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Cookie Monster complaint about "shrinkflation" sparks response from White House 2024-03-05 09:24:00+00:00 - Shrinkflation: Consumers be wary in grocery store Shrinkflation: Consumers be wary in grocery store 02:05 The nation's snack producers aren't getting anything past Cookie Monster. The insatiable muppet and beloved resident of Sesame Street is getting a high-level response after taking to social media to complain that his favorite treat is shrinking. "Me hate shrinkflation! Me cookies are getting smaller," the googly-eyed, furry blue muppet declared on X on Monday, tapping into an economic trend of the day. "Guess me going to have to eat double da cookies!" The complaint prompted multiple U.S. senators and even the White House to weigh in on a move multiple years in the making that has seen companies scaling back on the size of products while keeping the price the same. "C is for consumers getting ripped off," the White House tweeted. "President Biden is calling on companies to put a stop to shrinkflation." Democratic Senator Sherrod Brown also chimed in, writing "big corporations shrink the size of their products without shrinking their prices, all to pay for CEO bonuses." "People in my state of Ohio are fed up — they should get all the cookie they pay for," Brown added. Cookie Monster is onto something: OREO Double Stuf Chocolate Sandwich Cookies shrank by 6% in size by weight from January 2019 to October 2023, according to a report based on Labor Department numbers. Released by Democratic Sen. Bob Casey of Pennsylvania, the findings had a range of goods getting smaller last year, led by household paper products. Reports of shrinking product sizes have resurfaced again and again since the pandemic began as manufacturers cited supply-chain disruptions and global economic struggles.
Beauty Device Market is Expected to Reach USD 14.8 billion by 2031, Expanding at a 7.3% CAGR | Exclusive Report by Transparency Market Research, Inc. 2024-03-05 09:20:00+00:00 - Loading... Loading... Wilmington, Delaware, United States, March 05, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global beauty device market is projected to flourish at a CAGR of 6.0% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 48.8 billion is anticipated for the market in 2031. As of 2023, the demand for beauty devices is expected to close at US$ 30.8 billion. Consumers are increasingly opting for non-invasive beauty treatments, driving the demand for beauty devices that offer effective solutions without the need for surgical procedures. Continuous innovations in beauty device technology, such as the development of advanced skin-imaging devices, laser hair removal devices, and radiofrequency-based skincare devices, are attracting consumers seeking more efficient and convenient beauty solutions. Growing awareness about the importance of skincare and concerns related to skin health, including aging, acne, and pigmentation issues, are driving consumers to invest in beauty devices as part of their skincare routines. The convenience and cost-effectiveness of home-use beauty devices are driving their adoption among consumers, who seek professional-quality treatments in the comfort of their homes. Gain A Competitive Edge - Request Your Sample PDF Report Now! https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=11651 The proliferation of online retail channels has facilitated easier access to a wide range of beauty devices, enabling consumers to research, compare, and purchase products conveniently from their homes. Beauty devices have proven efficacy in treating a range of common skin conditions such as photoaging, acne, hyperpigmentation, deep wrinkles, psoriasis, atopic dermatitis, and melasma. The beauty devices market is anticipated to experience significant growth due to the increasing aging population. Older adults, who often experience reduced vascularity and fibrous tissues in their skin layers, are particularly inclined towards utilizing beauty devices to address various skincare concerns. Key Takeaways from the Market Study As of 2022, the beauty devices market was valued at US$ 29.1 billion The skincare devices segment is expected to dominate the global market during the forecast period. Online distribution channels remain prominent throughout the forecast period. Based on consumer group women segment to generate high revenue in the market. Beauty Devices Market: Key Trends and Opportunistic Frontiers Innovation in beauty device technology, such as the integration of artificial intelligence, augmented reality, and IoT capabilities, is driving the development of more advanced and effective devices. Increasing demand for personalized skincare solutions is leading to the development of beauty devices that offer customizable settings and treatments tailored to individual skin types, concerns, and preferences. Growing trend towards portable and compact beauty devices that allow for on-the-go skincare routines, catering to the needs of busy consumers who prioritize convenience and mobility. The rise of smart beauty devices equipped with connectivity features and companion mobile apps is enabling consumers to track their skincare progress, receive personalized recommendations, and access professional skincare advice remotely. Loading... Loading... Beauty Devices Market – Regional Analysis North America's beauty device industry is expected to experience rapid growth in the coming years. This is driven by increased spending on personal care and the availability of cutting-edge cosmetic devices and advanced skin treatments, which are driving up market revenue in the region. The Asia Pacific region is poised to take the lead in the industry between 2023 and 2031. Factors such as the growing prevalence of skin and hair-related issues, along with an aging population, are driving market growth in this area. The increasing disposable income, rising consumer awareness about beauty products, and growing preference for at-home aesthetic solutions are expected to contribute positively to market expansion during the forecast period. Competitive Landscape Market players are using robust marketing and branding strategies to raise brand awareness, educate consumers about the benefits of beauty devices, and differentiate products from competitors in a crowded market. Also collaborating with skincare professionals, dermatologists, and beauty influencers to endorse products, provide expert testimonials, and enhance credibility among consumers. Key Players Profiled Conair LLC Dr. Dennis Gross Skincare LLC FOREO Koninklijke Philips N.V. L'Oreal Group Lutronic Inc. Nu Skin Enterprises Inc. NuFACE Sciton, Inc. Tria Beauty Inc. Key Developments in the Market In November 2023, Nu Skin Enterprises, Inc. unveiled its latest manufacturing facility in Shanghai, China. The company has dedicated around US$ 55 million to develop this state-of-the-art facility over recent years. This strategic investment aims to bolster Nu Skin's production capabilities and enhance supply chain efficiency not only in China but also across its broader Asian markets. Unlock Growth Potential in Your Industry! Download PDF Brochure: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=11651 Beauty Devices Market – Key Segments Product Type Skin Care Devices Light Therapy Devices Microcurrent Devices Microneedling Devices Microdermabrasion devices Dermaplaning Devices Cleansing Devices Facial Steamers Others Hair Removal Devices Others (Scalp Massage Devices, Oral Care Devices, Eye Massage Devices, etc.) Category Hair Care Facial Care Body Care Others (Eye Care, Tooth Care, Nail Care, etc.) Price Range Low Medium High/Premium Consumer Group Men Women Unisex End User Individual/Residential Commercial Spas & Massaging Centers Beauty Parlors & Salons Others (Dermatological Centers, Beauty Institutes, etc.) Distribution Channel Online Company Websites E-commerce Websites Offline Specialty Stores Mega Retail Stores Others (Individual Stores, Departmental Stores, etc.) Region North America Europe Asia Pacific Latin America Middle East & Africa Access Top-Tier Data - Purchase The Premium Report Now! https://www.transparencymarketresearch.com/checkout.php?rep_id=11651<ype=S Explore Transparency Market Research, Inc. Extensive Coverage in Consumer Goods Domain: Electric Shavers Market - The global electric shavers market was estimated to have acquired US$ 11.7 billion in 2022. It is anticipated to register a 6% CAGR from 2022 to 2031 and by 2031; the market is likely to gain US$ 19.6 billion. Dishwasher Market - Dishwasher market is estimated to attain a valuation of US$ 14.8 Bn by the end of 2031, states a study by Transparency Market Research (TMR). Besides, the report notes that the market is prognosticated to expand at a CAGR of 7.3% during the forecast period, 2023-2031. About Transparency Market Research Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information. Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports. Contact: Transparency Market Research Inc. CORPORATE HEADQUARTER DOWNTOWN, 1000 N. West Street, Suite 1200, Wilmington, Delaware 19801 USA Tel: +1-518-618-1030 USA – Canada Toll Free: 866-552-3453 Website: https://www.transparencymarketresearch.com Email: sales@transparencymarketresearch.com Follow Us: LinkedIn | Twitter | Blog | YouTube
