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California will spend $2.5 billion to help the Los Angeles area recover from recent deadly wildfires under a relief package signed Thursday by Democratic Gov. Gavin Newsom.Newsom signed the laws after the state Legislature approved them with bipartisan support earlier in the day. The measures include $2.5 billion for the state’s disaster response efforts such as evacuations, sheltering survivors, and removing household hazardous waste. Lawmakers also approved $4 million for local governments to streamline approvals for rebuilding homes, and $1 million to support school districts and help them rebuild facilities.“This is about distilling a sense of hopefulness,” Newsom said at a news conference in Pasadena, a city recovering from one of the destructive fires that ignited earlier this month.The aid won approval a day before President Donald Trump is set to visit California for a look at damage from the blazes. He’s suggested any federal wildfire relief should come with conditions, though congressional Republicans who represent the state have pushed back on that idea. Former President Joe Biden already approved some disaster aid for the region earlier this month.Newsom called lawmakers into a special session in November to prepare for legal battles against Trump ‘s administration. But after major fires broke out around Los Angeles, the governor shifted gears to prioritize fire relief funding. He expanded the focus of the special session to pass the recovery funding under pressure from Republican state lawmakers who said the focus on Trump was misplaced while the state dealt with the disaster.The governor said he hasn’t spoken with Trump about his visit to the state, but that he hopes to work with the president despite their political differences.Republican state Sen. Kelly Seyarto criticized Newsom for not issuing the fire relief funding on his own, but ultimately Seyarto supported the bills.He said in the future, Democrats should do a better job of working with Republicans on crafting legislation for fire response and prevention funding.“We need a plan from all of us to make sure this doesn’t happen again,” he said.The state Senate also approved $25 million Thursday to defend the state against legal challenges by the federal government, along with another $25 million in part for legal groups to defend immigrants facing possible deportation and other threats. The vote fell largely along party lines. The state Assembly would still have to pass the bills before they can reach Newsom’s desk.The largest of the recent Southern California blazes ignited on January 7, ripping through the Pacific Palisades neighborhood in Los Angeles and killing 11 people. The Eaton Fire, which broke out the same day near Altadena, has killed 17 people.The region is also now battling the Hughes Fire, which ignited Wednesday north of Los Angeles, spread more than 15 square miles (39 square kilometers), and led to evacuation orders or warnings for more than 50,000 people.State Senate President Pro Tempore Mike McGuire, a Democrat representing the North Coast, said the fires have been “nothing short of devastating.”“But we promise we have your back, and we’re going to get through this,” he said before Newsom signed the aid into law.Newsom’s administration said the state expects to be reimbursed by the federal government for the disaster relief funding.The governor also announced a commitment Thursday by 270 state-chartered banks, credit unions, and lenders to provide mortgage relief to homeowners impacted by fires in Los Angeles and Ventura counties.Assemblymember Jesse Gabriel, a Democrat from Encino and chair of the chamber’s special session budget committee, said his family was ordered to evacuate for six days while firefighters battled the Palisades Fire.The funding the Legislature passed Thursday is “the first of many steps” lawmakers will take to support wildfire survivors and to protect communities from the threat of future blazes, he said.“No community is immune from these wildfires,” Gabriel said. “That’s part of what the tragedy in Los Angeles proved to us.”__Associated Press writer Jaimie Ding in Pasadena, California, contributed to this report.-Austin is a corps member for the Associated Press/Report for America Statehouse News Initiative. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on undercovered issues. Follow Austin on X: @ sophieadanna Sophie Austin, Associated Press/Report for America
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E-Commerce
