WASHINGTON (AP) — The IRS is outlining how it plans to use an infusion of $80 billion for improved operations. The agency is pledging to invest in new technology, hire more customer service representatives and expand its ability to audit high-wealth taxpayers. The money comes from the Democrats’ landmark climate change and health care bill that was signed by President Joe Biden last summer. Some Republicans have suggested, without evidence, that the money would help create a mob of armed auditors to harass middle-class taxpayers. But new IRS Commissioner Daniel Werfel says the plan won’t include spending for new agents with guns.
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Are robot waiters the future? Some restaurants think so
MADISON HEIGHTS, Mich. (AP) — Are robot waiters the future? It’s a question the restaurant industry is increasingly trying to answer. Many think the waist-high machines are the solution to the industry’s labor shortages. They can greet guests, lead them to their tables, deliver food and drinks and ferry dirty dishes to the kitchen. Sales of robot servers have been growing rapidly in recent years, and tens of thousands of robots are now gliding through dining rooms worldwide. Some restaurant owners who use them say they cost less than human servers, but others say they have had trouble with robots breaking down. And robots still have limits; they can’t take orders or navigate outdoor patios, for example.
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OpenAI to offer remedies to resolve Italy’s ChatGPT ban
LONDON (AP) — Italian regulators say the company behind ChatGPT will propose measures to resolve data privacy concerns that sparked the country’s temporary ban on the artificial intelligence chatbot. The Italian data protection authority said Thursday that OpenAI promised to set out measures to address the concerns during a video call with company executives including its CEO. Those remedies have not been detailed. The watchdog says it didn’t want to hamper AI’s development but stressed to OpenAI the importance of complying with the 27-nation EU’s stringent privacy rules. The watchdog last week blocked San Francisco-based OpenAI’s popular chatbot while it investigates a possible breach of European Union data privacy rules.
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Applications for jobless aid rising but still at low levels
WASHINGTON (AP) — The number of Americans seeking unemployment aid was higher over the past few months than the government had initially reported, reflecting a modest rise in layoffs as the economy has slowed in the face of higher interest rates. The Labor Department reported Thursday that the number of applications has exceeded 200,000 since early February — above previous estimates, though still relatively low by historical standards. The department has revised its estimates of the number of weekly applications for jobless benefits under a new formula it is using to reflect seasonal adjustments. The new formula is intended to more accurately capture seasonal patterns in job losses.
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IMF head expects less than 3% global economic growth in 2023
WASHINGTON (AP) — The International Monetary Fund chief warns the world economy is expected to grow less than 3% this year, down from 3.4% last year, increasing the risk of hunger and poverty globally. Kristalina Georgieva said Thursday growth is expected to remain around 3% for the next five years, calling it the “lowest medium-term growth forecast since 1990.” Georgieva says slower growth would be a “severe blow, making it even harder for low-income nations to catch up.” Georgieva also warns poverty and hunger could further increase, a dangerous trend started by the coronavirus pandemic. Georgieva’s comments come ahead of next week’s spring meetings of the IMF and the World Bank in Washington.
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Average 30-year mortgage rate dips as spring season opens
WASHINGTON (AP) — The average long-term U.S. mortgage rate dipped for the fourth straight week, a good sign for potential home buyers and a real estate market that has been mostly cold since the Federal Reserve began raising interest rates more than a year ago. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate dipped to 6.28% from 6.32% the previous week. The average long-term mortgage rate hit 7.08% in the fall — a two-decade high. The recent decline in mortgage rates is good news for prospective homebuyers, many of whom were pushed to the sidelines as interest rates rose.
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Amazon’s $1.7B iRobot purchase faces UK antitrust scrutiny
LONDON (AP) — British antitrust regulators have started investigating Amazon’s purchase of robot vacuum maker iRobot, adding further scrutiny to the $1.7 billion deal. The Competition and Markets Authority said Thursday that it’s considering whether the deal will result in a “substantial lessening of competition” within the United Kingdom. In an initial step, the U.K. watchdog invited comments on the deal from “any interested party.” The acquisition is already facing a review in the U.S. by the Federal Trade Commission amid concerns about Amazon’s growing market power. Amazon says it’s “working cooperatively with the relevant regulators in their review of the merger.” IRobot makes the popular Roomba robotic vacuum cleaners.
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Southwest CEO’s compensation soars despite December debacle
DALLAS (AP) — The CEO of Southwest Airlines is seeing his compensation nearly double after getting promoted to the top job, with the airline’s directors looking past a meltdown over the Christmas holiday. Southwest disclosed Thursday that CEO Robert Jordan got compensation valued at $5.3 million last year. Most of that is in stock awards valued at $3.6 million. Jordan also got bonus and incentive compensation on top of his salary. The Southwest board says in a regulatory filing that it’s not adjusting Jordan’s incentives because of the December meltdown that caused nearly 17,000 flights to be canceled because Southwest still posted record revenue and kept its investment-grade credit ratings. ___
Stocks tick higher to close out shortened trading week
NEW YORK (AP) — Stocks closed slightly higher on Wall Street in mixed trading after several discouraging reports on the economy slowed stocks’ roll this week. The S&P 500 was 0.4% higher Thursday but down 0.1% for the week. The Dow and Nasdaq also closed modestly higher. The U.S. stock market will be shut in observance of Good Friday. A report showed more workers filed for unemployment benefits last week than expected. It followed a string of economic reports this week that were weaker than expected. The economy is slowing under higher interest rates, raising the risk of recession.
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The S&P 500 gained 14.64 points, or 0.4%, to 4,105.02. The Dow Jones Industrial Average rose 2.57 points, or less than 0.1%, to 33,485.29. The Nasdaq composite added 91.09 points, or 0.8% to 12,087.96. The Russell 2000 index of smaller companies ended up 2.33 points, or 0.1%, to 1,754.46.
