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How major US stock indexes fared Monday, 4/15/2024 None - U.S. stocks slumped after higher yields in the bond market cranked up the pressure on Wall Street How major US stock indexes fared Monday, 4/15/2024 The Associated Press By The Associated Press U.S. stocks slumped after higher yields in the bond market cranked up the pressure on Wall Street. The S & P 500 fell 1.2% Monday. The Dow Jones Industrial Average slipped 0.7%, and the Nasdaq composite dropped 1.8%. Stocks had been up earlier in the day, rising as oil prices eased. But Treasury yields also spurted higher following the latest report on the U.S. economy to blow past expectations. Financial markets are in an awkward phase where such strength raises traders’ hopes for growing profits at companies but also hurts expectations for easier interest rates. High rates put downward pressure on stock prices. On Monday: The S & P 500 fell 61.59 points, or 1.2%, to 5,061.82. The Dow Jones Industrial Average fell 248.13 points, or 0.7%, to 37,735.11. The Nasdaq composite fell 290.08 points, or 1.8%, to 15,885.02. The Russell 2000 index of smaller companies fell 27.47 points, or 1.4%, to 1,975.71. For the year: The S & P 500 is up 291.99 points, or 6.1%. The Dow is up 45.57 points, or 0.1%. The Nasdaq is up 873.67 points, or 5.8%. The Russell 2000 is down 51.37 points, or 2.5%.
AI-generated models could bring more diversity to the fashion industry — or leave it with less None - AI fashion modeling is on the rise but its use has complicated implications for diversity AI-generated models could bring more diversity to the fashion industry — or leave it with less CHICAGO -- London-based model Alexsandrah has a twin, but not in the way you’d expect: Her counterpart is made of pixels instead of flesh and blood. The virtual twin was generated by artificial intelligence and has already appeared as a stand-in for the real-life Alexsandrah in a photo shoot. Alexsandrah, who goes by her first name professionally, in turn receives credit and compensation whenever the AI version of herself gets used — just like a human model. Alexsandrah says she and her alter-ego mirror each other “even down to the baby hairs.” And it is yet another example of how AI is transforming creative industries — and the way humans may or may not be compensated. Proponents say the growing use of AI in fashion modeling showcases diversity in all shapes and sizes, allowing consumers to make more tailored purchase decisions that in turn reduces fashion waste from product returns. And digital modeling saves money for companies and creates opportunities for people who want to work with the technology. But critics raise concerns that digital models may push human models — and other professionals like makeup artists and photographers — out of a job. Unsuspecting consumers could also be fooled into thinking AI models are real, and companies could claim credit for fulfilling diversity commitments without employing actual humans. “Fashion is exclusive, with limited opportunities for people of color to break in,” said Sara Ziff, a former fashion model and founder of the Model Alliance, a nonprofit aiming to advance workers’ rights in the fashion industry. “I think the use of AI to distort racial representation and marginalize actual models of color reveals this troubling gap between the industry’s declared intentions and their real actions.” Women of color in particular have long faced higher barriers to entry in modeling and AI could upend some of the gains they've made. Data suggests that women are more likely to work in occupations in which the technology could be applied, and are more at risk of displacement than men. In March 2023, iconic denim brand Levi Strauss & Co. announced that it would be testing AI-generated models produced by Amsterdam-based company Lalaland.ai to add a wider range of body types and underrepresented demographics on its website. But after receiving widespread backlash, Levi clarified that it was not pulling back on its plans for live photo shoots, the use of live models or its commitment to working with diverse models. “We do not see this (AI) pilot as a means to advance diversity or as a substitute for the real action that must be taken to deliver on our diversity, equity and inclusion goals and it should not have been portrayed as such,” Levi said in its statement at the time. The company last month said that it has no plans to scale the AI program. The Associated Press reached out to several other retailers to ask whether they use AI fashion models. Target, Kohl’s and fast-fashion giant Shein declined to comment; Temu did not respond to a request for comment. Meanwhile, spokespeople for Nieman Marcus, H & M, Walmart and Macy's said their respective companies do not use AI models, although Walmart clarified that “suppliers may have a different approach to photography they provide for their products but we don’t have that information.” Nonetheless, companies that generate AI models are finding a demand for the technology, including Lalaland.ai, which was co-founded by Michael Musandu after he was feeling frustrated by the absence of clothing models who looked like him. “One model does not represent everyone that’s actually shopping and buying a product,” he said. “As a person of color, I felt this painfully myself.” Musandu says his product is meant to supplement traditional photo shoots, not replace them. Instead of seeing one model, shoppers could see nine to 12 models using different size filters, which would enrich their shopping experience and help reduce product returns and fashion waste. The technology is actually creating new jobs, since Lalaland.ai pays humans to train its algorithms, Musandu said. And if brands “are serious about inclusion efforts, they will continue to hire these models of color,” he added. London-based model Alexsandrah, who is Black, says her digital counterpart has helped her distinguish herself in the fashion industry. In fact, the real-life Alexsandrah has even stood in for a Black computer-generated model named Shudu, created by Cameron Wilson, a former fashion photographer turned CEO of The Diigitals, a U.K.