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January 15, 2025AP-Newswatch
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January 15, 2025
US inflation picked up in December but underlying price pressures eased
WASHINGTON (AP) — U.S. inflation picked up last month as prices rose for gas, eggs, and used cars, yet underlying price pressures also showed signs of easing a bit. Wednesday’s report from the Labor Department showed that the consumer price index rose 2.9% in December from a year ago, the highest since July. It was the third straight increase after inflation fell to a 3 1/2 year low of 2.4% in September. Yet excluding the volatile food and energy categories, so-called core inflation declined to 3.2%, after remaining stuck at 3.3% for three months in a row.
JPMorgan posts record annual profits as major US banks thrive in the final quarter of 2024
WASHINGTON (AP) — JPMorgan’s net income soared 50% to more than $14 billion in the fourth quarter as the bank’s profit and revenue easily beat Wall Street forecasts, and other major banks reported banner earnings for the year. The bank said Wednesday that total managed revenue rose to $43.7 billion, up 10% from $39.9 billion a year ago. Wall Street was expecting revenue of $41.9 billion. For the full year and adjusted for one-time expenses, JPMorgan recorded a record $54 billion in net income, or $18.22 per share. Citigroup, Wells Fargo and Goldman Sachs also issued strong fourth-quarter results on Wednesday.
Germany’s economy shrank for the second consecutive year in 2024
BERLIN (AP) — The German economy shrank for the second straight year in 2024 as worried consumers held back on spending and Chinese competition ate into the country’s traditional exports of cars and industrial machinery. The year’s weak performance underlines Germany’s status as Europe’s worst performing major economy and shows the country as having no meaningful growth in four years. Gross domestic product contracted by 0.2% last year following a 0.3% decline in 2023, according to preliminary official figures released Wednesday, weeks before an election in which the economy is the top issue. Contenders to lead the next government have made contrasting proposals on how to inject new vigor into the economy.
Stock market today: Wall Street rips higher after inflation data and strong bank profits
NEW YORK (AP) — U.S. stocks are ripping higher an encouraging update on U.S. inflation. The S&P 500 jumped 1.5% Wednesday. The Dow Jones Industrial Average climbed 584 points, and the Nasdaq composite gained 2%. Strong profit reports from the biggest U.S. banks also helped launch indexes toward their best day in two months. Wells Fargo, Citigroup and Goldman Sachs helped lead the way. Treasury yields eased on hopes that Wednesday’s inflation update could help convince the Federal Reserve to cut interest rates further later this year. European stocks rallied, while Asian markets were more subdued.
UK inflation unexpectedly drops in December, easing pressure in bond markets
LONDON (AP) — Inflation in the U.K. unexpectedly fell in December, a move that will likely fuel pressure on the Bank of England to cut interest rates again next month. The Office for National Statistics said Wednesday that inflation, as measured by the consumer prices index, was 2.5% in the year to December. That was down from 2.6% the previous month. Economists had expected no change in the annual rate. Though inflation has fallen, it remains above the Bank of England’s target of 2%. If the Bank of England decides to cut its main interest rate from 4.75%, it could well ease the pressure in British government bond markets, which have been volatile in recent weeks.
US steps up Russia sanctions, placing threat of more sanctions on businesses partnering with Russia
WASHINGTON (AP) — The U.S. Treasury Department is expanding the web of sanctions on companies and institutions supporting Russia’s war efforts in Ukraine. The department is re-designating about 100 entities for sanctions and placing sanctions on 15 new entities. A senior Treasury Department official says that under the sanctions, any company that does meaningful business with parts of Russia’s military industrial complex would also risk penalties. The official insisted on anonymity to preview the announcement on a call with reporters Wednesday. The official says removal of the sanctions would require congressional notification. That step could potentially make it harder for the incoming Trump administration to change sanctions without drawing public scrutiny.
Biden’s big semiconductor law will ramp up US chip production — but at a high cost, report finds
WASHINGTON (AP) — A sweeping 2022 law, touted by President Joe Biden as a way to revive U.S. semiconductor manufacturing and reduce reliance on foreign-made computer chips, will “sharply increase production’’ of semiconductors in the United States. But it might not deliver the best bang for the buck. Researchers at the Peterson Institute for International Economics calculated that the $280 billion CHIPS and Science Act will create about 93,000 construction jobs and 43,000 permanent manufacturing jobs. But each job created will cost the government about $185,000 a year – twice the average annual salary of U.S. semiconductor employees. “More production might not provide the best security for the money,’’ the researchers wrote.
Can AI help humans understand animals and reconnect with nature? A nonprofit research lab thinks so
MONTREAL (AP) — A nonprofit research lab is getting attention from some wealthy tech philanthropists. The Earth Species Project hopes to decode other creatures’ communications with its pioneering artificial intelligence tools. Director of Impact Jane Lawton says the goal is not to build a “translator that will allow us to speak to other species.” But she finds that “rudimentary dictionaries” could help craft better conservation strategies and foster greater appreciation for the planet in the face of climate change. Its research team is expected to get a big boost from recent grants totaling $17 million from LinkedIn co-founder Reid Hoffman and Laurene Powell Jobs’ Waverley Street Foundation.
FDA bans red dye No. 3 from foods
U.S. regulators are banning the dye called Red 3 from the food supply. The move comes nearly 35 years after the dye was barred from cosmetics such as lipsticks because of potential cancer risk. Food and Drug Administration officials on Wednesday granted a 2022 petition filed by consumer advocates. The groups argued that some studies found the dye causes cancer in laboratory rats. FDA officials cited a statute known as the Delaney Clause, which requires FDA to ban any additive found to cause cancer in people or rats. Officials say the cancer risk has not been documented in people.
Poland’s leader accuses Russia of planning acts of sabotage against ‘airlines around the world’
WARSAW, Poland (AP) — Polish Prime Minister Donald Tusk has accused Russia of planning acts of sabotage worldwide including “acts of air terror” against airlines. Tusk spoke at a news conference in Warsaw on Wednesday alongside Ukrainian President Volodymyr Zelenskyy. Tusk said “I will not go into details” and “I can only confirm the validity of fears that Russia was planning acts of air terror.” The Kremlin has dismissed previous Western claims that Russia sponsored acts of sabotage and attacks in Europe. The pro-European Union government in Warsaw says that Russia is pursuing acts of hybrid war against Poland and other Western countries in retaliation for their support for Poland’s neighbor Ukraine in its struggle against Russia’s full-scale invasion.