday, according to four people with knowledge of his plans. The U.S. stock market soared after Trump won the November election in part by seizing on Americans’ worries over the economy. The bell-ringing will be a notable moment of recognition for Trump. He’s a born-and-bred New Yorker who gave up living full time in his Trump Tower in Manhattan and moved to Florida.

Supreme Court allows investors’ class action to proceed against microchip company Nvidia

WASHINGTON (AP) — The Supreme Court is allowing a class-action lawsuit that accuses Nvidia of misleading investors about its past dependence on selling computer chips for the mining of volatile cryptocurrency to proceed. The court’s decision Wednesday comes the same week that China said it is investigating the the microchip company over suspected violations of Chinese anti-monopoly laws. The justices heard arguments four weeks ago in Nvidia’s bid to shut down the lawsuit, then decided that they were wrong to take up the case in the first place. They dismissed the company’s appeal, leaving in place an appellate ruling allowing the case to go forward.

Apple’s latest iPhones get the gift of more AI as holiday shopping season heats up

SAN FRANCISCO (AP) — Apple is pumping more artificial intelligence into the latest iPhones during the holiday shopping season. It comes in the form of a free software update that includes a feature that enables users to create customized emojis within a matter of seconds. The Wednesday release of the iPhone’s upgraded operating system extends Apple’s expansion into AI months after rivals such as Samsung and Google began implanting the revolutionary on their devices. The update builds upon another one that came out in late October. The latest round of AI tricks includes “Genmojis,” Apple’s description of emojis that iPhone users will be able to ask the technology to create and then share.

EU targets Russia’s ghost fleet shipping oil in a new round of sanctions

BRUSSELS (AP) — European Union envoys have agreed a new raft of sanctions against Russia over its war on Ukraine. The EU’s Hungarian presidency said Wednesday that the measures will target in particular a vast shadow fleet of ships that Moscow is exploiting to skirt restrictions on transporting oil and fuel. The sanctions are aimed at about 50 of what are routinely decrepit ships. The sanctions will hit more officials and entities alleged to be helping Russia to improve its military technology by evading export restrictions. EU foreign ministers are set to formally adopt the sanctions package on Monday.

Making a $1B investment in the US? Trump pledges expedited permits — but there are hurdles

WASHINGTON (AP) — President-elect Donald Trump is promising expedited federal permits for energy projects and other construction worth more than $1 billion. But like other Trump plans, the idea is likely to run into regulatory and legislative hurdles, including a landmark law that requires federal agencies to consider the environmental impact before deciding on major projects. Environmental groups called the plan a clear violation of the National Environmental Policy Act. The chief policy advocacy officer at the Natural Resources Defense Council says Trump should be careful what he wishes for. She said, “What if someone wants to build a waste incinerator next to Mar-a-Lago or a coal mine next to Bedminster golf course?”

Trump says he’ll name Andrew Ferguson head of FTC and Kimberly Guilfoyle as ambassador to Greece

WASHINGTON (AP) — President-elect Donald Trump has made another flurry of job announcements. He said Tuesday that he had selected Andrew Ferguson as the next chair of the Federal Trade Commission, Kimberly Guilfoyle as the ambassador to Greece and Tom Barrack as the ambassador to Turkey. Ferguson is already one of the FTC’s five commissioners and will replace Lina Khan. She became a lightning rod for Wall Street and Silicon Valley by blocking billions of dollars’ worth of corporate acquisitions and suing Amazon and Meta while alleging anticompetitive behavior. Guilfoyle became engaged to Don Trump Jr. in 2020, adn Tom Barrack is a longtime friend who was also the former Trump inaugural chair.

Bank of Canada cuts interest rate by half a percentage point, highlights risk of Trump’s tariffs

TORONTO (AP) — Canada’s central bank lowered its key interest rate by half a percentage point while highlighting the risk of U.S. President-elect Donald Trump’s threat of tariffs on all Canadian products. The Bank of Canada’s decision marked the fifth consecutive reduction since June and brings the central bank’s key rate down to 3.25%. The central bank noted a number of risks to the economy, including U.S. tariffs. Trump has threatened to impose a 25% tax on all products entering the U.S. from Canada and Mexico unless they stem the flow of migrants and drugs.

Stock market today: Wall Street gets back to climbing

NEW YORK (AP) — U.S. stocks are rising after the latest update on inflation appeared to clear the way for more help for the economy from the Federal Reserve. The S&P 500 rose 1% Wednesday and is on track to break its first two-day losing streak in nearly a month. The Dow Jones Industrial Average rose 57 points, and the Nasdaq composite climbed 1.8%. Treasury yields held relatively steady as expectations built that the inflation update will allow the Fed to deliver another cut to interest rates at its meeting next week. Inflation accelerated a touch last month but came in exactly as forecast.