-based digital modeling agency. Wilson, who is white and uses they/them pronouns, designed Shudu in 2017, described on Instagram as the “The World’s First Digital Supermodel.” But critics at the time accused Wilson of cultural appropriation and digital Blackface. Wilson took the experience as a lesson and transformed The Diigitals to make sure Shudu — who has been booked by Louis Vuitton and BMW — didn’t take away opportunities but instead opened possibilities for women of color. Alexsandrah, for instance, has modeled in-person as Shudu for Vogue Australia, and writer Ama Badu came up with Shudu’s backstory and portrays her voice for interviews. Alexsandrah said she is “extremely proud” of her work with The Diigitals, which created her own AI twin: “It’s something that even when we are no longer here, the future generations can look back at and be like, ‘These are the pioneers.’” But for Yve Edmond, a New York City area-based model who works with major retailers to check the fit of clothing before it's sold to consumers, the rise of AI in fashion modeling feels more insidious. Edmond worries modeling agencies and companies are taking advantage of models, who are generally independent contractors afforded few labor protections in the U.S., by using their photos to train AI systems without their consent or compensation. She described one incident in which a client asked to photograph Edmond moving her arms, squatting and walking for “research" purposes. Edmond refused and later felt swindled — her modeling agency had told her she was being booked for a fitting, not to build an avatar. “This is a complete violation,” she said. “It was really disappointing for me.” But absent AI regulations, it’s up to companies to be transparent and ethical about deploying AI technology. And Ziff, the founder of the Model Alliance, likens the current lack of legal protections for fashion workers to “the Wild West.” That's why the Model Alliance is pushing for legislation like the one being considered in New York state, in which a provision of the Fashion Workers Act would require management companies and brands to obtain models’ clear written consent to create or use a model’s digital replica; specify the amount and duration of compensation, and prohibit altering or manipulating models’ digital replica without consent. Alexsandrah says that with ethical use and the right legal regulations, AI might open up doors for more models of color like herself. She has let her clients know that she has an AI replica, and she funnels any inquires for its use through Wilson, who she describes as "somebody that I know, love, trust and is my friend.” Wilson says they make sure any compensation for Alexsandrah's AI is comparable to what she would make in-person. Edmond, however, is more of a purist: “We have this amazing Earth that we’re living on. And you have a person of every shade, every height, every size. Why not find that person and compensate that person?” ____ Associated Press Writers Anne D’Innocenzio and Haleluya Hadero contributed to this story from New York. ____ The Associated Press’ women in the workforce and state government coverage receives financial support from Pivotal Ventures. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.
2 Russian businessmen linked to Alfa Group win court case over EU sanctions None - Russian businessmen Mikhail Fridman and Petr Aven won a court case Wednesday over a European Union decision to sanction them for their alleged role in Russia’s war against Ukraine BRUSSELS -- Russian businessmen Mikhail Fridman and Petr Aven won a court case Wednesday over a European Union decision to sanction them for their alleged role in Russia’s war against Ukraine. The EU General Court said a lack of evidence justified their removal from a list of persons who faced restrictive measures between February 2022 and March 2023. The EU in March last year kept Aven and Fridman on the lists. The two have also challenged that decision in separate cases still pending. Fridman is a founder of Alfa Group and ranks as one of Russia’s wealthiest tycoons. The group’s Alfa Bank, Russia’s largest non-state bank, was sanctioned by the EU in March 2022, prompting Fridman to leave the board to try to help the bank skirt sanctions. Aven headed Alfa Bank until March 2022, but like Fridman left the board after the EU move. The EU has imposed several rounds of sanctions on Russia since Putin ordered his troops into Ukraine. The measures have targeted the energy sector, banks, the world’s biggest diamond-mining company, businesses and markets, and subjected Russian officials — including Russian President Vladimir Putin — to asset freezes and travel bans. Kremlin spokesman Dmitry Peskov welcomed Wednesday's ruling. “Of course representatives of big business have the opportunity to challenge these sanctions decisions ... and they are doing that,” Peskov told reporters. “In any case, we consider all these sanctions illegal, unfair and destructive." Neither Fridman nor Aven had directly criticized the war. They instead asked well-known anti-war Russians to sign a letter asking that EU sanctions against them be lifted. Leonid Volkov, the chief of staff to Russian opposition leader Alexei Navalny, signed the letter and later said he regretted doing so. Volkov said the decision to delist Fridman and Aven was “very bad” because it showed that tycoons could have sanctions lifted without publicly criticizing Putin or the war in Ukraine. “What the Europeans have done now makes no sense,” Volkov wrote on social platform X. “Fridman and Aven never said a word in public against the war and did not go into conflict with Putin. The EU Court simply gave them what they wanted on a silver platter. For what? What signal is the court sending to Putin, his friends, and Russian oligarchs?” he added. Aven, of Russian and Latvian nationality, and Fridman, who holds Russian and Israeli passports, were placed on the list for restrictive measures after Russia launched its invasion of Ukraine in February 2022. The two challenged the decision and the General Court said their inclusion was not justified because there was insufficient evidence that they provided material or financial support to Russian decision-makers, or were associated with war efforts undermining Ukraine. “The General Court considers that none of the reasons set out in the initial acts is sufficiently substantiated and that the inclusion of Mr Aven and Mr Fridman on the lists at issue was therefore not justified,” the Luxembourg-based court said in a statement. Fridman has called the war a tragedy and for the “bloodshed” to end. He previously lived in Britain but reportedly returned to Moscow after fighting between Israel and Hamas began. Last year, the U.S. Treasury Department imposed financial sanctions against four Russians on the board of Alfa Group, including Aven and Fridman. Rulings by the General Court can be appealed to the European Court of Justice. ___ Emma Burrows in London contributed to this report.
