In Brief Fed's Powell notes inflation is easing but downplays interest cuts

WASHINGTON - Inflation is slowing steadily, but it's too early to declare victory or to discuss when the Federal Reserve might cut interest rates, Chair Jerome Powell said. Powell noted that consumer prices, excluding volatile food and energy costs, rose at just a 2.5% annual rate in the past six months.

That's not far above the Fed's 2% inflation target. Still, more progress is needed, Powell said. He added, "It would be premature to conclude with confidence" that the Fed has raised its benchmark interest rate high enough to fully defeat high inflation. Nor is it time to "speculate on when policy might ease," Powell said, referring to the possibility of cuts in the Fed's benchmark interest rate.

- Associated Press

New US rules could make it harder for EV buyers to claim tax credit

WASHINGTON - Americans could have a harder time finding electric vehicles that qualify for a full $7,500 federal tax credit under new rules being proposed. The Treasury and Energy Departments unveiled the rules Friday. They limit electric vehicle buyers from claiming the full tax credit if they purchase cars containing battery materials from China and other countries that are considered hostile to the United States. But the rules could slow consumer acceptance of electric vehicles just as Biden is trying to ramp up sales to help meet his goal to cut planet-warming greenhouse gas emissions in half by 2030.

- Associated Press

Pfizer nixes more study of obesity pill treatment

Pfizer shares sank Friday when the drugmaker announced that it was abandoning a twice-daily obesity treatment after more than half the patients in a clinical trial stopped taking it.

The New York company will focus instead on a once-daily version of the pill, danuglipron, instead of starting a late-stage study of the other version.

Late-stage studies are usually the last and most expensive trials a drugmaker undertakes before seeking regulatory approval.

Obesity treatments are one of the hottest and more lucrative areas of medicine. Pfizer rivals Novo Nordisk and Eli Lilly already have injectable drugs on the market.

- Associated Press

Congressmen ask DOJ to investigate utility hack

HARRISBURG, Pa. - Three members of Congress are asking the U.S. Justice Department to investigate how hackers breached a water utility system near Pittsburgh.

The attack prompted the nation's top cyberdefense agency to warn other water and sewage-treatment utilities they may be vulnerable. In a letter released Thursday, the Pennsylvania lawmakers say Americans must know their drinking water and other basic infrastructure is safe. The Municipal Water Authority of Aliquippa, Pennsylvania, was the system targeted.

An electronic calling card left by the hackers suggests they picked their target because it uses components made by an Israeli company.

- Associated Press

Vacuum tycoon Dyson loses a libel case against a UK newspaper

LONDON - Billionaire vacuum cleaner tycoon James Dyson has lost a libel lawsuit against the Daily Mirror.

Dyson claimed his reputation was damaged by a column that suggested he was a hypocrite who "screwed" Britain by moving his company's headquarters to Singapore after supporting the campaign in favor of the U.K.'s breakup with the European Union. A High Court judge in London on Friday rejected Dyson's claims that the article was a "vicious and vitriolic " personal attack that hurt his reputation and harmed his philanthropic work encouraging young people to become engineers.

A judge found the article was opinion.

- Associated Press

Walmart latest big advertiser to pull out of Musk's X amid concerns

Walmart is the latest company to publicly join the growing flock of major advertisers to pull spending from X, Elon Musk's beleaguered social media company, amid concerns about hate speech - as well as reaching a sizeable audience on the platform. Walmart said in a statement it's not advertising on X because it "found some other platforms better reach our customers."

The announcement comes two days after Musk went on an expletive-ridden rant about companies halting ads in response to antisemitic and other hateful material. Musk said advertisers pulling out are engaging in "blackmail" and, using a profanity, essentially told them to go away.

- Associated Press