Key inflation gauge worsens as Americans' income and spending power erodes
WASHINGTON (AP) — A key inflation gauge accelerated in April to the highest level in three years, the latest sign that spiking gas prices and higher food costs are squeezing Americans’ finances. Inflation jumped to 3.8% in April compared with a year ago, the Commerce Department said Thursday, up from 3.5% in March and the highest since May 2023. On a monthly basis, prices rose 0.4%, down from the 0.7% rise in March. The report showed that prices have risen for many items in addition to gas, a sign inflation could persist and pose problems for congressional Republicans in this year’s midterm elections.
US jobless claims rise to 215,000 but layoffs remain low despite Iran war uncertainty
WASHINGTON (AP) — More Americans sought unemployment benefits last week, but layoffs remain low despite economic uncertainty caused by the Iran war. The Labor Department reported Thursday that jobless claims were up to 215,000, up from 210,000 the week before. The four-week moving average of claims, which smooths out week-to-week volatility, rose by nearly 6,300 to 209,000. The number of Americans signing up for unemployment benefits — a proxy for layoffs — has stabilized in a low range of mostly 200,000 to 250,000 a week since the U.S. economy emerged from a brief but nasty pandemic recession in 2020.
Asian shares are mostly higher on hopes for a winding down of the Iran war
HONG KONG (AP) — Asian shares are mostly higher on expectations of a deal between the U.S. and Iran to extend their ceasefire in their war by 60 days. Oil prices slipped on optimism over a de-escalation of the conflict, but remain above pre-war levels as the Strait of Hormuz remains largely closed. U.S. futures edged lower. Analysts warned that the potential ceasefire extension should be viewed with caution, as it will take time for oil supplies to recover. On Thursday, Wall Street pushed to more records with the benchmark S&P 500 setting another all-time high, climbing 0.6%. The Dow industrials inched up less than 0.1% and the technology-heavy Nasdaq composite gained 0.9%.
Australia launches record $1.4B lawsuit against 3M over 'forever chemicals' at defense bases
MELBOURNE, Australia (AP) — Australia is suing the U.S. company 3M for over $1.4 billion due to contamination from “forever chemicals” in firefighting foam at defense bases. The government announced the lawsuit on Thursday, focusing on per- and polyfluoroalkyl substances, or PFAS, at 28 sites. These "forever chemicals" don't break down naturally. Australia filed the suit in the Federal Court of Australia. 3M plans to contest the claim, stating it stopped selling the foam in Australia two decades ago but that the Defense Department continued using it longer. The Australian government seeks damages for past and future expenses related to managing the contamination.
California sues 23andMe, alleging it failed to protect user data in 2023 breach
LOS ANGELES (AP) — California’s attorney general is suing the genetic testing company formerly known as 23andMe, alleging it failed to protect sensitive user data in a 2023 breach that affected nearly 7 million people across the country. Attorney General Rob Bonta filed the lawsuit Thursday against Chrome Holding Co., which 23andMe rebranded under after filing for bankruptcy last March. The company has acknowledged that it suffered a major security breach in 2023. Bonta's office said the company failed to implement common security measures and investigate red flags that showed months before the breach that malicious actors were trying to access their systems.
Caesars Entertainment, a Las Vegas Strip icon, is sold for nearly $6 billion
LAS VEGAS (AP) — Caesars Entertainment is being acquired for almost $6 billion by Fertitta, the company that owns Las Vegas’ Golden Nugget and chains like Rainforest Cafe and Morton’s. Caesars became an iconic name after the opening of Caesar’s Palace on the Las Vegas Strip in 1966. However, its roots date back to the 1930s in Reno, Nevada. Fertitta Entertainment will pay $5.7 billion and take on close to $12 billion in debt from Caesars, putting the total value of the deal at about $17.6 billion. Shares of Caesars Entertainment, which are up 15% since merger rumors emerged, rose almost 2% before the opening bell Thursday. Tilman Fertitta is a billionaire hospitality mogul who owns Fertitta Entertainment. He is also the largest shareholder in Wynn Resorts as well as DraftKings.
Google employee charged with using confidential search data to make $1.2 million on Polymarket
NEW YORK (AP) — U.S. prosecutors slapped insider trading charges against a Google employee this week, alleging the software engineer used confidential company information to pocket more than $1.2 million on prediction market platform Polymarket. Authorities say 36-year-old Michele Spagnuolo used Google's "Year in Search" data to place bets on search trends before the data was published. Google confirmed the employee has been placed on leave and is cooperating with law enforcement. Polymarket also stated it is working closely with authorities. The case underlines the latest concerns about insider trading in the growing world of speculative, 24/7 transactions now filling the internet.
One Tech Tip: Your next job interview could be with an AI bot
Applying for a new job? You might be interviewed by artificial intelligence. Recruiters, overwhelmed by AI-generated job applications, are using chatbots, mainly for initial screenings. This trend is growing as technology advances. Many find AI interviews unsettling, but they’re becoming common. If you're faced with an AI job interview, experts advise preparation and practicing answers out loud. AI interviews often focus on behavioral questions, requiring specific examples and metrics. Candidates should avoid using AI to craft responses, as it can be easily detected.
Calling for 'new approach,' CBS News leader Bari Weiss replaces executive producer at '60 Minutes'
NEW YORK (AP) — Saying it was time for a new approach and a new chapter, CBS News editor-in-chief Bari Weiss has replaced the executive producer of “60 Minutes." Nick Bilton, a documentarian, tech journalist and former New York Times columnist with no traditional broadcast TV experience, was named to the job. Executive producer Tanya Simon leaves, as do correspondents Sharyn Alfonsi and Cecilia Vega. In a memo to staff, Weiss and CBS News president Tom Cibrowski said their goal was “building a show that thrives in the 21st century.” Bilton said in his own memo that the world has “moved” and so must the show if it is to survive.
Anthropic vaults to a $965 billion valuation with new funding as Claude demand surges
Artificial intelligence company Anthropic said Thursday it raised $65 billion in private funding that will push its valuation to $965 billion, a whopping number that makes the 5-year-old research laboratory behind the Claude chatbot one of the world’s most valuable startups as it careens toward a likely Wall Street debut. The announcement pushes Anthropic ahead of its chief rival, ChatGPT maker OpenAI, both in market value and in reported revenue. Anthropic said it’s now making annualized sales of $47 billion. Anthropic said the new round of funding was led by investment firms Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital.