Ship that caused bridge collapse had apparent electrical issues while still docked, AP source says None - Someone with knowledge of the situation tells The Associated Press that the massive container ship that caused the deadly collapse of a Baltimore bridge experienced apparent electrical issues before it left the port but set out anyway BALTIMORE -- The massive container ship that caused the deadly collapse of a Baltimore bridge experienced apparent electrical issues before it left port but set out anyway, someone with knowledge of the situation told The Associated Press on Monday, hours after the FBI said it was investigating whether any laws might have been broken. The Dali left Baltimore’s port early on March 26 laden with cargo destined for Sri Lanka when it struck one of the Francis Scott Key Bridge’s supports, causing the span to collapse into the Patapsco River and sending six members of a roadwork crew plummeting to their deaths. Three of their bodies have been recovered. The Dali experienced apparent electrical issues before leaving port, according to someone with knowledge of the situation. The person, who spoke on the condition of anonymity because they weren’t authorized to comment, said alarms went off on the ship’s refrigerated containers while it was still docked in Baltimore, likely indicating an inconsistent power supply. The ship’s crew was aware of the issues and indicated they would be addressed, according to the person. Officials with the National Transportation Safety Board have said their investigation will include an inquiry into whether the ship experienced power issues before starting its voyage. Board Chair Jennifer Homendy said last week that the investigation is focused on the ship’s electrical system generally. The ship experienced power issues moments before the crash, as is evident in videos that show its lights going out and coming back on. Homendy said information gleaned from the vessel’s voyage data recorder is relatively basic, “so that information in the engine room will help us tremendously.” The FBI said Monday that it is conducting a criminal investigation into the bridge collapse that is focused on the circumstances leading up to it and whether all federal laws were followed, according to a different person familiar with the matter. The person wasn’t authorized to discuss details of the investigation publicly and spoke to the AP on the condition of anonymity. FBI agents were aboard the cargo ship on Monday conducting court-authorized law enforcement activity, the agency said in a statement. It didn’t elaborate and said it wouldn’t comment further on the investigation, which was first reported by The Washington Post. Meanwhile, Mayor Brandon Scott issued a statement Monday announcing a partnership with two law firms to “launch legal action to hold the wrongdoers responsible” and mitigate harm to the people of Baltimore. He said the city needs to act quickly to protect its own interests. Scott said the city “will take decisive action to hold responsible all entities accountable for the Key Bridge tragedy,” including the owner, operator and manufacturer of the cargo ship Dali, which began its journey roughly a half-hour before losing power and veering off course. The Dali is managed by Synergy Marine Group and owned by Grace Ocean Private Ltd., both of Singapore. Danish shipping giant Maersk chartered the Dali. Synergy and Grace Ocean filed a court petition soon after the collapse seeking to limit their legal liability — a routine procedure for cases litigated under U.S. maritime law. Their joint filing seeks to cap the companies’ liability at roughly $43.6 million. It estimates that the vessel itself is valued at up to $90 million and was owed over $1.1 million in income from freight. The estimate also deducts two major expenses: at least $28 million in repair costs and at least $19.5 million in salvage costs. “Due to the magnitude of the incident, there are various government agencies conducting investigations, in which we are fully participating,” Synergy spokesperson Darrell Wilson said in a statement Monday. “Out of respect for these investigations and any future legal proceedings, it would be inappropriate to comment further at this time.” The companies filed their petition under a provision of an 1851 maritime law that allows them to seek to limit their liability to the value of the vessel’s remains after a casualty. Attorneys for some of the victims and a worker who survived the collapse argued Monday that the companies that own and manage the ship are taking advantage of an “archaic law” in attempting to protect their assets. “Imagine telling that to grieving families … while they’re planning a funeral, the owner of the boat is in court,” attorney L. Chris Stewart said during a news conference in Baltimore. The road crew “absolutely had zero warning” in the moments before the collapse, Stewart said, even though a last-minute mayday call from the ship’s pilot allowed nearby police officers to stop traffic from trying to cross the span. Three of the workers' bodies are still missing, as crews continue the dangerous work of removing massive chunks of steel from the river. Julio Cervantes, who survived falling from the bridge, narrowly escaped drowning by rolling down his work vehicle's window and fighting through the frigid water despite being unable to swim, attorneys said. He clung to debris until he was rescued. “This was all preventable,” Stewart said. “That is why we were brought in to investigate and find out what has happened and give these families a voice.” The investigations come amid concerns about the safety of thousands of U.S. bridges and days after more than two dozen river barges broke loose and struck a closed span in Pittsburgh.
