Business News

Bitcoin’s next ‘halving’ is right around the corner. Here’s what you need to know

NEW YORK (AP) — Sometime in the next few days or even hours, the “miners” who chisel bitcoins out of complex mathematics are going to take a 50% pay cut — effectively slicing new production of the world’s largest cryptocurrency in half. That could have a lot of implications, from the price of the asset to the day-to-day operations of bitcoin miners themselves. And, as with everything in the cryptoverse, the future is hard to predict. Beyond its infamous volatility, bitcoin is still a relatively young asset. This next halving will be only the fourth to take place since the digital currency’s 2009 launch.

Tennessee Volkswagen workers to vote on union membership in test of UAW’s plan to expand its ranks

DETROIT (AP) — The United Auto Workers’ ambitious drive to expand its reach to nonunion factories across the South and elsewhere faces a key test Friday night, when workers at a Volkswagen plant in Chattanooga, Tennessee, will finish voting on whether to join the union. The UAW’s ranks in the auto industry have dwindled over the years, and workers at the Chattanooga plant have previously rejected union membership. But this time, the UAW is operating under new leadership and basking in a successful confrontation with Detroit’s major automakers. The union’s new president, Shawn Fain, led the UAW in a series of strikes last fall against Detroit’s automakers that resulted in lucrative new contracts.

Biden administration restricts oil and gas leasing in 13 million acres of Alaska’s petroleum reserve

JUNEAU, Alaska (AP) — The U.S. oil industry’s top lobbying group says Biden administration rules restricting oil and gas leasing in 13 million acres of Alaska’s petroleum reserve are “misguided.″ The American Petroleum Institute says the rules limit development in a region “intended by Congress to bolster America’s energy security.” The Biden administration Friday finalized rules that would restrict new oil and gas leasing and development in portions of the federal petroleum reserve in Alaska that are considered particularly sensitive as the Arctic continues to warm. The decision finalizes protections for the National Petroleum Reserve-Alaska first proposed last year. Environmentalists are elated. But Senate Republicans says the Democratic president’s action will lead to energy insecurity.

BNSF Railway says it didn’t know about asbestos that’s killed hundreds in Montana town

HELENA, Mont. (AP) — BNSF Railway attorneys are expected to argue before jurors that the railroad should not be held liable for the lung cancer deaths of two former residents of an asbestos-contaminated Montana town. Closing arguments are scheduled Friday in a civil lawsuit against the railroad. The town of Libby, Montana, is among the deadliest sites in the federal Superfund pollution program. The asbestos came from a nearby vermiculite mine that used BNSF to ship its product across the U.S. The estates of the deceased plaintiffs say dust from a rail yard sickened and killed them. Attorneys for the Warren Buffett-owned railroad say it was not told the vermiculite was dangerous by mine owner W.R. Grace & Co.

Netflix now has nearly 270 million subscribers after another strong showing to begin 2024

Netflix gained another 9.3 million subscribers to start the year while its profit soared with the help of a still-emerging expansion into advertising, but caught investors off guard with a change that will make it more difficult to track the video streaming service’s future growth. The performance demonstrated that Netflix is still building on its momentum of last year. That was when it began a crackdown on free-loading viewers relying on shared passwords and the rollout of a low-priced option including commercials revived its growth following a post-pandemic lull. But Netflix’s stock price dipped after management disclosed plans to by phase out quarterly updates on its total subscribers.

Stock market today: Wall Street limps toward its longest weekly losing streak since September

NEW YORK (AP) — Wall Street’s latest losing week looks to be coming to a relatively quiet close. U.S. stocks are drifting in early trading Friday after oil prices briefly surged overnight. The S&P 500 was 0.1% higher but still on track for its third straight losing week. That would be its longest such streak since September. The Dow Jones Industrial Average was up 176 points, and the Nasdaq composite fell 0.2%. Oil prices are relatively steady after erasing earlier gains caused by worries about fighting in the Middle East. Netflix sank after it said it will stop providing quarterly updates on subscriber totals.

World Bank’s Banga wants to make gains in tackling the effects of climate change, poverty and war

WASHINGTON (AP) — It’s a full agenda for Ajay Banga as he nears the end of his first year as World Bank president. The bank and the International Monetary Fund are holding their spring meetings in Washington this week, and Banga is highlighting new initiatives to expand access to health care and electricity across the globe. He says in an Associated Press interview that the challenges of poverty, conflict and climate change are creating a perfect storm and that “we need to put all of our efforts into this.” He’s noting the bank’s role in financing climate projects and its focus on major cross-border projects that can affect large numbers of people.

Japanese doctors demand damages from Google over “groundless” reviews

TOKYO (AP) — A group of Japanese doctors has filed a civil lawsuit against U.S. search giant Google, demanding damages for what they say are results showing unpoliced derogatory and often false comments. The lawsuit, filed Thursday in Tokyo District Court, demands 1.4 million yen, or about $9,400, in damages for 63 medical professionals. Google said Friday that it is devoting human and technological resources to reducing fraudulent reviews. The lawsuit claims groundless reviews are on Google Maps, which is popular in Japan. It says Google has done very little to fix the problem despite complaints.

Apple pulls WhatsApp and Threads from App Store on Beijing’s orders

HONG KONG (AP) — Apple says it has removed Meta’s WhatsApp messaging app and its Threads social media app from the App Store in China on Beijing’s orders. Apple said that the apps were removed from the store on Friday, after Chinese authorities cited national security concerns. The nature of those concerns was unclear. China’s move to order the removal of WhatsApp and Threads comes after the U.S. has threatened to ban TikTok over national security concerns. But while TikTok, owned by Chinese technology firm ByteDance, is used by millions in the U.S., apps like WhatsApp and Threads are not commonly used in China.

US sanctions fundraisers for extremist West Bank settlers who commit violence against Palestinians

WASHINGTON (AP) — The Biden administration is imposing sanctions on two entities accused of fundraising for extremist Israeli-occupied West Bank settlers who have harassed and attacked Palestinians. Also sanctioned was the founder of an organization whose members regularly assault Palestinians. The announcement from the U.S. Treasury Department comes as the West Bank has seen some of its worst violence perpetrated by extremist settlers against Palestinians since the war in nearby Gaza began.