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WH analysis of GOP deficit plan: Job losses, poorer kids
WASHINGTON (AP) — The White House has gone through House Speaker Kevin McCarthy’s plan to trim the deficit and its conclusion is that “the math is simple, but unforgiving.” It estimates a deep 22% cut to non-defense spending that would leave children poorer, veterans sicker, families hungrier and housing more expensive. White House budget director Shalanda Young says in a draft analysis obtained by The Associated Press that “there is no escaping the pain to working families and our economic future.” President Joe Biden and GOP lawmakers are engaged in a tense showdown over federal finances. McCarthy has insisted on spending cuts as a condition for raising the government’s legal borrowing authority. Biden has called for keeping budget talks separate from approving an increase to the debt limit.
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Trade envoy Tai says US not seeking to ‘decouple’ from China
TOKYO (AP) — U.S. Trade Representative Katherine Tai says Washington is not seeking to decouple the American economy from China’s and that U.S. trade sanctions against Beijing are “narrowly targeted.” Tai told reporters in Tokyo that the U.S. government is carrying out regular trade work with China, though she has no immediate plan to visit Beijing. Tai is on her fourth visit to Tokyo since being appointed USTR. The United States is seeking to strengthen and expand economic security cooperation with its Asian allies and partners. It’s an issue that has gained urgency amid shortages of computer chips and other goods during the pandemic.
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Yellen calls for better US-China relations as tensions rise
WASHINGTON (AP) — Treasury Secretary Janet Yellen has struck a conciliatory tone while talking about strained U.S.-China relations, saying the nations “need to find a way to live together.” Yellen on Thursday called for cooperation on “urgent global challenges” while supporting economic restrictions on China to advance U.S national security interests. The Treasury secretary’s speech at Johns Hopkins University’s School of Advanced International Studies in Washington sought improved relations between the U.S. and China. The nations have seen increasingly strained relations after the discovery of a Chinese surveillance balloon in U.S. air space and since the Communist nation has grown its ties with Russia despite its war in Ukraine. ___
Twitter begins removing blue checks from users who don’t pay
SAN FRANCISCO (AP) — This time it’s for real. Many of Twitter’s high-profile users are have lost the blue check marks that helped verify their identity and distinguish them from impostors on the Elon Musk-owned social media platform. After several false starts, Twitter began making good on its promise Thursday to remove the blue checks from accounts that don’t pay a monthly fee to keep them. Twitter had about 300,000 verified users under the original blue check system — many of them journalists, athletes and public figures.
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Amazon seeks first incentive funds from Virginia HQ2 project
FALLS CHURCH, Va. (AP) — Amazon is asking Virginia for nearly $153 million in state incentive payments. It would be the first tranche of funds to be paid out since the tech giant agreed in 2018 to build a headquarters complex in the state. The application comes even as Amazon has paused work on what will be the centerpiece of its corporate campus — a development project that will feature a 350-foot, helix-shaped tower. The grant application was released Wednesday by Virginia economic development officials. The request for $152.7 million is in line with the incentive deal Virginia used to lure Amazon. It calls for Amazon to receive a $22,000 grant for each job it creates. Amazon says that so far it has created nearly 7,000 eligible jobs.
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Biden labor secretary nominee Su faces doubts in Senate
WASHINGTON (AP) — President Joe Biden’s nominee to be the next labor secretary, Julie Su, won praise at her Senate confirmation hearing as “a champion of the working class.” But key Democrats appear unwilling to voice support, creating uncertainty about her Senate confirmation prospects. Business groups have been critical of Su’s record when she led California’s labor department. Sen. Bernie Sanders, the Democratic chair of the Senate Labor panel that held her confirmation hearing Thursday, said the debate over her nomination has more to do with the fact she would stand up to “corporate greed.” The panel’s top Republican, Sen. Bill Cassidy, contends she would unfairly favor labor unions.
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BuzzFeed to close news division, cut 15% of all staff
NEW YORK (AP) — Pulitzer Prize winning digital media company BuzzFeed will shut down its news division as it cuts about 15% of its entire staff. In a memo sent to staff, co-founder and CEO Jonah Peretti said that cuts would also occur across its business, content, tech and administrative teams, according to multiple media reports. BuzzFeed is also considering making job cuts in some international markets. Peretti said in a memo to staff that he “made the decision to overinvest” in the news division, but failed to recognize early enough that the financial support needed to sustain operations was not there.
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Tesla’s price cuts drag share prices sharply lower
DETROIT (AP) — Tesla shares have fallen sharply as the company felt the sting of numerous price cuts it made across its model lineup this year in hopes of energizing sales. American consumers pulled back spending on big ticket items during Tesla’s most recent quarter, an anxious economic period in which inflation remained elevated and a pair of U.S. banks that collapsed. Sales did climb during the quarter for Tesla, but the amount of money generated per sale fell on price cuts and first-quarter profit slumped 24%, the company said late Wednesday. On Thursday, shares of Tesla closed down 9.8%.
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Judge nixes bail for Chinese businessman in $1B fraud case
NEW YORK (AP) — A New York federal judge says a self-exiled Chinese businessman charged in a $1 billion fraud case will remain behind bars after she rejected a proposed $25 million bail package. Judge Analisa Torres said in a written opinion Thursday that there was clear and convincing evidence that Guo Wengui won’t obey court orders and will cause economic harm to the community if he is freed. She said he has continued to promote fraudulent investment opportunities even after funds were seized from his businesses last year. Guo was arrested last month on charges including wire and securities fraud. He has pleaded not guilty.
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Alaska Airlines nudges passengers to mobile boarding passes
SEATTLE (AP) — If you’re flying on Alaska Airlines, you’re going to need a smartphone or print your boarding pass at home before going to the airport. That’s because the airline is getting rid of kiosks that travelers use to print boarding passes. Alaska Airlines executives said Thursday that they have removed kiosks at nine airports so far, including Portland International in Oregon. They say the goal is to reduce congestion at check-in areas and get passengers to security checkpoints faster. Alaska Airlines officials say that in a pinch, airline employees can print boarding passes for customers who show up at the airport without one.
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The S&P 500 eased 24.73 points, or 0.6%, to 4,129.79. The Dow Jones Industrial Average slipped 110.39 points, or 0.3%, to 33,786.62. The Nasdaq composite lost 97.67 points, or 0.8% to 12,059.56. The Russell 2000 index of smaller companies fell 9.74 points, or 0.5%, to 1,789.70.
