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Indigenous people rejoice after city of Berkeley votes to return sacred native land to Ohlone None - Ohlone people and others are rejoicing over the return of sacred native land dating back thousands of years SAN FRANCISCO -- Ohlone people and others rejoiced Wednesday over the return of sacred native land dating back thousands of years, saying the move rights a historic wrong and restores the people who were first on land now called Berkeley to their rightful place in history. The 2.2-acre parking lot is the only undeveloped portion of the shellmound in West Berkeley, where ancestors of today's Ohlone people established the first human settlement on the shores of the San Francisco Bay 5,700 years ago. Berkeley’s City Council voted unanimously Tuesday to adopt an ordinance giving the title of the land to the Sogorea Te’ Land Trust, a San Francisco Bay Area collective led by women that works to return land to Indigenous people. The collective raised most of the money needed to reach the agreement with developers who own the land. “The site will be home to education, prayer and preservation, and will outlast every one of us today to continue telling the story of the Ohlone people,” said Mayor Jesse Arreguín at a celebratory press conference Wednesday. He said their history is “marked not by adversity, but more importantly, by their unwavering resilience as a community.” The crowd cheered as speakers talked of a movement to retore other lands to Indigenous people. The site — a three-block area Berkeley designated as a landmark in 2000 — will be home to native medicines and foods, an oasis for pollinators and wildlife, and a place for youth to learn about their heritage, including ancient dances and ceremonies, said Melissa Nelson, chair of the board of the Sogorea Te’ Land Trust. “We want to be a place for global Indigenous leadership to come and gather in solidarity,” she said. “We want to educate, we want to restore and we want to heal.” Before Spanish colonizers arrived in the region, the area held a village and a massive shellmound with a height of 20 feet and the length and width of a field that was a ceremonial and burial site. Built over years with mussel, clam and oyster shells, human remains, and artifacts, the mound also served as a lookout. The Spanish removed the Ohlone from their villages and forced them into labor at local missions. In the late 1800s and early 1900s, Anglo settlers took over the land and razed the shellmound to line roadbeds in Berkeley with shells. The agreement with Berkeley-based Ruegg & Ellsworth LLC, which owns the parking lot, comes after a six-year legal fight that started in 2018 when the developer sued the city after officials denied its application to build a 260-unit apartment building with 50% affordable housing and 27,500 feet of retail and parking space. The settlement was reached after Ruegg & Ellsworth agreed to accept $27 million to settle all outstanding claims and to turn the property over to Berkeley. The Sogorea Te’ Land Trust contributed $25.5 million and Berkeley paid $1.5 million, officials said. The trust plans to build a commemorative park with a new shellmound and a cultural center to house some of the pottery, jewelry, baskets and other artifacts found over the years and that are in the Phoebe A. Hearst Museum of Anthropology at the University of California, Berkeley. Corrina Gould, co-founder of the Sogorea Te’ Land Trust and tribal chair of the Confederated Villages of Lisjan Ohlone, attended Tuesday's city council meeting via video conference and wiped away tears after the council voted to return the land. The mound that once stood there was “a place where we first said goodbye to someone,” she said. “To have this place saved forever, I am beyond words.” —- AP staffer Olga R. Rodriguez contributed to this report.
Dollar Tree to close nearly 1,000 stores, posts surprise fourth quarter loss None - Dollar Tree will close nearly 1,000 stores and swung to a surprise fourth quarter loss as the discount retailer took a related $1.07 billion goodwill impairment charge Dollar Tree swung to a surprise fourth-quarter loss and will close nearly 1,000 stores after the discount retailer slashed the value of a rival chain it acquired almost a decade ago. Dollar Tree plans to close about 600 Family Dollar stores in the first half of this year and 370 Family Dollar and 30 Dollar Tree stores over the next several years. Dollar Tree acquired Family Dollar for more than $8 billion in 2015 after a bidding war with rival Dollar General, but it has had difficulty absorbing the chain. On Wednesday, Dollar Tree said that it would record a $950 million impairment against the trade name Family Dollar, on top of a $1.07 billion goodwill charge. Family Dollar will spend more than $594 million closing or rebranding stores, essentially erasing profits from the holiday season. “This dramatic cull is the coup de grâce in the rather botched acquisition of the Family Dollar chain, which has caused Dollar Tree nothing but hassle since it was completed back in 2015,” wrote Neil Saunders, managing director of GlobalData. “Basically, almost ten years on, Dollar Tree is still sifting through the mess it inherited and has not been able to completely turn around,” Saunders said. Saunders said in an emailed statement that nearly 12% of current Family Dollar stores will be closing over the next three years. Shares of Dollar Tree tumbled more than 14% Wednesday. For the three months ended Feb. 3, Dollar Tree lost $1.71 billion, or $7.85 per share. A year earlier the Chesapeake, Virginia, company earned $452.2 million, or $2.04 per share. Stripping out certain items, earnings were $2.55 per share, which is still short of the per-share earnings of $2.67 expected on Wall Street, according to a survey by Zacks Investment Research. Revenue climbed to $8.64 billion from $7.72 billion, a bit below Wall Street's estimate of $8.67 billion. Dollar Tree has been attracting consumers that have been stung by inflation as they seek to cut spending. During the quarter, sales at Dollar Tree stores open at least a year climbed 6.3%, with traffic up 7.1%. While more shoppers were heading to stores, they were closely watching how much they spent, with average ticket down 0.7%. At Family Dollar, sales at stores open at least a year slipped 1.2%. Traffic edged up 0.7%, but average ticket fell 2%. For fiscal 2024, Dollar Tree anticipates earnings between $6.70 and $7.30 per share. Revenue is expected in a range of $31 billion to $32 billion. Analysts polled by FactSet expect full-year earnings of $7.04 on revenue of $31.68 billion. Dollar Tree expects first-quarter earnings of $1.33 to $1.48 per share on revenue in a range of $7.6 billion to $7.9 billion. Wall Street anticipates first-quarter earnings of $1.70 on revenue of $7.68 billion.