Automotive Braking System Market Anticipated to Reach USD 30.1 billion, Surging at a CAGR of 4.5% by 2031: Transparency Market Research, Inc. 2024-03-05 09:05:00+00:00 - Loading... Loading... Wilmington, Delaware, United States, March 05, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global automotive braking system market is estimated to flourish at a CAGR of 4.5% from 2023 to 2031. Transparency Market Research projects that the overall sales revenue for automotive braking system is estimated to reach US$ 30.1 billion by the end of 2031. Evolving consumer preferences for customized braking experiences, such as smoother braking and reduced noise, push manufacturers to develop innovative solutions. Growing environmental consciousness prompts the development of eco-friendly braking materials and systems that minimize brake dust and reduce environmental impact. Urbanization leads to increased traffic congestion and stop-and-go driving conditions, highlighting the importance of durable, high-performance braking systems. Download Sample Copy of the Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=44201 Disruptions in the global supply chain, such as raw material shortages or transportation challenges, can impact the availability and cost of braking system components. The rise of ride-sharing and mobility services increases vehicle utilization rates, necessitating braking systems capable of enduring high mileage and frequent stops. The trend towards lightweight vehicle design to improve fuel efficiency and reduce emissions requires braking systems that maintain performance while accommodating lighter vehicle structures. Automotive Braking System Market: Competitive Landscape The automotive braking system market is characterized by fierce competition and dynamic technological advancements. Key players such as Bosch, Continental AG, and ZF Friedrichshafen AG dominate the landscape with their comprehensive portfolios and extensive global presence. These industry giants constantly innovate to meet stringent safety standards and consumer demands for enhanced performance and efficiency. Emerging players like WABCO Holdings Inc. and Aisin Seiki Co. Ltd. are rapidly gaining traction with their focus on developing advanced braking solutions. The market's competitive dynamics are further intensified by the increasing emphasis on electric and autonomous vehicles, driving continuous innovation and strategic partnerships across the industry. Some prominent players are as follows: AISIN Corporation Akebono Brake Industry Co. Ltd. Brembo S.p.A Continental AG Robert Bosch GmbH BorgWarner Inc. ZF Friedrichshafen AG Hyundai Mobis Hitachi Ltd. FTE Automotive Denso Ten Limited Product Portfolio With innovation at its core, Hitachi Ltd. offers cutting-edge solutions spanning information technology, electronics, and automotive systems. From high-performance components to advanced infrastructure solutions, Hitachi is dedicated to shaping a sustainable future through technology that enhances lives and drives industry excellence. FTE Automotive is a premier provider of innovative automotive solutions, specializing in hydraulic brake and clutch systems. With a commitment to quality and performance, FTE Automotive delivers reliable components that ensure safety and efficiency on the road, setting the standard for excellence in automotive engineering. Denso Ten Limited is a global leader in automotive electronics, offering advanced navigation, infotainment, and communication systems. With a focus on enhancing the driving experience through cutting-edge technology, Denso Ten Limited provides solutions that integrate seamlessly into modern vehicles, enriching journeys with innovation and connectivity. Loading... Loading... Key Findings of the Market Report Disc brakes dominate the automotive braking system market, offering superior performance, efficiency, and safety features compared to drum brakes and others. The hydraulic braking system segment leads the automotive braking system market, offering reliable performance and widespread adoption across vehicle types. The OEM segment leads the automotive braking system market, driven by direct integration into new vehicle manufacturing processes and industry partnerships. Unlock Growth Potential in Your Industry! Download PDF Brochure: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=44201 Automotive Braking System Market Growth Drivers & Trends Stringent global safety standards mandate advanced braking systems, driving market growth. Increasing EV adoption demands regenerative braking technologies, boosting the market. Demand for sophisticated braking solutions rises with the growth of autonomous driving technology. Continuous innovation in electronic stability control and anti-lock braking systems fuels market expansion. Rapid automotive industry growth in Asia Pacific and Latin America propels the demand for braking systems, creating new opportunities for market players. Global Automotive Braking System Market: Regional Profile In North America, stringent safety regulations and consumer demand for advanced vehicle technologies propel market growth . Leading players such as Bosch and Continental AG drive innovation, focusing on electronic stability control and anti-lock braking systems to enhance vehicle safety and performance. stringent safety regulations and consumer demand for advanced vehicle technologies propel market growth Leading players such as Bosch and Continental AG drive innovation, focusing on electronic stability control and anti-lock braking systems to enhance vehicle safety and performance. Europe , renowned for its automotive engineering prowess, boasts a mature braking system market. Companies like ZF Friedrichshafen AG and Brembo S.p.A. dominate with high-performance braking solutions catering to luxury and performance vehicle segments. Stricter emission standards also drive the adoption of regenerative braking technologies. , renowned for its automotive engineering prowess, boasts a mature braking system market. Companies like ZF Friedrichshafen AG and Brembo S.p.A. dominate with high-performance braking solutions catering to luxury and performance vehicle segments. Stricter emission standards also drive the adoption of regenerative braking technologies. Asia Pacific emerges as a vibrant hub for automotive manufacturing and innovation, led by countries like Japan, China, and South Korea. Rising vehicle production, coupled with increasing safety awareness, fuels demand for braking systems. Key players including Aisin Seiki Co. Ltd. and Hitachi Automotive Systems Ltd. leverage advanced technologies to address diverse market needs, from compact cars to commercial vehicles. Automotive Braking System Market: Key Segments By Part Type Drum Disc Others By System Type Hydraulic Pneumatic By Sales Channel OEM Aftermarket By Vehicle Passenger Vehicles Commercial Vehicles By Region North America Latin America Asia Pacific Europe Middle East & Africa Buy this Premium Research Report: https://www.transparencymarketresearch.com/checkout.php?rep_id=44201<ype=S Explore More Trending Report by Transparency Market Research: Agriculture Tire & Tire Cord Market to Exceed US$ 14.9 Bn by 2030, TMR Study Alternative Powertrain Market to Grow at a CAGR of 17.3% during the Forecast Period: 2023 TMR Study About Transparency Market Research Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information. Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports. Contact: Transparency Market Research Inc. CORPORATE HEADQUARTER DOWNTOWN, 1000 N. West Street, Suite 1200, Wilmington, Delaware 19801 USA Tel: +1-518-618-1030 USA – Canada Toll Free: 866-552-3453 Website: https://www.transparencymarketresearch.com Email: sales@transparencymarketresearch.com Follow Us: LinkedIn | Twitter | Blog | YouTube
Bango expands the Digital Vending Machine® with new streaming subscription services 2024-03-05 08:56:00+00:00 - Loading... Loading... CAMBRIDGE, United Kingdom, March 05, 2024 (GLOBE NEWSWIRE) -- Bango BGO today announces three new partnerships, adding unique content to the Digital Vending Machine® from Sports.com, Cineshort, and BINGE Movies & TV. This allows telcos, banks and other resellers to diversify the selection of subscription services available in their Super Bundling content hubs, accelerating their time to market. Resellers that have standardized on the Digital Vending Machine® to offer subscription bundles can now seamlessly incorporate these services, enriching their content catalogue and providing consumers with an expanded range of streaming choices. The newly added subscription services are immediately available, ensuring a quick and effortless process for resellers to introduce fresh, engaging content and enhance customer retention. Sports.com is a comprehensive sports entertainment platform. Offering more than just dynamic short-form video content, it provides 24/7 access to highlights, interviews, and exclusive behind-the-scenes footage across an extensive range of sports and leagues, connecting fans with the sports they love in new and immersive ways. Cineshort is a subscription-based mobile streaming service that delivers over 700 unique and original short films, perfect for filling those short moments in a day with a cinematic experience. With a mission to bring high-quality films to diverse audiences, new stories are added every day. BINGE Movies & TV offers a vast selection of titles not found anywhere else, with new content added daily. From binge-worthy series to indie films, the platform features award-winning shows such as ‘After Forever,' winner of 6 Daytime Emmys, ‘Thirty,' and ‘190 Lorimer.' "The Digital Vending Machine® from Bango is fast becoming the universal solution for subscription Super Bundling," said Anil Malhotra, CMO at Bango. "The addition of Sports.com, Cineshort and BINGE Movies & TV underscores our commitment to providing telcos and other resellers with the widest range of content available in the market, giving consumers choice and flexibility." With the digital subscriptions market expected to reach nearly $600 billion by 2026, the Digital Vending Machine® from Bango remains a pivotal solution, simplifying the pathway for telcos and other resellers to tap into the expanding consumer appetite for Super Bundling. Content providers get instant access to millions of potential customers via indirect reseller channels. For consumers, Super Bundling