New rules for Pregnant Workers Fairness Act include divisive accommodations for abortion None - Workers are entitled to time off and other job accommodations for abortions under the Pregnant Workers Fairness Act, according to finalized federal regulations published Monday NEW YORK -- Workers are entitled to time off and other job accommodations for abortions — along with pregnancy-related medical conditions like miscarriage, stillbirth and lactation — under the Pregnant Workers Fairness Act, according to finalized federal regulations published Monday. The regulations provide guidance for employers and workers on how to implement the law, which passed with robust bipartisan Congressional support in December 2022 but sparked controversy last year when the Equal Employment Opportunity Commission included abortions in its draft rules. The language means that workers can ask for time off to obtain an abortion and recover from the procedure. The EEOC says its decision to keep the abortion provisions in its final rules despite criticism from some conservatives is consistent with its own longstanding interpretation of Title VII, as well as court rulings. The federal agency added that the new law does not obligate employers or employer-sponsored health plans to cover abortion-related costs, and that the type of accommodation that most likely will be sought under the Pregnant Workers Fairness Act regarding an abortion is time off to attend a medical appointment or for recovery, which does not have to be paid. The act requires most employers with 15 or more employees to provide "reasonable accommodations" for a worker’s known limitations related to pregnancy, childbirth, or related medical conditions — including fertility and infertility treatments in some cases — unless the accommodation will cause the employer an undue hardship. The EEOC's regulations, which will be used as a framework to enforce the law, will go into effect on June 18. Labor advocates hailed the new law as especially important for women of color who are most likely to work in low-wage, physically demanding jobs but are often denied accommodations for everything from time off for medical appointments to the ability to sit or stand on the job. Major business groups also supported the law, citing the need for clarity about the accommodations that employers are required to give pregnant workers. “No one should have to risk their job for their health just because they are pregnant, recovering from childbirth, or dealing with a related medical condition,” said EEOC Chair Charlotte A. Burrows on Monday. But Republican lawmakers and anti-abortion activists denounced the EEOC’s inclusion of abortion after the agency first released its proposed rule in August for a monthslong public commentary period. Abortion rights proponents, meanwhile, applauded the provision as critical at time when abortion rights have been curtailed in many states following the U.S. Supreme Court’s 2022 decision to overturn Roe v. Wade. The EEOC is composed of three Democratic commissioners and two Republican commissioners. Sen. Bill Cassidy of Louisiana, the lead Republican sponsor of the Pregnant Workers Fairness Law, accused the Biden administration on Monday of "shocking and illegal" disregard of the legislative process to promote a political agenda. The Alliance Defending Freedom, a conservative Christian legal organization, said the Biden administration was trying to “smuggle an abortion mandate” into the law. But in comments submitted to the EEOC, the American Civil Liberties Union applauded the agency for “recognizing that abortion has for decades been approved under the law as a ‘related medical condition’ to pregnancy that entitles workers to reasonable accommodations, including time off to obtain abortion care.” The EEOC said it had received 54,000 comments urging the commission to exclude abortion from its definition of medical condition related to pregnancy, but it also received 40,000 comments supporting its inclusion. While the commission said it understood that both sides were expressing “sincere, deeply held convictions,” it cited numerous federal cases that it said supported its interpretation that abortion is a pregnancy-related condition deserving of protection. The new rules include extensive details on the types of accommodations that pregnant workers can request, from temporary exemption from jobs duties like heavy lifting to considerations for morning sickness. Women's right advocates had campaigned for years for the law, arguing that the 1978 Pregnancy Discrimination Act offered inadequate protection for pregnant workers. The 1978 law, which amended Title VII of the Civil Rights Act of 1964, prohibited discrimination on the basis of pregnancy and marked a major shift for gender equality at time when pregnant women were routinely denied or pushed out of jobs. But in order to receive workplace accommodations, pregnant women had to demonstrate that co-workers had received similar benefits for comparable needs, since the act stated only that pregnant workers must be treated similarly to other employees, not that they deserved