Biden signs a package of spending bills passed by Congress just hours before a shutdown deadline None - President Joe Biden has signed into law a package of spending bills passed by the Senate in time to avoid a shutdown of many key federal agencies WASHINGTON -- President Joe Biden on Saturday signed a $460 billion package of spending bills approved by the Senate in time to avoid a shutdown of many key federal agencies. The legislation's success gets lawmakers about halfway home in wrapping up their appropriations work for the 2024 budget year. The measure contains six annual spending bills and had already passed the House. In signing it into law, Biden thanked leaders and negotiators from both parties in both chambers for their work, which the White House said will mean that agencies “may continue their normal operations.” Meanwhile, lawmakers are negotiating a second package of six bills, including defense, in an effort to have all federal agencies fully funded by a March 22 deadline. “To folks who worry that divided government means nothing ever gets done, this bipartisan package says otherwise," Senate Majority Leader Chuck Schumer, D-N.Y., said after lawmakers passed the measure Friday night just hours before a deadline. He said the bill's passage would allow for the hiring of more air traffic controllers and rail safety inspectors, give federal firefighters a raise and boost support for homeless veterans, among other things. The Senate passed the bill by a vote of 75-22. Lawmakers sought votes on several amendments and wanted to have their say on the bill and other priorities during debate on the floor. It had been unclear midday if senators would be able to avert a short shutdown, though eventual passage was never really in doubt. “I would urge my colleagues to stop playing with fire here,” said Sen. Susan Collins, the top-ranking Republican member of the Senate Appropriations Committee. “It would be irresponsible for us not to clear these bills and do the fundamental job that we have of funding government. What is more important?” The votes came more than five months into the current budget year after congressional leaders relied on a series of stopgap bills to keep federal agencies funded for a few more weeks or months at a time while they struggled to reach agreement on full-year spending. In the end, total discretionary spending set by Congress is expected to come in at about $1.66 trillion for the full budget year ending Sept. 30. Republicans were able to keep non-defense spending relatively flat compared with the previous year. Supporters say that's progress in an era when annual federal deficits exceeding $1 trillion have become the norm. But many Republican lawmakers were seeking much steeper cuts and more policy victories. The House Freedom Caucus, which contains dozens of the GOP’s most conservative members, urged Republicans to vote against the first spending package and the second one still being negotiated. Democrats staved off most of the policy riders that Republicans sought to include in the package. For example, they beat back an effort to block new rules that expand access to the abortion pill mifepristone. They were also able to fully fund a nutrition program for low-income women, infants and children, providing about $7 billion for what is known as the WIC program. That’s a $1 billion increase from the previous year. Republicans were able to achieve some policy wins, however. One provision will prevent the sale of oil in the Strategic Petroleum Reserve to China. Another policy mandate prohibits the Justice Department from investigating parents who exercise free speech at local school board meetings. Another provision strengthens gun rights for certain veterans, though opponents of the move said it could make it easier for those with very serious mental health conditions like dementia to obtain a firearm. ”This isn't the package I would have written on my own," said Sen. Patty Murray, the Democratic chair of the Senate Appropriations Committee. “But I am proud that we have protected absolutely vital funding that the American people rely on in their daily lives.” Sen. Rand Paul, R-Ky., said one problem he sees with the bill is that there was too much compromise, and that led to too much spending. “A lot of people don't understand this," he said. “They think there is no cooperation in Washington and the opposite is true. There is compromise every day on every spending bill." “It's compromise between big-government Democrats and big-government Republicans,” he added. Still, with a divided Congress and a Democratic-led White House, any bill that doesn't have buy-in from members of both political parties stands no chance of passage. The bill also includes more than 6,600 projects requested by individual lawmakers with a price tag of about $12.7 billion. The projects attracted criticism from some Republican members, though members from both parties broadly participated in requesting them on behalf of their states and congressional districts. Paul called the spending "sort of the grease that eases in billions and trillions of other dollars, because you get people to buy into the total package by giving them a little bit of pork for their town, a little bit of pork for their donors.” But an effort by Sen. Rick Scott, R-Fla, to strip out the projects mustered only 32 votes with 64 against. Murray said Scott's effort would overrule “all the hard work, all the input we asked everyone to provide us about projects that would help their constituents." Even though lawmakers find themselves passing spending bills five months into the budget year, Republicans are framing the process as improved nonetheless because they broke the cycle of passing all the spending bills in one massive package that lawmakers have little time to study before being asked to vote on it or risk a government shutdown. Still, others said that breaking up funding into two chunks of legislation war hardly a breakthrough. The first package covers the departments of Justice, Veterans Affairs, Agriculture, Interior and Transportation, among others.