Shares in Venture Global, Inc. are expected to make their debut on the New York Stock Exchange (NYSE) after the company raised $1.75 billion in its initial public offering. Venture global’s IPO is the largest public offering ever for a liquefied natural gas (LNG) producer and comes at what may be one of the most opportune times for the companyimmediately after Donald Trump has returned to the presidency with the intention of unleashing Americas energy-producing potential. Heres what you need to know about Venture Global and its IPO. What is Venture Global, Inc? Venture Global is a producer of liquified natural gas (LNG). It was founded in 2013 and currently has five liquified natural gas projects in various stages of production, reports Reuters. Those projects are all located in the Gulf of Mexico, near Louisiana. Besides LNG production, Venture Global is also in the business of natural gas transportation and regasification. The companys first facility, called Calcasieu Pass, started producing LNG in January 2022. A second facility, called Plaquemines LNG, began LNG production last month, in December 2024. Venture Global is the second-largest LNG exporter in the United States. Venture Global is one of the companies expected to benefit after President Trump signed an executive order earlier this week that ended a moratorium on new export permits for liquified natural gas. The executive order was a move to boost Trumps desire to increase Americas energy production. A reduced public offering Venture Globals public offering makes it the largest liquified natural gas IPO ever on a global scale, notes Reuters. It is also the third-largest energy and utility sector public listing in the United States since 1995. However, the company was forced to almost halve its sought valuation after investors doubted its long-term profit estimates for its export business. Originally, the company sought to sell 50 million shares for between $40 and $46 each, which would have given Venture Global a valuation of as much as $110 billion. Instead, the company settled on selling 70 million shares for a revised range of $23 to $27 per share. On Thursday, the company announced that shares were priced at $25 apiece. When is Venture Globals IPO? Venture Global priced shares on Thursday. It expects to begin trading today: Friday, January 24, 2025. What is Venture Globals stock ticker? Venture Globals stock will trade under the ticker VG. Which exchange will Venture Global shares trade on? Venture Global shares will trade on the New York Stock Exchange (NYSE). What is the IPO share price of VG? Venture Globals IPO share price is $25, which is in the middle of its revised $23 to $27 price range. How many VG shares are available in its IPO? Seventy million shares of its Class A common stock were made available in its IPO. How much will Venture Global raise in its IPO? At $25 per share, Venture Global raised $1.75 billion in its initial public offering. That was down from the $2.3 billion it sought to raise before its IPO price revision. What is Venture Globals valuation? As of its IPO, Venture Global had a total valuation of $60.5 billiondown from the $110 billion valuation it would have had if it had not revised its original IPO plans. What else is there to know? Some experts expect the U.S. IPO market to ramp up this year following Trump’s return to the White House. Lynn Martin, president of NYSE, expressed optimism around Trump’s “pro-growth agenda” this week at the World Economic Forum meeting in Davos, Switzerland, according to Bloomberg. However, uncertainties such as inflation and the impact of tariffs remain.
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E-Commerce
President Donald Trump has pledged cheaper prices and lower interest rates, but an economy transformed by the pandemic will make those promises difficult to keep.Economic growth is solid, driven by healthy consumer spending. And budget deficits are huge and could get even larger. Meanwhile, businesses are borrowing more to step up their investments in data centers and artificial intelligence, leading to a greater demand for loans that can raise interest rates.And if Trump follows through on his promises to impose widespread tariffs on imports and deport millions of immigrants, economists expect inflation could worsenmaking it less likely the Federal Reserve will cut its key interest rate much this year.All of these trends will likely keep borrowing costs higher, including for homes and cars.Yet on Thursday during the World Economic Forum’s annual event in Davos, Switzerland, Trump said he would reduce oil prices, and then “I’ll demand that interest rates drop immediately, and likewise, they should be dropping all over the world.”Later, in Washington, Trump told reporters that lower energy costs would reduce inflation, which would “automatically bring the interest rates down.” Asked if he expects the Fed to listen to him on rates, Trump said: “Yeah.”Yet Trump may be facing a bigger challenge than he expects. The surprising resilience of the economywhich has weathered the aftermath of the pandemic, an inflation spike, and several recession scares just in the past few yearsmay keep borrowing costs higher.Jan Hatzius, chief economist at Goldman Sachs, says the economy is “in the sweet spot of healthy growth.”It has expanded at an annual rate of at least 3% for four out of the last five quarters, the longest such streak in a decade. Unemployment is at a historically low 4.1%. And inflation, which