AP Business SummaryBrief at 11:34 p.m. EDT

Jun 02, 2023

US, China agree to discuss export controls as commerce secretary visits to warm up chilly ties

BEIJING (AP) — Commerce Secretary Gina Raimondo says she and her Chinese counterpart agreed to exchange information on U.S. export controls that irk Beijing and set up a group to discuss other commercial issues. But neither side appeared ready to make major concessions on disputes that have plunged relations to their lowest level in decades. Raimondo joined American officials including Treasury Secretary Janet Yellen in July who have visited China in the past three months in hopes of reviving chilly relations. Chinese leader Xi Jinping’s government wants to revive foreign investor interest in China as it tries to reverse a deepening economic slump.

As worker actions continue nationwide, White House highlights how administration is helping unions

WASHINGTON (AP) — As worker actions continue from Hollywood to Detroit, and new labor unions crop up nationally, the White House on Monday was highlighting its effort to bolster worker organizing throughout the U.S. President Joe Biden is counting on critical labor support as he campaigns for a second term in office, holding his first re-election campaign rally at a Pennsylvania union hall in June, declaring: “I’m proud to be the most pro-union president in American history.” The White House and Treasury on Monday issued a joint analysis on the state of labor unions and the administration's role in protecting them.

All assembly lines at Toyota's auto plants in Japan have been shut down by computer problems

TOKYO (AP) — All 28 vehicle assembly lines at Toyota’s 14 auto plants in Japan have shut down over a problem in its computer system that deals with incoming auto parts. The Japanese automaker said it doesn’t believe the problem was caused by a cyberattack, but the cause was still under investigation. It’s unclear when the lines will be back up. Toyota declined to say what models being produced might be affected.

Stock market today: Asian shares mostly rise as attention turns to earnings, economies

TOKYO (AP) — Asian shares mostly rose Tuesday as markets shift their attention from the U.S. Federal Reserve to earnings and economic reports. Benchmarks in Tokyo, Sydney, Seoul, Hong Kong and Shanghai edged up in morning trading. Toyota shares fell after the Japanese automaker reported all auto assembly lines at its Japan plants were down for what appeared to a glitch in its computer system. On Wall Street, shares rose. Companies are wrapping up their latest round of earnings reports, which have mostly beaten analysts’ expectations. Still, overall profits for the S&P 500 have contracted about 4% under the weight of persistent inflation.

Climate activists target jets, yachts and golf in a string of global protests against luxury

BARCELONA, Spain (AP) — Climate activism has intensified in the past few years as the planet warms to dangerous levels, igniting more extreme heat, floods, storms and wildfires around the world. Tactics have been getting more radical, and activists are now turning their attention to the wealthy, after long targeting some of the world’s most profitable companies – oil and gas conglomerates, banks and insurance firms that continue to invest in fossil fuels.

How PayPal is using AI to combat fraud, and make it easier to pay

NEW YORK (AP) — Artificial intelligence has been the buzzword of 2023 ever since ChatGPT made its public debut earlier this year, with businesses, schools, universities and even non-profits looking for ways to integrate AI in their operations. John Kim, chief product officer for PayPal, spoke with The Associated Press about how the company is using the early proliferation of artificial intelligence technologies in its business, as well as PayPal’s future in payments when there’s so much competition. Kim say PayPal plans on launching three new products with ties to AI in the next 120 days.

Thousands take to Colombia’s streets to protest 50% increase in gasoline prices

BOGOTA, Colombia (AP) — Thousands of protesters on cars and motorbikes have taken to the streets of Colombia’s main cities to reject recent hikes in gasoline prices that have drastically increased the price of fuel in the South American country. Protesters say that the monthly price hikes set by Colombia’s first leftist government are making it harder for small businesses to operate, and could push up the price of food. The government of President Gustavo Petro says the gasoline subsidies cost about $11 billion a year. The government argues that it needs to eliminate the subsidies to pay debts to national oil company Ecopetrol and free up more funds for social programs.

‘Gran Turismo’ takes weekend box office crown over ‘Barbie’ after all

The box office results are in and Sony’s racing movie “Gran Turismo” won the weekend over “Barbie” after all. On Sunday, “Gran Turismo” appeared to be neck-and-neck with “Barbie,” with both hovering just over $17 million. But Monday actuals reported by the studios provided a clear winner. “Gran Turismo” ended up with $17.4 million from North American theaters against “Barbie’s” $15.1 million. It was an unusual weekend in multiplexes. U.S. movie theaters held the second annual National Cinema Day on Sunday, offering $4 tickets. This might have been part of the reason why the Sunday estimate for “Barbie” was perhaps a bit too bullish.

Amazon is raising free-shipping minimums for some customers who don't have Prime memberships

NEW YORK (AP) — Amazon has been quietly raising the amount some customers must spend on its site to get free shipping. To qualify for no-cost deliveries, some Amazon customers who don’t have Prime memberships now need to spend $35, up from $25 previously. Amazon spokesperson Kristina Pressentin confirmed that the company is testing the new qualification, which was first reported by the blog eCommerce Bytes. The change doesn’t impact Prime members who pay $14.99 per month, or $139 a year, for free shipping and other perks. The consumer education website Consumer World said Monday that for now, the new $35 minimum seems to apply to customers based on where they live.

Farmers Insurance says it is cutting 2,400 jobs in bid to ensure long-term profitability

NEW YORK (AP) — Farmers Insurance says it will lay off 11% of its workforce — about 2,400 employees — as part of a corporate restructuring aimed at increasing its efficiency and long-term profitability. The California-based insurer said Monday the job cuts will impact all lines of its business. In recent months, Farmers and other insurers, including Allstate and State Farm, have pulled back on property insurance in states like Florida and California. Farmer's layoff announcement follows mass job cuts seen at a handful of companies in the past year — including T-Mobile, Google, Meta, Amazon and Disney. Farmers Group Inc. is a subsidiary of Swiss giant Zurich Insurance Group.

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