Dollar Tree and Family Dollar will close 1,000 stores following fourth-quarter loss None - Doors are closing for 1,000 Dollar Tree and Family Dollar locations after the discount variety store chain announced an unexpected surprise fourth-quarter loss in its earnings report Wednesday. Dollar Tree plans to shutter 600 Family Dollar stores in the first half of fiscal 2024. Over the next several years, the company intends to close 370 more Family Dollar locations, as well as 30 Dollar Tree stores. At the opening bell Wednesday on Wall Street, Dollar Tree shares fell 14% in value on the news. Dollar Tree acquired Family Dollar in 2015 for over $8 billion after a bidding war with Dollar General, but Wednesday's earnings report signals difficulty in maintaining the value of both brands. A customer exits a Dollar Tree store holding a shopping bag, May 11, 2022, in Jackson, Miss. Rogelio V. Solis/AP "As we look forward in 2024, we are accelerating our multi-price rollout at Dollar Tree and taking decisive action to improve profitability and unlock value at Family Dollar," Rick Dreiling, Dollar Tree chairman and CEO, said in a press release Wednesday. Dollar Tree announced it will record a $950 million impairment against Family Dollar's trade name, in addition to a $1.07 billion goodwill charge. Within the three-month review that ended Feb. 3, Dollar Tree lost $1.71 billion, or $7.85 per share. Last year, Dollar Tree earned $452.2 million, or $2.04 per share. Family Dollar and Dollar Tree discount stores. Jeffrey Greenberg/Universal Images Group via Getty Images Dollar Tree revenue rose to $8.64 billion from $7.72 billion, which fell below the Wall Street estimate of $8.67 billion. Also within the three-month review that ended Feb. 3, Dollar Tree opened 219 new stores, bringing full-year new store openings to 641. "We finished the year strong, with fourth-quarter results reflecting positive traffic trends, market share gains, and adjusted margin improvement across both segments," Dreiling said in the press release. "While we are still in the early stages of our transformation journey, I am proud of what our team accomplished in 2023 and see a long runway of growth ahead of us." Headquartered in Chesapeake, Virginia, Dollar Tree operates 16,774 stores throughout the 48 contiguous U.S. states and Canada, as of Feb. 3. Popular for selling budget-friendly items, Dollar Tree has $3 and $5 center-store merchandise available at approximately 5,000 Dollar Tree stores and $3, $4, and $5 frozen and refrigerated items available at more than 6,500 Dollar Tree stores, according to the press release. "As an organization, we continue to execute at a high level," Jeff Davis, Dollar Tree Chief Financial Officer, added in the release, "Our core operating performance was strong in the fourth quarter, despite some unanticipated developments related to general liability claims."
Stock market today: Asian shares mostly decline after Wall Street drifts to a mixed close None - Asian shares are mostly declining in lackluster trading after U.S. stocks drifted to a mixed finish TOKYO -- Asian shares mostly declined Thursday in lackluster trading after U.S. stocks drifted to a mixed finish. Japan's Nikkei 225 shed 0.2% in morning trading to 38,625.22. Nissan Motor Co. stock jumped 2.3% after an unconfirmed Japanese media report that the automaker behind the Leaf electric car was about to enter an agreement on EVs with domestic rival Honda Motor Co. Honda issues rose nearly 1.0%. Nissan declined comment, while Honda did not respond to a request for comment. Sydney's S & P/ASX 200 slipped nearly 0.2% to 7,716.50. South Korea's Kospi added 0.7% to 2,711.48. Hong Kong's Hang Seng lost 0.4% to 17,010.59, while the Shanghai Composite stood virtually unchanged at 3,044.17. “In a significant turn of events, there’s increasing speculation that the Bank of Japan might consider ending its negative interest rate policy in its upcoming meeting, spurred by substantial wage hikes by major Japanese firms,” says Anderson Alves at ActivTrades. The Japanese central bank has a target of achieving 2% inflation. The Bank of Japan will hold a two-day monetary policy meeting next week. On Wall Street, the S & P 500 slipped 9.96 points, or 0.2%, from its all-time high set a day before to 5,165.31. The Dow Jones Industrial Average rose 37.83, or 0.1%, to 39,043.32 and pulled within 90 points of its record set last month. The Nasdaq composite dipped 87.87, or 0.5%, to 16,177.77. The bond market was also relatively quiet, with Treasury yields ticking higher, while stock markets abroad were mixed after making mostly modest moves. Oil prices have been on a general upswing so far this year, which has helped keep inflation a bit higher than economists expected. That higher inflation has in turn dashed Wall Street’s hopes that the Federal Reserve could start offering relief at its meeting next week by cutting interest rates. But the expectation is still for the Fed to begin cutting rates in June, because the longer-term trend for inflation seems to remain downward. The Fed’s main interest rate is at its highest level since 2001, and reductions would release pressure on the economy and financial system. Stocks have already rallied in part on expectations for such cuts. Their nearly nonstop run since late October, though, has raised criticism that it was overdone. The U.S. stock market was recently looking more expensive than it has in 99% of its history by a measure that looks at prices versus long-term earnings for companies, according to Jeremy Grantham, co-founder of investment company GMO. The famed investor, who has a reputation for being cautious but also correctly predicted the popping of prior bubbles, says the long-run prospects for the broad United States market “look as poor as almost any other time in history.” “The simple rule is you can’t get blood out of a stone,” he wrote in a recent report. “If you double the price of an asset, you halve its future return.” On Wall Street, where the S & P 500 has jumped 44% since hitting a bottom in 2022, Dollar Tree tumbled 14.2% after reporting weaker results for the latest quarter than analysts expected. Traffic increased at its stores, but it said customers bought less at each purchase than they did a year ago. The company also said it will close about 600 of its Family Dollar stores in the six months through early August. On the winning side of Wall Street was Williams-Sonoma, which jumped 17.8% and increased its dividend 26%. Stocks of energy producers were also strong, benefiting from the rise in oil prices. A majority of stocks in the S & P 500 ended up rising, but the index was weighed down by losses from some Big Tech behemoths and other influential members. Nvidia slipped 1.1% and was one of the strongest forces pulling the S & P 500 lower. In the bond market, the yield on the 10-year Treasury rose from 4.15% late Tuesday to 4.18% on Wednesday. It helps set rates for mortgages and loans for all kinds of companies and other borrowers. The two-year Treasury yield also climbed. It more closely follows expectations for the Fed, and it rose to 4.62% from 4.58% late Tuesday and from 4.20% at the start of February. It had earlier dropped on strong expectations for coming cuts to interest rates by the Fed. In energy trading, benchmark U.S. crude added 12 cents to $79.84 a barrel. Brent crude, the international standard, rose 14 cents to $84.17 a barrel. In currency trading, the U.S. dollar rose to 147.83 Japanese yen from 147.74 yen. The euro cost $1.0947, down from $1.0953. ___ AP Business Writer Stan Choe contributed.