offers precisely what they desire - a vast and diverse content ecosystem encompassing music, games, streaming services, and more, all conveniently accessible on a unified platform with a single billing system. About Bango Bango enables content providers to reach more paying customers through global partnerships. Bango revolutionized the monetization of digital content and services, by opening-up online payments to mobile phone users worldwide. Today, the Digital Vending Machine® is driving the rapid growth of the subscriptions economy, powering choice and control for subscribers. The world's largest content providers, including Amazon, Google and Microsoft trust Bango technology to reach subscribers everywhere. Bango, where people subscribe. For more information, visit www.bango.com About Sports.com Sports.com is redefining the sports entertainment landscape. As a premier digital destination, it offers an unrivaled blend of live and on-demand sports content, interactive features, and a vibrant social media community designed for the ultimate fan experience. Learn more at www.sports.com About Cineshort Home of unique and original short films. Watch the latest releases, award-winning films with new stories added every day. Watch 700+ original, award-winning, and unique films. Learn more: www.cineshortapp.com Loading... Loading... About BINGE Movies & TV BINGE Movies & TV offers thousands of titles not found anywhere else. You can find your next binge-worthy series, or indie film, and new content is added daily. Learn more: www.trybinge.tv Media contact: Anil Malhotra, CMO, Bango anil@bango.com Tel: +44 7710 480 377
Apple To Pay $14M For iPhone Slowdown: Eligible Canadian Users Can Get Up To $150 From 'Batterygate' Settlement - Apple (NASDAQ:AAPL) 2024-03-05 08:53:00+00:00 - Loading... Loading... Apple Inc. AAPL has agreed to pay $14.4 million to settle the “Batterygate” class-action lawsuit in Canada. The lawsuit accused Apple of secretly slowing down iPhones as their batteries aged. Approved by a Canadian court, the settlement will see eligible iPhone users receive between CA$17.50 ($12.91) and CA$150 ($110.62) from Apple. What Happened: The class-action lawsuit claimed that Apple had covertly slowed down iPhones as their batteries degraded. This performance throttling was introduced in 2017 to prevent unexpected iPhone shutdowns. However, Apple did not adequately communicate this change to its customers, reported 9to5Mac on Monday. The settlement applies to all of Canada except for Quebec. Apple is yet to respond to the queries sent by Benzinga. See Also: Neither Sundar Pichai Nor Sergey Brin—This Ex-Employee Warned Google 5 Years Ago That AI Was Coming For Their Search Engine The judge overseeing the case deemed the proposed settlement “fair, reasonable and in the best interest of the class,” according to class counsel Michael Peerless. The settlement website will soon provide further details on how to file a claim. Eligible users include those who owned or purchased an iPhone 6, 6 Plus, 6s, 6s Plus, SE, 7, or 7 Plus with iOS 10.2.1 or later installed before December 21, 2017. Why It Matters: This settlement comes amid ongoing concerns over Apple’s battery issues. Users had complained about the rapid deterioration of the iPhone 14’s battery health, sparking a potential “Batterygate Redux” ahead of the iPhone 15 launch. However, in a more recent development, Apple announced that the battery life of its iPhone 15 series is significantly longer than initially projected. The company stated that the iPhone 15 could maintain 80% of its original capacity at 1000 complete charge cycles, attributing the improved lifespan to ongoing updates to battery components and power management systems over the years. Image Credits – Shutterstock Read Next: Big Brother Knows Your Alerts? FBI’s Push Notification Tracking Raises Privacy Alarms Image source – Apple Engineered by Benzinga Neuro, Edited by Pooja Rajkumari The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
Credit card late fees to be capped at $8 under Biden campaign against "junk fees" 2024-03-05 08:48:00+00:00 - 1 in 3 in U.S. have more credit debt than emergency savings 1 in 3 in U.S. have more credit debt than emergency savings 03:20 The Biden administration announced a rule Tuesday to cap all credit card late fees at $8, or about one-quarter of the average late fee of $32. It's the latest effort from the White House to attack what it calls "junk fees," or excessive fees that can push up the end price of products. The Consumer Financial Protection Bureau's new regulations will set a ceiling of $8 for most credit card late fees, or require banks to show why they should charge more than $8 for such a fee. The effort will save Americans up to $10 billion a year, the agency estimates. The push comes a year after President Joe Biden vowed to ban junk fees in his 2023 State of the Union address, calling them "unfair." Junk fees generate big money for businesses, ranging from airlines to financial services firms, with consumers paying at $90 billion annually in excessive charges, the White House said on Tuesday. "In credit cards, like so many corners of the economy today, consumers are beset by junk fees and forced to navigate a market dominated by relatively few, powerful players who control the market," said Rohit Chopra, director of the CFPB, in a statement. President Joe Biden planned to highlight the proposal along with other efforts to reduce costs to Americans at a meeting of his competition council on Tuesday. As part of the effort, Biden is forming a new "strike force" to crack down on illegal and unfair pricing on things like groceries, prescription drugs, health care, housing and financial services. The strike force will be led by the Justice Department and the Federal Trade Commission, according to a White House statement. The push also comes amid still-high inflation, which has receded from its recent high of more than 9% in June 2022. But consumers are still paying 25% more for groceries than prior to the pandemic, as well as shelling out more for everything from rent to cars. "President Biden is in the fight for the long haul when it comes to lowering prices for American consumers," said Lael Brainard, the director of the National Economic Council, on a conference call about the strike force. Eliminating $20 billion in junk fees The Biden administration has portrayed the White House Competition Council as a way to save people money and promote greater competition within the U.S. economy. The White House Council of Economic Advisers produced an analysis indicating that the Biden administration's efforts overall will eliminate $20 billion in annual junk fees. The effort appears to have done little so far to help Biden politically ahead of this year's presidential election. Just 34% of U.S. adults approve of Biden's economic leadership, according to a new survey by The Associated Press-NORC Center for Public Affairs Research. Americans held more than $1.05 trillion on their credit cards in the third quarter of 2023, a record, and a figure certain to grow once the fourth-quarter data is released by the Federal Deposit Insurance Corp. next month. Those balances are now carrying interest on them, which is the highest it has been since the Federal Reserve started tracking the data back in the mid 1990s. Further, more Americans are falling behind on their credit card debts as well. Delinquency rates at the major credit card issuers such as American Express, JPMorgan Chase, Citigroup, Capital One and Discover have been trending upward for several quarters. Some analysts have become concerned Americans, particularly poorer households hurt by inflation, might be taking on too much debt. "Overall, the consumer is credit healthy. However, the reality is that there are starting to be some significant signs of stress," said Silvio Tavares, president and CEO of VantageScore, one of the country's two major credit scoring systems, in an interview last month. The growth of the credit card industry is partly why Capital One announced it would buy Discover Financial last month for $35 billion. The two companies, which are two of the largest credit card issuers, are also two companies whose customers regularly carry a balance on their accounts. Credit card fees This is not the first time policymakers have weighed in on credit card fees. Congress passed the CARD Act in 2010, which banned credit card companies from charging excessive penalty fees and established clearer disclosures and consumer protections. The Federal Reserve issued a rule back in 2010 that capped the first credit card late fee at $25, and $35 for subsequent late payments, and tied that fee to inflation. The CFPB, which took over the regulation of the credit card industry from the Fed after it was established, is proposing going further than the Fed. The bureau's proposal is similar in structure to what the bureau announced in January when it proposed capping overdraft fees to as little as $3. In that proposed regulation, banks would be required to either accept the bureau's benchmark or show regulators why they should charge more, a method that few bank industry executives expect to use. "Credit card companies collect billions of dollars in excessive late fees at the expense of economically vulnerable families every year," Chuck Bell, advocacy program director at Consumer Reports, said in a statement. "It's simply unfair to impose a steep late fee penalty that far exceeds the credit card company's costs, especially when someone is just a few hours or a couple of days late making their payment." In another move being highlighted by the White House, the Agriculture Department said it has finalized a rule to stop what it deems to be deceptive contracts by meat processors and to ban retaliation against small farmers and ranchers that work together in associations.