soared to a four-decade high in 2022 and soured most Americans on the economy, is back down to 2.4%, according to the Fed’s preferred measure.Wages, which badly trailed prices in 2021 and 2022, have risen faster than inflation for the past 18 months, which provides the needed fuel for ongoing growth.A healthier economy spurs more Americans to borrow to buy cars, homes, and large appliances, and businesses to invest in IT equipment and factories. Such moves are great for the economybut more demand for loans to fund all that spending can also keep interest rates elevated.And steadier growth could keep prices higher. Companies that see healthy consumer demand may decide they can charge more, as Netflix announced it would do Tuesday after signing up a surge of subscribers.Such trends are a big change from the last time Trump entered the White House in 2017. Back then, the U.S. economy was emerging from an extended period of sluggish growth and very low inflation that followed the painful 2008-2009 Great Recession. Millions of households saved more and spent less after a borrowing binge earlier in the decade that drove up mortgage and credit card debt.“Households were shrinking their balance sheets relative to their income, and that’s a very significant disinflationary force that is not present now,” said Julia Coronado, president of MacroPolicy Perspectives and a former Fed economist.Today, most households are carrying less debt and upper-income families in particular are benefitting from strong gains in home values and stock market wealth. About 40% of homes are now owned free and clearwithout a mortgage. Greater wealth can spur ongoing spending on travel, electronics, and dining out.In addition, high-tech firms are ramping up their investment in data centers to accelerate their work on artificial intelligence. Trump announced Tuesday a joint venture between OpenAI, Oracle, and Japan’s SoftBank to invest $500 billion in data centers and electricity generation to fuel AI research. Before the pandemic, many companies were stockpiling cash and weren’t investing as much, which can keep interest rates lower.“We are in a different world,” said Joe Brusuelas, chief economist at RSM, a tax advisory and consulting firm. “Gone is the era of low inflation and low interest rates. In its place is a new framework featuring scarce capital and higher rates.”As a result, Trump’s promises to stimulate the economy through tax cuts and deregulation, while also promising to impose tariffs and immigration restrictions, could keep prices elevated.“That’s going to be inflationary, and that’s going to push (Fed) policymakers to adopt more stringent policies than they would otherwise,” said Gregory Daco, chief economist at EY. “So you’re going to be in a higher interest-rate environment.”Even if the Fed does reduce its key rate in the coming months, that won’t necessarily reduce borrowing costs. Financial markets also affect the cost of borrowing for a home or car. Since the Fed began cutting its key rate in September, the yield on the 10-year Treasury notewhich strongly influences mortgage rateshas actually risen substantially.Gennadiy Goldberg, head of U.S. rates strategy at TD Securities, says investors are anticipating a continuation of stronger growth, in part fueled by Trump’s proposals to cut taxes and reduce regulation. In that scenario, the Fed would be less likely to cut its key rate.Many investors are discounting Trump’s tariff threats, hoping that he intends to use them as leverage in international talks, rather than permanently impose them.“I think there was an expectation that President Trump would bring all of the good policies and leave all of the bad policies for growth at the door,” Goldberg said.Another trend that Trump has helped spark is the rise of protectionist measures around the world, after two decades of globalization that lowered the prices for manufactured goods.“Instead of globalization driving prices lower, or at the very least putting a constraint on them, we’re now relocating supply chains and protectionist barriers are going up,” Brusuelas said. Nearly all economists forecast that will push prices higher, though the increase could be modest.Another shift is that stubbornly high yearly budget deficits threaten to lift interest rates as well, because Wall Street investors may require higher yields to buy all the Treasury securities needed to finance the debt.Last week, the nonpartisan Congressional Budget Office said this year’s deficit would likely reach $1.9 trillion, and grow to $2.7 trillion in a decade. Trump’s proposals to extend his 2017 tax cuts, and implement new ones, such as eliminating taxes on tips, would raise deficits further.“If we don’t get fiscal deficits down, we’re going to see higher longer-term bond yields,” said Fed governor Chris Waller earlier this month. “And that’s what we’re starting to see.” Christopher Rugaber, AP Economics Writer
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E-Commerce