Nearly 5,000 UK chain stores closed last year at rate of 14 a day None - Almost 5,000 more chain stores were left empty last year – a rate of about 14 closures a day – as high streets were hurt by the failure of Wilko and the retreat of banks and pubs. Pharmacies were the biggest loser with 787 chain outlets disappearing – although many of these were Lloyds outlets which were taken over by independents. Next in line were pubs with a net 722 closing, as Wetherspoon’s and Stonegate, the owner of the Slug and Lettuce brand, closed venues. The figures from the Local Data Company (LDC) for the advisory firm PricewaterhouseCoopers (PwC) showed the rate of net closures was up by a third from 3,627, but far short of the post-pandemic peak of more than 10,000 in 2021. The figures do not include the many thousands of independent outlets trading in the UK. Retail parks recorded a net increase in outlets while high streets fared the worst last year with a net 3.3% decline in the number of trading sites. Banks closed a net 583 branches, with the likes of Barclays, Halifax and Lloyds focusing increasingly online. The demise of the cut-price chain Wilko, where all 400 stores closed after it fell into administration last August, also wreaked a major change in town and city centres. The failure of the budget fashion chain M&Co and the administration of Joules, which was rescued by Next saving 100 of its 124 stores, contributed to the 325 fashion outlets being vacated last year. While 9,138 new chain outlets opened, the highest level since before the pandemic, led by takeaways, cafes, discount supermarkets and petrol stations, the number of closures increased at a faster pace to 14,081. Lisa Hooker, leader of industry for consumer markets at PwC, said: “A combination of the lagged impact of the pandemic together with inflation across the cost base has seen an acceleration in chain stores exiting the market in 2023 at 14 stores a day and some disappointing results across the independents sector.” She added the changes reflected changes in habits with “longer-term growth in spending online mirroring the annual net closures in physical sites”. Kien Tan, a senior retail adviser at PwC, said he expected to see the number of chain outlets continue to fall by about 2% given a steady trend towards more online shopping. However, he added: “A shift to experiences and the decline in independents will continue to favour chain hospitality growth.” Lucy Stainton, commercial director of LDC, said: “Many larger operators were still repositioning and consolidating their portfolios as consumer spending remained cautious, resulting in more closures than openings. “Whilst we’re still facing sustained economic headwinds alongside some political uncertainty this year, the increasing store openings suggests we may see this gap close somewhat as we move through 2024.”
Harris speaks after visiting Planned Parenthood clinic in Minnesota None - Vice President Kamala Harris spoke to reporters after visiting a Planned Parenthood clinic in Minnesota. Harris criticized the Supreme Court decision to overturn Roe v. Wade and urged support for reproductive health care access for women.March 14, 2024
Manhattan DA supports 30-day delay in Trump hush money trial None - Manhattan District Attorney Alvin Bragg said his office would not oppose a 30-day delay in the start of former President Trump's hush money trial. MSNBC's Lisa Rubin has details on Bragg's filing and the delay Trump's lawyers had asked for.March 14, 2024
Saudi oil giant Aramco reports a $121 billion profit last year, down from its 2022 record due to lower energy prices None - Saudi oil giant Aramco reports a $121 billion profit last year, down from its 2022 record due to lower energy prices Saudi oil giant Aramco reports a $121 billion profit last year, down from its 2022 record due to lower energy prices
Former Treasury Secretary Steve Mnuchin says he's putting together investor group to buy TikTok None - Former Treasury Secretary Steven Mnuchin says he’s going to put together an investor group to buy TikTok after the House passed a bill that would ban the popular video app in the U.S. if its China-based owner doesn’t sell its stake Former Treasury Secretary Steven Mnuchin said Thursday that he will put together an investor group to buy TikTok after the House passed a bill that would ban the popular video app in the U.S. if its China-based owner does not sell its stake. During an interview on CNBC’s “Squawk Box," Mnuchin, who served under President Donald Trump, said he had spoken “to a bunch of people” about creating an investor group that would purchase the popular social media company. He offered no details about who may be in the group or about TikTok’s possible valuation. “This should be owned by U.S. businesses," Mnuchin said. “There’s no way that the Chinese would ever let a U.S. company own something like this in China.” TikTok did not respond to a request for comment. The House bill, passed by a vote of 352-65, now goes to the Senate, where its prospects are unclear. Lawmakers in the Senate have indicated that the measure will undergo a thorough review. If it passes in the Senate, President Joe Biden has said he will sign it. House lawmakers acted on concern that TikTok’s current ownership structure is a national security threat. Lawmakers from both parties and administration officials have voiced concerns that TikTok's parent company, ByteDance, could be compelled by Chinese authorities to hand over data on American users, spread pro-Beijing propaganda or suppress topics unfavorable to the Chinese government. TikTok, for its part, has long denied that it could be used as a tool of Chinese authorities. The company insists it has never shared U.S. user data with the Chinese government and will not do so if asked. To date, the U.S. government also has not provided evidence that shows TikTok shared such information with authorities in China. Asked whether the Mnuchin consortium could assuage national security concerns about TikTok, White House national security spokesman John Kirby said the administration was focused on providing “context and information” to the Senate. The fight over the platform takes place as U.S.