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Inflation measures closely tracked by the US Federal Reserve rose in April
WASHINGTON (AP) – Major US price indexes rose in April and consumer spending recovered, indicating inflationary pressures remain high in the economy. Prices rose 0.4% from March to April, according to the index, which the Fed closely monitors. That was well above the 0.1% rise in the previous month. Measured on a year-over-year basis, prices rose 4.4% in April from 4.2% in March. The year-on-year rate of change is well below the 7% peak in June last year, but is still well above the Fed’s 2% target. The report also showed that consumers remained in good spirits despite price increases. Their spending increased 0.8% from March to April, the biggest increase since January.
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Debt ceiling talks ‘critical moment’ as McCarthy, Biden reach deal with deadline looming
WASHINGTON (AP) — House Speaker Kevin McCarthy and debt ceiling negotiators are pressing to reach a deal with the White House to raise the national debt ceiling, avoid defaults and cut federal spending. We are entering a critical moment. McCarthy said Friday that there is still work to be done. Negotiators are racing to reach a deal this weekend. The Treasury Department said it could run out of money as early as June 1. If the federal government defaults on government bonds, the economy could fall into chaos. Budget flow is not the only issue. One thorny issue is Democrats’ opposition to Republican calls for tougher working conditions for those who receive government aid. Any compromise will need support from both Democrats and Republicans to pass Congress.
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CBS is the most popular TV network for 15 years in a row
NEW YORK (AP) — For 15 years in a row, CBS is television’s most popular network, even though bragging rights don’t matter as much as they once did. That record began before people knew what streaming and cord cutting meant, at a time when CBS’s prime-time live viewership was about double what it is today. Nielsen said CBS won in the same order it did a year ago: NBC, Fox and ABC. The regular TV season runs from He’s September to He’s May. NBC’s “Sunday Night Football” was the most popular primetime show. CBS’s “NCIS” was the most-watched drama, with “Young Sheldon” winning the comedy category.
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Elon Musk’s Brain Implant Company Neuralink Announces US Approval to Begin Human Clinical Trials
Elon Musk’s brain-implant company Neuralink has announced that it has received approval from US regulators to test its device on humans. The company made the announcement on Twitter Thursday night. Officials at the U.S. Food and Drug Administration neither confirmed nor denied whether the agency granted the approval, but a spokesperson confirmed the announcement. Neuralink is one of many groups working on linking the nervous system to computers. The Neuralink device is about the size of a large coin and is designed to be implanted in the skull. Musk has previously said that one of people’s first applications will be to try to restore their eyesight.
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OpenAI boss downplays concerns ChatGPT maker may leave Europe over AI rules
LONDON (AP) — OpenAI CEO Sam Altman downplays concerns that ChatGPT makers could exit the European Union if they don’t comply with the EU’s tough new artificial intelligence rules are doing. He came after a senior government official reprimanded him for comments suggesting such a possibility. Altman is traveling to Europe as part of a world tour to promote his own AI company and meet with his associates. He said in London this week that OpenAI could leave if the EU’s AI rules were too strict. This prompted a sharp reply on social media that Commissioner Thierry Breton was threatening the company. Altman tried to calm the situation on Friday, tweeting that he had “no plans to leave”.
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Flight cancellations, strikes raise fears of new summer travel disruptions in Europe
LONDON (AP) – British Airways canceled dozens of flights due to computer problems as Europe’s summer travel season got off to a rough start. Thousands of travelers’ plans were disrupted Friday as the busy weekend began. Tech glitches and strikes by airport workers across Europe have raised fears of a repeat of the disruptions to air travel after last summer’s pandemic, which resulted in delays, cancellations and the loss of mountains of luggage. there is The International Air Transport Association said some disruptions were expected, but the challenges of meeting post-pandemic demand have been resolved. It warned about strikes in France and elsewhere. Security guards also left Heathrow Airport, where most of the affected flights were short-haul.
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Credit Suisse owes billionaire ex-Prime Minister of Georgia millions, court says
LONDON (AP) – A Singapore court has awarded hundreds of millions of dollars to former Georgian Prime Minister Vijina Iwanishvili for failing to protect billionaire funds in trust stolen by its administrators. said to be responsible. Friday’s decision is the latest scandal for Swiss Bank, which has been forced to be acquired by a rival company after years of problems. Mr. Iwanishvili filed a lawsuit, alleging that an employee who managed his own trust “embezzled millions of dollars” over a nine-year period. Credit Suisse said the decision was wrong and plans to appeal. The judge found that the lender “is liable to compensate the plaintiffs for their losses.” That works out to $926 million, minus the $79.4 million the bank agreed to pay in the settlement last year.
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Stock Market Today: Technology Leads to More Profits on Wall Street
NEW YORK (AP) — Wall Street shares rallied after another chip maker reported strong demand related to artificial intelligence, leading to further gains in technology stocks. The S&P 500 rose 1.3% on Friday while the Nasdaq rose 2.2%. The Dow rose 1%. Marvell Technology soared 33% after it said it expected AI revenue to at least double in 2024 compared to the previous year. It follows fellow chip maker Nvidia’s report on Thursday, which gave big predictions for future AI-related revenue. Investors were encouraged by the rebound in consumer spending last month. US markets will be closed on Monday for Memorial Day.
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Minister: Chevron ‘positive’ for Israeli and Cyprus natural gas pipeline and processing plant plans
CYPRUS, NICOSIA (AP) – Cyprus’ energy minister said oil and gas company Chevron was ‘positive’ on pipeline plans to transport Israeli-Cyprus offshore natural gas from the two countries to Cyprus, liquefy it and ship it for export. said it is. to Europe and other places. The minister will attend next week’s meeting where the Cyprus government will formally propose the plan to secure investor support, after meeting with visiting Chevron Exploration and Production Vice President Frank Kaslo on Friday. He said he would also like to hear the views of energy companies. .
___ The S&P 500 rose 54.17 points (1.3%) to 4,205.45. The Dow Jones Industrial Average rose 328.69 points, or 1%, to $33,093.34. The Nasdaq Composite rose 277.59 points, or 2.2 percent, to 12,975.69. The Russell 2000 index of small businesses rose 18.42 points, or 1%, to 1,773.02.
