Wednesday, July 17, 2024

Business briefs - Associated Press - June 25, 2024

| June 25, 2024 1:00 AM

Yellen announces efforts to boost housing supply

WASHINGTON (AP) — The Biden administration announced new steps to increase access to affordable housing. The Democratic administration announced new federal initiatives as still-high prices on groceries and other necessities and high interest rates have dramatically pushed up the cost of living in the post-coronavirus pandemic years. Treasury Secretary Janet Yellen traveled to Minneapolis on Monday to promote the new investments. The efforts include providing $100 million through a new fund to support affordable housing financing over the next three years, boosting the Federal Financing Bank's financing of affordable housing and other measures.

Apple target of EU's digital competition rules 

LONDON (AP) — European Union regulators are accusing Apple of breaking new rules on digital competition by imposing rules in its App Store marketplace that prevent app makers from pointing users to cheaper options on other venues. The European Commission said Monday that according to the preliminary findings of its investigation, the iPhone maker had breached the 27-nation bloc's Digital Markets Act. The rulebook is a sweeping set of regulations aimed at preventing tech giants from cornering digital markets. The commission also opened a fresh investigation zeroing in on a new fee Apple is charging developers for app installations from outside its App Store. Apple said it is "confident" that its plan "complies with the law."

China, EU are open to talks on tariff hikes

BANGKOK (AP) — Officials say that China and the European Union are open to holding talks on the EU's recent decision to sharply raise tariffs on imports of Chinese-made electric vehicles. China's Commerce Ministry and Germany's economy minister said over the weekend that each side was willing to hold talks on the issue. Chinese state media said Monday that Beijing is pushing for the EU to give up plans to sharply raise tariffs on imports of Chinese-made electric vehicles by July 4. The European side earlier said it wants to discuss the findings of its investigation into the impact of subsidies on Chinese EV exports with Chinese authorities to find ways to resolve the issues.

Car dealerships revert to pens, paper after cyberattacks

NEW YORK (AP) — Car dealerships across North America are still wrestling with disruptions that started last week. CDK Global, a company that provides software for thousands of auto dealers in the U.S. and Canada, was hit by back-to-back cyberattacks on Wednesday. That led to an outage that continues to impact operations. Prospective car buyers have faced delays at dealerships or seen vehicle orders written up by hand. There's no immediate end in sight, but CDK says it expects the restoration process to take several days to complete. On Monday, Group 1 Automotive Inc., a $4 billion automotive retailer, said that it continued to use "alternative processes" to sell cars to its customers.

Music record labels sue AI song-generators

BOSTON (AP) — Big record companies are suing artificial intelligence song-generators Suno and Udio for copyright infringement. They are alleging that the AI music startups are exploiting the recorded works of artists from Chuck Berry to Mariah Carey. The Recording Industry Association of America announced the lawsuits Monday brought by labels including Sony Music Entertainment, Universal Music Group and Warner Records. RIAA Chairman and CEO Mitch Glazier says the music industry is already collaborating with responsible AI developers but says Suno and Udio are unlicensed services that copy an artist's life's work and exploit it for their own profit without consent or pay.