special consideration. That put a burden of proof that many women found impossible to meet, forcing them to work in unsafe conditions or quit their jobs, according to A Better Balance, one of the most vocal advocates for the Pregnant Workers Fairness Act. The new law makes clear that that pregnant workers are entitled to accommodations to keep doing their jobs, mirroring the process for workers with disabilities. It places the burden on employers to prove “undue hardship” if they deny requests for modifications. The EEOC typically handles between 2,000 and 4,000 pregnancy discrimination charges a year, many involving denial of workplace accommodations. A study conducted by A Better Balance found that in two-thirds of pregnancy discrimination cases that followed the 2015 Supreme Court ruling, courts determined the employers were allowed to deny accommodations under the Pregnancy Discrimination Act. In a prepared statement, A Better Balance Co-President Dina Bakst applauded the EEOC “for issuing robust final regulations that appropriately recognize the broad scope of the Pregnant Workers Fairness Act.” ____ The Associated Press’ women in the workforce and state government coverage receives financial support from Pivotal Ventures. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.
Hexcel, WD-40 fall; Macy's, Roblox rise, Wednesday, 4/10/2024 None - Stocks that traded heavily or had substantial price changes on Wednesday: Hexcel, WD-40 fall; Macy's, Roblox rise The Associated Press By The Associated Press NEW YORK -- Stocks that traded heavily or had substantial price changes on Wednesday: Hexcel Corp., down $8.81 to $62.34. The maker of lightweight composite materials named a new CEO to replace Nick Stanage when he retires at the end of 2024. WD-40 Co., down $21.93 to $233.18. The lubricant maker's fiscal second-quarter revenue missed analysts' forecasts. Macy's Inc., up 50 cents to $20.19. The department store chain named two new board members in a settlement with investment firm Arkhouse Management. Taiwan Semiconductor Manufacturing Co., up 82 cents to $146.22. The chipmaker gave investors an encouraging revenue update. Illumina Inc., down $2.40 to $131.17. The genetic testing tools company named a new chief financial officer following Joydeep Goswami's resignation. PriceSmart Inc., down $2.56 to $80.53. The warehouse club operator announced a special dividend of $1. Roblox Corp., up 71 cents to $39.80. The online gaming platform hired PubMatic to manage its advertising inventory. Delta Air Lines Inc., down $1.08 to $46.24. The airline fell along with other travel stocks, despite beating analysts’ first-quarter earnings and revenue forecasts.
Six jurors have been seated for Trump's hush money criminal trial None - NBC News' Vaugh Hillyard reports as six of the potential jurors for former President Trump's New York hush money trial have now been seated on the second day of selections.April 16, 2024
House delivers articles of impeachment against Secy. Mayorkas to the Senate None - Republican members of the House of Representatives walked through the capitol to deliver articles of impeachment against Homeland Security Secy. Alejandro Mayorkas to the Senate. NBC News' Ali Vitali has details on how the House came to this action and what may come next.April 16, 2024
Trump lawyers scrutinize prospective juror's social media posts None - Lawyers for former President Trump are discussing the social media posts of a prospective juror in the New York hush money trial against him, claiming that they should disqualify them from the trial.April 16, 2024
How major US stock indexes fared Tuesday, 4/16/2024 None - Most U.S. stocks slipped as Treasury yields climbed again on rising expectations that interest rates may stay high for a while How major US stock indexes fared Tuesday, 4/16/2024 The Associated Press By The Associated Press Most U.S. stocks slipped as Treasury yields climbed again on rising expectations that interest rates may stay high for a while. The S & P 500 fell 0.2% Tuesday. The Dow Jones Industrial Average rose 0.2%, and the Nasdaq composite fell 0.1%. UnitedHealth helped support the market after jumping on a stronger-than-expected profit report. But the majority of stocks weakened after two top officials at the Federal Reserve warned it may not cut interest rates for a while after inflation reports this year came in worse than expected. The two-year Treasury yield briefly climbed as high as 5% before paring its gain. On Tuesday: The S & P 500 fell 10.41 points, or 0.2%, to 5,051.41. The Dow Jones Industrial Average rose 63.86 points, or 0.2%, to 37,798.97. The Nasdaq composite fell 19.77 points, or 0.1%, to 15,865.25. The Russell 2000 index of smaller companies fell 8.23 points, or 0.4%, to 1,967.48. For the week: The S & P 500 is down 72 points, or 1.4%. The Dow is down 184.27 points, or 0.5%. The Nasdaq is down 309.84 points, or 1.9%. The Russell 2000 is down 35.70 points, or 1.8%. For the year: The S & P 500 is up 281.58 points, or 5.9%. The Dow is up 109.43 points, or 0.3%. The Nasdaq is up 853.90 points, or 5.7%. The Russell 2000 is down 59.60 points, or 2.9%.
