Saturday, April 20, 2024

AP morning business news summary — Aug. 21, 2023

by BIZ Magazine

Looking for a new car under $20,000? Good luck. Your choice has dwindled to just one vehicle

DETROIT (AP) — Just five years ago, a price-conscious auto shopper in the United States could choose from among a dozen new small cars selling for under $20,000. Now, there’s just one: The Mitsubishi Mirage. And even the Mirage appears headed for the scrap yard. At a time when Americans increasingly want pricey SUVs and trucks rather than small cars, the Mirage remains the lone new vehicle whose average sale price is under 20 grand — a figure that once marked a kind of unofficial threshold of affordability. With prices — new and used — having soared since the pandemic, $20,000 is no longer much of a starting point for a new car.

Russia, China look to advance agendas at BRICS summit of developing countries in South Africa

JOHANNESBURG (AP) — Russia and China will look to gain more political and economic ground in the developing world at a summit in South Africa this week. Leaders from the BRICS economic bloc of Brazil, Russia, India, China and South Africa will hold three days of meetings in Johannesburg. Chinese Premier Xi Jinping is attending to underline the diplomatic capital his country has invested in the bloc as an avenue for its ambitions. Russian President Vladimir Putin will appear on a video link after his travel to South Africa was complicated by an International Criminal Court arrest warrant against him.

White House science adviser calls for more safeguards against artificial intelligence risks

When President Joe Biden has questions about artificial intelligence, one expert he turns to is his science adviser Arati Prabhakar, director of the White House Office of Science and Technology Policy. Prabhakar is helping to guide the U.S. approach to safeguarding AI technology, relying in part on cooperation from big American tech firms like Amazon, Google, Microsoft and Meta. Prabhakar says the tech giants’ voluntary commitments are a start, but that more action is needed. She spoke to The Associated Press earlier this month ahead of a White House-coordinated testing of AI systems at the DefCon hacker conference in Las Vegas.

Stock market today: Wall Street is holding a bit steadier after its third straight losing week

NEW YORK (AP) — Wall Street is mixed and holding a bit steadier after its third straight losing week amid its dismal August. The S&P 500 was up 0.4% Monday. The Dow was down 22 points, and the Nasdaq composite was 0.8% higher. In the bond market, the 10-year Treasury yield rose again to near its highest level since 2007. The relatively quiet trading followed a mixed performance for markets worldwide. The week’s main event is likely to be a speech on Friday by Federal Reserve Chair Jerome Powell. The Jackson Hole, Wyoming, setting has been the home of major policy announcements in the past by the Fed.

More hearings begin soon for Summit’s proposed CO2 pipeline. Where does the project stand?

BISMARCK, N.D. (AP) — More hearings this month and in September are set for Summit Carbon Solutions’ proposed $5.5 billion, 2,000-mile pipeline network. The pipeline system would carry carbon dioxide emissions from dozens of ethanol plants in five states to central North Dakota for permanent storage deep underground. Iowa public utility regulators on Tuesday begin a weekslong hearing for Summit’s proposal, with South Dakota regulators set to hold their hearing in September. Landowners opposed to the project are concerned about a pipeline rupture and eminent domain, or the taking of their land for the pipeline. Other CO2 pipeline projects are proposed around the country as well, with new federal tax incentives making the burgeoning technology of carbon capture an attractive enterprise.

A tanker believed to hold sanctioned Iran oil starts offloading near Texas despite Tehran’s threats

DUBAI, United Arab Emirates (AP) — An oil tanker long suspected of carrying sanctioned Iranian crude oil has begun offloading its cargo near Texas. That’s according to tracking data analyzed Sunday. The fate of the cargo aboard the Suez Rajan has become mired in the wider tensions between the U.S. and the Islamic Republic. That’s the case even as Tehran and Washington work toward a trade of billions of dollars in frozen Iranian assets in South Korea for the release of five Iranian-Americans held in Tehran. U.S. and Iranian officials did not respond to requests for comment Sunday.

German central bank sees the economy stagnating again in the 3rd quarter

BERLIN (AP) — Germany’s central bank anticipates that the country’s economy, Europe’s biggest, will be more or less stagnant again in the current quarter. German gross domestic product stagnated in the second quarter after declining in both of the two previous quarters as the country struggled with high energy prices, rising borrowing costs and weakness in China, which has been a key trading partner. The International Monetary Fund forecast last month that Germany would be the globe’s only major economy to shrink this year. A monthly report Monday from the Bundesbank, Germany’s central bank, indicated that the picture isn’t about to improve. It wrote that “in the third quarter of 2023, German economic output will probably remain largely unchanged again.”

Clinton Global Initiative will return to New York with Jose Andres, Orlando Bloom, and Matt Damon

NEW YORK (AP) — The Clinton Global Initiative 2023 will convene “leaders, innovators and dreamers” – ranging from World Bank President Ajay Banga and The Bahamas’ Prime Minister Philip E. Davis to Airbnb CEO Brian Chesky, World Central Kitchen founder Jose Andres and Ford Foundation CEO Darren Walker, as well as A-list actors Orlando Bloom, Matt Damon, and Ashley Judd – in New York on Sept. 18 and 19 to keep up the momentum addressing global issues generated by the conference when it returned last year after a six-year hiatus. Former President Bill Clinton, former Secretary of State Hillary Clinton, and Clinton Foundation Vice Chair Chelsea Clinton announced Monday that the conference would seek more commitments addressing climate change, health care, the war in Ukraine and other issues.

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