Monday, May 27, 2024

AP morning business brief – Jan. 6, 2023

by BIZ Magazine

CES startups face cautious investors amid economic woes

LAS VEGAS (AP) — More than a thousand startups are showcasing their products at the annual CES tech show in Las Vegas, hoping to create some buzz around their gadgets and capture the eyes of investors who can help their businesses grow. But amid the slew of layoffs in the tech industry and an economic landscape battered with high inflation and interest rates, many are slated to be met with cautious investors looking for products that can deliver quick returns. And so far it seems startups are taking note. Analysts say the event this year has somewhat of a muted tone compared to prior shows, when many companies routinely unveiled pie-in-the-sky projects that never saw the light of day.

Southwest starts on reputation repair after cancellations

DALLAS (AP) — With its flights running on a roughly normal schedule, Southwest Airlines is now turning its attention to repairing its damaged reputation after it canceled 15,000 flights around Christmas and left holiday travelers stranded. The disruptions started with a winter storm and snowballed when Southwest’s ancient crew-scheduling technology failed. Southwest on Tuesday told customers whose flights were canceled or significantly delayed over the holidays that they would get 25,000 frequent-flyer points on top of refunds and reimbursement for unexpected costs like hotels and meals. But that may not be enough to lure back embittered customers.

Best of CES 2023: Wireless TV, delivery robots and in-car VR

LAS VEGAS (AP) — Tech companies of all sizes are showing off their latest products at CES, formerly known as the Consumer Electronics show. The Las Vegas show is getting back to normal after going completely virtual in 2021 and seeing a significant drop in 2022 attendance because of the pandemic. LG unveiled a 97-inch OLED TV with what it calls a Zero Connect Box that streams content wirelessly. Ottonomy showed its latest delivery robot, which has a self-dispensing feature that means a package can be delivered even if someone’s not there to collect it. And holoride showed off a VR headset it says can prevent car sickness in passengers.

CES 2023: Ram electric pickup joins crowded field next year

DETROIT (AP) — When a futuristic-looking electric Ram pickup truck goes on sale next year, it will hardly be the first in line. By then, at least seven EV competitors are scheduled to be on sale, all of them vying for a share of the huge full-size truck market. Four models — Ford’s F-150 Lightning, Rivian’s R1T, Lordstown Motors’ Endurance and the GMC Hummer EV Pickup — already are on the road. And this year or next, three others — the Chevrolet Silverado EV, GMC Sierra EV and Tesla’s Cybertruck — are scheduled to roll out. Yet executives at Ram, which is Stellantis’ truck and commercial vehicle brand, say it doesn’t bother them to be following rather than leading their competitors.

CES 2023: Russian exhibitors barred from displaying tech

LAS VEGAS (AP) — CES is not allowing Russian exhibitors to display their products at the annual tech show because of the country’s invasion of Ukraine. A spokesperson for the Consumer Technology Association, the trade group putting together the event, said the move has only impacted one potential exhibitor. The spokesperson says no Russian exhibitors were present at last year’s show, but four attended virtually in 2021. Some Ukrainian tech companies and startups will display their gadgets at the Las Vegas show. Its expected to draw in up to 100,000 attendees by the time it concludes Sunday.

Asian shares mostly rise in muted trading on bargain-hunting

TOKYO (AP) — Asian shares are mostly higher after Wall Street benchmarks fell on worries that the U.S. Federal Reserve will keep raising interest rates. Markets rose in Japan, Australia, South Korea and China in muted trading. Another hot reading on the U.S. job market got traders thinking the Fed will need to keep inflicting pain on the economy to fight surging prices. Inflation has been easing from a peak of 9.1% in June to 7.1% in November and investors have been hoping for signs that could prompt the Fed to ease up on applying the brakes to the economy with high interest rates. Those hopes have been dashed so far.

Delta says free Wi-Fi coming to many US flights next month

LAS VEGAS (AP) — Delta Air Lines says it will start providing free Wi-Fi for all passengers on most of its U.S. flights starting next month. The airline said Thursday that it provide the service through a partnership with T-Mobile. By the end of the year, Delta plans to offer the service on more than 700 planes and expand free Wi-Fi to international and Delta Connection flights by the end of 2024. Delta will use equipment from satellite broadband provider Viasat. Delta passengers will need an account in the airline’s SkyMiles frequent-flyer program to use the Wi-Fi service.

EXPLAINER: What is the metaverse and how will it work?

The term “metaverse” is the latest buzzword to capture the tech industry’s imagination. Facebook parent Meta is the best-known entrant into this futuristic virtual concept But it’s certainly not the only one. At this year’s CES, the tech industry showcase in Las Vegas, the metaverse is a key theme. That’s according to Kinsey Fabrizio, senior vice president at the trade group Consumer Technology Association. She pointed to automaker Stellantis and software giant Microsoft, which have a partnership to create a showroom in the metaverse. As with any emerging technology, there are plenty of concerns around the metaverse and whether it could exacerbate real-world problems.

Bed Bath & Beyond warns about bankruptcy as sales slump

NEW YORK (AP) — Beleaguered Bed Bath & Beyond is warning it may need to file for bankruptcy as struggles to attract shoppers. The Union, New Jersey-based home goods chain said Thursday that it’s looking at options including restructuring its business in bankruptcy. It acknowledged that even those efforts may not be successful. Its stock plunged 30%. The company’s assessment came as its dismal performance continued through the holiday season with sales down by roughly a third from a year earlier while losses widened over the same period.

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