Business News

Wednesday, January 15th
January 14, 2025
AP-Newswatch
January 14, 2025
Wednesday, January 15th
January 14, 2025
AP-Newswatch
January 14, 2025
Business News

AP-Summary Brief-Business

January 14, 2025

Biden signs executive order aimed at growing AI infrastructure in the US

LOS ANGELES (AP) — President Joe Biden has signed an ambitious executive order on artificial intelligence that seeks to ensure the infrastructure needed for advanced AI operations like data centers can be built quickly and at scale in the United States. Tuesday’s executive order directs federal agencies to accelerate large-scale AI infrastructure development at government sites. The order imposes requirements and safeguards on the developers building on these locations. Federal agencies will also help facilitate the infrastructure’s interconnection to the electric grid and help speed up the permitting process. The Democratic president says AI will have “profound implications for national security and enormous potential to improve Americans’ lives if harnessed responsibly.”

US producer prices rose 0.2% last month on higher energy costs

WASHINGTON (AP) — U.S. wholesale inflation rose last month on higher energy prices. The Labor Department reported Tuesday that its producer price index — which tracks inflation before it hits consumers — rose 0.2% last month from November, down from a 0.4% gain the month before. Compared to a year earlier, producer prices were up 3.3%, down from a 3% year-over-year increase in November. The increases were slightly less than economists had forecast.

Stock market today: Drops for Lilly and Big Tech weigh on Wall Street, even as most stocks rise

NEW YORK (AP) — Drops for Eli Lilly and other influential companies are weighing on U.S. indexes. The S&P 500 slipped 0.3% Tuesday, even though the majority of stocks in the index rose. The Dow Jones Industrial Average lost 76 points, and the Nasdaq composite fell 0.4%. Stocks initially rose in the morning after a report showed inflation at the U.S. wholesale level wasn’t as high last month as economists expected. But declines for Nvidia and other Big Tech stocks hurt indexes. So did Lilly’s drop after it warned of slower-than-expected growth for some of its blockbuster products. Oil prices eased.

US TikTok users flock to Chinese app Xiaohongshu in protest with TikTok ban looming

HONG KONG (AP) — As the threat of a TikTok ban looms, some U.S. TikTok users are flocking to Chinese social media app Xiaohongshu – making it the top downloaded app in the U.S. The self-described “TikTok refugees” landed on Xiaohongshu as an alternative to TikTok. Supreme Court justices are due to rule on a law that stipulates TikTok must be divested from its Chinese parent company ByteDance by Jan. 19 or face a ban in the U.S. over national security concerns. After the justices seemed inclined to let the law stand, masses of TikTok users began creating accounts on Xiaohongshu, which in English means “Little Red Book.” The app combines e-commerce, short video and posting functions and is popular in China and among Chinese diasporas, with over 300 million users.

Jack Daniels’ parent Brown-Forman is cutting its workforce and closing its barrel-making plant

LOUISVILLE, Ky. (AP) — Spirits giant Brown-Forman Corp. says it’s reducing its global workforce by about 12% and closing its barrel-making plant in Louisville. The cost-cutting moves come as American whiskey producers face challenges from changing consumer trends and tariff threats. Brown-Forman’s actions are projected to reap $70 million to $80 million in annualized cost savings. The company says it plans to reinvest part those savings in its growth strategy. Brown-Forman is based in Louisville and its flagship brand is Jack Daniel’s. It says its cooperage, where its barrels are made, will close by April 25, affecting about 210 hourly and salaried employees.

Google faces more scrutiny as UK watchdog flexes new digital competition powers

LONDON (AP) — Britain’s competition watchdog says it’s investigating Google’s search ad business, adding to global scrutiny that the U.S. tech giant is facing. The Competition and Markets Authority said it will examine whether Google is weakening competition by stifling innovation, giving preference to its own services or exploiting user data. Using new powers to investigate competition in digital markets, the watchdog said it would determine whether Google should be given “strategic market status” that would require imposing remedies to change its behavior. The regulator said it will look in particular at Google’s role in shaping the development of new artificial services and interfaces such as “answer engines,” in ways that “limit the competitive constraint they impose on Google Search.”

Southwest pausing some hirings, internships as the airline looks to reduce costs

Southwest Airlines is hitting the pause button on some of its hirings, internships and employee events this year as the company looks to lower costs. The Dallas-based company plans to limit discretionary costs, including pausing the Southwest Rallies for this year. But Southwest said it will continue to evaluate its hiring needs on an ongoing basis to determine when it makes the most sense to restart hiring. The company has been under pressure after an investor urged Southwest to improve its performance.

The tax deadline for some small businesses affected by disasters in 2024 is drawing near

NEW YORK (AP) — The tax deadline for some small businesses affected by severe weather in 2024 is drawing near, the IRS is reminding owners. Small businesses in all or parts of 14 states and 2 territories that received extensions to file their 2023 returns due to natural disasters will need to file in 2025. Depending on their location, some have a Feb. 3 deadline. For others, it’s May 1. The IRS grants tax extensions to small businesses and others affected severe weather like hurricanes and tornadoes or natural occurrences like earthquakes if they’re designated a disaster by the Federal Emergency Management Agency.

The Czech Republic ends its energy dependence on Russian oil imports

PRAGUE (AP) — The Czech government says the country has boosted its energy security by completing a project to finish its dependence on oil delivery from Russia. The Czech Republic has received about a half of its oil, or four million metric tons, through the Druhzba pipeline from Russia. Prime Minister Petr Fiala says Russian oil imports are no longer needed because “we’re able to get all oil supplies from the West.” The Czech Republic, Slovakia and Hungary are the only remaining European Union member states still receiving oil from Russia. The Czechs ended their import of Russian gas earlier this year.

World Economic Forum says Trump to take part virtually in Davos meeting, days after inauguration

GENEVA (AP) — The World Economic Forum’s president says U.S. President Donald Trump will take part virtually in the annual meeting in Davos just days after his inauguration. Børge Brende is a former Norwegian foreign minister who heads the Geneva-based organization. He noted on Tuesday that Trump had twice attended the elite gathering of business and government leaders in person during his first term. Forum organizers say a record of around 900 business leaders, including from important emerging markets, will take part in the annual meeting this year, which is expected to draw nearly 3,000 participants from over 130 countries.