Category: Business

From Coke floats to Cronuts, going viral can have a lasting effect on a small business

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Dominique Ansel ices Cronuts before the opening of his namesake bakery in New York, Thursday, Sept. 28, 2023. In 2013, before most people knew the term “going viral,” the French pastry chef created the Cronut, a cross between a croissant and a doughnut, at his newly opened New York bakery. (AP Photo/Seth Wenig)

By MAE ANDERSON AP Business Writer

NEW YORK (AP) — The Lexington Candy Shop in New York City has served burgers, fries and shakes to hungry patrons for decades. Last remodeled in 1948, the diner is the definition of old-fashioned.

But that hasn’t stopped it from getting a wave of new fans.

In August 2022, this old school business met the new world when Nicolas Heller, a TikToker and Instagrammer with 1.2 million followers known as New York Nico, popped in for a traditional Coke float – Coke syrup, soda water and ice cream. Naturally, he took a video. It went viral, garnering 4.8 million likes.

“The next day (after the video was posted), the lines started forming at 8 in the morning,” John Philis, the diner’s third-generation co-owner, recalls with amazement. “And it was like, huh!” Continue reading

John Grisham, George R.R. Martin and more authors sue OpenAI for copyright infringement

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Author John Grisham appears at the opening night of “A Time To Kill” on Broadway in New York on Oct. 20, 2013, left, and author R.R. Martin appears in Toronto on March 12, 2012. Grisham and Martin are among 17 authors suing OpenAI for “systematic theft on a mass scale.” Their suit was filed Tuesday in New York and is the latest in a wave of legal action by writers concerned that AI programs are using their copyrighted works without permission. (AP Photo)

By HILLEL ITALIE AP National Writer

NEW YORK (AP) — John Grisham, Jodi Picoult and George R.R. Martin are among 17 authors suing OpenAI for “systematic theft on a mass scale,” the latest in a wave of legal action by writers concerned that artificial intelligence programs are using their copyrighted works without permission.

In papers filed Tuesday in federal court in New York, the authors alleged “flagrant and harmful infringements of plaintiffs’ registered copyrights” and called the ChatGPT program a “massive commercial enterprise” that is reliant upon “systematic theft on a mass scale.”

The suit was organized by the Authors Guild and also includes David Baldacci, Sylvia Day, Jonathan Franzen and Elin Hilderbrand among others. Continue reading

Hundreds of flying taxis to be made in Ohio, home of the Wright brothers and astronaut legends

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In this 2022 photo provided by Joby Aviation is Joby’s pre-production prototype aircraft at the company’s flight test facility in Marina, Calif. The same Ohio river valley where the Wright brothers pioneered human flight will soon manufacture cutting-edge electric vertical takeoff and landing aircraft. An agreement announced Monday, Sept. 18, 2023, between the state and Joby Aviation Inc. will bring air taxi production to a 140-acre site at Dayton International Airport by 2025. (Eric Adams/Joby Aviation via AP)

By JULIE CARR SMYTH Associated Press

COLUMBUS, Ohio (AP) — The same Ohio river valley where the Wright brothers pioneered human flight will soon be manufacturing cutting-edge electric planes that take off and land vertically, under an agreement announced Monday between the state and Joby Aviation Inc.

“When you’re talking about air taxis, that’s the future,” Republican Gov. Mike DeWine told The Associated Press. “We find this very, very exciting — not only for the direct jobs and indirect jobs it’s going to create, but like Intel, it’s a signal to people that Ohio is looking to the future. This is a big deal for us.”

Around the world, electric vertical takeoff and landing, or eVTOL aircraft are entering the mainstream, though questions remain about noise levels and charging demands. Still, developers say the planes are nearing the day when they will provide a wide-scale alternative to shuttle individual people or small groups from rooftops and parking garages to their destinations, while avoiding the congested thoroughfares below. Continue reading

BP leader is the latest to resign over questions about personal conduct

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FILE – A sign at a BP petrol station in London, Feb. 7, 2023. Global energy giant BP, one of Britain’s biggest and most recognizable companies, is scurrying to find a new chief executive after CEO Bernard Looney became the latest corporate leader to step down amid questions about his personal conduct. Looney stepped down Tuesday, Sept. 12, 2023. (AP Photo/Kirsty Wigglesworth, File)

By DANICA KIRKA Associated Press

LONDON (AP) — Global energy giant BP, one of Britain’s biggest and most recognizable companies, is scurrying to find a new chief executive after CEO Bernard Looney became the latest corporate leader to step down amid questions about his personal conduct.

Among the most crucial questions facing the company’s board is whether to recruit a leader who will maintain BP’s goal of eliminating net carbon emissions by 2050 as the oil industry struggles to meet climate commitments.

Looney, 53, resigned Tuesday after he accepted that he was not “fully transparent” in his disclosures about past relationships with colleagues. He will be replaced by Chief Financial Officer Murray Auchincloss on an interim basis.

BP conducted an internal review last year after receiving allegations about personal relationships between Looney and other company employees. Continue reading

G20 leaders pay respects at Gandhi memorial as they wrap up Indian summit and hand over to Brazil

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G20 leaders pay their tributes at the Rajghat, a Mahatma Gandhi memorial, in New Delhi, India, Sunday, Sept. 10, 2023. (AP Photo/Kenny Holston, Pool)

By KRUTIKA PATHI and ADAM SCHRECK Associated Press

NEW DELHI (AP) — G20 leaders paid their respects to Indian independence leader Mahatma Gandhi as their summit came to a close Sunday, a day after the group added a new member and reached agreement on a range of issues but softened language on Russia’s war in Ukraine.

