Category: Business

Read time : 3 mins

Level : Advanced

By MAYSOON KHAN Associated Press/Report for America

ALBANY, N.Y. (AP) — New York is offering up to $90 million in tax credits for news outlets to hire and retain journalists in an effort to help keep the shrinking local news industry afloat.

The U.S. newspaper industry has been in a long decline, driven by factors including a loss in advertising revenue as outlets have moved from primarily print to mostly digital. That prompted state lawmakers to help in a measure passed in the state budget.

New York’s three-year program allows some news organizations to tap into refundable tax credits each year, with a single outlet able to receive tax credits of up to $320,000 annually.

State Sen. Brad Hoylman-Sigal, a Democrat who sponsored the legislation, said preserving journalism jobs is vital for the health of democracy. As evidence, he cited the weakened New York news media’s failure to research the background of George Santos, a Republican who fabricated many details of his life story, until after he had been elected to Congress. Continue reading

Read time : 2 mins

Level : Intermediate

By MICHELLE CHAPMAN AP Business Writer

FTX says that nearly all of its customers will receive the money back that they are owed, two years after the cryptocurrency exchange imploded, and some will get more than that.

FTX said in a court filing late Tuesday that it owes about $11.2 billion to its creditors. The exchange estimates that it has between $14.5 billion and $16.3 billion to distribute to them.

The filing said that after paying claims in full, the plan provides for supplemental interest payments to creditors, to the extent that funds still remain. The interest rate for most creditors is 9%. Continue reading

Read time : 3 mins

Level : Advanced

By SETH BORENSTEIN AP Science Writer

Climate change will reduce future global income by about 19% in the next 25 years compared to a fictional world that’s not warming, with the poorest areas and those least responsible for heating the atmosphere taking the biggest monetary hit, a new study said.

Climate change’s economic bite in how much people make is already locked in at about $38 trillion a year by 2049, according to Wednesday’s study in the journal Nature by researchers at Germany’s Potsdam Institute for Climate Impact Research. By 2100 the financial cost could hit twice what previous studies estimate.

“Our analysis shows that climate change will cause massive economic damages within the next 25 years in almost all countries around the world, also in highly-developed ones such as Germany and the U.S., with a projected median income reduction of 11% each and France with 13%,” said study co-author Leonie Wenz, a climate scientist and economist. Continue reading

Read time : 4 mins

Level : Intermediate

By HOWARD FENDRICH and EDDIE PELLS AP National Writers

NEW YORK (AP) — They compete for a trophy, a ring, the chance to be called a champion and, sometimes, a place in history. Most of the world’s best athletes in all sorts of sports compete for cold, hard cash, too.

After more than 100 years of striving to earn Olympic gold — but nothing else from the folks organizing the event — track and field athletes at the Paris Games will join that money-making club thanks to the sport’s governing body, World Athletics.

In a first-of-its-kind development, the runners, throwers and jumpers lining up at the Stade de France in August will be trying to win a $50,000 check to go with the gold. It’s a novel — some might say overdue — concept that has athletes in other sports wondering if they can get a piece of that action. Continue reading

Read time : 4 mins

Level : Intermediate

By PAUL WISEMAN AP Economics Writer

WASHINGTON (AP) — Many Americans are in a sour mood about the economy for one main reason: Prices feel too high.

Maybe they’re not rising as fast as they had been, but average prices are still painfully above where they were three years ago. And they’re mostly heading higher still.

Consider a 2-liter bottle of soda: In February 2021, before inflation began heating up, it cost an average of $1.67 in supermarkets across America. Three years later? That bottle is going for $2.25 — a 35% increase.

Or egg prices. They soared in 2022, then fell back down. Yet they’re still 43% higher than they were three years ago.

Likewise, the average used-car price: It rocketed from roughly $23,000 in February 2021 to $31,000 in April 2022. By last month, the average was down to $26,752. But that’s still up 16% from February 2021. Continue reading

Read time : 3 mins

Level : Advanced

By REBECCA BOONE and MICHAEL KUNZELMAN Associated Press

The collapse of the Francis Scott Key Bridge in Maryland is a multi-layered tragedy: For the families and friends of those killed or presumed dead, it’s a profound and personal loss. For businesses that rely on the Port of Baltimore, it’s an economic nightmare.

And for the federal courts, it will soon become a balance of dollars and facts, with a network of insurance companies expected to foot at least some of the bill.

The disaster happened early Tuesday when a cargo ship lost power and rammed into Baltimore’s Francis Scott Key Bridge. Eight people were on the highway bridge when it collapsed. Two were rescued. The bodies of two more were recovered, and four remain missing and are presumed dead.

The wreckage closed the Port of Baltimore, a major shipping port, potentially costing the area’s economy hundreds millions of dollars in lost labor income alone over the next month, according to the economic analysis company Implan. Continue reading

Read time : 4 mins

Level : Intermediate

By MICHAEL HILL Associated Press

The average Wall Street bonus fell slightly last year to $176,500, as the industry added employees and took a “more cautious approach” to compensation, New York state’s comptroller reported Tuesday.

The average bonus for employees in New York City’s securities industry was down 2% from $180,000 in 2022. The slight dip came even as Wall Street profits were up 1.8% last year, according to the annual estimate from Thomas DiNapoli, the state’s comptroller. Continue reading