Business Update – 24 January 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Top 8 Global Business Trends for 2024

The U.S. Chamber of Commerce’s International team carefully tracks the top geopolitical, economic, and policy trends affecting global business. Here are eight to watch in 2024.

How copyright lawsuits could kill OpenAI

Late last year, the New York Times sued OpenAI and Microsoft, alleging that the companies are stealing its copyrighted content to train their large language models and then profiting off of it. Depending on who you ask, what’s at stake is either the future of the news business, the future of copyright law, the future of innovation, or, specifically, the future of OpenAI and other generative AI companies. Or all of the above.

US Congress passes bill to avert government shutdown, sends it to Biden

The U.S. House of Representatives approved a stopgap bill to fund the federal government through early March and avert a partial government shutdown, sending it to President Joe Biden for final approval.

Federal Reserve’s Beige Book

The current Beige Book has been published by the Federal Reserve, giving an overview of economic conditions around the country.

US bank profits shrink on higher deposit costs, one-time charges

Several U.S. banks reported a plunge in fourth-quarter profits, hurt by a drop in interest income and charges tied to replenishing a deposit insurance fund.

According to a recent report from the IMF, 60% of jobs in the US will be impacted by AI.

About 30% of jobs will be impacted in a largely positive way, through increases in productivity and improved skills. While the other 30% of jobs will be impacted in a more negative way, up to and including the loss of those jobs altogether. So what can you do?

Investors face sticky inflation, widespread turmoil, and a clouded economic outlook, private equity billionaire Henry Kravis said

Investors face a tricky mix of stubborn inflation, geopolitical risks, and a clouded economic outlook, Henry Kravis said. KKR’s billionaire cofounder and co-executive chairman advised being prepared to capitalize on the opportunities that emerge during periods of turmoil.

S&P 500 hits new record high amid signs of easing US economic gloom

The S&P 500 scaled a new all-time high on Friday amid signs that the economic despondency that has gripped US consumers may be easing.

Income tax brackets for 2024

The IRS reviews all income tax brackets annually, making adjustments as necessary to balance for inflation. For the 2024 tax year, tax rates range from 10% at the low end to a top rate of 37%. These rates will come into effect for taxpayers filing in 2025.

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