The Group of 20 rich and developing nations welcomed the African Union as a member — part of Indian Prime Minister Narendra Modi’s drive to uplift the Global South. And host India was also able to get the disparate group to sign off on a final statement despite pointed disagreements among powerful members, mostly centered on the European conflict.

India also unveiled an ambitious plan with the United States, the European Union and others to build a rail and shipping corridor linking it with the Middle East and Europe in a bid to strengthen economic growth and political cooperation. Continue reading

Billionaires want to build a new city in rural California. They must convince voters first

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In this aerial photo is farmland in rural Solano County, Calif., Wednesday, Aug. 30, 2023. Silicon Valley billionaires and investors are behind a years-long, secretive land buying spree of more than 78 square miles (202 square kilometers) of farmland in Solano County with the goal of creating a new city. (AP Photo/Godofredo A. Vásquez)

By JANIE HAR Associated Press

SAN FRANCISCO (AP) — Silicon Valley billionaires behind a secretive $800 million land-buying spree in Northern California have finally released some details about their plans for a new green city, but they still must win over skeptical voters and local leaders.

After years of ducking scrutiny, Jan Sramek, the former Goldman Sachs trader spearheading the effort, launched a website Thursday about “California Forever.” The site billed the project as “a chance for a new community, good paying local jobs, solar farms, and open space” in Solano, a rural county between San Francisco and Sacramento that is now home to 450,000 people.

He also began meeting with key politicians representing the area who have been trying unsuccessfully for years to find out who was behind the mysterious Flannery Associates LLC as it bought up huge swaths of land, making it the largest single landholder in the county. Continue reading

Europe’s sweeping rules for tech giants have kicked in. Here’s how they work

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File – The Instagram logo is seen on a cell phone, Friday, Oct. 14, 2022, in Boston. Google, Facebook, TikTok and other Big Tech companies operating in Europe are facing one of the most far-reaching efforts to clean up what people encounter online. (AP Photo/Michael Dwyer, File)

By KELVIN CHAN AP Business Writer

LONDON (AP) — Google, Facebook, TikTok and other Big Tech companies operating in Europe must comply with one of the most far-reaching efforts to clean up what people see online.

The European Union’s groundbreaking new digital rules took effect Friday for the biggest platforms. The Digital Services Act is part of a suite of tech-focused regulations crafted by the 27-nation bloc — long a global leader in cracking down on tech giants.

The DSA is designed to keep users safe online and stop the spread of harmful content that’s either illegal or violates a platform’s terms of service, such as promotion of genocide or anorexia. It also looks to protect Europeans’ fundamental rights like privacy and free speech.

Some online platforms, which could face billions in fines if they don’t comply, already have made changes. Continue reading

Emerging economies are pushing to end the dollar’s dominance. But what’s the alternative?

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A man display U.S. $100 bills alongside Nigerian currency at the craft and art market in Lagos, Nigeria, on Wednesday, Aug. 16, 2023. Across the developing world, many countries are fed up with America’s dominance of the global financial system — and especially the power of the dollar. (AP Photo/Sunday Alamba)

By CHINEDU ASADU, GERALD IMRAY, FARAI MUTSAKA and PAUL WISEMAN Associated Press

ABUJA, Nigeria (AP) — Business has vanished at Kingsley Odafe’s clothing shop in Nigeria’s capital, forcing him to lay off three employees.

One culprit for his troubles stands out: The U.S. dollar’s strength against the Nigerian currency, the naira, has pushed the price of garments and other foreign goods beyond the reach of local consumers. A bag of imported clothes costs three times what it did two years ago. The price these days is running around 350,000 naira, or $450.

“There are no sales anymore because people have to eat first before thinking of buying clothes,” Odafe said.

Across the developing world, many countries are fed up with America’s dominance of the global financial system — especially the power of the dollar. They will air their grievances next week as the BRICS bloc of Brazil, Russia, India, China and South Africa meet with other emerging market countries in Johannesburg, South Africa.

But griping about King Dollar is easier than actually deposing the de facto world currency. Continue reading

Crypto’s Big Break? Potential Bitcoin ETF Approval Could Create New Era of Investment Opportunities

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By Creshonda Smith | Wealth of Geeks undefined

The first US bitcoin exchange-traded fund (ETF), “BITO,” began trading in October of 2021, attracting more than $1 billion in assets in the first few days. It’s one of the most heavily traded ETFs in market history.

Cryptocurrencies have been making waves in the financial world. ETFs have long appealed to investors for their diversification benefits, low costs, and stock-like trading convenience.

The possible introduction of a Bitcoin ETF holds significant implications for the market. It increases accessibility, enabling investors to gain exposure to Bitcoin without the complexities of directly holding the cryptocurrency. This milestone could attract traditional investors who value the regulatory oversight offered by ETF structures. Continue reading

Airbnb profit jumps to $650 million in 2Q, as bookings increase and rental rates hold steady

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FILE – The login page for Airbnb’s iPhone app is seen in front of a computer displaying Airbnb’s website on May 8, 2021, in Washington. Airbnb reports earnings on Thursday, Aug. 3, 2023. (AP Photo/Patrick Semansky, File)

By DAVID KOENIG AP Business Writer

Airbnb said Thursday its second-quarter profit jumped more than 70% over last summer, to $650 million, as revenue rose on strong bookings for summer-vacation rentals.

The San Francisco company said bookings grew 11% over the same period last year. Still, they were a bit lighter than analysts expected.

The shares fell about 1% after three hours of late trading.

Airbnb has been battling complaints that high cleaning fees have pushed prices closer to, or even above, hotels for short rentals. It changed its site to display cleaning fees upfront, when consumers are price-shopping.

Prices, however, remain stubbornly high. Airbnb had forecast that average rates customers pay per night would fall slightly in the second quarter compared with last year. Instead, the average nightly rate rose 1% to $166. Continue reading