-China relations have shifted into strategic rivalry, especially in areas such as advanced technology and data security, seen as essential to each country’s economic prowess and national security. If passed and signed into law, the House bill would give ByteDance 180 days to sell the platform to a buyer that satisfies the U.S. government. It would also bar ByteDance from controlling TikTok's algorithm, which feeds users videos based off their preferences. In addition to Mnuchin, some other investors, including “Shark Tank” star Kevin O’Leary, have voiced interest in buying TikTok's U.S. business. But experts have said it could be challenging for ByteDance to sell the platform to a buyer who could afford it in a few months. Big tech companies are best positioned to make such a purchase, but they would likely face intense scrutiny from antitrust regulators, which Mnuchin emphasized. “I don't think this should be controlled by any of the big U.S. tech companies. I think there could be antitrust issues on that,” he said during the interview. “This should be something that's independent so we have a real competitor. And users love it, so it shouldn't be shut down.” He also said the app would need to be rebuilt in the U.S. with new technology. In many ways, social media companies have become battlegrounds for partisan disagreements about how to control disinformation while protecting free speech. Mnuchin’s effort to buy TikTok comes as Trump and his allies have long complained about what they see as social media muzzling conservative voices. Trump himself has voiced opposition to the House bill, saying that a ban on TikTok would help its rival, Facebook, which he continues to lambast over his 2020 election loss. Some other Republicans who oppose the bill say the U.S. should simply tell Americans about the security concerns with TikTok, but let them decide if they want to use the platform. Meanwhile, some Democrats have expressed concern about singling out one company when other social media platforms also collect vast amounts of data on users. Opponents of the bill also say it would disrupt the lives of content creators who rely on the platform for income and run afoul of the First Amendment, which protects free speech. This isn't the first time a TikTok sale has been in play. When Mnuchin was Treasury secretary, the Trump administration brokered a deal in 2020 that would have had U.S. corporations Oracle and Walmart take a large stake in TikTok on national security grounds. The deal would have also made Oracle responsible for hosting all TikTok’s U.S. user data and securing computer systems to ensure national security requirements are satisfied. Microsoft also made a failed bid for TikTok that its CEO, Satya Nadella, later described as the “strangest thing" he had ever worked on. Instead of congressional action, the 2020 arrangement was in response to a series of executive actions by Trump targeting TikTok. But the sale never went through for a number of reasons. Trump’s executive orders got held up in court as the 2020 presidential election loomed. China also imposed stricter export controls on its technology providers. ___ Associated Press journalists Matt O'Brien, Aamer Madhani and Ali Swenson contributed to this report.
Small business owners weigh in on how they are coping with current economy None - Consumer confidence has risen over the last couple of months, data shows. Small business owners weigh in on how they are coping with current economy Market reports show the U.S. economy is seeing strong job numbers and a waning inflation rate, but some small business owners tell ABC News they are still feeling the pinch. When Mia Sakai opened her Chicago bodega in December 2020 she had to deal with the pandemic, supply chain issues and then rising costs of goods -- costs that she passed on to her customers. Small business owner Mia Sakai opened a bodega in Chicago three years ago. ABC News "It's not an easy thing to do, and it's not something we like to do, but we also want to be able to keep our business here and continue to be able to service the neighborhood," Sakai told ABC News. Rising grocery store prices are one of the reasons why Americans are down on the economy, according to experts. Between 2019 and 2023, food inflation increased by 25%, faster than other categories like housing, clothes and medical care, according to government data. Treasury Secretary Janet Yellen told ABC News that she does notice sticker shock when she buys her goods, but said that she doesn't expect that to continue. "Food prices have largely stabilized. They're not increasing at rapid rates," she said. U.S. Treasury Secretary Janet Yellen speaks with ABC News. ABC News Yellen recently gave a speech in Chicago about the state of the economy and let Americans know that the economy isn't as bad as they think. The secretary stressed that wages are finally catching up to rising prices. The typical American household is now spending $1,019 more every month on the same goods and services compared to three years ago, because of inflation, according to economic data from Moody's Analytics, but wages are up an average of $1,072 per month during that time, offsetting the higher prices. Consumer confidence has slowly been rebounding since a low in June 2022, according to recent surveys, and Yellen suggested that the data shows a shift in the public's sentiment on the economy. Alexandria Jones, an owner of a Chicago vintage clothes and goods store, however, said she still struggling. Her landlord increased the monthly rent from $1,400 to $1,750 and she's been unable to hire additional staff. Small business owner Alexandria Jones speaks with ABC News' Elizabeth Schulze. ABC News "Last year, I clocked not being here 11 days out of 365 days because I had to be here," she said. Paul Ruffino, the owner of Rattleback Records, told ABC News he’s lucky to say business has been steady despite a rise in prices. He said that the problem with the economy now isn’t as much about the message as it is the messenger. Ruffino said the Biden Administration and other leaders need to get the word out more. "Unemployment is low, inflation has slowed, so I think that things seem to be moving in the right direction and, hopefully, will continue to," he said.
