Friday, May 17, 2024

AP morning business news brief – June 20, 2025

by BIZ Magazine

Biden will host a forum about artificial intelligence with technology leaders in San Francisco

SAN FRANCISCO (AP) — President Joe Biden will convene a group of technology leaders in San Francisco to debate artificial intelligence. The Biden administration is seeking to figure out how to regulate the emergent field of AI, looking for ways to nurture its potential for economic growth and national security and protect against its potential dangers. The Democratic president plans to meet on Tuesday with eight experts from academia and advocacy groups. White House chief of staff Jeff Zients’ office is developing a set of actions the federal government can take over the coming weeks regarding AI. Biden’s administration wants commitments from private companies to address the possible risks from AI.

Europe, US urged to investigate the type of AI that powers systems like ChatGPT

LONDON (AP) — European Union consumer protection groups are urging regulators to investigate the type of artificial intelligence underpinning systems like ChatGPT over risks that leave people vulnerable. They want action before the bloc’s groundbreaking AI regulations take effect. In a coordinated effort Tuesday, 15 watchdog groups wrote to authorities warning them about a range of concerns around generative artificial intelligence. A transatlantic coalition of consumer groups also wrote to U.S. President Joe Biden asking him to take action to protect consumers from possible harms caused by generative AI. The EU is wrapping up the world’s first set of comprehensive AI rules, but they aren’t expected to take effect for two years.

Stock market today: Wall Street slips as it takes a pause after its big rally

NEW YORK (AP) — Stocks are slipping in Wall Street’s first trading after a five-week rally carried it to its highest level since the spring of last year. The S&P 500 was 0.3% lower in early trading Tuesday. The Dow was off 184 points, or 0.5%, and the Nasdaq composite edged up by 0.1%. The U.S. stock market is taking a breather after rising on hopes the economy can avoid a recession and inflation is easing enough for the Federal Reserve to stop raising interest rates soon. A frenzy around artificial intelligence has also vaulted a select group of tech stocks to huge gains.

Ukraine downs Russian drones but some get through due to gaps in air protection

KYIV, Ukraine (AP) — Ukrainian officials say the country’s air defenses have downed 32 of 35 Shahed exploding drones launched by Russia overnight. Most of them were taken down in the Kyiv region. Russian forces mostly targeted the region around the Ukrainian capital in a drone attack early Tuesday that lasted around three hours. Ukrainian air defenses in the area shot down about two dozen of them. The attack was part of a wider bombardment of Ukrainian regions that extended as far as the Lviv region in the west of the country near Poland. It exposed gaps in the country’s air protection. Ukraine’s air force spokesman says air defense assets can’t cover such a broad area.

Ending Nigeria’s fuel subsidy pushes a shift to solar. Without a climate plan, progress is at risk

ABUJA, Nigeria (AP) — Nigeria’s removal of a subsidy that helped reduce the price of gasoline has increased costs for people already struggling with high inflation. But it also potentially accelerates progress toward reducing emissions in Africa’s largest economy. In a country where only about half of the population has access to grid electricity and those who do still endure blackouts, purchasing the fossil fuel to power backup generators has now become too expensive. That’s increased interest in small solar systems at homes and businesses. But the government hasn’t detailed whether the money it’s saving from the subsidy will go toward sustainable investments or announced any incentives to make solar more affordable and accessible.

Build begins on Wyoming-to-California power line amid growing wind power concern

RAWLINS, Wyo. (AP) — Wyoming and federal officials will formally kick off construction Tuesday of a massive transmission line project to export wind power from Wyoming to southern California. The $3 billion TransWest Express project and the $5 billion Chokecherry and Sierra Madre wind farm have been in the works for over 15 years. Once built, the wind farm will feed electricity into the transmission system. The giant wind project is being built in Wyoming, which has seen a massive build out of wind power — and new farms are meeting more resistance from locals worried about harm to their views and wildlife. Whether opposition grows could depend on how future development occurs.

Gannett sues Google, Alphabet claiming they have a monopoly on digital advertising

Gannett is suing Google and its parent company Alphabet, claiming that they unlawfully acquired and maintain monopolies on the advertising technology tools that publishers and advertisers use to buy and sell online ad space. The publisher of USA Today alleges in the suit that Google controls how publishers sell their ad slots and forces them to sell an increasing amount of ad space to Google at lower prices. This in turn results in less revenue for publishers and Google’s ad-tech rivals and more money for Google. Gannett CEO Mike Reed said in an opinion piece published Tuesday in USA Today that the company wants to “restore fair competition in a digital advertising marketplace that Google has demolished.”

Auto tycoon Ghosn files $1 billion lawsuit in Lebanon against Nissan over his imprisonment in Japan

BEIRUT (AP) — Lebanese officials say auto tycoon Carlos Ghosn has filed a $1 billion lawsuit against Nissan and about a dozen individuals in Beirut over his imprisonment in Japan and what he says is misinformation spread against him. The judicial officials said on Tuesday that Ghosn’s lawsuit accuses Nissan and the individuals of defamation and of “fabricating charges” against him, which eventually put him behind bars in Japan. The lawsuit was filed last month. Ghosn was arrested in Japan in November 2018 on charges of breach of trust, misusing company assets for personal gains and violating securities laws by not fully disclosing his compensation. He had been leading the Japanese automaker Nissan for two decades. He fled to Lebanon in 2019.

Ukrainian refugees helped push German population up 1.3% last year

BERLIN (AP) — Official statistics in Germany show that large numbers of refugees from Ukraine fleeing Russia’s war fueled a 1.3% rise in the German population last year. That helped push up the number of inhabitants in the European Union’s most populous country to more than 84.4 million. The national statistics office said Tuesday that Germany’s population expanded by 1.12 million in 2022. That compared with an increase of just 0.1% or 82,000 people the previous year. All of Germany’s 16 states saw their populations increase. The biggest proportional increases were in Berlin and Hamburg. Germany’s two largest cities both saw rises of 2.1%.

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