Business News

Ireland embraced data centers that the AI boom needs. Now they’re consuming too much of its energy

CLONDALKIN, Ireland (AP) — Dozens of massive data centers are consuming more electricity than all of the urban homes in Ireland and starting to wear out the warm welcome that brought them here. Now, a country that made itself a computing factory for Amazon, Google, Meta, Microsoft and TikTok is wondering whether it was all worth it as tech giants look around the world to build even more data centers to fuel the next wave of artificial intelligence. Fears of rolling blackouts led Ireland’s grid operator to halt new data centers near Dublin until 2028. These huge buildings and their powerful computers last year consumed 21% of the nation’s electricity. Further data center expansion threatens Ireland’s ambitious goals to cut planet-warming emissions by half in roughly a decade.

Biden pledges to cut US greenhouse gases by more than 60% as he exits the world stage

WASHINGTON (AP) — President Joe Biden is pledging to cut U.S. greenhouse gas emissions by more than 60% by 2035. Biden is seeking to ensure his legacy on slowing global warming, even as President-elect Donald Trump vows to undo much of Biden’s climate work when he takes office next month. Biden said the new goal supersedes a previous plan to cut carbon emissions at least in half by 2030 and keeps the U.S. on track to achieve net-zero greenhouse gas emissions economy-wide by 2050. The United States is formally submitting the new target to the United Nations under terms of the 2015 Paris climate agreement. Trump is expected to withdraw the U.S. from the accord.

Stock market today: Wall Street stabilizes after Wednesday’s sell-off

NEW YORK (AP) — U.S. stocks are stabilizing following one of their worst days of the year. The S&P 500 rose 0.2% Thursday to recover some of its loss from Wednesday, when the Federal Reserve said it may deliver fewer cuts to interest rates next year than earlier thought. The Dow Jones Industrial Average added 136 points, and the Nasdaq composite rose 0.3%. The company behind Olive Garden helped lead the market higher after delivering stronger profit for the latest quarter than analysts expected. Treasury yields were mixed after reports showed the overall economy and the job market may be stronger than expected.

Musk ascends as a political force beyond his wealth by tanking budget deal

Elon Musk’s role in taking down a bipartisan budget deal shows his ascendance as a political force. The social media warnings from the world’s wealthiest man preceded President-elect Donald Trump’s condemnation of the measure negotiated by GOP House Speaker Mike Johnson. That combination effectively killed the stopgap measure that was designed to prevent a partial shutdown of the federal government. It was the first major test of Musk’s influence since Trump was elected.

U.S. economy grows at 3.1% pace in third quarter, an upgrade from previous estimate

WASHINGTON (AP) — The American economy grew at a healthy 3.1% annual clip from July through September, propelled by vigorous consumer spending and an uptick in exports, the government said in an upgrade to its previous estimate. Third-quarter growth in U.S. gross domestic product — the economy’s output of goods and services — accelerated from the April-July rate of 3% and continued to look sturdy despite high interest rates. GDP growth has now topped 2% in eight of the last nine quarters.

Collapse of budget deal over Trump’s objections leaves American farmers in limbo

MINNEAPOLIS (AP) — American farmers are hoping that aid to agriculture will be revived as Congress struggles to avert a looming partial government shutdown. A one-year extension of federal farm programs, around $30 billion in economic relief and a break for the ethanol industry were part of a bipartisan deal that collapsed Wednesday after President-elect Donald Trump denounced it. It’s unclear whether a new deal can come together — and whether any of the farm provisions would survive in whole or in part. Even as he rejected the deal, Trump signaled that he was at least aware of concerns in farm country, which voted heavily for him in the election.

Amazon workers strike at multiple facilities as Teamsters seek labor contract

Workers at seven Amazon facilities are on strike. The Teamsters union said the workers joined picket lines on Thursday after Amazon ignored a Sunday deadline the union set for contract negotiations. The union called it the largest strike against the company in U.S. history. Amazon says it doesn’t expect the labor action to impact its operations during the busy holiday shopping period. The strikes are taking place at seven delivery stations, which are run by contractors who drop off of packages to customers everyday. They include three locations in Southern California, and one each in New York City, Atlanta, Georgia, and Skokie, Illinois.

FDA says knockoff versions of Lilly obesity drug must come off the market

WASHINGTON (AP) — The federal government is phasing out off-brand copies of two blockbuster drugs used to treat obesity and diabetes. The Food and Drug Administration said Thursday that a two-year shortage of Eli Lilly’s Zepbound and Mounjaro has been resolved. That eliminates the need for knockoff versions sold by specialty pharmacies and telehealth companies. The decision is likely to impact how patients access the drugs and how much many of them pay. The versions sold by compounding pharmacies tend to be cheaper, usually selling for several hundred dollars per month. The drugs are part of the GLP-1 class that has shown unprecedented results for shedding weight.

US home sales hit fastest pace since March with more properties up for sale

Sales of previously occupied U.S. homes rose in November to their fastest pace since March as home shoppers were encouraged by a wider selection of properties on the market, even as mortgage rates mostly ticked higher. Existing home sales rose 4.8% last month, from October, to a seasonally adjusted annual rate of 4.15 million, the National Association of Realtors said Thursday. Sales accelerated 6.1% compared with November last year. The latest home sales topped the 4.1 million pace economists were expecting, according to FactSet. Home prices increased on an annual basis for the 17th consecutive month. The national median sales price rose 4.7% from a year earlier, to $406,100.

FDA updates the definition of ‘healthy’ foods

Packaged foods in the U.S. must follow new rules in order to call themselves “healthy.” That’s according to changes finalized by the Food and Drug Administration on Thursday. It’s an update of the agency’s definition originally devised 30 years ago. The move is aimed at helping Americans navigate food labels at the grocery store and make choices that are aligned with federal dietary guidelines in hopes of reducing rates of diet-related chronic disease. Under the rule, products that claim to be “healthy” must contain a certain amount of food from one or more food groups such as fruit, vegetables, grains, dairy and protein. Foods must also limit added sugars, sodium and saturated fat.