When I started my business nearly two decades ago, I shared the same reservations as many first-time entrepreneurs. As a natural introvert, I doubted whether I had the personality to lead a company. Fortunately, I pushed through those self-doubts and gradually discovered my leadership style. Today, however, many leaders face a new type of challenge: feeling like imposters in the age of AI. A recent Korn Ferry survey of 10,000 workers and executives found that AI contributed to 71% of CEOs and two-thirds of other senior leaders feeling imposter syndrome in their roles. With technology evolving at an ever-faster pace, the fear of falling behind is understandable. But it begs the question: Why are so many professionals adopting a wait-and-see approach to AI? In my experience, the best way to get started with AI is to carve out a bit of time for experimentation, explore new tools, and integrate them into daily workflows. As AI transforms industries, leaders cant afford to sit on the sidelines. If youre not already onboard, here are a few ways AI is helping CEOs run their companies more effectively. Transforming the decision-making process Being a CEO requires navigating an almost constant stream of decisions. While theres an argument for leaning on intuition, data is essential for wading through todays increasingly complex world. George C. Lee, co-head of the Goldman Sachs Global Institute, advocates leveraging AI in the C-suite to enhance effective decision-making. Writing for Fast Company, Lee explained that an AI-enabled system can analyze market trends, customer reviews, and competitive dynamics. He noted that such tools could broaden the context of any discussion, introduce novel insights, and connect the dots across complex scenario analyses. While some companies are developing proprietary AI models, widely available tools like ChatGPT are a great way to get started. They can conduct research and synthesize vast amounts of data in seconds, enabling CEOs to improve the quality of their decisions and make them faster and more confidently. Then, they can dedicate more time to big-picture topics like innovation. Theres a caveat: AI tools like ChatGPT are powerful tools, but they have the unfortunate habit of occasionally hallucinatingmaking things up. Its good practice to always verify essential information before relying on it for major decisions. Streamlining operations to focus on strategic growth As CEO of Jotform, Im always on the lookout for new automation opportunities. Integrating these tools requires an upfront time investment, but once the processes are in place, I regain that investment and more, leaving me wide swaths of time and energy to focus on strategic growth. According to an IBM survey of over 1,600 senior European executives, 82% of the business leaders reported having already deployed generative AI or intending to this year. A common motivation was the desire to improve efficiency by automating manual tasks. Leaders can use AI to automate routine tasks, such as tracking business metrics and trends. Tools like Microsoft Power BI provide centralized dashboards for real-time KPIs, while predictive analytics deliver trend updates and forecast outcomes, obviating the need to gather data manually. Or, take executive-level recruiting: CEOs can combine AI tools with personal insight to connect with talent faster. As Nancy Xu, Founder and CEO of Moonhub, said at Summer Davos this year: In a world where talent is traditionally the bottleneck for growth, I think the really exciting opportunity for AI agents is actually to compress the time scale that it takes to build ideas or companies to impact and make it possible to do that in a much more compressed time frame. As a result, CEOs can focus more on higher-level work, like ensuring their companies are continually evolving. Enhancing soft skills and boosting team morale Soft skills have long been underrated for CEOs, overshadowed by technical skills and business acumenbut that seems to be changing. According to Deloitte research, organizations are increasingly prioritizing soft skills in the C-Suite, like communication and critical thinking. CEOs can leverage AI tools to build and enhance these skills. For example, natural language processing tools, such as Grammarly or ChatGPT, can help leaders refine their communication style and messaging to be clearer, more personalized, and more empathetic. Sentiment analysis tools, like IBM Watson or Qualtrics, can analyze employee feedback or survey responses to take the temperature on team morale. That information in hand, CEOs can pinpoint areas where additional support might be needed and keep employee morale afloat. While AI will never replace leaders or human decision-makers, it can help them work faster, more efficiently, more effectivelyand at the same time, provide more guidance and support to employees. By experimenting with AI tools and integrating them into workflows, CEOs can navigate the increasingly complex modern business world and enhance, rather than eliminate, the human touch.