Alkylated Naphthalene Market Worth USD 146.7 million by 2031, at a CAGR of 5.1% - Transparency Market Research, Inc. 2024-03-05 08:44:00+00:00 - Loading... Loading... Wilmington, Delaware, United States, March 05, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global alkylated naphthalene market is estimated to flourish at a CAGR of 5.1% from 2023 to 2031. Transparency Market Research projects that the overall sales revenue for alkylated naphthalene is estimated to reach US$ 146.7 million by the end of 2031. Shifting consumer preferences towards premium lubricants and specialty fluids drive demand for high-quality alkylated naphthalene products in niche applications like aerospace and marine industries. Efforts to streamline manufacturing processes and improve distribution networks enhance market efficiency, ensuring timely availability and cost-effectiveness of alkylated naphthalene products for end-users. Increasing demand for tailor-made lubricant solutions prompts manufacturers to invest in research and development, offering customized formulations and innovative product offerings to meet specific customer requirements. Request for sample PDF copy of report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=42779 Some prominent players are as follows: ExxonMobil Corporation King Industries Inc. NACO Corporation NOVITAS CHEM SOLUTIONS LLC Kao Corporation Quaker Chemical Corporation Nease Performance Chemicals Akzo Nobel N.V. Huntsman International LLC CPS Performance Materials Collaborations between manufacturers, suppliers, and end-users foster knowledge exchange, market expansion, and technological advancements, driving mutual growth and innovation in the alkylated naphthalene sector. Efforts to educate consumers and industry stakeholders about the benefits and applications of alkylated naphthalene products enhance market penetration and adoption, catalyzing growth opportunities in new and existing market segments. Key Findings of the Market Report Food grade alkylated naphthalene holds prominence in the market due to stringent quality standards and demand from the food industry. The 90-115 SUS viscosity index segment leads the alkylated naphthalene market, catering to diverse industrial applications requiring specific viscosity ranges. Automotive engine & gear oils lead the alkylated naphthalene market, driven by demand for high-performance lubricants in automotive applications. Loading... Loading... Alkylated Naphthalene Market Growth Drivers & Trends Alkylated naphthalene finds use in diverse industries including lubricants, plastics, textiles, and chemicals, driving market growth. Stringent environmental regulations spur demand for eco-friendly formulations, influencing market trends. Ongoing innovation enhances product performance and efficiency, catering to evolving industry needs. Rapid industrialization in emerging economies boosts demand for alkylated naphthalene in various applications. Increasing focus on sustainability prompts the adoption of alkylated naphthalene as an environmentally friendly alternative in industrial processes. Global Alkylated Naphthalene Market: Regional Profile In North America , particularly the United States, the alkylated naphthalene market benefits from a robust industrial sector and significant demand from end-use industries such as lubricants, plastics, and chemicals. Strong regulatory frameworks and environmental standards drive innovation and sustainability initiatives, influencing market dynamics and product formulations. , particularly the United States, the alkylated naphthalene market benefits from a robust industrial sector and significant demand from end-use industries such as lubricants, plastics, and chemicals. Strong regulatory frameworks and environmental standards drive innovation and sustainability initiatives, influencing market dynamics and product formulations. Europe showcases a mature alkylated naphthalene market, characterized by stringent environmental regulations and sustainability goals. Countries like Germany, and France lead in innovation and technology adoption, emphasizing eco-friendly formulations and efficient production processes to meet regulatory requirements and consumer preferences. showcases a mature alkylated naphthalene market, characterized by stringent environmental regulations and sustainability goals. Countries like Germany, and France lead in innovation and technology adoption, emphasizing eco-friendly formulations and efficient production processes to meet regulatory requirements and consumer preferences. Asia Pacific emerges as a key hub for alkylated naphthalene production and consumption, driven by rapid industrialization and expanding manufacturing sectors in countries like China, India, and Japan. Growing demand from automotive, construction, and textile industries fuels market growth, supported by investments in infrastructure and technological advancements. Unlock Growth Potential in Your Industry! Download PDF Brochure: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=42779 Alkylated Naphthalene Market: Competitive Landscape The alkylated naphthalene market is characterized by intense competition among key players and regional manufacturers. Companies like King Industries, Inc., Calumet Specialty Products Partners, and Chevron Phillips Chemical Company dominate with extensive product portfolios and global distribution networks. Emerging players such as Quaker Chemical Corporation and Kao Corporation challenge the market with innovative formulations and strategic partnerships. Market dynamics are shaped by factors like raw material availability, pricing strategies, and technological advancements. Amidst growing demand from diverse end-use industries like lubricants, plastics, and textiles, competition continues to drive innovation and market expansion in the alkylated naphthalene sector. Product Portfolio ExxonMobil Corporation is a global leader in the energy and petrochemical industries, offering a diverse portfolio of fuels, lubricants, and chemical products. With a commitment to innovation and sustainability, ExxonMobil delivers high-quality solutions to meet the world's growing energy needs and environmental challenges. is a global leader in the energy and petrochemical industries, offering a diverse portfolio of fuels, lubricants, and chemical products. With a commitment to innovation and sustainability, ExxonMobil delivers high-quality solutions to meet the world's growing energy needs and environmental challenges. King Industries Inc. specializes in developing and manufacturing performance additives for various industries, including lubricants, coatings, and polymers. With a focus on research and customer collaboration, King Industries delivers innovative solutions that enhance product performance, durability, and sustainability. specializes in developing and manufacturing performance additives for various industries, including lubricants, coatings, and polymers. With a focus on research and customer collaboration, King Industries delivers innovative solutions that enhance product performance, durability, and sustainability. NACO Corporation is a trusted provider of corrosion inhibitors, scale inhibitors, and specialty chemicals for the oil and gas industry. With a dedication to quality and customer satisfaction, NACO Corporation delivers effective solutions to protect infrastructure, enhance production efficiency, and ensure operational reliability in challenging environments. Alkylated Naphthalene Market: Key Segments By Grade Standard Food By Viscosity Index 22-65 SUS 65-90 SUS 90-115 SUS Above 115 SUS By Application Automotive Engine & Gear Oils Hydraulic Fluids Heat Transfer Oils Compressor Oils Paper Machine Oils Industrial Lubes & Greases Others (including Turbine Oils, Wind Mill Oils, and Vacuum Oils) By Region North America Latin America Asia Pacific Europe Middle East & Africa Buy this Premium Research Report: https://www.transparencymarketresearch.com/checkout.php?rep_id=42779<ype=S More Trending Reports by Transparency Market Research – Hydroelectric Cells Market - The global industry was valued at US$ 1.7 Bn in 2021 and it is estimated to grow at a CAGR of 6.1% from 2022 to 2031 and reach US$ 3.0 Bn by the end of 2031 Biocompatible 3D Printing Materials Market - The global biocompatible 3D printing materials market is expected to reach US$ 19.7 Bn by the end of 2031 and it is estimated to rise at a CAGR of 18.4% from 2022 to 2031 About Transparency Market Research Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. 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Singapore Has Taylor Swift to Itself This Week, and the Neighbors Are Complaining 2024-03-05 08:41:08.345000+00:00 - Taylor Swift has descended on Southeast Asia, or one small part of it at least: All of her six sold-out shows are in Singapore, the region’s wealthiest nation. Many of her fans in this part of the world, which is home to more than 600 million people, are disappointed. But the Singapore leg of Ms. Swift’s wildly popular Eras Tour, which began last weekend and ends on Saturday, is a soft power coup and a boost for the country’s post-pandemic economic recovery. The shows — and the undisclosed price that Singapore paid to host them — have also generated diplomatic tension with two of its neighbors, Thailand and the Philippines. Last month, Prime Minister Srettha Thavisin of Thailand said publicly that Singapore had paid Ms. Swift up to $3 million per show on the condition that she play nowhere else in Southeast Asia. A lawmaker in the Philippines later said that was not “what good neighbors do.”