Possible TikTok ban in US: What's at stake and what comes next None - Possible TikTok ban in US: What's at stake and what comes next The high-stakes battle on Capitol Hill between lawmakers and TikTok over a potential ban of the popular social media app is set for a watershed House vote on Wednesday on a bill that could bar access to the platform in the United States. TikTok, which boasts more than 170 million U.S. users, has emerged in recent years as a fixture of American life, shaping popular culture, supercharging the growth of the influencer economy and challenging some of the nation's largest companies, such as Meta and Google. A ban could carry far-reaching implications for everything from the discovery of music stars to the dominance of tech giants, to the fundamental issue of how millions of Americans spend their leisure time, experts told ABC News. A landmark First Amendment battle in response to such a measure could make its way to the Supreme Court, according to one expert. "TikTok is a hugely popular app," Matt Navarra, a social media industry analyst, told ABC News. "There would be a noticeable impact." The House is set to vote Wednesday on legislation that would force the sale of TikTok from its Chinese parent company, ByteDance. The House Energy and Commerce Committee had unanimously voted to advance the bill, which gives ByteDance six months to divest from TikTok or face a U.S. ban. While it appears poised to pass in the House, it's not yet clear if there would be the groundswell of support needed to get 60 votes for the legislation to advance in the Senate. In response to ABC News' request for comment, TikTok condemned the proposed bill as an infringement on the right to express oneself freely. "This legislation has a predetermined outcome: a total ban of TikTok in the United States. The government is attempting to strip 170 million Americans of their Constitutional right to free expression. This will damage millions of businesses, deny artists an audience and destroy the livelihoods of countless creators across the country," a TikTok spokesperson said. The social media platform has faced growing scrutiny from some government officials over fears that user data could fall into the possession of the Chinese government and the app could be weaponized by China to spread misinformation. There is little evidence that TikTok has shared U.S. user data with the Chinese government or that the Chinese government has asked the app to do so, cybersecurity experts previously told ABC News. Still, there's reason to believe the Chinese government could compel the company to share data on U.S. users or manipulate content on the app to forward a pro-China agenda, the cybersecurity experts added. "Catastrophic" for some companies and a "gift" for others Tens of millions of TikTok users in the U.S. spend an average of 82 minutes each day on the platform, according to a report released by market research firm SensorTower in 2022. That sizable share of daily media consumption nationwide grants content creators on the platform considerable power to spread culture, promote political campaigns and sell products. In the event of a TikTok ban, industries that advertise on the platform and creators who post on it would need to go elsewhere but may face difficulty replicating the appeal of the app, Tatiana Cirisano, a music industry analyst at data firm Midia Research, told ABC News. "There's this difficult-to-pin-down cultural capital that exists on TikTok," Cirisano said. "It ends up being the place where current culture forms. That isn't necessarily happening in the same way on other platforms." The music industry has come to depend on TikTok as a means of identifying talent, reaching new listeners and generating revenue through licensing agreements, Cirisano said. "The industry would lose a very significant pathway to music discovery, especially for younger audiences," Cirisano said. PHOTO: In this Nov. 26, 2023, file photo, the Tiktok Group Office Building is shown in Shanghai, China. Future Publishing via Getty Images On the whole, the prospect of a TikTok ban poses an imminent threat to creators who depend on it for their livelihoods, as well as businesses that rely on it to reach customers, Navarra said. Roughly 5 million businesses have TikTok accounts, the company said last year. Many users have made their livelihood on the app, including some who make millions of dollars each year. "For some small businesses and creators, the consequences will be catastrophic," Navarra said. However, rival companies such as Meta-owned Instagram and Google-owned YouTube could benefit significantly from a potential TikTok ban, Navarra added. Creators would likely flock to Instagram and YouTube in search of different platforms, Navara said, bringing advertisers with them as they chased the audience likely to follow their favorite stars. The user growth would lead directly to higher ad revenue for Google and Meta. "A large number of users and eyeballs and attention would be gifted to rival platforms," Navarra said. "It would be a significant win." Court battle over the First Amendment The potential ban of TikTok would likely elicit a legal challenge on First Amendment grounds that could reach the nation’s highest court, Anupam Chander, a professor of law and technology at Georgetown University, told ABC News. TikTok and its users could challenge the law as an infringement upon constitutionally protected freedom of speech, Chander said. In opposition, Chander said, the U.S. government would likely argue that national security concerns should outweigh First Amendment protections. "There would be substantial questions raised for the courts and ultimately the Supreme Court," Chander said. Last May, TikTok sued Montana in federal court over a ban of the app enacted by the state, saying the law violated the First Amendment rights of users. Months later, in November, a federal judge ruled in favor of TikTok and blocked the law before it took effect. If the U.S. enacts a law banning TikTok, a federal judge may order a temporary pause while the legal challenge makes its way through the court system due to the wide-reaching ramifications of such a measure. "The First Amendment concerns are clearly very serious," Chander said. "And blocking the app would have enormous consequences for the livelihood of millions of people and the speech of millions of people."
Disney seeks major expansion of California theme park to add more immersive attractions None - Disney is seeking approval from local officials to expand its California theme park offerings over the next four decades Walking through the frosty, snow-covered hamlet of Arendelle from “Frozen,” or the bustling, critter-filled metropolis of “Zootopia” might be possible one day for visitors to Disney's California theme parks. That's if Disney wins approval from local officials to expand its Anaheim resort over the next four decades. The proposed expansion wouldn't increase Disney's 490-acre (488-hectare) footprint in Southern California or change what the company already has permission to build. But it could help the company develop new attractions. They could place rides and entertainment options on what is currently a sprawling, 50-acre (20-hectare) parking lot — and move parking for Disneyland to a multistory structure — all while keeping within the boundaries of a resort surrounded by residential neighborhoods. “We know there are stories out there we haven’t told yet, like ‘Wakanda’ or ‘Coco’ or ‘Frozen’ or ‘Zootopia’,” said Rachel Alde, Disney’s senior vice president of global development and finance. “We know what kind of stories we would love to tell. We need to get the guidance on what we can build there so we can understand how.” After a lengthy meeting late Monday, the city of Anaheim’s planning commission voted to recommend approval of the proposal for Disneyland, dubbed the “happiest place on Earth.” The project — which would require Disney to invest at least $1.9 billion in the theme park, lodging, entertainment and related uses over the next decade — still must be approved by the city council before taking effect. The council is expected to consider the project next month. Disney's goal is to create what it calls more immersive experiences for tourists, similar to the attraction Star Wars: Galaxy's Edge, which opened in California in 2019. The company said it doesn’t yet know which stories would be central to the new developments, but the idea is to create areas like “Zootopia” in Shanghai Disneyland, where animal characters walk through a vibrant cityscape that resembles the setting of the film. Right now, there isn't enough room in the original Disneyland in California to build something on a large scale without affecting existing attractions, which are relished by loyal, long-time visitors to the company's oldest theme park, Alde said. During the hourslong planning commission meeting, staff for the city's planning and building department recommended the application be approved. The project “will allow us to continue Walt’s legacy of bringing Disney stories to life, right here in Anaheim,” Ken Potrock, president of Disneyland Resort, told the commission. Disneyland was founded in 1955 by Walt Disney. Amid overwhelmingly positive public comment, neighbors and Anaheim residents praised Disney’s outreach to the community, including seeking feedback for noise and design. Other speakers in support included trade organizations, like the California Chamber of Commerce and the California Attractions and Parks Association, and local unions. It’s the first time Disney has sought a major change to its California theme parks since the 1990s, when the company obtained approvals to turn its first park into a resort hub. It later added a second park, Disney California Adventure Park, and a shopping and entertainment area called Downtown Disney. Disneyland was the second-most visited theme park in the world in 2022 with 16.8 million people coming through the gates, according to a report by the Themed Entertainment Association and AECOM. Disney's parks are a tourism magnet for Southern California and especially for Anaheim, which is Orange County’s most populous city and home to more than 345,000 people as well as a major league baseball team and national hockey league team. Hotel revenue typically makes up about half of Anaheim's revenue, and is expected to climb to $236 million this year, according to city estimates. “Visitors generate a tremendous amount of revenue for our city that allows us to invest in our neighborhoods,” said Erin Ryan, a spokesperson for the city of Anaheim. “Disney brings a lot of tourists here.” The plan also would require the company to invest tens of millions of dollars in street improvements, affordable housing and other infrastructure in the city. Disney has held workshops to address residents' questions about the proposal, including concerns about the company's plan to absorb a local road into the theme park.
