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Turchin Center Announces Finalists for the 22nd Appalachian Mountain Photography Competition
January 13, 2025
AP-Newswatch
January 13, 2025
Turchin Center Announces Finalists for the 22nd Appalachian Mountain Photography Competition
January 13, 2025
AP-Newswatch
January 13, 2025
Business News

AP-Summary Brief-Business

January 13, 2025

Biden’s administration proposes new rules on exporting AI chips, provoking an industry pushback

WASHINGTON (AP) — The Biden administration is proposing a new framework for the exporting of the advanced computer chips used to develop artificial intelligence, an attempt to balance national security concerns about the technology with the economic interests of producers and other countries. But the framework proposed Monday raises concerns of chip industry executives who say the rules would limit access to existing chips used for video games and restrict how much access 120 countries have to the chips tied to data centers and AI development. Commerce Secretary Gina Raimondo says the framework is “critical” to preserve America’s leadership in AI and the development of AI-related computer chips. Microsoft says it can comply with the new policy.

The California wildfires could be leaving deeper inequality in their wake

ALTADENA, Calif. (AP) — The sight of celebrity mansions and movie landmarks reduced to ashes can make it seem like the wildfires roaring through the Los Angeles area affected a constellation of movie stars. But a drive through the charred neighborhoods around Altadena shows that the fires also burned through a remarkable haven for generations of Black families avoiding discriminatory housing practices elsewhere. They have been communities of racial and economic diversity, where many people own their own homes. Some now fear the most destructive fires in California’s history have altered that for good. Recovery and rebuilding may be out of reach for many, and pressures of gentrification could be renewed.

The LA county wildfires could be the costliest in US history, early estimates say

LOS ANGELES (AP) — The wildfires that erupted this week across Los Angeles County are far from contained, but they’re already expected to be the costliest in U.S. history and among the worst natural disasters. The devastating blazes have killed at least 11 people and incinerated more than 12,000 structures since Tuesday. While California is no stranger to major wildfires, they have generally been concentrated in inland areas that are not densely populated. That’s far from the case this time, with one of the largest conflagrations destroying thousands of properties across the Pacific Palisades and Malibu, home to many Hollywood stars and executives with multimillion-dollar properties.

Moderna surprises the Street by predicting a bigger-than-expected sales drop

Shares of Moderna tumbled Monday after the vaccine maker predicted a steeper-than-expected sales drop in the new year. Moderna said it expects 2025 revenue to range between $1.5 billion and $2.5 billion after hitting as much as $3.1 billion last year. Analysts expect, on average, $2.92 billion in revenue for 2025, according to FactSet. The company also said it was speeding up and expanding a cost-cutting plan. It expects to cut cash costs by $1 billion in the new year, with additional cuts planned in 2026. Moderna’s COVID-19 vaccine, Spikevax, had more than $3 billion in sales last year.

Supreme Court declines to hear from oil and gas companies trying to block climate change lawsuits

WASHINGTON (AP) — The Supreme Court is declining to hear an appeal from oil and gas companies trying to block lawsuits seeking to hold the industry liable for billions of dollars in damage linked to climate change. The high court said Monday it won’t hear from the companies seeking to block lawsuits from dozens of state and local governments. The governments argue the companies have deceived the public about how fossil fuels contribute to climate change. Several Texas-based oil and gas companies appealed to the Supreme Court after Hawaii’s highest court allowed a lawsuit to proceed. The companies say the suits present a serious threat to their industry and must be moved to federal court, where they’ve been tossed out before.

US extends deadline on Nippon’s bid for US Steel, offering some hope that the deal is not dead

HARRISBURG, Pa. (AP) — The bid by Japan’s Nippon Steel to buy U.S. Steel may have a new lease on life, now that the Biden Administration pushed back the deadline it imposed for the Japanese steelmaker to abandon its plan to acquire the storied Pittsburgh company. That’s after President Joe Biden blocked the deal. The extra time was viewed by U.S. Steel and investors as an opportunity for the companies to complete the acquisition. President-elect Donald Trump, who takes office in a week, also opposes the deal. But U.S. Steel says it’s pleased with the extension to June 18 and that it looks forward to completing the deal. Shares of U.S. Steel rose in morning trading.

Jeff Bezos’ space company calls off debut launch of massive new rocket in final minutes of countdown

CAPE CANAVERAL, Fla. (AP) — Blue Origin has called off the debut launch of its massive new rocket because of technical trouble. The 320-foot New Glenn rocket was supposed to blast off before dawn Monday with a prototype satellite from Cape Canaveral, Florida. But launch controllers had to deal with an unspecified rocket issue in the final minutes of the countdown and ran out of time. Founded by Amazon’s Jeff Bezos, Blue Origin did not immediately set a new launch date. Bezos took part in Monday’s countdown from Mission Control. New Glenn is named after the first American to orbit Earth, John Glenn.

J&J buys Intra-Cellular in $14.6 billion deal, delving further into central nervous system disorders

Johnson & Johnson will spend more than $14 billion to move deeper into treating central nervous system disorders by purchasing Intra-Cellular Therapies. The health care giant said Monday that it will pay $132 in cash for each share of Intra-Cellular. That represents a 39% premium to Intra-Cellular’s closing price of $94.87 on Friday. Shares of both companies climbed Monday after they announced the deal. Intra-Cellular Therapies makes Caplyta, a once-daily pill for treating adults with schizophrenia and depression tied to bipolar disorder. The drug brought in $175 million in last year’s third quarter as total prescriptions increased 38%.

Taiwan iPhone maker Foxconn sets its sights on the ever more crowded EV market

BANGKOK (AP) — Automakers are joining forces to boost their scale and competitiveness to contend with industry newcomers like iPhone maker Foxconn. The Taiwan contract manufacturer is one of several technology companies leveraging their knowhow to compete in the increasingly crowded electrical vehicle market. Also known as Hon Hai Precision Industry, it is snapping up links in the automotive supply chain. The recent decision by Japan’s Honda and Nissan to pursue a merger reportedly was partly driven by worries that Foxconn would make a bid for Nissan. Foxconn showcased its EV ambitions at the Consumer Electronics Show in Las Vegas last week, showing its Model B, a sleek hatchback, as well as its automotive electronics.

Fox News names Will Cain to replace Neil Cavuto in weekday afternoon lineup

NEW YORK (AP) — As is customary, Fox News Channel is appointing from within to fill a vacancy in its weekday lineup created by last month’s departure of Neil Cavuto. Will Cain, a co-host of the “Fox & Friends” weekend talk show, will take over the 4 p.m. Eastern hour starting next Tuesday. Cain’s show will be more general interest news, after Cavuto’s more business-focused program. Cain, who hosts a weekday podcast for Fox on news and sports, will continue doing that. He plans to bring some of the podcast style to the daily television show, likely meaning longer interviews. Cain worked at ESPN, CNN and the Blaze before joining Fox in 2020.