Jon Stewart says the Democrats have thrown values out the window in favor of fearmongering about migrants 2024-03-05 08:31:05+00:00 - The talk show host ripped both Republicans and Democrats for their handling of the US border crisis. Stewart accused Republicans of exploiting the crisis for electoral gain. He also called out Democrats like New York City Mayor Eric Adams for engaging in fearmongering. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement When it comes to the border crisis, both the Republican and Democratic Parties are to blame, says Jon Stewart. The talk show host didn't mince his words when he excoriated both parties for their approach toward migrants pouring through the US border. "There were 300,000 crossings in December alone. That's an all-time high, and that is not sustainable," Stewart said on Monday night's episode of "The Daily Show." "But Republicans turned down the chance to pass a strong border bill supported by the Border Patrol Union because of how confident they are that fearmongering will be an effective election-year strategy," he continued. Advertisement Jon Stewart unpacks the GOP's "migrant crime" narrative, and how Biden and Trump are approaching the border issue. https://t.co/DU0lzOyeQF — The Daily Show (@TheDailyShow) March 5, 2024 Hammering the GOP on immigration isn't new for Stewart, but this time, he went after Democratic politicians too — accusing some members of the party for their stance on migrants. On his show, Stewart played clips of Democratic leaders like Senate Majority Leader Chuck Schumer, Gov. Kathy Hochul of New York, and New York City Mayor Eric Adams voicing their support for immigration. "This is a place where the Statue of Liberty sits in the harbor, and we say, 'Bring us your tired. Those who are yearning to be free,'" Adams said during a press conference in August 2022. But Adams' rhetoric on immigration changed significantly in less than a year, as Stewart pointed out later in his monologue. Advertisement "We have no more room in this city," Adams said at a press conference in July 2023, per a clip Stewart played on "The Daily Show." Adams, who was elected in 2021, announced in May that he would send asylum seekers in the city to upstate New York, calling it a "decompression strategy." "What about the yearnings and the tiredness, and the tiredness of those who are doing the yearning?" Stewart said. "Yes, it turns out in the age-old battle between values and fear, values never had a fucking chance," he said, adding that it just took "two busloads of Venezuelans" to get Adams to change his position. "So this is the terrible cycle America is caught in," Stewart said at the segment's conclusion. "Democrats, whose high-minded values and principles did not survive a contact high with reality, and Republicans whose desire to solve the problem isn't nearly as strong as their desire to exploit it." Advertisement President Joe Biden, who is seeking reelection, has been slammed by the GOP for his handling of migration on the Southern border. In September, a Washington Post-ABC News poll revealed that 62% of respondents disapproved of Biden's handling of immigration. Meanwhile, GOP frontrunner and former President Donald Trump has been celebrating the collapse of the Biden administration's bipartisan immigration bill. The bill failed to pass in the Senate last month after garnering only 49 votes, far short of the 60 required. The bill would have included essential measures to strengthen US-Mexico border security and overhaul the US asylum system. Trump and the GOP's rejection of it now sets immigration up to be a core issue at the polls in 2024.
‘Nobody does it better?’ Come off it, esure 2024-03-05 08:30:00+00:00 - I have insured my property with esure for some years. Each year it sends a renewal reminder, but the date passed without a word this year. Then, two weeks later, I received a bizarre email effectively dumping me due to “an upgrade of our internal system”. At first I thought it was a scam. It didn’t include any personal details, or my policy number. I called and, after listening to the hold music – “Nobody Does It Better” – spoke to a woman who appeared to know nothing about it. To add insult to injury the email ended “we hope you’ll choose us again in the future”. PG, Bradford I was inclined to think the email was a scam, too, because of its airy manner and poor writing. “What does this mean for me?” asks the anonymous writer at the end of a paragraph referring repeatedly to “you”. Amazingly, it is legitimate. “As part of our large-scale transformation programme, we are developing a new digital platform which means we have been temporarily unable to offer renewals to some customers,” esure says. “We understand customers’ frustration and apologise for the inconvenience this has caused.” Its website advises prospective customers that it can’t provide quotes because “we’re working on something new”, and tells them to apply via price comparison websites. What is this transformation programme? No less than an “evolution towards a claims ecosystem future as part of fixing insurance for good”, according to a company report written by someone with the same literary skills as the email author. The goal is to create “seamless customer journeys”. It certainly gave you, and presumably others, a seamless boot out the back door. If you’re going to ditch long-standing customers, at least do it gracefully and with a hint of regret. Email your.problems@observer.co.uk. Include an address and phone number. Submission and publication are subject to our terms and conditions
Single parents on benefits being ‘punished’ by Tory policy pushing them to work 30-hour week 2024-03-05 08:20:00+00:00 - Struggling single parents are being “punished” and set up to fail by an “unrealistic” government policy that forces them into near-full-time work when their children turn three, according to parents and new research. A year after the chancellor, Jeremy Hunt, forced parents on benefits to work for 30 hours a week or risk seeing their benefits docked, the vast majority of parents say they cannot make the new system work. According to a survey of 638 single parents by campaign group Single Parent Rights, supported by Save the Children, 81% said increasing their work hours to near full-time is unmanageable, and would have a negative impact on them and their children. “Parents who want to work are being set up to fail,” said Becca Lyon, the head of UK child poverty at Save the Children, which has published research on the policy’s impact. It highlights the work barriers parents face, including a lack of childcare, flexible work and single parent employment discrimination. “It’s clear parents can’t meet the new conditionality requirements which are unrealistic and not bedded in the realities of everyday life – the whole policy needs an urgent rethink.” Alice*, who lives in Hampshire, has worked 16 hours as an unqualified gymnastics teacher around caring for her three-year-old. Her employer cannot give her more hours, and because of her lack of qualifications she is unable to seek hours elsewhere. She said she is being put under pressure to go to more meetings and increase her hours – sometimes being told she has to attend when she is supposed to be at work. “It’s incredibly stressful. I’ve had continuous meltdowns over the situation the past couple of months, it’s been really hard work to kind of get myself together and look for a job when I’m feeling how I’m feeling,” she said. “I’m up for working as much as I can, I want a better life for my child, but because of my circumstances I just can’t at the moment. Come September I’d be able to, but they won’t wait. ” Under the new policy, parents must meet a job coach every three months – up from every six months – as soon as their child turns one. Parents of two-year-olds have to attend coaching monthly. But the Save the Children research found that three-quarters of respondents did not find work coach meetings useful. “The work coach changes every meeting,” said Alice, who is struggling to save £400 to get a coaching qualification, but feels unsupported. “They don’t work to hear about the training or help, they just want you to work 30 hours, they don’t care what you do. There is no empathy, it feels like we’re being punished.” skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion Ruth Talbot, the founder of Single Parent Rights, said the policy discriminated against single parents. “Our social security system should be built on genuine support for individuals and their circumstances rather than punishing parents who are struggling,” she added. *Names have been changed
Powerful Psychedelic Gains Renewed Attention as a Treatment for Opioid Addiction 2024-03-05 08:02:28.667000+00:00 - Ibogaine, a formidable hallucinogen made from the root of a shrub native to Central Africa, is not for the timid. It unleashes a harrowing psychedelic trip that can last more than 24 hours, and the drug can cause sudden cardiac arrest and death. But scientists who have studied ibogaine have reported startling findings. According to a number of small studies, between a third and two-thirds of the people who were addicted to opioids or crack cocaine and were treated with the compound in a therapeutic setting were effectively cured of their habits, many after just a single session. Ibogaine appears to provide two seemingly distinct benefits. It quells the agony of opioid withdrawal and cravings and then gives patients a born-again-style zeal for sobriety. Now, after decades in the shadows, and with opioid overdose deaths exceeding 100,000 a year, ibogaine is drawing a surge of fresh interest from researchers who believe it has the potential to treat opioid use disorder. “It’s not an exaggeration to say that ibogaine saved my life, allowed me to make amends with the people I hurt and helped me learn to love myself again,” said Jessica Blackburn, 37, who is recovering from heroin addiction and has been sober for eight years. “My biggest frustration is that more people don’t have access to it.” That’s because ibogaine is illegal in the United States. Patients have to go abroad for ibogaine therapy, often at unregulated clinics that provide little medical oversight.