Number of Americans filing for jobless benefits remains low as labor market thrives None - The number of Americans applying for jobless benefits last week inched up but largely stayed at historically low levels as the labor market continues to thrive despite elevated interest rates The number of Americans applying for jobless benefits last week inched up but largely stayed at historically low levels as the labor market continues to thrive despite elevated interest rates. The Labor Department reported Thursday that filings for unemployment claims for the week ending March 9 ticked down by 1,000 to 209,000 from the previous week's 208,000. The four-week average of claims, which evens out some of the weekly volatility, came in at 208,000, a decrease of 500 from the previous week. In total, 1.81 million Americans were collecting jobless benefits during the week that ended March 2, an increase of 17,000 from the previous week. Last week's number, which had been the most since November, was revised down by 112,000. Weekly unemployment claims are considered a proxy for the number of U.S. layoffs in a given week. They have remained at historically low levels since the pandemic purge of millions of jobs in the spring of 2020. The Federal Reserve raised its benchmark borrowing rate 11 times beginning in March of 2022 in an effort to bring down the four-decade high inflation that took hold after the economy roared back from the COVID-19 recession of 2020. Part of the Fed’s goal was to loosen the labor market and cool wage growth, which it believes contributed to persistently high inflation. Many economists thought the rapid rate hikes could potentially tip the country into recession, but that hasn’t happened. Jobs have remained plentiful and the economy has held up better than expected thanks to strong consumer spending. In February, U.S. employers added a surprising 275,000 jobs, again showcasing the U.S. economy’s resilience in the face of high interest rates. At the same time, the unemployment rate ticked up two-tenths of a point in February to 3.9%. Though that was the highest rate in two years, it is still low by historic standards. And it marked the 25th straight month in which joblessness has remained below 4% — the longest such streak since the 1960s. The unemployment rate is 3.9%, and has been below 4% for 25 straight months, the longest such streak since the 1960s. Though layoffs remain at low levels, there has been an uptick in job cuts recently, mostly across technology and media. Google parent company Alphabet, eBay, TikTok, Snap, and Cisco Systems and the Los Angeles Times have all recently announced layoffs. Outside of tech and media, UPS, Macy’s and Levi’s also recently cut jobs.
Musk abruptly cancels 'The Don Lemon Show' on X after he sits for the program's first interview None - Musk abruptly cancels 'The Don Lemon Show' on X after he sits for the program's first interview SAN FRANCISCO -- Elon Musk abruptly canceled “The Don Lemon Show" on his social media network X after the former CNN anchor recorded an interview with the billionaire for its as-yet unaired first episode. Musk owns X, formerly known as Twitter, and frequently proclaims himself a “free speech absolutist.” In a post on X, the San Francisco-based company said only that after careful consideration, it "decided not to enter into a commercial partnership with the show.” It added that Lemon's show “is welcome to publish its content on X, without censorship, as we believe in providing a platform for creators to scale their work and connect with new communities.” In a video posted to X, Lemon declared that “ Elon Musk is mad at me ″ and said he will be airing his interview with the Tesla CEO on YouTube and via podcast on Monday. Lemon didn’t go into specifics about the source of Musk’s alleged unhappiness, but wrote, “Throughout our conversation, I kept reiterating to him that although it was tense at times, I thought it was good for people to see and hear our exchange and that they would learn from our conversation.” “But apparently free speech absolutism doesn’t apply when it comes to questions about him from people like me,” he added. In a later CNN discussion with Lemon on Monday, anchor Erin Burnett played clips of his Musk interview in which the Tesla and SpaceX CEO grew testy when asked about content moderation and the spread of hate speech on the X platform. In the clip, Lemon asked Musk if he believed that he and his social platform held any responsibility to moderate hate speech on X. He singled out the spread of the “ great replacement theory,” a racist belief that, in its most extreme form, falsely contends that Jews are behind a plot to diminish the influence of white people in the U.S. Musk replied sharply that he doesn't have to answer questions from reporters. “The only reason I’m in this interview is because you’re on the X platform and you asked for it," he said. "Otherwise I would not be doing this interview.” When Lemon followed up with a question about the criticism Musk has faced over the issue of hate speech, the CEO replied, “I'm criticized constantly. I could care less.” X announced in January a “new content partnership” with Lemon for the show, saying it would post 30 minute episodes three times a week on subjects including politics, culture, sports and entertainment. That deal was part of the struggling platform's efforts to bolster its content offerings and attract advertisers. X also announced shows hosted by former member of Congress Tulsi Gabbard and sports radio host Jim Rome. Lemon was fired by CNN last year after a 17-year run with the network. His ouster came a little over two months after he apologized for on-air comments about then-Republican presidential candidate Nikki Haley not being in “her prime” that he made during his short run as a morning show host.