Why is Trump's Truth Social stock plummeting? None - Shares of Truth Social soared after the company’s market debut last month -- but the stock price has plummeted since then. After vaulting from an initial offering price of about $50 to a peak of nearly $80 in late March, the share price has dropped a staggering 68%. In early trading on Tuesday, the price stood at about $25. The sharp decline traces primarily to the company’s status as a so-called meme stock, which appeals to investors on the basis of ideology rather than financial outlook, experts told ABC News. Since Truth Social suffers continued losses and lacks a path to profitability, the stock risks selloffs on even mildly negative news, they said. “The political hope is meeting a financial reality,” Tyler Richey, an analyst at Sevens Report Research, told ABC News. Truth Social did not immediately respond to ABC News' request for comment. The stock performance holds significant financial implications for former President Donald Trump, whose 60% stake in the company could ultimately deliver a multi-billion dollar windfall. Truth Social shares make up a large portion of Trump’s overall net worth, according to Fortune. During its initial days on the market, the stock rallied. The price climbed 16% on the company’s first day of listing and another 14% on its second. That growth granted Truth Social a valuation of more than $8 billion, even though the company has yet to turn a profit and generates quarterly revenue of barely $1 million. “The valuation is just astronomical,” Richey said. “So it’s coming back to Earth.” Truth Social, listed as ticker DJT, remains far smaller and less financially robust than its rivals in the crowded social media sector. Research firm SimilarWeb estimates the company drew 5 million website visitors in February, which puts it well below the roughly 2 billion monthly active users reported by Instagram. TikTok boasts at least 1 billion monthly active users, the company said in 2021. Truth Social generated roughly $3 million over the first nine months of 2023, government filings show. Meanwhile, the company reported $49 million in net losses over that period. By comparison, Instagram-parent Meta delivered nearly $135 billion in revenue last year, company earnings revealed. “Truth Social is not attracting and holding users and it’s not attracting significant advertising revenue,” Jay Ritter, a professor of finance at the University of Florida, told ABC News. “Its current business model is a colossal failure.” The download screen for Truth Social app is seen on a laptop computer, March 20, 2024, in New York. John Minchillo/AP, FILE The absence of financial underpinning leaves the stock vulnerable to major declines even in response to mildly negative or routine news, experts said. On Monday, the company released a government filing meant to formally establish millions of shares owned by Donald Trump and other investors. Investors holding shares in the pre-merger company that took Truth Social public could eventually convert those holdings into shares of Truth Social, the filing said. The routine filing did not increase the number of outstanding shares but it still raised alarm among some investors for the potential to do so, Ritter said. “This was going to happen sooner or later,” Ritter said. “In that regard, it wasn’t really news.” The filing appeared to send the stock price tumbling. Shares of Truth Social fell 18% on Monday. When traders buy into a stock for non-financial reasons, moments of risk can turn into a collapse, in part because opportunistic traders abandon the stock on the way down, experts said. “There’s a domino effect,” Ritter said. “Selling led to more selling.” The stock difficulty has coincided with financial challenges for Trump. Earlier this month, the presumptive Republican presidential nominee posted a $175 million bond in a New York civil fraud case. Trump can’t sell or leverage his stake in Truth Social for at least six months due to a lockup provision intended to prevent a rapid selloff that could shake investor confidence. Supporters of Trump could seek to reverse the company’s declining stock price, Richey said. “You may have some die-hard supporters come in and support the stock,” Richey said, noting that such a move could elicit a response from skeptics of Trump or the company. “In this political environment, there’s just as many people that would bet against the stock as would be for it,” Richey said.
