Business News

5 takeaways from the global negotiations on a treaty to end plastic pollution

OTTAWA, Ontario (AP) — The world’s nations finished a round of negotiations early Tuesday on a treaty to end plastic pollution and made more progress than they have in three prior meetings. Among the takeaways from the meeting, the talk shifted in Ottawa from sharing ideas to negotiating treaty language. Limiting how much plastic is manufactured globally is on the table. Work on the treaty will continue between now and the next meeting. Many traveled to Ottawa from communities affected by plastic manufacturing and pollution. Negotiators aim to finalize the treaty this fall. Julie Dabrusin, a Canadian parliamentary secretary, says there has been a monumental change in the tone and in the energy.

Workers’ paychecks grew faster in the first quarter, a possible concern for the Fed

WASHINGTON (AP) — Pay and benefits for America’s workers grew more quickly in the first three months of this year, a trend that could contribute to higher inflation and raise concerns about the future path of price increases at the Federal Reserve. Compensation as measured by the government’s Employment Cost Index rose 1.2% in the January-March quarter, up from a 0.9% increase in the previous quarter, the Labor Department said Tuesday.

US to require automatic emergency braking on new vehicles in 5 years and set performance standards

DETROIT (AP) — Automatic emergency braking will have to come standard on all U.S. new passenger vehicles in five years. It’s a requirement that the government says will save hundreds of lives and prevent thousands of injuries every year. The National Highway Traffic Safety Administration unveiled the new regulation on Monday and called it the most significant safety rule in the past two decades. It’s designed to prevent many rear-end and pedestrian collisions and reduce the roughly 40,000 traffic deaths per year. Although about 90% of new vehicles have the systems standard now under a voluntary agreement with automakers, at present there are no performance requirements. The new regulations set standards for vehicles to automatically stop and avoid hitting other vehicles or pedestrians, even at night.

Eight U.S. newspapers sue ChatGPT-maker OpenAI and Microsoft for copyright infringement

NEW YORK (AP) — A group of eight U.S. newspapers is suing ChatGPT-maker OpenAI and Microsoft, alleging that the technology companies have been “purloining millions” of copyrighted news articles without permission or payment to train their artificial intelligence chatbots. The New York Daily News, Chicago Tribune, Denver Post and other papers filed the lawsuit Tuesday in a New York federal court. The other newspapers that are part of the lawsuit are MediaNews Group’s Mercury News, Denver Post, Orange County Register and St. Paul Pioneer-Press, and Tribune Publishing’s Orlando Sentinel and South Florida Sun Sentinel.

Stock market today: An ugly April for Wall Street gets even worse as it crosses the finish line

NEW YORK (AP) — More worries about inflation and interest rates staying high are knocking U.S. stocks lower, as the market closes out its worst month since September. The S&P 500 fell 1% Tuesday and is on track to close out its first losing month in the last six. The Dow Jones Industrial Average was down 430 points, and the Nasdaq composite sank 1.3%. Treasury yields rose after a report showed workers won bigger gains in pay and benefits during the start of the year than expected. Such hotter-than-expected data has traders downgrading expectations for how many times the Federal Reserve may cut interest rates this year.

Binance founder Changpeng Zhao sentenced to 4 months for allowing money laundering

SEATTLE (AP) — Former Binance CEO Changpeng Zhao has been sentenced to four months in prison for allowing rampant money laundering on the world’s largest cryptocurrency exchange. A judge on Tuesday credited Zhao for taking responsibility for his wrongdoing. But he said he was troubled by the Binance founder’s decision to ignore U.S. banking requirements that would have slowed the company’s explosive growth. The sentence was far less than the three years prosecutors had sought. But defense attorneys had asked that Zhao spend no time in prison. Zhao pleaded guilty in November to one count of failing to maintain an anti-money-laundering program.

Confidence of US consumers continues to decline as Americans worry about the future

WASHINGTON (AP) — U.S. consumer confidence deteriorated for the third straight month as Americans continue to fret about their short-term financial futures. The Conference Board, a business research group, said Tuesday that its consumer confidence index fell to 97 in April from 103.1 in March. The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months. The index measuring Americans short-term expectations for income, business and the job market tumbled to 66.4 from 74 last month. A reading under 80 can signal a potential recession in the near future. Consumers’ view of current conditions retreated to 142.9 from 146.8 in March.

US drug control agency will move to reclassify marijuana in a historic shift, AP sources say

WASHINGTON (AP) — The U.S. Drug Enforcement Administration will move to reclassify marijuana as a less dangerous drug, a historic shift to generations of American drug policy that could have wide ripple effects across the country. The DEA’s proposal still must be reviewed by the White House Office of Management and Budget. It would recognize the medical use cannabis and acknowledge it has less potential for abuse than some of the nation’s most dangerous drugs. However, it would not legalize marijuana. The agency’s move was confirmed to The Associated Press on Tuesday by five people familiar with the matter who spoke on the condition of anonymity to discuss the sensitive regulatory review,

Walmart to close its 51 health centers and virtual care service

Walmart is closing its health centers and virtual care service after struggling to find success with the offerings. The Bentonville, Arkansas-based retailer said Tuesday that after managing the clinics it launched in 2019 and expanding its telehealth program, it concluded “there is not a sustainable business model for us to continue.” Walmart had 51 health centers in five states and last year announced plans to set up more two dozen more at its stores. The company says it hasn’t set specific dates for closing the clinics. Walmart is among several retailers that sought to build a presence with medical clinics and make health care more accessible. But some have struggled.

The deadline to consolidate some student loans to receive forgiveness is here. Here’s what to know

NEW YORK (AP) — Borrowers with some types of federal student loans have until today to consolidate their loans to qualify for full student loan cancellation or credit toward cancellation. The Education Department is expected to conduct a one-time adjustment in the summer but borrowers who want to be considered for the adjustment have to submit a request to consolidate their loans by Tuesday. Once loans have been consolidated, there will have one monthly payment instead of multiple payments a month.