US producer prices rose 0.2% last month on higher energy costs
WASHINGTON (AP) — U.S. wholesale inflation rose last month on higher energy prices. The Labor Department reported Tuesday that its producer price index — which tracks inflation before it hits consumers — rose 0.2% last month from November, down from a 0.4% gain the month before. Compared to a year earlier, producer prices were up 3.3%, down from a 3% year-over-year increase in November. The increases were slightly less than economists had forecast.
The California wildfires could be leaving deeper inequality in their wake
ALTADENA, Calif. (AP) — The sight of celebrity mansions and movie landmarks reduced to ashes can make it seem like the wildfires roaring through the Los Angeles area affected a constellation of movie stars. But a drive through the charred neighborhoods around Altadena shows that the fires also burned through a remarkable haven for generations of Black families avoiding discriminatory housing practices elsewhere. They have been communities of racial and economic diversity, where many people own their own homes. Some now fear the most destructive fires in California’s history have altered that for good. Recovery and rebuilding may be out of reach for many, and pressures of gentrification could be renewed.
Google faces more scrutiny as UK watchdog flexes new digital competition powers
LONDON (AP) — Britain’s competition watchdog says it’s investigating Google’s search ad business, adding to global scrutiny that the U.S. tech giant is facing. The Competition and Markets Authority said it will examine whether Google is weakening competition by stifling innovation, giving preference to its own services or exploiting user data. Using new powers to investigate competition in digital markets, the watchdog said it would determine whether Google should be given “strategic market status” that would require imposing remedies to change its behavior. The regulator said it will look in particular at Google’s role in shaping the development of new artificial services and interfaces such as “answer engines,” in ways that “limit the competitive constraint they impose on Google Search.”
World Economic Forum says Trump to take part virtually in Davos meeting, days after inauguration
GENEVA (AP) — The World Economic Forum’s president says U.S. President Donald Trump will take part virtually in the annual meeting in Davos just days after his inauguration. Børge Brende is a former Norwegian foreign minister who heads the Geneva-based organization. He noted on Tuesday that Trump had twice attended the elite gathering of business and government leaders in-person during his first term.
Why hundreds of miners are still trapped and starving in an abandoned South Africa mine
CAPE TOWN, South Africa (AP) — South African authorities have ome under intense scrutiny for their response after civic groups said hundreds of miners have been trapped deep in an abandoned gold mine for months. More than 100 of them believed to have died of starvation or dehydration. Authorities first launched an operation in November to force out the men who were mining illegally at the closed Buffelsfontein Gold Mine by cutting off their food and water supplies from the surface. But groups representing the miners say they are trapped up to 1.5 miles below the surface in one of the country’s deepest mines and a proper rescue operation should have started months ago.
IRS is sending out automatic stimulus payments. Who is getting them?
The IRS is distributing about $2.4 billion to taxpayers who didn’t receive their COVID stimulus payments. By the end of January, approximately 1 million taxpayers will receive special payments of up to $1,400 from the IRS. The agency said it’s distributing these payments to taxpayers who failed to claim a Recovery Rebate Credit on their 2021 tax returns. The Recovery Rebate Credit is a refundable credit for individuals who did not receive one or more Economic Impact Payments, also known as stimulus payments. The payments will go out automatically this month and should arrive by direct deposit or check by late January.
After disasters, people are especially vulnerable to scams. Here’s how to protect yourself
NEW YORK (AP) — During natural disasters like wildfires and floods, scammers often emerge to prey on victims. But there are steps you can take to prevent the worst outcomes. People in heightened emotional states in the wake of a catastrophic event should be extra careful of impersonators asking for identifying details. Scammers may pretend to be from the utility company or the Federal Emergency Management Agency and ask to “verify information.” In these cases, contact the company or agency directly. If you believe your identity has been compromised, take steps to secure your information and financial data. And report the theft to the Federal Trade Commission.
Why is Spain considering a 100% tax on homes bought by non-EU residents?
MADRID (AP) — Spain is planning a raft of measures to address its brewing housing crisis, including an up to 100% tax on properties bought by non-European Union residents. Spanish Prime Minister Pedro Sánchez announced the plan this week which will tackle housing affordability and high rents in the Southern European nation. He said the overall goal was to provide “more housing, better regulation and greater aid.” However, it remains unclear if the plan put forth by Sánchez’s minority coalition would pass in parliament. Here’s a look at what’s happening:
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