Video Business Headlines: Tesla struggles as stock hits its lowest level in over a year None - Business Headlines: Tesla struggles as stock hits its lowest level in over a year The drop in stock came shortly after the electric vehicle maker announced it was laying off 10% of its workforce
Pakistan and Saudi Arabia call for a cease-fire in Gaza, saying efforts so far are insufficient None - Pakistan and Saudi Arabia have called for an immediate cease-fire and uninterrupted delivery of humanitarian aid in Gaza Pakistan and Saudi Arabia call for a cease-fire in Gaza, saying efforts so far are insufficient ISLAMABAD -- Pakistan and Saudi Arabia on Tuesday called for an immediate cease-fire and uninterrupted delivery of humanitarian aid in Gaza. Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan, on a visit to Islamabad, said that international efforts toward a cease-fire between Israel and the militant group Hamas have been "wholly insufficient.” “We are now actively discussing the potential for famine in Gaza, and it means people are starving to death because humanitarian assistance is not getting to them," he said. “This is an unacceptable situation." Without directly mentioning an Iranian attack on Israel over the weekend, he said “we are already in an unstable region, and the humanitarian catastrophe in Gaza is already inflaming the region. We do not need more conflict in our region, we do not need more confrontation in our region, so it is our position that the de-escalation must be everybody’s priority." Tensions in the region have ramped up since the start of the latest Israel-Hamas war on Oct. 7, when Hamas and Islamic Jihad, two militant groups backed by Iran, carried out a devastating cross-border attack that killed 1,200 people in Israel and kidnapped 250 others. Israel responded with an offensive in Gaza that has caused widespread devastation and killed over 33,800 people, according to local health officials. Pakistan's Foreign Minister Ishaq Dar described the killings in Gaza as “genocide” and said that the “world's conscience must wake up” and there should be “an immediate and unconditional cease-fire” with aid flowing into the territory. Pakistan's Prime Minister Shehbaz Sharif earlier met with Prince Faisal and called for closer cooperation with Saudi Arabia to help his cash-strapped nation with investment, a government statement said. Sharif last week met with Crown Prince Mohammed bin Salman in Saudi Arabia, one of Pakistan’s closest allies and a leading supplier of oil to Islamabad. According to Pakistani officials, Prince Mohammed had assured Pakistan that Saudi Arabia would invest $5 billion in Pakistan. In July, Saudi Arabia deposited $2 billion into Pakistan’s central bank to boost its foreign exchange reserves.
Nissan says it will make next-generation EV batteries by early 2029 None - Nissan says it expects to mass produce electric vehicles powered by advanced next-generation batteries by early 2029 Nissan says it will make next-generation EV batteries by early 2029 YOKOHAMA, Japan -- Nissan expects to mass produce electric vehicles powered by advanced next-generation batteries by early 2029, the company said Tuesday during a media tour of an unfinished pilot plant. Japan's legacy automakers have fallen behind newer rivals like America's Tesla and China's BYD in the emerging all-electric auto sector. But Nissan, like other companies, sees a chance to catch up and perhaps leap ahead with a new kind of battery that promises to be more powerful, cheaper, safer and faster to charge than the lithium-ion batteries in use today. Solid-state batteries, which replace the corrosive liquids found in conventional batteries with solid metals, are widely seen as the next step for EVs, and leading automakers are racing to develop versions that can be mass produced. Rivals like Volkswagen and Toyota have also announced efforts to produce solid-state EVs, with Toyota setting a date of 2027-28 to begin bringing them to market. But substantial challenges remain before the technology reaches commercial mass production. The sprawling facility Nissan showed off Tuesday was still mostly empty, but company officials said it's scheduled to begin operating a pilot production line by March 2025, with commercial production of EVs there set to start in fiscal year 2028, which runs from April 2028 to March 2029. “Once electric vehicles get going, costs will come down compared to the internal combustion engine. They will also be so convenient. For one, you won’t ever have to go to a gas stand,” Executive Vice President Hideyuki Sakamoto told reporters at a tour of the sprawling facility southwest of Tokyo. “The engineers at Nissan are all working hard to create this new world,” said Sakamoto. Nissan officials offer few details about many aspects of the technology, as well as the amount of investment and global production plans. They said the company had come up with key, unique materials for the batteries, including a metal form of lithium. Nissan was an EV pioneer, introducing the all-electric Leaf in 2010. The company said it plans to offer solid-state batteries in a range of models, including pickup trucks. “We are finally in the phase of scaling up on our all-solid-state battery line,” said Shunichi Inamijima, corporate vice president. “Our all-solid-state battery technology is a game-changer for making EV sales grow explosively.” ___ Yuri Kageyama is on X https://twitter.com/yurikageyama
Business boom: Record numbers of people are starting up new small businesses None - Record numbers of people are starting new businesses, and more and more of them are women and minorities, according to a new study NEW YORK -- Record numbers of people are starting new businesses, and more and more of them are women and minorities, according to a new study. New business applications jumped in 2020 as the pandemic started, and have continued to be filed at a record pace. More than 5 million applications were filed in 2021 and 2022 and a record 5.5 million new business applications were filed in 2023. Payroll firm Gusto surveyed 1,300 owners who started their small business last year to discover their characteristics. Women made up 49% of the new business owners surveyed. That's in line with the past several years, but up starkly from 2019, when just 29% of new business owners were women. Still, women do not receive as much interest from investors as men. In 2023, just 3% of women entrepreneurs received a private capital investment to start their business, compared to 9% of male entrepreneurs. Black entrepreneurs made up 6% of new business owners in 2023, double the 3% rate seen before the pandemic. Hispanic entrepreneurs made up 13% of new owners, compared to 8% last year. Meanwhile, more businesses are being started as “side hustles,” or businesses that supplement day jobs. Forty-four percent of entrepreneurs who started a new business in 2023 did so while working another job, either part time or full time, up from 27% in 2022.