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E-Commerce
Need a little help ordering your next lunch? Starting Friday, fast-casual dining chain Just Salad will roll out a new mobile ordering feature it calls Salad AI, which relies on OpenAIs GPT-4o model to generate text and personalize recommendations that match a customers culinary preferences. Salad AI allows customers to select their dietary restrictions, nutrient priorities, and desired flavor recommendations and within 15 seconds, the AI-powered tool will generate four order ideas. Its a really powerful tool to navigate hundreds of thousands of potential combinations, says Nick Kenner, founder and CEO at Just Salad, in an interview with Fast Company. We felt super confident that the customer wants help. Salad AI will be available at all of Just Salads nearly 100 restaurant locations throughout the Northeast, Florida, and the metro Chicago area. The technology will also be added to the web version on desktop computers a little later this year. The inspiration for Salad AI came about a year ago when Kenner was discussing a personal desire to eat more vegan food, which also incorporated a lot of protein. I said it would be great if AI could tell me what to get on the Just Salad menu, recalls Kenner. And I brought that to our CTO [Matt Silverman] and he said, We can make that happen. The first of three prompt screens asks customers to select on preferences including vegan, avoid gluten, or minimize carbon footprint. Then, nutrient needs like high protein, low calorie, and low sugar are offered. The final step asks about cravings like sweetness, spice, and savory. In a demonstration, Fast Company opted for a vegan, high fiber, spicy salad bowl and the top recommendation was a spicy vegan fiesta that included kale, almonds, sweet potatoes, corn, and a cilantro lime vinaigrette. [Photo: Just Salad] Menu discovery, especially in high SKU restaurant categories like salads, is quite relevant for this [technology], says Mark Abraham, a managing director at Boston Consulting Group who has helped advise restaurant clients deliver more personalized customer experiences. Abraham says that a large chunk of investments in generative and predictive AI in the restaurant sector tend to focus on the employee and back-office operations. These use cases can make scheduling, hiring, and communication easier for employees, helpful for the industry as it faces a persistent labor shortage. AI can also help chains forecast future demand trends and to manage their inventory. But the last piece, which isnt as far along, are the customer-facing use cases. Already, predictive AI is being used to help make accurate, personalized recommendations for add-on items in mobile apps popularized by chains like Starbucks and McDonalds. We have seen up to an 8% lift in sales for customers who are getting those personalized offers, says Abraham of the power of predictive AI and machine learning. Inflation and the pressure on menu prices has led to a dip in demand, with overall spending at restaurants dropping 1.2% between December 2023 and 2024 according to trade group the National Restaurant Association. One way restaurants are looking to become more efficient is through automation, adding more self-checkout kiosks and incorporating robotics to churn out more orders at chains like Sweetgreen. What it does not replace is human connection, creativity, and innovation, says Fred LeFranc, founder and CEO at restaurant consulting firm Results Thru Strategy. A few major restaurant chains have honed in on the use of AI-powered voice assistants to take orders from customers at the drive-thru. Wendys in 2023 partnered with Google Cloud to launch FreshAI, tested first in Ohio and since expanded to a few dozen additional locations. But a similar effort at McDonalds, which worked with IBM, led to consumer backlash online because the AI-powered tool was getting orders wrong. McDonalds pulled the plug on the experiment last summer. Just Salad says it too explored AI in the drive-thru, but wasnt sold on the consumer experience. For now, it is sticking with humans processing those orders, though the chain will continue to evaluate those technologies as they evolve. Salad AI, Kenner says, also comes with a lot of freedom that allows customers to have the final say on their order. Even after the tool recommends a few customized salads, diners can make modifications before they buy. Its not intrusive, it is an optional step, says Kenner. It is like a professional assisting you in how to navigate our menu and find what you want.
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E-Commerce