BUSINESS SUMMARY

Hearing complaints over property taxes, some Georgia lawmakers look to limit rising values

ATLANTA (AP) — Some Georgia lawmakers are looking for ways to provide relief from property taxes. The proposals are coming as increases in home values have caused taxes to rise. Georgia’s Senate Finance Committee will consider a bill Monday to limit increases in a home’s assessed value to 3% per year. Meanwhile, Republican House Speaker Jon Burns proposes doubling the state’s homestead tax exemption. That likely would cut tax bills by nearly $100 million statewide. Georgia is far from the only state where lawmakers are reacting to voter discontent over higher levies. But some in Georgia communities that already have value caps say they create inequities.

Inside Pitchfork’s absorption into GQ: When ‘music media’ becomes ‘men’s media,’ what’s lost?

LOS ANGELES (AP) — Pitchfork, the most influential music publication of the internet age, is being absorbed by another entity – a men’s fashion magazine. The website, renowned for its daily record reviews scored 0.0 to 10.0, will be folded into GQ, parent company Condé Nast announced Wednesday. At least 12 staffers were laid off, three people involved in the situation told The Associated Press. Ten of those were editorial layoffs, leaving a permanent editorial staff of eight. As Pitchfork moves to its new configuration, it’s worth asking: If many view music journalism’s primary function to be discovery, what is the role of insightful writing in the era of social media and playlists?

Libya says production has resumed at its largest oilfield after more than 2-week hiatus

CAIRO (AP) — Libya’s state-owned oil company says production has resumed at the country’s largest oilfield, ending a more than two-week hiatus after protesters blocked the facility over fuel shortages. The National Oil Corp. said in a terse statement it lifted the force majeure at the Sharara oil field in the country’s south on Sunday and resumed full production. Residents of the southern town of Ubari had forced the shutdown of the field earlier this month to protest fuel shortages and worsening living conditions. Libya’s light crude has long featured in the country’s yearslong civil conflict. Libya has been in turmoil since a NATO-backed uprising toppled and killed longtime dictator Moammar Gadhafi in 2011.

Japanese carmaker that faked safety tests sees long wait to reopen factories

TOKYO (AP) — A Japanese automaker that cheated on safety tests for decades said Monday it doesn’t expect to resume shipping cars any time soon. The Japanese government ordered a subsidiary of Toyota to halt production of its entire lineup after reports of faked safety test results emerged last year. The Daihatsu Motor Co. skipped mandatory safety tests by copying data from testing on one side of cars to the other, and used timers to ensure airbags went off in tests, a review found. No major accidents have been reported in connection with the cheating, but the news has raised serious questions about oversight at Daihatsu, as well as its corporate parent Toyota.

Latest EPA assessment shows almost no improvement in river and stream nitrogen pollution

ST. LOUIS (AP) — The EPA’s newest assessment of water quality and nutrient pollution in U.S. rivers and streams shows almost no progress on cutting the nitrogen pollution that comes primarily from farm chemical runoff. That’s a problem because it can cause algae blooms, contaminate drinking water and feed the so-called “dead zone” in the Gulf of Mexico. And it may get worse as climate change increases rainfall that can wash more nutrients into waterways. Activists and scientists say little change has happened because curbing the pollution relies mostly on voluntary action by farmers. They say more regulation and incentives are needed.

Stock market today: World shares rise after Wall Street gains, Hong Kong stocks near 15-month low

HONG KONG (AP) — Shares are mixed in Asian markets Monday after Wall Street returned to record heights Friday, with Hong Kong’s benchmark dropped over 2%, hovering near a 15-month low. European markets opened higher. China’s commercial banks kept their loan prime rate unchanged Monday amid downward pressure on the yuan, disappointing investors who anticipated measures to stimulate the economy. The S&P 500 rallied 1.2% Friday to surpass its prior all-time high set at the start of 2022. It had dropped as much as 25% from that record on worries about much higher interest rates. Tech stocks again helped lead the market, and the Nasdaq composite rose 1.7%. The Dow, which set its own record last month, rose 1.1%.

US China official conclude meeting on financial issues

BANGKOK (AP) — US and Chinese officials have completed the third meeting of a working group established to cooperate on financial issues, a step that continues the trend set by the two powers last November to ease tensions. Officials from the U.S. Department of the Treasury met with counterparts in the People’s Bank of China to discuss issues ranging from financial stability to countering money laundering. The delegation also met with Vice Premier He Lifeng, according to a statement from the Treasury Department.

Stock market today: Wall Street hits record high following a 2-year round trip scarred by inflation

NEW YORK (AP) — Wall Street returned to record heights and capped a punishing, two-year round trip dogged by high inflation and worries about a possible recession. The S&P 500 rallied 1.2% to surpass its prior all-time high set at the start of 2022. It had dropped as much as 25% from that record on worries about much higher interest rates. But inflation has since cooled, the economy has remained out of a recession and the expectation is now for rates to ease. Tech stocks again helped lead the market, and the Nasdaq composite rose 1.7%. The Dow, which set its own record last month, rose 1.1%.

Flexible underpinnings of new big Stellantis vehicles will help company navigate political changes

DETROIT (AP) — On the surface, the platform beneath a new generation of automobiles has little to do with politics and elections. But at Stellantis, new large vehicle underpinnings announced Friday are key to the company’s ability to adjust to European and U.S. government electric vehicle requirements that could change depending on this year’s elections. CEO Carlos Tavares says the company’s new large platform is flexible enough to handle batteries and electric motors, gas-electric hybrids and internal combustion engines. He says the flexibility is important because policies promoting EVs as a way to fight climate change could be rescinded depending on who is elected U.S. president or to European parliaments this year.

2023 was slowest year for US home sales in nearly 30 years as high mortgage rates frustrated buyers

LOS ANGELES (AP) — Sales of previously occupied U.S. homes sank in 2023 to a nearly 30-year low as mortgage rates climbed to the highest level in more than two decades, pushing homeownership out of reach for many Americans. The National Association of Realtors said Friday that existing U.S. home sales totaled 4.09 million last year, an 18.7% decline from 2022. That is the weakest year for home sales since 1995 and the biggest annual decline since 2007, the start of the housing slump of the late 2000s. The median national home price for all of last year edged up just under 1% to record high of $389,800, the NAR said.