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AM Business Notebook

>>Investors Will Have A Lot To Look Out For

(New York, NY)  --  Investors will have a lot to be on the look out for this week despite MLK Day making this an abbreviated trading week.  The Producer Price Index and earnings results from the likes of Netflix, American Airlines and Goldman Sachs highlight the holiday-shortened week.  The PPI, due out Wednesday, will provide another key inflation reading after last week's Consumer Price Index.  The existing home sales report and the government's retail sales report are also set to be released this week.  

 

>>Treasury Secretary: U.S. Will Hit Debt Limit Thursday

(Washington, DC)  --  The U.S. Treasury Secretary is warning the nation will hit its debt limit on Thursday.  Janet Yellen has notified Congress that the Treasury Department will begin taking steps to avoid default once the debt limit is reached.  In a letter to Republican House Speaker Kevin McCarthy, Yellen noted Treasury "is not currently able" to estimate how long those actions will let the U.S. continue to pay for government obligations.  She urged Congress to "act promptly to protect the full faith and credit of the United States."

 

>>Musk's 2018 Tesla Tweet Trial To Start

(San Francisco, CA)  --  Elon Musk's trial over a 2018 tweet is scheduled to start today in a federal courtroom in San Francisco.  Back in August of that year, the electric automaker CEO tweeted that he had put together a 72-billion-dollar deal for a company buyout.  That buyout never happened and now Musk will have to explain himself under oath thanks to a class action lawsuit brought by investors.  The tweet led to a 40-million-dollar settlement with the SEC and to Musk stepping down as Tesla chairman.  Musk tried and failed to get the trial moved to Texas, claiming that all the furor over his recent purchase of San Francisco-based Twitter poisoned the jury pool there.

 

>>California Business Owners Can Apply For Disaster Loans

(Undated)  --  California business owners affected by the historic storms might be able to get some financial relief.  The U.S. Small Business Administration revealed that federal disaster loans are now available.  Businesses as well as non-profit organizations could qualify for up to two-million dollars in relief. Before consideration, owners will have to get in touch with FEMA first.  It comes as President Biden declared that federal major disaster assistance will be made available to Merced [[ Mer-said ]], Sacramento and Santa Cruz counties.  Governor Gavin Newsom also signed an executive order Monday to increase the Golden State's emergency response to the storms.

 

>>Survey: Economist Expect Global Recession In 2023

(Davos)  --  A majority of chief economists anticipate a global recession this year.  That's according to a survey released by the World Economic Forum as business and government leaders began to gather for its annual meeting.  The percentage who consider a world recession "extremely likely" more than doubled since September to 18-percent.  Just one-third of those surveyed said they think a global recession is unlikely in 2023.  The WEF managing director said current conditions like high inflation and low growth "reduces incentives for the investments needed to get back to growth and raise living standards for the world's most vulnerable."

 

>>Wyoming Lawmakers Propose Electric Car Sales Ban

(Cheyenne, WY)  --  Some Wyoming lawmakers are pushing to end electric vehicle sales in the state by 2035.  The measure was introduced last week by a group of Republicans to the state legislature.  It notes that the move will help safeguard the oil and gas industries, adding that electric vehicles will hinder Wyoming's ability to trade with other states.  Conversely, more than a dozen other states have moved to ban the sale of gas-powered vehicles.
 

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