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January 16, 2025AP-Newswatch
January 16, 2025Business News
AP-Summary Brief-Business
January 16, 2025
American shoppers wrap up the year in a spending mood, boding well for the U.S. economy
American consumers wrapped up the year in a spending mood, shopping for all sorts of merchandise from furniture to clothing, and eating out at restaurants, according to the latest government snapshot. The figures, announced Thursday, marked a clear sign that consumers are still able and willing to shop, and the data bodes well for 2025 even as shoppers remain deal-focused. Retail sales rose 0.4% in December from the previous month, the Commerce Department said, though down from November’s upwardly revised 0.8% gain.
BP cutting 4,700 jobs worldwide as part of cost-saving drive
LONDON (AP) — U.K.-based oil company is cutting 4,700 jobs worldwide and a further 3,000 contractor roles as part of a cost-saving drive. CEO Murray Auchincloss sent an email to staff on Thursday that has been seen by The Associated Press. Auchincloss said that the job losses “account for much of the anticipated reduction this year.” The reductions amount to just over 5% of BP’s 90,000 worldwide employees. Auchincloss’s memo said that about 2,600 of the contractors involved in the job cuts have already left the business. Auchincloss said the company is “focusing resources on our highest-value opportunities” and that it has stopped or paused 30 projects since June.
Stock market today: Wall Street’s momentum slows as US stocks drift
NEW YORK (AP) — U.S. stock indexes are drifting following a mixed set of earnings reports from Morgan Stanley, UnitedHealth Group and other big companies. The S&P 500 was up 0.1% Thursday. The Dow Jones Industrial Average rose 28 points, and the Nasdaq composite fell 0.2%. Stocks were holding steadier after shooting higher the day before on hopes that an encouraging report on inflation may convince the Federal Reserve to deliver more cuts to interest rates. Treasury yields eased in the bond market following some mixed reports on the U.S. economy, but the movements were much more placid than the day before.
Treasury nominee calls for stronger Russia sanctions and Fed independence at confirmation panel
WASHINGTON (AP) — U.S. Treasury nominee Scott Bessent is facing sharp questions from both Democrats and Republicans on tax policy, tariffs, China, Russia sanctions and the future of an IRS tax filing system that Republicans have called to be cut. Bessent sat in front of the Senate Finance Committee on Thursday for his confirmation hearing. He told lawmakers that President-elect Donald Trump has an opportunity to unleash “a new economic golden age.” Bessent pledged to maintain a free IRS tax filing system at least for the 2025 tax season, while studying whether it should continue after that. Republican lawmakers have branded that program a waste of money and want it cut.
World Bank says the global is economy is growing steadily, but not fast enough to help ease poverty
WASHINGTON (AP) — The world economy is growing steadily in the face of global conflict, protectionist trade policies and high interest rates. It just isn’t growing fast enough to bring relief to the world’s poorest, the World Bank said Thursday. The bank expects the world economy to expand 2.7% in 2025 and again in 2026. It’s a remarkably consistent performance – matching 2023 and 2024 – but also a lackluster one. Growth is running 0.4 percentage points below the 2010-2019 average. The World Bank says the plodding pace of growth is “insufficient’’ to ease global poverty.
Many Americans doubt Trump will be able to lower prices in his first year, an AP-NORC poll shows
WASHINGTON (AP) — Many U.S. adults are skeptical about President-elect Donald Trump’s ability to bring down costs. An Associated Press-NORC Center for Public Affairs Research poll shows only about 2 in 10 Americans are “extremely” or “very” confident the Republican will be able to make progress on lowering the cost of groceries, housing or health care this year. The poll shows about 2 in 10 Americans are “moderately” confident. Faith in Trump’s ability to create jobs is a little higher: About 3 in 10 Americans are “extremely” or “very” confident he’ll make progress on this in 2025.
UnitedHealth tops profit forecasts but medical costs linger for health care giant
UnitedHealth posted a better-than-expected fourth-quarter profit, but a nagging rise in medical costs and care utilization surprised Wall Street. Shares of the health care giant slid early Thursday after it released its first financial report since the brazen shooting of one of its executives outside a New York City hotel touched a national nerve and brought to the surface American frustration over health care access. More than 87% of the premiums UnitedHealth collected in the fourth quarter went back out the door to cover medical costs, TD Cowen analyst Ryan Langston says that was well above what analysts expected.
Toyota’s truck division Hino to pay $1.6 billion as part of emissions scandal
A Toyota subsidiary has agreed to pay more than $1.6 billion and plead guilty for violations related to the submission of false and fraudulent engine emission testing and fuel consumption data to regulators and the illicit smuggling of engines into the United States.
Nintendo’s new Switch 2 console will come out in 2025
LOS ANGELES (AP) — The Nintendo Switch 2, the successor to the Nintendo Switch system, will be released in 2025. In a new promotional video, Nintendo showed off a larger version of the Switch that looks similar to its predecessor. The video shows that the next generation of the console includes an additional USB-C port. It also shows the system’s controllers, or Joy-Cons, now attach to the side of the main unit rather than slide in.
Jeff Bezos’ New Glenn rocket reaches orbit on first test flight
CAPE CANAVERAL, Fla. (AP) — Blue Origin has launched its massive new rocket on its first test flight. Thursday’s liftoff from Florida carried an experiment meant to orbit thousands of miles above Earth. The test satellite successfully reached orbit 13 minutes into the flight. The 320-foot New Glenn rocket is designed to haul spacecraft and eventually astronauts to orbit and also the moon. Founded 25 years ago by Amazon founder Jeff Bezos, Blue Origin has been launching customers to the edge of space since 2021. Bezos took part in the launch from Mission Control.