Business News

Europe’s world-first AI rules get final approval from lawmakers. Here’s what happens next

LONDON (AP) — European Union lawmakers have given final approval to the 27-nation bloc’s artificial intelligence law. The move Wednesday put the world-leading set of rules on track to take effect later this year. Lawmakers in the European Parliament have voted overwhelmingly in favor of the Artificial Intelligence Act, five years after regulations were first proposed. The AI Act is expected to act as a global signpost for other governments grappling with how to regulate the fast-developing technology. Next year, the law will take effect for generative AI models, such as OpenAI’s ChatGPT, which will have to mitigate risks and put cybersecurity measures in place, among other steps.

Yeezy shoe sales lead Adidas to $150 million in donations to anti-hate groups

LONDON (AP) — Adidas says it’s donated or is planning to give away more than $150 million to groups fighting antisemitism and other forms of hate from the sales of Yeezy shoes last year. The German sportswear brand reported the amount Wednesday after severing ties in 2022 with Ye, the rapper formerly known as Kanye West, over his antisemitic and other offensive comments. Adidas has sold some of the remaining shoes in two releases last year and another late last month. Of roughly $328 million in profits earned from the sales of Yeezy shoes last year, Adidas says it had given away or planned to donate about $152 million to anti-hate groups like the Anti-Defamation League.

Stock market today: Wall Street drifts to a mixed close, holding near record levels

NEW YORK (AP) — Stocks drifted to a mixed close on Wall Street as a lull carried through financial markets worldwide. The S&P 500 edged down 0.2% Wednesday, a day after setting an all-time high. The Dow Jones Industrial Average rose 0.1%, and the Nasdaq composite fell 0.5%. The bond market was also quiet, with Treasury yields edging a bit higher. Stock markets around the world likewise moved only modestly. Oil prices rose, adding to their gains for the year so far. That helped the stocks of energy producers. Dollar Tree tumbled after reporting weaker results than analysts expected.

US lawmakers say TikTok won’t be banned if it finds a new owner. But that’s easier said than done

U.S. lawmakers are threatening to ban TikTok but also say they are giving its Chinese parent company a chance to keep it running. The premise of a bipartisan bill passed by the U.S. House of Representatives on Wednesday is that TikTok fans in the U.S. can keep scrolling through their favorite social media app so long as Beijing-based ByteDance gives up on owning it. But it’s not going to be as simple as lawmakers are making it sound, according to experts.

Trader Joe’s $3 mini totes went viral on TikTok. Now, they’re reselling for hundreds

NEW YORK (AP) — Trader Joe’s mini canvas tote is the latest item to cause a stir on social media, so much so that resellers are taking advantage of the hype. The mini totes are offered in four colors — blue, red, green, and yellow — and they are all in high demand. The bags, retailing for $2.99, are now advertised on platforms like eBay and Facebook Marketplace for many times their original prices. Offers from third party sellers range significantly, but as of Wednesday, listings ranged from about $20 for a single bag to as high as $999 for a set of four.

Pennsylvania governor announces plan to fight climate change in his major energy-producing state

SCRANTON, Pa. (AP) — Pennsylvania Gov. Josh Shapiro is unveiling a plan to fight climate change. Shapiro announced Wednesday that he’ll back legislation to make power plant owners in the state pay for their greenhouse gas emissions. The plan also would require utilities to buy more electricity from renewable sources. The legislation comes under pressure from activists for more action to fight climate change in the natin’s third-biggest energy-producing state. It would make Pennsylvania the first major fossil fuel-producing state to adopt a carbon-pricing program. But it’s likely to draw fierce opposition from business interests and faces long odds in a Legislature protective of the natural gas industry.

Dollar Tree to close nearly 1,000 stores, posts surprise fourth quarter loss

Dollar Tree will close nearly 1,000 stores and swung to a surprise fourth quarter loss as the discount retailer took a related $1.07 billion goodwill impairment charge. Shares tumbled 15% before the opening bell Wednesday. Dollar Tree plans to close about 600 Family Dollar stores in the first half of this year and 370 Family Dollar and 30 Dollar Tree stores over the next several years. Dollar Tree acquired Family Dollar for more than $8 billion almost a decade ago after a bidding war with rival Dollar General, but it has had difficulty absorbing the chain.

Native groups sit on a treasure trove of lithium. Now mines threaten their water, culture and wealth

TUSAQUILLAS, Argentina (AP) — In the “lithium triangle” – a region spanning Argentina, Chile and Bolivia – native communities sit upon an estimated trillion dollars in lithium. The metal is key in the global fight against climate change, used in electric car batteries, crucial to solar and wind energy and more. But to extract it, mines suck water out of the flats, tethered to the lives of thousands of communities. Those whose families have lived here for generations worry the search for “white gold” will mean sacrificing that very life force that has sustained them for centuries.

As TikTok bill steams forward, online influencers put on their lobbying hats to visit Washington

WASHINGTON (AP) — Lawmakers are facing their latest lobbyists — online influencers from TikTok. The platform is once again bringing influencers to Washington, this time to lobby members of Congress. The company wants lawmakers to reject a fast-moving bill that would force TikTok’s Beijing-based parent company to sell or face a ban in the United States. Some online content creators are beginning what’s poised to be a two-day lobbying and advocacy event in support of TikTok. The platform arranged their trips to Washington ahead of a House floor vote on the legislation on Wednesday.

David Harris, the first Black pilot hired by a major U.S. airline, has died at 89

DALLAS (AP) — The first Black pilot hired at a major U.S. airline has died at age 89. David E. Harris broke barriers in 1964 when he went to work for American Airlines. Before then, Harris had struggled to find work in the airline industry despite having spent six years flying bombers for the Air Force. His family says he died March 8 in Marietta, Georgia. American Airlines CEO Robert Isom called Harris a trailblazer who inspired others. In interviews over the years, Harris said he knew no commercial airlines had Black pilots flying for them when his applications were rejected or ignored. He said he wanted his legacy to be helping others to succeed.