Inflation measure falls to nearly five-year low as gas prices fall and housing costs cool
WASHINGTON (AP) — A key measure of inflation fell to nearly a five-year low last month as apartment rental price growth slowed and gas prices fell, offering some relief to Americans still grappling with the sharp increase in costs of the past five years. Friday’s report suggests inflation could be cooling, but it comes after the cost of food, gas, and apartment rents have soared since the pandemic, with consumer prices about 25% higher than they were five years ago. The increase in such a broad range of costs has become a high-profile political issue under the rubric of “affordability.”
An encouraging update on inflation helps Wall Street hold steadier after its AI-related sell-off
NEW YORK (AP) — The U.S. stock market is holding steadier after an encouraging update on inflation helped calm a Wall Street that’s been wracked by worries about how AI may upend the business world. The S&P 500 slipped 0.1% Friday, but a majority of stocks within the index are rising a day after one of its worst losses since Thanksgiving. The Dow Jones Industrial Average dipped 76 points, and the Nasdaq composite slipped 0.3%. Treasury yields fell in the bond market after a report said U.S. inflation at the consumer level slowed last month by more than economists expected.
As electricity costs rise, everyone wants data centers to pick up their tab. But how?
HARRISBURG, Pa. (AP) — Politicians from President Donald Trump to local lawmakers agree that tech companies should cover the power costs of artificial intelligence data centers. But they still fight over what “fair share” means. The debate ties directly to cost-of-living pressure ahead of the midterm elections. Data centers keep spreading fast, and some use as much electricity as a small city. Utilities often spread new power plant and grid costs across all customers. States have started writing rules that require long-term contracts and big upfront payments. Consumer advocates warn the short-term squeeze still pushes up bills.
Falling cocoa prices won't necessarily mean cheaper Valentine's Day chocolates
Cocoa prices have fallen nearly 70% since last Valentine’s Day, but that won’t make heart-shaped boxes of chocolate or even chocolate Easter bunnies more affordable this year. Market research company Datasembly says chocolate prices at U.S. retail stores rose 14% between Jan. 1 and the first week of February compared to the same period last year. That’s on top of a 7.8% increase for the same period in 2025. Europe has seen even steeper price increases. Chocolate makers have long-term contracts that may still require them to pay more for cocoa even as supplies from West Africa increase. If shoppers are still willing to pay higher prices, candy companies aren't inclined to lower them.
Goldman Sachs' top lawyer Kathy Ruemmler to resign after emails show close ties to Jeffrey Epstein
NEW YORK (AP) — Goldman Sachs’ top lawyer Kathy Ruemmler is resigning after emails revealed she had a close relationship with Jeffrey Epstein. She described Epstein as “another older brother” and downplayed his sex crimes. Ruemmler had previously tried to distance herself from these emails. In a statement before her resignation, a Goldman Sachs spokesperson said Ruemmler “regrets ever knowing him.” Before joining Goldman in 2020, Ruemmler was White House counsel for President Barack Obama. During her private practice, she received expensive gifts from Epstein. Despite CEO David Solomon’s support in December, the controversy led to her resignation.
Sex workers at Nevada brothel fight for the first-ever unionization
PAHRUMP, Nev. (AP) — Sex workers at a brothel in Pahrump, Nevada, are fighting to unionize. If successful, they'd be the only unionized brothel in the United States. The sex workers at Sheri's Ranch allege the brothel was pushing them to sign an unfair contract that would give it complete control over the workers' intellectual property. The brothel says changing workers' statuses from independent contractors to employees could affect their autonomy. But the women argue they are treated as employees and want the bargaining power that would afford them. Nevada is the only state where people can legally purchase sex.
Anthropic hits a $380B valuation as it heightens competition with OpenAI
Artificial intelligence company Anthropic says it is now valued at $380 billion. The maker of the chatbot Claude says its valuation grew after it raised a $30 billion round of funding led by Singapore’s sovereign wealth fund GIC and the U.S.-based investment firm Coatue, along with dozens of other major investors. The surge of investment cements Anthropic's position alongside rival OpenAI and Elon Musk’s SpaceX in a trio of the world’s most valuable startups that investors will be watching closely this year to see if they will become publicly traded on Wall Street.
Logistics giant DP World replaces chairman named in Jeffrey Epstein documents
CAIRO (AP) — Dubai has replaced the longtime head of DP World after emails linked him to Jeffrey Epstein. Dubai’s Media Office said Tueday that Essa Kazim is taking over as chairman. It also named Yuvraj Narayan as group CEO. Sultan Ahmed bin Sulayem previously held both roles. DP World runs Dubai’s Jebel Ali port and operates terminals worldwide. The change follows moves by finance groups in Canada and the UK, who paused future ventures with DP World. Newly released Justice Department documents show years of friendly messages between bin Sulayem and Epstein. The emails do not tie bin Sulayem to Epstein’s crimes.
Canadian and UK finance groups pause new ventures with DP World over CEO's emails with Epstein
Financial groups in Canada and the UK have paused new projects with DP World after emails show its CEO had a long friendship with Jeffrey Epstein. The Justice Department released Epstein filed that included emails between the two men. Some referenced porn, sexual massages, and escorts. The emails do not implicate the CEO, Sultan Ahmed bin Sulayem, in Epstein’s crimes. British International Investment and Canada’s pension fund La Caisse say they will not invest in new projects with DP World until the company addresses the situation. DP World runs Dubai’s Jebel Ali port and terminals worldwide. DP World did not respond to a request for comment.
Trump's EPA revokes scientific finding that underpinned US fight against climate change
WASHINGTON (AP) — The Environmental Protection Agency has revoked a key scientific finding that supported U.S. regulations on greenhouse gas emissions. This decision rescinds a 2009 declaration that carbon dioxide and other gases endanger public health. EPA Administrator Lee Zeldin announced the move Thursday, calling it a major deregulatory action. Critics argue it undermines efforts to combat climate change and could lead to more pollution. Environmental groups are certain to challenge the action in court. The EPA also proposes delaying a Biden-era rule on vehicle emissions, which could impact the push for electric vehicles.