Apple has lost its crown as China's best-selling smartphone maker: report 2024-03-05 08:02:25+00:00 - Apple is no longer the top-selling smartphone maker in China, per Counterpoint Research. In 2023, the iPhone became the best-selling smartphone in China for the first time. Now, Apple lags behind Vivo, Huawei, and Honor. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement Apple's iPhone sales in China fell by 24% in the first six weeks of 2024, according to a new report released by market research firm Counterpoint Research. The drop in sales means the iPhone has lost its position as the best-selling smartphone in China, a status it attained for the first time in 2023. In 2023, Apple held 19% of the market share in China. That's now down to 15.7%, per Counterpoint. Vivo, a Chinese tech multinational, is now the top-selling smartphone maker in China, per Counterpoint Research. The data was released as part of Counterpoint's China Smartphone Weekly Sell-through Tracker. Bloomberg first reported the news. Advertisement Vivo is followed by Huawei, Honor, and Apple in fourth. Honor split from Huawei in 2020. "Primarily, it faced stiff competition at the high end from a resurgent Huawei while getting squeezed in the middle on aggressive pricing from the likes of OPPO, Vivo, and Xiaomi," Mengmeng Zhang, a senior analyst at Counterpoint, said of the iPhone. Smartphone sales in China at large are down 7% year over year, Counterpoint reported. Apple's sales decline in China is the latest of its woes in the region. Advertisement In January, Chinese chipmakers drew up plans to create chip production lines to supply processors to local smartphone makers. The move stands to hurt Apple, which has so far benefited from tight export restrictions. The American manufacturer may also be suffering from a slowdown in general consumption and a shift towards supporting homegrown companies in China. Apple did not immediately respond to a request for comment from Business Insider sent outside regular business hours. March 5, 4:28 p.m. SGT: An earlier version of this story misstated the scale of Apple's sales decline in China. Sales are down 24% in the first six weeks of 2024, not year over year.
Best AI Stock: Nvidia vs. SoundHound AI 2024-03-05 07:01:00+00:00 - Fool.com contributor Parkev Tatevosian compares Nvidia (NASDAQ: NVDA) and SoundHound AI (NASDAQ: SOUN) to determine the better AI stock for long-term investors. *Stock prices used were the afternoon prices of March 1, 2024. The video was published on March 4, 2024. Should you invest $1,000 in Nvidia right now? Before you buy stock in Nvidia, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Nvidia wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than tripled the return of S&P 500 since 2002*. See the 10 stocks *Stock Advisor returns as of February 26, 2024 Parkev Tatevosian, CFA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy. Parkev Tatevosian is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool. Best AI Stock: Nvidia vs. SoundHound AI was originally published by The Motley Fool
What you should know from the opening of China’s legislature 2024-03-05 06:53:41+00:00 - BEIJING (AP) — China’s Premier Li Qiang promoted an image of confidence as he announced modest economic growth goals for the world’s second largest economy, at one of the country’s most important political gatherings. Li addressed a few thousand delegates of the country’s rubber-stamp legislature, the National People’s Congress, which met in Beijing. It’s a time when the government reviews the work of the past year, and crucially reveals targets and goals for the coming year, especially in its approach to its economy, military budget and Chinese society. Here are some key takeaways from Li’s address Tuesday. STABLE ECONOMIC GROWTH The government’s overall approach to the economy will not change, as the goals by the government for 2024 signal that they want to stabilize growth. Li announced that the GDP growth target was 5% this year — a modest target that is still going to be difficult. China is grappling with an economic slowdown and a real estate market in crisis after a crackdown on excess borrowing led to a liquidity crisis among developers. “This year’s targets are virtually the same as last year, reflecting policy stasis in Beijing as the central leadership delays any significant economic policy decisions until the Third Plenum later in the year,” said Neil Thomas, a fellow on Chinese Politics at the Asia Society. TOUGHER LANGUAGE ON TAIWAN Li’s report had stronger language on Taiwan, a self-ruled island that China considers its own. Missing from this year’s report was the word “peace.” Last year, the premier had called for “advanc(ing) the process of China’s peaceful reunification.” This year, Li said they will “be firm in advancing the cause of China’s reunification.” Overall, the language this year was tougher, said Arthur Zhin-Sheng Wang, a professor at Taiwan’s Central Police University who’s an expert on cross-Straits relations. Dropping the word “peace” combined with the phrase “resolutely opposing Taiwan independence,” is what signals a stronger stance, Wang said. Last year, the work report had more language about promoting the prosperity of both sides as well, while this year only had a brief nod. Taiwan held presidential elections in January and elected Lai Ching-te to be its next president, giving the Democratic Progressive Party a third term. The party’s platform maintains that Taiwan is already independent of China. Taiwan and China have been ruled separately since 1949, when the Nationalist government of Chiang Kai-shek retreated to the island after losing a civil war on the mainland to Mao Zedong’s communist forces. DEFENSE SPENDING RISING 7.2% The government announced an increase of 7.2% in the military budget, the world’s second-highest behind the United States at 1.6 trillion yuan ($222 billion). China’s defense budget has more than doubled since 2015, but in recent years it has dialed down the increase in defense spending as economic growth slowed. MIGRANT WORKERS China’s rural and urban populations have long been divided by the hukou, a registration and identification system through which social benefits are allocated, such as health insurance and schools. Cities and urban areas generally have better social benefits than rural ones. For the first time in recent years, the government’s work report mentioned that it would want to make it easier for migrant workers with rural hukou registrations to be able to change their hukous to urban ones. While hukou reform has long been discussed, the mention in the government report signals that it could be higher on the agenda of the central authorities. CONFIDENCE In spite of the slowing economy, and U.S. export controls on several tech-related industries, such as semi-conductors, Li struck a note of confidence in his report. “The Chinese people have the courage, wisdom, to overcome any difficulties or obstacles,” he said. “China’s development will surely endure storms and plough through the waves, (and) the future is promising.” ___ AP news researchers Yu Bing and Wanqing Chen contributed to this report.