Out of cash? 'Loser' Trump crushed in 'lies' case as empire wobbles None - Donald Trump’s New York civil fraud loss is proving to be a blow to his wallet, owing about half a billion dollars for fraudulently inflating his assets. In a new filing, Trump’s lawyers claimed that despite Trump’s “diligent efforts,” securing a bond in the full amount is a “practical impossibility.” MSNBC’s Jason Johnson reports. (Check out The Beat's playlist: https://msnbc.com/ari Connect with Ari Melber: https://www.instagram.com/arimelber)March 18, 2024
Mike Pence bashes his former boss, refuses to endorse Donald Trump None - Eddie Glaude, Princeton University Professor, Alexi McCammond, Opinion Editor for the Washington Post, and Mike Murphy, Republican Strategist join Nicolle Wallace on Deadline White House with reaction to the former Vice President Mike Pence going out of his way to say he will not support his former boss in the upcoming election and what it says about the growing number of former Trump administration officials unwilling to support Trump’s potential return to office. March 18, 2024
‘No joke’: Michael Cohen sounds the alarm on Trump getting money from foreign nations to pay bills None - Michael Cohen, Donald Trump's former personal attorney joins Michael Steele in for Nicolle Wallace on Deadline White House with reaction that Donald Trump doesn't has the funds he claimed he had while he was trying to get elected President, and how he may need to elicit foreign funding to pay his bills and legal judgements against him. March 18, 2024
Supreme Court wary of bid to limit White House contact with social media companies None - States like Louisiana and Missouri are accusing the Biden administration of illegally targeting conservative opinion content on social media platforms. NBC News' Ken Dilanian reports on how the justices leaned during today's arguments.March 18, 2024
Energy Department conditionally approves $2.26 billion loan for huge lithium mine in Nevada None - RENO, Nev. -- President Joe Biden's administration has conditionally agreed to loan more than $2 billion to the company building a controversial lithium mine in Nevada with the largest known U.S. deposit of the metal critical to making batteries for electric vehicles key to his renewable energy agenda. The U.S Energy Department agreed on Thursday to provide the $2.26 billion conditional loan to Canada-based Lithium Americas to help cover costs at its open pit mine deeper than the length of a football field near the Oregon line. The loan would help finance the a lithium carbonate processing plant at the Thacker Pass mine about 200 miles (322 kilometers) north of Reno — "the largest-proven lithium reserves in North America,” DOE said in a statement. “Thacker Pass is a treasure trove of lithium — key to strengthening U.S. energy security and electrifying America,” Energy Secretary Jennifer Granholm said in a message posted Friday on X, formerly known as Twitter. “By presenting this $2.26B conditional loan, we’ll help level the global playing field and supercharge clean energy manufacturing nationwide,” she said. The Energy Department said the loan is contingent on its Loan Programs Office's review of the project under the National Environmental Policy Act. Biden’s renewable energy agenda aimed at easing U.S. reliance on fossil fuels so as to reduce greenhouse gas emissions is expected to be a key issue in his reelection bid against ex-President Donald Trump, who has said he would focus on drilling for more oil. The department said lithium carbonate from Thacker Pass could support the production of batteries for up to 800,000 electric vehicles annually, avoiding the consumption of 317 million gallons (1.2 billion liters) of gasoline per year. “Today’s announcement reinforces the Biden-Harris Administration’s whole-of-government approach to strengthening America’s critical materials supply chain, which is essential to building America’s clean transportation future and enhancing our national and energy security,” DOE said Thursday. Lithium Americas said the loan would cover the vast majority of the first phase of the Thacker Pass project, which is now estimated to cost $2.93 billion. Last January, General Motors Co. conditionally agreed to invest $650 million in the project. The conditional commitment to the government's loan “is a significant milestone for Thacker Pass, which will help meet the growing domestic need for lithium chemicals and strengthen our nation’s security,” said Jonathan Evans, president and chief executive officer of Lithium Americas. “The United States has an incredible opportunity to lead the next chapter of global electrification in a way that both strengthens our battery supply chains and ensures that the economic benefits are directed toward American workers, companies and communities,” he said. Environmental groups and leaders of three tribes spent nearly two years fighting the mine, which they say borders the sacred site of a massacre of more than two dozen Native Americans in 1865. But a federal judge in Reno dismissed the latest challenges in December and the chairman of the Reno Sparks Indian Colony at the forefront of the legal battle said weeks later they were abandoning any future appeals. The acting chairwoman of the Nevada tribe closest to the mine said her members support the project. “Thacker Pass will provide important economic and employment opportunities for members of our Tribe," Larina Bell of the Fort McDermitt Paiute Shoshone Tribe said in a statement. Lithium Americas said site preparation has been completed, including all site clearing, the commissioning of a water supply system, site access improvements and site infrastructure. The company said the latest estimated total cost of phase one construction has been revised upward to $2.93 billion based on several factors, including the use of union labor for construction, updated equipment pricing and development of an all-inclusive housing facility for construction workers. The company said it spent $193.7 million on the project during the year that ended Dec. 31. Mechanical completion of phase one is targeted for 2027 with full production anticipated sometime in 2028.