Business and Tech News - 5.1.24

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Skool Projekt Staff
May 01, 2024

U.S. Mandates Automatic Brakes in All New Cars by 2029, Aiming to Save Lives and Reduce Injuries

  • By 2029, all new passenger cars and light trucks must have automatic emergency brakes (AEB).

  • The National Highway Transportation Safety Administration (NHTSA) and Department of Transportation (DOT) finalized this rule.

  • Cars will also need to have pedestrian AEB, which works day and night.

  • The NHTSA estimates the rule will prevent about 360 deaths and 24,000 injuries annually.

  • In 2022, 42,795 people died in car crashes; 7,508 pedestrians were killed.

  • Consumer Reports and the Insurance Institute for Highway Safety praised the rule.

  • The NHTSA estimates the rule's cost at about $354 million annually.

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Walmart Debuts 'Bettergoods' Brand, Aiming at Young, Affluent Shoppers with Trendy, Affordable Groceries

  • Walmart is launching a new grocery brand called Bettergoods.

  • Bettergoods items will be trend-focused and chef-driven, mostly priced under $5.

  • The brand targets younger, affluent shoppers attracted in recent years.

  • Nearly 60% of Walmart's U.S. sales come from groceries.

  • Private label accounts for about 30% of sales at Walmart's Sam's Club.

  • Walmart's U.S. grocery net sales increased nearly 7% to $264.2 billion last fiscal year.

  • Bettergoods range includes culinary items, plant-based products, and allergen-free options.

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Financial Times Partners with OpenAI for AI Development and Content Licensing

  • Financial Times struck a content licensing deal with OpenAI to develop AI tools.

  • Deal includes ChatGPT displaying summaries, quotes, and links to FT articles.

  • Attribution to FT required for any content sourced in ChatGPT prompts.

  • OpenAI to collaborate with FT on developing new AI products.

  • FT launched a beta AI search function using Anthropic's Claude model.

  • OpenAI has similar content licensing agreements with Axel Springer and Associated Press.

  • The New York Times and other outlets have sued OpenAI for copyright infringement.

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Employment Costs Rise 1.2% in Q1, Exceeding Forecasts Amid Ongoing Inflation Concerns

  • Employment cost index rose 1.2% in Q1 2024, exceeding expectations.

  • This increase followed 0.9% growth in Q4 2023, suggesting persistent inflation.

  • Fed's 11 rate hikes haven't sufficiently eased price pressures.

  • Federal Open Market Committee begins its two-day meeting with rates likely unchanged.

  • Year-over-year compensation costs for civilian workers up 4.2%, above Fed's 2% inflation goal.

  • State and local government workers' compensation costs rose 4.8% from last year.

  • Consumer Confidence Index dropped to 97, reflecting inflation concerns and economic uncertainty.

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Euro Zone Inflation Steady as Economy Rebounds; ECB Rate Cut Likely in June

  • Euro zone inflation held steady at 2.4%, matching expectations.

  • Core inflation cooled to 2.7% from 2.9%.

  • Euro zone GDP grew 0.3% in Q1, indicating rebound.

  • Inflation has remained below 3% for seven consecutive months.

  • GDP revision shows Euro zone was in recession in latter half of 2023.

  • Market anticipates ECB interest rate cut, with high probability in June.

  • Services inflation dropped to 3.7% from 4%, influencing ECB rate cut expectations.

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Here’s how the markets closed yesterday:

 

 

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