Tesla stock tumbles 7% as shipments slump, new price cuts announced in China 2024-03-05 06:08:00+00:00 - Tesla (TSLA) shares dropped to new multi-week lows as slowing China shipments and new price cuts there hint at troubles for the EV stalwart in the world’s largest car market. Tesla reported 60,365 vehicle shipments from its Giga Shanghai factory in February, according to preliminary data from China’s PCA (Passenger Car Association) via Bloomberg. The February shipments represent a 16% drop from a month ago, a 19% drop from a year ago, and the lowest shipment total since December 2022. Tesla shares closed down 7.16%, its lowest close since Feb. 13. Tesla's new Model 3 sedan displayed at the China International Fair for Trade in Services (CIFTIS) in Beijing, China, Sept. 2, 2023. (Florence Lo/REUTERS) (REUTERS / Reuters) The Chinese Lunar Holiday, during which the country shuts down for nearly two weeks, fell in February of this year. Historically, this has led to depressed economic activity and sales in the country. In addition, Tesla uses earlier months in the quarter to fulfill shipments outside of China and generally ramps up shipments later in the quarter for China domestic sales. But Tesla’s lowest shipment total in over a year is a concern for the company, which sees China as a huge growth market. Even China’s BYD, which surpassed Tesla in overall EV sales in Q4 and generally dominates the Chinese EV market, saw its February sales tumble to 122,311 units from 193,655, a 37% drop. China now sells the most EVs in the world, but a recent slowdown in demand for EVs has led automakers there to engage in another price war earlier this year — and this includes Tesla. According to a report from Deutsche Bank’s Emmanuel Rosner published on Monday, Tesla's latest incentives on the mainland include the “equivalent of ~$4.8K price cut to customers who purchase from existing inventories of Model 3 and Model Y vehicles by the end of March.” Rosner said the new incentives include insurance discounts, discounts on paint changes, and preferential financing plans on the Model Y. The latest incentives come after Tesla cut prices in January for the Model 3 and Model Y by 5.9% and 2.8%, respectively. The competition is fierce in China’s EV market, and Tesla having to cut prices and possibly reduce shipments is definitely a concern for investors. Story continues On the flip side, at least the threat from BYD won’t be materializing in Tesla’s US home market, at least right now. “We’re not planning to come to the US,” Stella Li, executive vice president of BYD and CEO of BYD Americas, told Yahoo Finance Live. “It’s an interesting market, but it is very complicated,” she added, citing growing political pushback on Chinese companies and the slowing rate of growth for EV adoption. Concern about BYD entering the US market was growing as the China-based automaker was reportedly going to use Mexico-based factories to import EVs into the US without a tariff penalty under the terms of the United States-Mexico-Canada Agreement. Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram. Click here for the latest stock market news and in-depth analysis, including events that move stocks Read the latest financial and business news from Yahoo Finance
Thousands of Korean doctors face license suspensions as Seoul moves to prosecute strike leaders 2024-03-05 05:50:22+00:00 - SEOUL, South Korea (AP) — Thousands of striking junior doctors in South Korea faced proceedings to suspend their medical licenses Tuesday, as authorities are pushing for police investigations targeting leaders of the walkouts that have disrupted hospital operations. Nearly 9,000 of South Korea’s 13,000 medical interns and residents have been refusing to work for the last two weeks to protest a government plan to enroll thousands more students in the country’s medical schools in coming years. The government ordered them to return to work by Feb. 29, citing a threat to public health, but most have defied threats of license suspensions and prosecutions. “For those who lead the walkouts, we are thinking we’ll file complaints with police,” Vice Health Minister Park Min-soo told a briefing. “But I tell you that we haven’t determined exactly when we would do so and against whom.” On Monday, the Health Ministry sent officials to hospitals to confirm the absences of the striking doctors to begin administrative steps to suspend their licenses. So far, the government has formally confirmed the absences of more than 7,000 strikers, and on Tuesday, officials were to continue on-site inspections of hospitals and begin sending notices to some strikers about license suspension proceedings, Park said. Park said the striking doctors’ licenses would be suspended for at least three months, and doctors are to be given opportunities to respond before suspensions take effect. “The trainee doctors have left their patients defenseless. They’ve even left emergency rooms and intensive care units,” Park said. “We can’t tolerate these irresponsible acts. They have betrayed their professional and ethical responsibilities and neglected their legal duties.” Under South Korea’s medical law, doctors who defy orders to resume work can be punished with three years in prison or a 30 million won (roughly $22,500) fine, as well as a up to one-year suspension of their medical licenses. Those who receive prison sentences can lose their licenses. Doctors stage a rally against the government’s medical policy in Seoul, South Korea, Sunday, March 3, 2024. (AP Photo/Ahn Young-joon) Observers say the government will likely end up punishing only strike leaders, not all of the thousands of striking doctors. They say it would take a few months to complete the administrative steps to suspend the licenses of all the 9,000 striking doctors. At the heart of the dispute is a government plan to raise the country’s medical school enrollment quota by 2,000 starting next year, from the current 3,058. Officials said South Korea must add more doctors to deal with a fast-aging population. But many doctors say universities aren’t ready to deal with that abrupt increase in the number of students and that the country’s overall medical service would be eventually hurt. The striking junior doctors are a small fraction of the country’s 140,000 doctors, but they account for 30-40% of the total doctors at some major hospitals, where they assist senior doctors while training. Many senior doctors support the junior doctors but haven’t joined their walkouts. South Korean police said they are investigating five senior members of the Korea Medical Association, after the Health Ministry filed complaints against them for allegedly inciting and abetting the junior doctors’ walkouts.
