At Davos, Ukraine's first lady urges support for her nation
DAVOS, Switzerland (AP) — Ukraine’s first lady is pressing world leaders and corporate executives at the World Economic Forum’s annual gathering to do more to help her country at a time when Russia’s invasion is leaving children dying and the world struggling with food insecurity. As the anniversary of the war nears, Olena Zelenska said Tuesday that parents are in tears watching doctors trying to save their children and farmers are afraid to go back to their fields filled with mines. She spoke amid panels on everything from global recession to climate change. It’s never clear how much the weeklong gathering actually translates into concrete action.
Jury selected for Elon Musk trial about Tesla buyout tweets
SAN FRANCISCO (AP) — A nine-person jury has been seated to hear a trial that will determine whether Tesla CEO Elon Musk cheated investors by asserting in 2018 tweets that he had lined up financing to take the electric automaker private. The five-hour process set the stage for opening statements to begin Wednesday in the case. The trial is expected to include testimony from Musk to explain his thinking while engaged in one of his favorite activities — tweeting on the Twitter service that he now owns. The tweets fueled a rally in the company’s stock price that abruptly ended a week later.
Macao jails Suncity founder 18 years over illegal gambling
MACAO (AP) — The founder of Macao’s once-biggest casino junket organizer has been sentenced to 18 years in jail after being convicted of operating illegal gaming activities, running a criminal organization and other charges. Alvin Chau, former chairman of Suncity Group, was arrested in 2021 on accusations he ran an illegal cross-border gambling syndicate with others. Macao is the only place in China where casinos are legal, and junket operators such as Suncity were a key part of its gaming industry. Chau's case was one of the gambling hub’s biggest criminal cases in years. The junket sector slumped after Chau’s arrest, with Suncity shutting its VIP rooms. Another junket business leader was arrested last year for allegedly running illegal gambling operations.
Ex-Fox execs go on trial in soccer TV rights bribery case
NEW YORK (AP) — Two former Fox executives are on trial, accused of bribing South American soccer officials for TV rights to one of the continent’s biggest annual tournaments and using information gathered in the process to help the network’s winning World Cup broadcast bid. The executives went on trial Tuesday, marking the latest case to go to court in the sprawling FIFA corruption scandal. Hernan Lopez and Carlos Martinez are charged with paying bribes and kickbacks to South American Football Confederation officials to broadcast the Copa Libertadores, an annual club tournament akin to the Champions League in Europe. Fox has denied any involvement in bribery.
Fastest Corvette ever is all-wheel-drive gas-electric hybrid
DETROIT (AP) — The fastest Corvette ever made comes out later this year, and it’s not powered soley by a howling V8. The E-Ray is a gas-electric hybrid, the first all-wheel-drive version of the storied sports car with the front wheels running on an electric motor the traditional 6.2-liter V8 powering the back. Aimed at affluent buyers who want new technology in the top-line Chevrolet sports car, the $104,000 E-Ray jerks your head back as it goes from zero to 60 mph (97 kilometers per hour) in 2.5 seconds. General Motors says it can cover a quarter mile in 10.5 seconds. Yet engineers say the 655-horsepower system is civil enough for the daily commute.
United Airlines posts $843 million profit, bullish on 2023
United Airlines has reported a bigger fourth-quarter profit and higher revenue than Wall Street expected. And United is giving a bullish forecast for 2023. United said Tuesday that it earned $843 million in the fourth quarter. United thinks people will keep traveling despite inflation and concern about the economy. The Chicago-based airline says demand for flights remains strong into the new year, and that will help it cover expected higher costs because of new labor contracts that it's negotiating with unions, including pilots. The report from United comes on the heels of upbeat comments by its closest rivals, Delta Air Lines and American Airlines.
Asian shares decline as Bank of Japan keeps policy unchanged
BANGKOK (AP) — Asian shares are mostly lower after Japan's central bank kept its lax monetary policy unchanged, contrary to speculation it would yield to pressure to tighten credit. Benchmarks rose in Tokyo and Sydney but fell in Seoul, Hong Kong and Shanghai. The Bank of Japan shook markets in December with a surprise widening of its target range for yields on long-term government bonds. Major U.S. indexes closed mixed Tuesday at the beginning of an earnings-heavy week. The S&P 500 fell 0.2% and the Nasdaq edged up 0.1%. The Dow Jones Industrial Average fell 1.1%, mostly because of a big drop in Goldman Sachs after the investment bank's results came in far below analysts' estimates as dealmaking dried up.
World Food Program chief: Somali famine slowed, not avoided
DAVOS, Switzerland (AP) — The head of the Nobel Peace Prize-winning World Food Program says support from donors like the United States and Germany have allowed it to postpone — though not entirely avert — famine in Somalia. But WFP Executive Director David Beasley stressed that “we’re not out of this yet.” He told The Associated Press that countries in the Horn of Africa have faced “unprecedented climate impact” from years of drought, and the U.N. agency had been expecting to announce famine in Somalia before donors “stepped up in magnificent ways.” Speaking Tuesday at the World Economic Forum meeting in Davos, Switzerland, Beasley warned that “we still could end up with a famine technically in Somalia” because “famine-like conditions” already exist.
Davos organizers: Musk wasn't invited despite what he says
DAVOS, Switzerland (AP) — The World Economic Forum says billionaire Elon Musk wasn’t on the guest list for the annual meeting of business executives, global leaders and cultural trend-setters in Davos, Switzerland — despite what the Twitter owner claims. Musk isn’t among the notables gathering in the ritzy Alpine town this week to talk about global issues, though he says he was invited. Forum spokesman Yann Zopf knocked that down Tuesday, saying the last time the Tesla CEO got an invitation was “not this year and not recently — last time in 2015." Musk said in a tweet Dec. 22: “My reason for declining the Davos invitation" was because it sounded boring.
China’s economic growth falls to 3%, gradually reviving
BEIJING (AP) — China’s economic growth fell to its second-lowest level in at least four decades last year under pressure from antivirus controls and a real estate slump. But activity is gradually reviving after restrictions that kept millions of people at home were lifted. Official data showed the world's second largest economy grew by 3% last year. Growth slid to 2.9% over a year earlier in December from the previous month's 3.9%. Retail spending and other indicators improved. But a recovery is expected to be modest. Wary consumers are returning only gradually to shopping malls and restaurants amid a surge in COVID-19 infections.
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