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A senior Tesla executive has canceled her attendance at a conference in Rome over fears of protests surrounding the carmaker. Tesla cars, infrastructure and offices have recently become targets of vandalism in several countries, including Italy, in response to CEO Elon Musk's right-wing activism. "Given the recent protests and violence against Tesla, and now in Rome, I've been asked to hold my external presence and travel . . . I won't be able to attend," Samantha Harris, Tesla's Global Sustainability Lead, explained in an email to the European Institute of Innovation for Sustainability (EIIS). She had been due to speak at Regenerative Futures, a conference planned in Rome for May 16-17 by the EIIS.

 

Reuters

A new report from the Federal Reserve shows that U.S. businesses are reporting increased costs due to tariffs, which they expect to largely pass on to consumers in the form of higher prices. The latest Beige Book compilation of anecdotes from businesses across the Fed's 12 member districts, gathered over the weeks to April 14th, found that prices increased across districts, with businesses expecting elevated input costs as a result of the levies. Many firms reported receiving notices from their suppliers about rising costs, and most businesses cited plans to pass higher prices onto consumers. The report highlighted declines in government roles and at organizations receiving government funding. It contained 80 mentions of uncertainty, nearly twice as many as the last report, and 107 mentions of tariffs.

 

Financial Times

Bloomberg

Fox News

Reuters

The S&P Global U.S. Composite Flash PMI slid to 51.2 in April from 53.5 in the prior month, according to data released on Wednesday, resting just above the 50-mark separating expansion from contraction. The preliminary April reading signaled a 16-month low in national business activity growth. The manufacturing component of the index rose half a point to 50.7, while the services gauge dropped three points to 51.4. “The early flash PMI data for April point to a marked slowing of business activity growth at the start of the second quarter, accompanied by a slump in optimism about the outlook," commented Chris Williamson, chief business economist at S&P Global Market Intelligence. "At the same time, price pressures intensified, creating a headache for a central bank which is coming under increasing pressure to shore up a weakening economy just as inflation looks set to rise.”

 

FX Street

MSN

Oregon Attorney General Dan Rayfield has initiated a federal lawsuit aimed at overturning President Donald Trump's recently-announced tariffs, saying that only Congress has the authority to impose such measures. Joined by 11 other states, the lawsuit highlights what is said to be the detrimental impact of these tariffs on Oregon's trade-dependent economy, particularly the footwear and apparel sectors that rely heavily on imports from Asia. The tariffs, which include 145% on Chinese imports and a 46% tax on goods from Vietnam, are forecast to severely burden small businesses. Rayfield's office contends that the president's unilateral power to impose tariffs disrupts the constitutional order, observing: “By claiming the authority to impose immense and ever-changing tariffs . . . the President has upended the constitutional order and brought chaos to the American economy.” The lawsuit has been filed in the U.S. Court of International Trade in New York.

 

OregonLive.com

After over three years of negotiations, countries have finalized a draft global pandemic agreement under the World Health Organization which is set for review at the World Health Assembly in May 2025 and aims at enhancing international cooperation and equity in pandemic preparedness. The agreement promotes a “One Health” approach, strengthens national health systems, and establishes a coordinated financial and supply chain network, while explicitly respecting national sovereignty in public health decisions. WHO Director-General Tedros Adhanom Ghebreyesus hailed the consensus as a historic achievement, saying: “It reflects . . .  resilience, unity and unwavering commitment to the health and wellbeing of people everywhere.”

 

United Nations

The International Monetary Fund has said that the economic gains from artificial intelligence - global output is expected to be boosted by around 0.5% a year between 2025 and 2030 - will outweigh the costs of rising carbon emissions by the data centres that are needed to run AI models. "Despite challenges related to higher electricity prices and greenhouse gas emissions, the gains to global GDP from AI are likely to outweigh the cost of the additional emissions," the IMF said. "The social cost of these extra emissions is minor compared with the expected economic gains from AI, yet it still adds to the worrisome build-up of emissions," the group said in its report titled "Power Hungry: How AI Will Drive Energy Demand."

 

Reuters

The EU has ordered Apple and Meta to pay a combined €700m ($798m) in fines. The penalties are the first under legislation designed to limit the power of tech giants. Apple was handed a €500m fine to Apple over its App Store, while Meta must pay €200m over issues related to consent for data collection. Meta hit out at the penalty, accusing the EU of "attempting to handicap successful American businesses," while Apple said it was being "unfairly targeted." Henna Virkkunen, an EU Commissioner, said officials "have a duty to protect the rights of citizens and innovative businesses in Europe."

 

BBC News

Some of the biggest U.S. consulting firms have offered billions in additional cuts to their contracts after the Trump administration told them that they needed to come up with deeper price concessions, or face consequences. The Wall Street Journal reports that seven of the 10 largest consulting firms to the government, including Accenture, Booz Allen, Deloitte, and IBM, have now offered up to $20bn in savings by proposing to either terminate existing contracts or reduce the scope of their work within federal agencies. Some are proposing to offer credits toward their work, or artificial intelligence services free of charge. The Trump administration has been cracking down on the consulting industry more broadly, with the Department of Government Efficiency regularly announcing new cancellations of consulting contracts. The Department of Defense earlier this month also said it planned to cut $5.1bn in consulting contracts.

 

Wall Street Journal

Kroger is undergoing significant leadership changes, with the abrupt resignation of chief executive Rodney McMullen and multiple executive departures over the last six months. Interim CEO Ron Sargent is yet to set a timeline for naming a permanent leader. In total, the company has seen five top executives exit in just over a year, including chief financial officer Gary Millerchip, who left for Costco, and marketing officer Stuart Aitken, who is pursuing other opportunities. Joe Kelley has been promoted to senior vice president of retail divisions, replacing Kenny Kimball. The changes reflect the most significant executive turnover at Kroger since the COVID-19 pandemic.

 

Cincinnati Enquirer

Bloomberg reports that Rite Aid is running short of cash, and is preparing to sell off parts of the company as it heads toward its second bankruptcy, less than a year after it first emerged from Chapter 11 protection. The retailer is thought to be seeking a debtor-in-possession loan to help fund itself during the process, which could see some locations in certain regions sold to bidders, while those that aren’t sold would be wound down entirely. In March, Rite Aid entered into talks with providers of its asset-based loan to fully access the facility as it needed cash to replenish inventory. In exchange, the company committed to meet certain financial and operational targets and was expected to close more locations.

 

Bloomberg

The Trump administration's cost-cutting team, the so-called Department of Government Efficiency (DOGE), has effectively shuttered a 79-year-old federal agency that mediates labor disputes. The terminations at the Federal Mediation and Conciliation Service have precipitated concern among unions and employers alike about who will step in to help ease labor conflicts. The agency, though relatively small and obscure, is said to play a vital role in helping to settle disputes so as to avoid labor unrest that can disrupt the free flow of commerce, according to former federal mediators and experts.

 

The Columbian

The U.S. federal labor board has mandated that Amazon must engage in collective bargaining with warehouse workers at its San Francisco distribution center. A complaint from the National Labor Relations Board (NLRB) claims Amazon unlawfully refused to negotiate after a majority of employees signed union authorization cards. Amazon has contested the complaint, labeling it as “baseless” and asserting it undermines employee rights. The complaint sets the stage for bargaining orders “at many other locations where Amazon has dodged its legal obligation to negotiate with the union,” the Teamsters said. The case is set for a hearing on August 5, where an administrative law judge will determine if Amazon should be compelled to negotiate.

 

Los Angeles Times