AI pervades everyday life with almost no oversight. States scramble to catch up 2024-03-05 05:29:44+00:00 - DENVER (AP) — While artificial intelligence made headlines with ChatGPT, behind the scenes, the technology has quietly pervaded everyday life — screening job resumes, rental apartment applications, and even determining medical care in some cases. While a number of AI systems have been found to discriminate, tipping the scales in favor of certain races, genders or incomes, there’s scant government oversight. Lawmakers in at least seven states are taking big legislative swings to regulate bias in artificial intelligence, filling a void left by Congress’ inaction. These proposals are some of the first steps in a decades-long discussion over balancing the benefits of this nebulous new technology with the widely documented risks. “AI does in fact affect every part of your life whether you know it or not,” said Suresh Venkatasubramanian, a Brown University professor who co-authored the White House’s Blueprint for an AI Bill of Rights. “Now, you wouldn’t care if they all worked fine. But they don’t.” Success or failure will depend on lawmakers working through complex problems while negotiating with an industry worth hundreds of billions of dollars and growing at a speed best measured in lightyears. Last year, only about a dozen of the nearly 200 AI-related bills introduced in statehouses were passed into law, according to BSA The Software Alliance, which advocates on behalf of software companies. Those bills, along with the over 400 AI-related bills being debated this year, were largely aimed at regulating smaller slices of AI. That includes nearly 200 targeting deepfakes, including proposals to bar pornographic deepfakes, like those of Taylor Swift that flooded social media. Others are trying to rein in chatbots, such as ChatGPT, to ensure they don’t cough up instructions to make a bomb, for example. Those are separate from the seven state bills that would apply across industries to regulate AI discrimination — one of the technology’s most perverse and complex problems — being debated from California to Connecticut. Those who study AI’s penchant to discriminate say states are already behind in establishing guardrails. The use of AI to make consequential decisions — what the bills call “automated decision tools” — is pervasive but largely hidden. It’s estimated as many as 83% of employers use algorithms to help in hiring; that’s 99% for Fortune 500 companies, according to the Equal Employment Opportunity Commission. Yet the majority of Americans are unaware that these tools are being used, polling from Pew Research shows, let alone whether the systems are biased. An AI can learn bias through the data it’s trained on, typically historical data that can hold a Trojan Horse of past discrimination. Amazon scuttled its hiring algorithm project after it was found to favor male applicants nearly a decade ago. The AI was trained to assess new resumes by learning from past resumes — largely male applicants. While the algorithm didn’t know the applicants’ genders, it still downgraded resumes with the word “women’s” or that listed women’s colleges, in part because they were not represented in the historical data it learned from. “If you are letting the AI learn from decisions that existing managers have historically made, and if those decisions have historically favored some people and disfavored others, then that’s what the technology will learn,” said Christine Webber, the attorney in a class-action lawsuit alleging that an AI system scoring rental applicants discriminated against those who were Black or Hispanic. Court documents describe one of the lawsuit’s plaintiffs, Mary Louis, a Black woman, applied to rent an apartment in Massachusetts and received a cryptic response: “The third-party service we utilize to screen all prospective tenants has denied your tenancy.” When Louis submitted two landlord references to show she’d paid rent early or on time for 16 years, court records say, she received another reply: “Unfortunately, we do not accept appeals and cannot override the outcome of the Tenant Screening.” That lack of transparency and accountability is, in part, what the bills are targeting, following the lead of California’s failed proposal last year — the first comprehensive attempt at regulating AI bias in the private sector. Under the bills, companies using these automated decision tools would have to do “impact assessments,” including descriptions of how AI figures into a decision, the data collected and an analysis of the risks of discrimination, along with an explanation of the company’s safeguards. Depending on the bill, those assessments would be submitted to the state or regulators could request them. Some of the bills would also require companies to tell customers that an AI will be used in making a decision, and allow them to opt out, with certain caveats. Craig Albright, senior vice president of U.S. government relations at BSA, the industry lobbying group, said its members are generally in favor of some steps being proposed, such as impact assessments. “The technology moves faster than the law, but there are actually benefits for the law catching up. Because then (companies) understand what their responsibilities are, consumers can have greater trust in the technology,” Albright said. But it’s been a lackluster start for legislation. A bill in Washington state has already floundered in committee, and a California proposal introduced in 2023, which many of the current proposals are modeled off of, also died. California Assembly member Rebecca Bauer-Kahan has revamped her legislation that failed last year with the support of some tech companies, such as Workday and Microsoft, after dropping a requirement that companies routinely submit their impact assessments. Other states where bills are, or are expected to be, introduced are Colorado, Rhode Island, Illinois, Connecticut, Virginia and Vermont. While these bills are a step in the right direction, said Venkatasubramanian of Brown University, the impact assessments and their ability to catch bias remain vague. Without greater access to the reports — which many of the bills limit — it’s also hard to know whether a person has been discriminated against by an AI. A more intensive but accurate way to identify discrimination would be to require bias audits — tests to determine whether an AI is discriminating or not — and to make the results public. That’s where the industry pushes back, arguing that would expose trade secrets. Requirements to routinely test an AI system aren’t in most of the legislative proposals, nearly all of which still have a long road ahead. Still, it’s the start of lawmakers and voters wrestling with what’s becoming, and will remain, an ever-present technology. “It covers everything in your life. Just by virtue of that you should care,” said Venkatasubramanian. ——- Associated Press reporter Trân Nguyễn in Sacramento, California, contributed.
Industrial fire and multiple explosions shoot debris into the air in Detroit suburb 2024-03-05 05:12:33+00:00 - CLINTON TOWNSHIP, Mich. (AP) — A fire raging at an industrial facility caused multiple explosions that rocked suburban Detroit on Monday night and sent debris shooting far into the air, prompting police to implore residents to stay inside. The debris fell as far as a mile (1.6 kilometers) away, the Clinton Township Police Department said on Facebook. Authorities said they didn’t know exactly what was burning or the potential health effects from it. “We can not stress enough the danger that is happening right now,” one police post said. “Please, please, please stay inside and out of the vicinity.” Police said the fire was burning near 15 Mile Road and Groesbeck Highway. News helicopter videos showed a massive, bright orange area of fire with bursts of flames within the blaze that looked like explosions. Macomb County Executive Mark Hackel told WDIV-TV late Monday that the explosions started around 9 p.m. at the Select Distributors plant and that Clinton Township officers and firefighters immediately responded. “They understand some type of CO2 or propane explosions were taking place at the facility, and again, it was just continuous explosions, as well as the fire,” Hackel said. After 11 p.m., he told the news outlet that the fire had been contained. “Their concern right now is — obviously they’re taming the fire, but now, what’s going on with that air quality?” Hackel said. “We have a HAZMAT unit that’s out trying to test the air quality so we can get further updates.” Kevin Felster told The Detroit News he was on his way to Clinton Township when he saw the fire and heard the explosions. He said he got out of his car and saw pieces of metal — from the size of a spray can to the size of a car wheel — on the ground. “It was heavy stuff and it was all charred black,” Felster said. “I guarantee you ... if that came flying through the air at any velocity at all, it would just shatter your head like nothing.” It wasn’t immediately known if anyone was injured. Select Distributors is a wholesale supplier of novelties, phone accessories and other merchandise to discount stores, dollar stores, wholesalers and other stores, according to its website. The business didn’t immediately respond to an email seeking comment. Joleen Vultaggio said she heard the explosions from 8 miles (12.8 kilometers) away at her home in Sterling Heights. “It just freaked me out because it wasn’t like one boom, it was continuous and it was very intense,” she said.
China sets challenging GDP target in face of regional tensions and ageing population 2024-03-05 05:09:00+00:00 - China has set its target for GDP growth at 5%, in line with analysts’ expectations for another year of historically modest ambitions for the economy, amid regional tensions and its demographic crisis. China’s premier, Li Qiang, spoke of the “challenges” facing China’s leaders as he delivered his annual government work report on Tuesday. He cited the global economy and regional tensions as hurdles for China’s recovery, as well as domestic issues such as low consumer demand in a challenging labour market. Li was speaking at the opening session of the National People’s Congress (NPC), China’s annual parliamentary gathering. In a draft version, the government work report spoke of “intensifying geopolitical conflicts” as being one of the negative pressures on China’s economy. But Li skipped this sentence in the speech he delivered to delegates and the media on Tuesday. The 5% target is in line with 2023’s goal, which was notably restrained as China emerged from three years of strict zero-Covid measures which battered the economy. But with the pandemic in the rear-view mirror, there are signs that some of China’s economy challenges may be structural, such as the ageing population and shrinking pool of workers. Official data released in January revealed that China’s working-age population accounted for 61% of the economy, down from 68% in 2013. According to official statistics, China’s GDP grew by 5.2% in 2023. But independent economists estimate that the actual growth rate was lower, with analysts at Rhodium putting it at 1.5%. Economists think that achieving this year’s 5% target may be ambitious considering the Chinese economy’s structural problems and Beijing’s changing priorities. The International Monetary Fund predicts that China’s economy will grow by 4.6% this year. Enodo Economics, a macroeconomic forecasting firm, said: “the GDP goal has decreased in importance in recent years”. China’s leader, Xi Jinping, “has de-emphasised growth – and therefore the importance of the GDP goal – in favour of ironing out the structural issues he believes undermine overall economic security.” The NPC will also be considering the annual budget. Defence spending is expected to rise by 7.2%, while public security spending is slated to rise by 1.4%. Central government expenditures are expected to rise by 8.6%. Li reiterated China’s committed to “reunification” with Taiwan but, as is custom, did not elaborate on an expected timeline for such an attempt. Other targets announced by Li on Tuesday include the creation of 12m new urban jobs and increasing consumer prices by about 3%. China’s consumer price index fell by 0.8% in January, the fourth straight month of decline. Li said the targets would “not be easy” but that “high quality development” remained the priority. Li was speaking at this year’s Two Sessions, the concurrent meetings of China’s parliament and top consultative body. In a break with precedent, Li will not be answering questions directly from the press this year. Additional research by Chi Hui Lin