Business News

Automakers, dealers and shoppers dawdle on EVs despite strong year in US sales growth

The EV trend in the US at the end of 2023 is a little tough to tease out. Overall sales hit a record, but they’re also falling short of expectations amid the industry’s push to transition away from combustion engines and quickly towards EVs. EV inventory is building on dealer lots, and many EV models are taking longer to sell than gas counterparts. Some automakers are discounting their EVs to get them to move. Ford decreased Mach-E production in recent months. This story addresses the many EV market dynamics consumers are seeing.

CEOs of the nation’s biggest banks warn that new regulations could harm the economy

NEW YORK (AP) — The heads of Wall Street’s biggest banks used an appearance on Capitol Hill to plead with senators to stop the Biden administration’s proposed changes to how banks are regulated, warning that the proposals could negatively impact the economy at a time of geopolitical turmoil and inflation. The banks contend the new regulations would curtail lending and weaken bank balance sheets at a time when the industry needs more flexibility. Among the CEOs at the hearing were JPMorgan’s Jamie Dimon, Bank of America’s Brian Moynihan and Jane Fraser of Citigroup.

Google launches Gemini, upping the stakes in the global AI race

Google took its next leap in artificial intelligence Wednesday with the launch of project Gemini, an AI model trained to behave in human-like ways that’s likely to intensify the debate about the technology’s potential promise and perils. The rollout will unfold in phases, with less sophisticated versions of Gemini called “Nano” and “Pro” being immediately incorporated into Google’s AI-powered chatbot Bard and its Pixel 8 Pro smartphone. The most advanced version of Gemini, called “Ultra,” will be released early next year and be deployed to juice up Google’s chatbot with a product called “Bard Advanced.”

Europe was set to lead the world on AI regulation. But can leaders reach a deal?

LONDON (AP) — The generative AI boom has sent governments worldwide scrambling to regulate the emerging technology. It’s also raised the risk of upending a European Union push to approve the world’s first comprehensive artificial intelligence rules. The 27-nation bloc’s Artificial Intelligence Act has been hailed as a pioneering rulebook, but it’s uncertain if the EU can thrash out a deal Wednesday before time runs out. Europe’s yearslong efforts to draw up AI guardrails have been bogged down by the emergence of generative AI systems like OpenAI’s ChatGPT. If a deal isn’t reached this week, negotiators will be forced to pick it up next year and it could go in a different direction.

The West has sanctioned Russia’s rich. But is that really punishing Putin and helping Ukraine?

VERONA, Italy (AP) — Western officials say sanctions against Russia’s billionaires are meant to isolate President Vladimir Putin, choke off support for his war and turn powerful business allies against him. But in the 20 months since the invasion, only a handful of sanctioned businessmen have spoken out against him. And while the White House has proposed seizing tycoons’ assets in some circumstances, only $5.4 million of $58 billion in frozen private assets has gone to Kyiv. With growing concerns about the future of Western support, former diplomats and analysts suggest a new approach to sanctions is needed — one that not only splits the tycoons from Putin’s Russia but also generates more funds for Ukraine.

Under Putin, the uber-wealthy Russians known as ‘oligarchs’ are still rich but far less powerful

TALLINN, Estonia (AP) — When Vladimir Putin came to power in 2000, the outside world viewed “Russian oligarchs” as men who whose vast wealth, ruthlessly amassed, made them almost shadow rulers. The term has persisted well into Putin’s rule, broadening in popular usage to refer to almost any Russian with a substantial fortune. How much political power any of Russia’s uber-rich now wield, however, is doubtful. In the summer of 2000, Putin met in the Kremlin with about two dozen of the men regarded as the top oligarchs. Although the meeting was closed, reports later said he made them a sternly clear deal: Stay out of politics and your wealth won’t be touched.

McDonald’s burger empire set for unprecedented growth over the next 4 years with 10,000 new stores

McDonald’s expects to open nearly 10,000 restaurants over the next four years, the fastest period of growth in the company’s history. The Chicago burger giant said Wednesday that it aims to have 50,000 restaurants worldwide by the end of 2027. McDonald’s had 40,275 restaurants at the start of this year. It plans to open 900 new stores in the U.S. and 1,900 in its international operated markets, which include large markets like Canada, Germany and Australia. The company said it plans another 7,000 stores in its international development licensed markets; more than half of those would be in China.

Decades after Europe, turning blades send first commercial offshore wind power onto US grid

NEW LONDON, Conn. (AP) — Off the coast of eastern Long Island, an 800-foot tall turbine has begun sending electricity onto the U.S. grid from what’s set to be the country’s first commercial offshore wind farm. It’s a milestone many years in the making and at the same time a modest advance in what experts say needs to be a major buildout of this type of clean electricity to address climate change. Danish wind energy developer Ørsted and the utility Eversource announced Wednesday the first power from what will be a 12-turbine wind farm called South Fork Wind, 35 miles (56 kilometers) east of Montauk Point, New York. By early next year, it will be able to generate 132 megawatts to power more than 70,000 homes.

Facebook parent sued by New Mexico alleging it has failed to shield children from predators

SANTA FE, N.M. (AP) — New Mexico’s attorney general is suing the parent company of Facebook and Instagram claiming it failed to protect underage users from exposure to child sexual abuse material and let adults solicit pornographic imagery from them. The civil suit filed late Tuesday follows an undercover online investigation and also names CEO Mark Zuckerberg as a defendant. Meta did not directly respond to the New Mexico allegations, but said in a statement that it works hard to protect young users, disabling more than a half million accounts in one month alone for violating its child safety policies.

Stock market today: Wall Street hangs near a 20-month high, and oil prices fall sharply again

NEW YORK (AP) — Wall Street is hanging near its best level in 20 months Wednesday following the latest signals that pressure on inflation may be easing. The S&P 500 was edging down by 0.1% Wednesday. The Dow was flat, and the Nasdaq was down 0.2%. Oil and gas stocks were heavy weights on the market. They tumbled as crude prices fell back to where they were in June. Gains for airline stocks and companies reporting stronger profits than expected helped limit the market’s losses. Treasury yields relaxed after data showed a cooldown in hiring and pickup in business productivity. They raised hopes for easier interest rates ahead.