Thursday, July 25, 2024

AP morning business news brief – July 10, 2023

by BIZ Magazine

Yellen says Washington might ‘respond to unintended consequences’ for China due to tech export curbs

BEIJING (AP) — Treasury Secretary Janet Yellen says Washington will listen to Chinese complaints about security-related curbs on U.S. technology exports and might “respond to unintended consequences” as she ended a visit to Beijing aimed at reviving strained relations. Yellen defended “targeted measures” on trade on Sunday that China’s leaders complain are aimed at hurting its fledgling tech industries. Yellen said the Biden administration wants to “avoid unnecessary repercussions” but gave no indication of possible changes. Relations are at their lowest level in decades due to disputes about technology, security and other irritants. A key Chinese complaint is limits on access to processor chips and other U.S. technology.

The FDA is being asked to look into Logan Paul’s energy drink, which has the caffeine of 6 Coke cans

NEW YORK (AP) — An influencer-backed energy drink that has earned viral popularity among children is facing scrutiny from lawmakers and health experts over its potentially dangerous levels of caffeine. Senator Chuck Schumer on Sunday called on the Food and Drug Administration to investigate PRIME. The beverage brand was launched last year by YouTube stars Logan Paul and KSI and has become something of an obsession among the influencers’ legions of young followers. Schumer said the drink contains nearly twice as much caffeine as Red Bull and poses a health risk to children. Representatives for PRIME have said the drinks are clearly marked as not recommended for minors. They did not immediately respond to a request for comment.

Stock market today: Wall Street drifts ahead of updates on inflation, profits

NEW YORK (AP) — Stocks are drifting on Wall Street ahead of a week with updates on where inflation and corporate profits are heading. The S&P 500 was 0.1% higher Monday, coming off just its second losing week in the last eight. The Dow was up 103 points, or 0.3%, and the Nasdaq was 0.1% lower. This week will offer the latest monthly update on inflation, and Wall Street’s hope is that a continued slowdown will convince the Federal Reserve to soon stop hiking interest rates. Companies at the end of the week will also start telling investors how much profit they made during the spring.

As whiskey and bourbon business booms, beloved distillers face pushback over taxes and emissions

MULBERRY, Tenn. (AP) — The whiskey and bourbon makers of Tennessee and Kentucky have long been beloved in their communities, where they provide jobs and the pride of a successful homegrown industry. But the distillers’ runaway success in recent years and accompanying rapid growth has led to conflicts. In Kentucky, where 95% of the world’s bourbon is manufactured, counties are revolting after the legislature voted to phase out a tax they have depended on to fund schools, roads and utilities. Neighbors in both states have been fighting industry expansion, lodging complaints over a destructive black fungus coating homes and killing trees, the loss of prime farm land and liquor-themed tourist developments that are more Disneyland than distillery tour.

‘Clone’ or competitor? Users and lawyers compare Twitter and Threads

In a cease-and-desist letter earlier this week, Twitter threatened legal action against Instagram parent company Meta over the new text-based app, Threads. Threads creators have pushed back. Just how similar are they? The new app has drawn tens of millions of users since launching as the latest rival to Elon Musk’s social media platform. Legal experts say much is still unknown about. But people starting to explore Threads are already making their own observations. Some have called it a “Twitter clone,” but others note key differences between the two apps.

US Treasury chief Yellen and China’s No. 2 aim for improved communication after trade disputes

BEIJING (AP) — U.S. Treasury Secretary Janet Yellen and Chinese Premier Li Qiang are expressing hopes for better communication as Yellen appeals to Beijing not to let frustration over U.S. curbs on technology exports disrupt economic cooperation. Both governments used positive terms on Friday to describe Yellen’s visit to China’s capital and stressed the importance of U.S.-China economic ties. Several senior U.S. officials are expected to travel to Beijing to encourage Chinese leaders to revive interactions between the governments of the world’s two largest economies. Disputes over technology, security and other respective irritants have disrupted contacts between China and the U.S. Yellen appealed on Friday for “regular channels of communication” and “healthy economic competition.”

Yellen’s visit to Beijing aims to heal rifts over a daunting array of China-US antagonisms

BEIJING (AP) — Treasury Secretary Janet Yellen is visiting Beijing as part of efforts to revive U.S.-Chinese relations that are at their lowest level in decades due to disputes over technology, security and other irritants. Presidents Joe Biden and Xi Jinping met in November and agreed to improve relations. But neither government has shown willingness to make major policy changes. China’s Finance Ministry on Friday said it was hoping for “win-win results” from Yellen’s visit. It follows one by U.S. Secretary of State Antony Blinken, who met with Xi last month in an encounter that lasted just 30 minutes. Here’s a look at some areas of contention.

Food delivery services sue NYC over minimum pay rates for app-based workers

NEW YORK (AP) — Uber Eats, DoorDash and Grubhub have sued New York City to block its new minimum pay rules for food delivery workers. The recently announced rules could nearly triple average earnings for app-based delivery workers in the coming years. An increased pay rate of $17.96 an hour is set to take effect July 12. In the lawsuits filed Thursday, food delivery services are seeking a temporary restraining order in state Supreme Court in Manhattan to stop the changes from going into effect on July 12. The companies claim the changes would result in higher costs for consumers. An email seeking comment was sent to city officials.

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