Cyberattack costs hit UnitedHealth in 1Q that still turns out better than expected None - UnitedHealth Group trounced first-quarter expectations even as costs from a cyberattack to its Change Healthcare business ate into its performance Cyberattack costs hit UnitedHealth in 1Q that still turns out better than expected UnitedHealth Group trounced first-quarter expectations even as costs from a cyberattack to its Change Healthcare business ate into the company’s performance. The health care giant also said Tuesday that care patterns in the year’s first quarter met its expectations after soaring medical costs at the end of last year surprised Wall Street. Company shares jumped in midday trading. UnitedHealth said earlier this year that a ransomware group had gained access to some of the systems of its Change Healthcare business, which provides technology used to submit and process insurance claims. The attack disrupted payment and claims processing around the country, stressing doctor’s offices and health care systems. Federal civil rights investigators are looking into whether protected health information was exposed in the attack. UnitedHealth is still restoring several services from the February attack. It took an $872 million hit from it in the first quarter, but CEO Andrew Witty told analysts on Tuesday that the company expected to bring Change Healthcare back “much stronger than it was before.” UnitedHealth also booked a roughly $7 billion charge in the quarter for selling a Brazilian health benefits and care provider it bought more than a decade ago. Overall the company lost $1.41 billion in the first quarter. Total revenue grew more than 8% to $99.8 billion. Adjusted earnings totaled $6.91 per share. That excluded the cost from the sale of the Brazilian business and some of expenses tied to the cyberattack. Analysts expected earnings of $6.61 per share on $99.23 billion in revenue. UnitedHealth provides health insurance for more than 49 million people in the United States. Its Optum segment also provides care, runs one of the nation’s largest pharmacy benefits management businesses and offers technology services. Total costs tied to the cyberattack and recovery amounted to 74 cents per share in the quarter. About two-thirds of that, or 49 cents, was direct response costs that the company excluded from adjusted earnings. That includes increased medical expenses the company incurred from suspending its pre-approval or prior authorization requirements for some care. UnitedHealth expects the full impact of the cyberattack will amount to a hit of between $1.15 to $1.35 per share to earnings this year. The Minnetonka, Minnesota, company on Tuesday also reaffirmed a 2024 earnings forecast it first laid out last fall for adjusted earnings of $27.50 to $28 per share. Analysts expect earnings of $27.50 per share. Company shares climbed more than 5% to $469.04 in midday trading Tuesday. The Dow Jones Industrial Average, of which UnitedHealth is a member, rose slightly. Jefferies analyst David Windley said in a research note that the positive share reaction was not surprising because the stock had been down partially in anticipation of a guidance cut.
Paintings rescued after fire breaks out at Copenhagen's old stock exchange – video None - Dramatic footage shows artworks being removed from Copenhagen's 17th-century former stock exchange after the landmark building was engulfed in flames. Plumes of black smoke were seen rising from the Dutch Renaissance-style building, which was undergoing renovation and clad in scaffolding. People were seen rushing in and out of the building carrying paintings to safety, and Danish media reported an annexe of the parliament and several ministries nearby, including the finance ministry, had been evacuated
Moment spire collapses at Copenhagen's old stock exchange – video None - A fire has broken out at Copenhagen’s old stock exchange, one of the Danish capital’s most famous buildings, engulfing its spire, which collapsed on to the roof. There were no reports of injuries. The historic building, whose spire is shaped as the tails of four dragons entwined, had been under renovation when the blaze broke out. The Dutch Renaissance-style building no longer houses the Danish stock exchange but serves as headquarters for the Danish Chamber of Commerce
George Conway on Trump: 'He is a narcissistic sociopath, he's not a normal, he's unwell' None - Andrew Weissmann, former top prosecutor at the Justice Department, and George Conway, Conservative Attorney and Staff Writer at The Atlantic join Nicolle Wallace on Deadline White House with reaction to Donald Trump sitting as a defendant and how he has struggled in two days of courtroom appearances with being treated like everybody else and not an ex-President.April 17, 2024
‘This is about control’: Arizona lawmakers block repeal of 1864 abortion ban None - 'Real challenge' is someone 'sneaking on' case who really wants to be on jury: Andrew Weissman 10:18