Federal Reserve is set to cut interest rates for the first time in 4 years
WASHINGTON (AP) — Having all but tamed inflation, the Federal Reserve is poised to do something Wednesday it hasn’t done in more than four years: Cut its benchmark interest rate, a step that should lead to lower borrowing costs for consumers and businesses. And yet an unusual air of uncertainty overhangs this week’s meeting: It’s unclear just how large the Fed’s rate cut will be. Wall Street traders and some economists foresee a growing likelihood that the central bank will announce a larger-than-usual half-point cut. Many analysts foresee a more typical quarter-point rate cut. With inflation barely above their target level, Fed officials have been shifting their focus toward supporting a weakening job market and achieving a rare “soft landing.”
Longshoremen at key US ports threatening to strike over automation and pay
Determined to thwart the automating of their jobs, about 45,000 dockworkers along the U.S. East and Gulf Coasts are threatening to strike on Oct. 1, a move that would shut down ports that handle about half the nation’s cargo from ships. The International Longshoremen’s Union is demanding significantly higher wages and a total ban on the automation of cranes, gates and container movements that are used in the loading or loading of freight at 36 U.S. ports. Whenever and however the dispute is resolved, it’s likely to affect how freight moves in and out of the United States for years to come.
Google wins legal bid to overturn 1.5 billion euro antitrust fine in EU digital ad case
LONDON (AP) — Google has won a court challenge against a 1.49 billion euro European Union antitrust fine imposed five years ago that targeted its online advertising business. The EU’s General Court said Wednesday it was throwing out the 2019 penalty imposed by the European Commission, which is the 27-nation bloc’s top antitrust enforcer. The commission’s ruling applied to a narrow portion of Google’s ad business: ads that the U.S. tech giant sold next to Google search results on third-party websites. Regulators had found that Google inserted exclusivity clauses in its contracts that barred these websites from running similarly placed ads sold by Google’s rivals.
Stock market today: Wall Street stays stuck in place as it counts down to a rate cut
NEW YORK (AP) — U.S. stock indexes remained stuck in place as Wall Street made few big moves ahead of what’s expected to be the first cut to interest rates in more than four years. The S&P 500 edged up by less than 0.1% Tuesday. It remains 0.6% below its all-time closing high set in July, and it briefly rose above that mark during the morning. The Dow Jones Industrial Average slipped less than 0.1% from its own record set the day before, while the Nasdaq composite edged up by 0.2%. Treasury yields rose ahead of Wednesday’s announcement by the Federal Reserve on where it’s taking interest rates.
Exploding Hezbollah pagers in apparent Israeli attack made by Hungarian company, Taiwanese firm says
TAIPEI, Taiwan (AP) — A Taiwanese company says that a firm based in Hungary was responsible for manufacturing the pagers that exploded in Lebanon and Syria in an apparent Israeli operation targeting Hezbollah’s communications network. The Taiwanese company said Wednesday that it allowed its brand to be used on the devices. Pagers used by the militant group Hezbollah exploded near-simultaneously Tuesday in Lebanon and Syria, killing at least 12 people, including two children. Nearly 3,000 were wounded. Hezbollah and the Lebanese government blamed Israel. An American official said Israel briefed the United States on Tuesday after the attack. The person spoke on the condition of anonymity because they were not authorized to discuss the information publicly.
What to know about the deadly pager explosions targeting Hezbollah
NEW YORK (AP) — In what appeared to be a sophisticated, remote attack, pagers used by hundreds of members of Hezbollah exploded almost simultaneously in Lebanon and Syria Tuesday — killing at least nine people, including a young girl, and wounding thousands more. The militant group blamed Israel for the deadly explosions, which targeted an extraordinary breadth of people and showed signs of being a long-planned operation. Much about how the attack was executed is still uncertain, however — and investigators had no immediate word on how the pagers were detonated or if explosives had somehow been sneaked into each pager. The Israeli military declined to comment.
Biden administration to host international AI safety meeting in San Francisco after election
Government scientists and artificial intelligence experts from at least nine countries and the European Union will meet in San Francisco after the U.S. elections to coordinate on safely developing AI technology and averting its dangers. President Joe Biden’s administration on Wednesday announced a two-day international AI safety gathering planned for November 20 and 21. It will happen just over a year after delegates at an AI Safety Summit in the United Kingdom pledged to work together to contain the potentially catastrophic risks posed by AI advances. U.S. Commerce Secretary Gina Raimondo told The Associated Press it will be the “first get-down-to-work meeting” after the UK summit and a May follow-up in South Korea.
Elon Musk has often inflamed politically tense moments, raising worries for the US election
NEW YORK (AP) — As Election Day draws nearer, social media posts by X owner Elon Musk are raising concerns that he will use his immense platform to question the legitimacy of the vote in the U.S. presidential election and perhaps call for resistance if Republican nominee Donald Trump loses. Musk drew fierce pushback recently when he suggested a “civil war” was brewing during recent anti-Muslim riots in Great Britain. Experts and election officials worry that Musk could influence people to question the legitimacy of voting in the U.S. They also are concerned his words could spur threats or violence against election workers or candidates. Musk did not respond to an email from The Associated Press.
Fortified bouillon cubes are seen as a way to curb malnutrition in Africa
IBADAN, Nigeria (AP) — In Nigeria and other countries in sub-Saharan Africa, many households have limited access to nutrient-rich foods due to rising costs and the impact of climate change on agriculture and food systems. The resulting micronutrient deficiencies have led to a public health crisis, one especially affecting children and women. If public health advocates and the Nigerian government have their way, malnourished households in the West African nation soon will have a simple ingredient available to improve their intake of key vitamins and minerals. Government regulators on Tuesday are launching a code of standards for adding iron, zinc, folic acid and vitamin B12 to bouillon cubes at minimum levels recommended by experts.
Instagram makes teen accounts private as pressure mounts on the app to protect children
Instagram is introducing separate teen accounts for those under 18 as it tries to make the platform safer for children amid growing backlash against how social media affects young people’s lives. The teen accounts will be private by default. Messages are restricted so teens can only get them from people they follow or are already connected to. “Sensitive content,” such as videos of people fighting or those promoting cosmetic procedures, will be limited, Meta said. They will get notifications if they are on Instagram for more than 60 minutes and a “sleep mode” will be enabled that turns off notifications and send auto-replies to direct messages from 10 p.m. until 7 a.m.
