Business News

US pushes for Ukraine aid, united front against China’s trade practices at G7 finance meeting

FRANKFURT, Germany (AP) — The U.S. is seeking to build support for squeezing more money for Ukraine out of frozen Russian assets as finance ministers from the Group of Seven rich democracies open a two-day meeting Another key topic pushed by U.S. Treasury Secretary Janet Yellen will be building a united front against China’s subsidies for solar panels and electric cars. The meeting on the shores of northern Italy’s scenic Lago Maggiore aims to build consensus for final decisions at a summit of G7 national leaders in June.

Australian judge rules that social media platform X must answer to hate speech complaint

MELBOURNE, Australia (AP) — An Australian judge has ruled that the social media platform X is subject to a state’s anti-discrimination law even though it does not have an office in Australia. The Queensland Civil and Administrative Tribunal judge said in a decision made public Friday that her court has jurisdiction over X Corp. in a hate speech complaint. The ruling allows the Queensland Human Rights Commission to hear an allegation that X breached Queensland anti-discrimination law by failing to remove or hide anti-Muslim hate speech. The Australian Muslim Advocacy Network, which brought the case against Twitter in June 2022 before billionaire entrepreneur Elon Musk bought and rebranded the platform last year, welcomed the decision as “precedent-setting.” X didn’t immediately comment.

UN countries adopt treaty to better trace origins of genetic resources under global patent system

GENEVA (AP) — U.N. member countries have concluded a new treaty to ensure that genetic resources used in inventions, like new medicines derived from exotic plants in the Andes mountains, are properly traced. It marks the first time the 193 member states of the U.N.’s World Intellectual Property Organization have agreed that patent applicants must disclose the origin of genetic resources used and traditional knowledge linked to them, which have long been exploited by colonists, traders and others. The treaty doesn’t address compensation for indigenous communities for their historic know-how about products drawn from things like tropical plants.

Singapore Airlines tightens cabin safety measures after turbulence killed one, injured dozens

BANGKOK (AP) — Singapore Airlines says it will halt meal services and get all cabin crew to buckle up when planes fly through turbulence as part of tighter cabin measures after one person died and dozens were injured on a flight from London this week. The airline said Friday that meal service will also now be suspended, In addition to hot beverage, when the seat belt sign is on. It said crew members must also return to their seats and belt up. The plane with 211 passengers and 18 crew members was hit by severe turbulence and diverted to Thailand. A 73-year-old British man died of a suspected heart attack. Forty-eight people remained hospitalized Friday. Singapore’s Transport Minister Chee Hong Tat said investigators have obtained data from the cockpit and flight data recorders.

Workers at Georgia school bus maker Blue Bird approve their first union contract

FORT VALLEY, Ga. (AP) — Workers at a Georgia school bus manufacturer have approved their first union contract. The United Steelworkers union won a union vote in May 2023 at Blue Bird Corp.’s plants in Fort Valley. The steelworkers and company said union members have voted to approve a three-year contract between the company and union. The union says the contract will provide all 1,500 covered workers with at least a 12% raise. The union says the company will contribute to a retirement plan for workers, share profits, and improve health and safety. The negotiations had been closely watched by President Joe Biden’s administration. Blue Bird has gotten federal aid to build electric school buses.

Eli Lilly beefs up plan to expand manufacturing for popular drugs Zepbound, Mounjaro

Eli Lilly will spend more than $5 billion to expand an Indiana manufacturing site and eventually make more doses of its hot-selling weight-loss and diabetes treatments, Zepbound and Mounjaro. The drugmaker said Friday that it was more than doubling its investment in a site near its Indianapolis headquarters. But it will take time for the location to start producing. The company broke ground for its Lebanon, Indiana, manufacturing plant last year and expects to start making products there near the end of 2026. Production will then increase through 2028.

Government sues Ticketmaster owner and asks court to break up company’s monopoly on live events

WASHINGTON (AP) — The Justice Department has sued Ticketmaster and its parent company, accusing them of running an illegal monopoly over live events in America. The complaint filed Thursday in Manhattan asks a court to break up the system that squelches competition and drives up prices for fans. The sweeping antitrust lawsuit was brought with 30 state and district attorneys general. It seeks to dismantle the monopoly that they say is squeezing out smaller promoters, hurting artists and drowning ticket buyers in fees. Ticketmaster and its owner, Live Nation Entertainment, said the allegations were baseless and promised to fight the case.

Nvidia’s stock market value is nearly $2.6 trillion. How it rose to AI prominence, by the numbers

Nvidia’s stock price has more than doubled this year, increasing the company’s market value by more than $1.3 trillion. The company’s market value rose $221 billion on Thursday alone after it reported better-than-expected quarterly results. The chipmaker has seen soaring demand for its semiconductors, which are used to power artificial intelligence, or AI applications. Revenue more than tripled in the latest quarter from the same period a year earlier. It’s the latest sign that the excitement surrounding artificial intelligence likely won’t subside anytime soon.

Stock market today: Wall Street rises to erase its losses for the week

NEW YORK (AP) — Most U.S. stocks are rising in a bounce back from Wall Street’s worst day since April. The S&P 500 was up 0.7% Friday, erasing its losses for the week and putting it on track to eke out fifth straight weekly gain. The Dow Jones Industrial Average was up 83 points, and the Nasdaq composite was 1% higher. Ross Stores was helping to lead the market after reporting stronger profit for the latest quarter than expected. Treasury yields eased a bit after a report showed sentiment among U.S. consumers overall weakened by less in May than preliminary data had suggested.

NBA great Dwyane Wade launches Translatable, an online community supporting transgender youth

MIAMI BEACH, Fla. (AP) — NBA great Dwyane Wade has launched Translatable, a nonprofit online community dedicated to supporting transgender youth. The Hall of Famer made the announcement Thursday at the Make Good Famous Summit after receiving the Elevate Prize Catalyst Award. His return to South Florida, where he spent much of his storied NBA career, was purposeful. He and his family felt they had to move California after his daughter, Zaya, came out as transgender in 2020. Wade says Zaya was inspirational in creating Translatable and share the award with her. He pledged that he would donate the $250,000 prize that comes with The Elevate Prize Catalyst Award for Translatable.