Business news in brief
By The Associated Press
California advances measures targeting AI
SACRAMENTO, Calif. | As corporations increasingly weave artificial intelligence technologies into the daily lives of Americans, California lawmakers want to build public trust, fight algorithmic discrimination and outlaw deepfakes that involve elections or pornography.
The efforts in California — home to many of the world’s biggest AI companies — could pave the way for AI regulations across the country. The United States is already behind Europe in regulating AI to limit risks, lawmakers and experts say, and the rapidly growing technology is raising concerns about job loss, misinformation, invasions of privacy and automation bias.
A slew of proposals aimed at addressing those concerns advanced last week, but must win the other chamber’s approval before arriving at Gov. Gavin Newsom’s desk.
The Democratic governor has promoted California as an early adopter as well as regulator, saying the state could soon deploy generative AI tools to address highway congestion, make roads safer and provide tax guidance, even as his administration considers new rules against AI discrimination in hiring practices. On Wednesday, he announced at an AI summit in San Francisco that the state is considering at least three more tools, including one to tackle homelessness.
Best Buy and Kohl’s extends streak of quarterly sales slumps
NEW YORK | The earnings results from Best Buy and Kohl’s, announced Thursday, offer the latest evidence of consumers’ cautious spending amid a challenging economic environment.
Best Buy, the nation’s largest consumer electronics chain, reported another quarterly drop in sales as Americans pull back on gadget spending to prioritize essential purchases and pay more for things like rent.
Kohl’s reported a loss in the latest quarter and another drop in sales as the various moves to fix its business still haven’t been enough to get shoppers to spend. The department store chain is also facing increasing competition from the likes of discounters and off-price stores like TJ Maxx which offer trendy apparel at affordable prices. The results missed Wall Street expectations, and Kohl’s offered a disappointing outlook. Shares of the retailer dropped close to 25%.
—From AP reports
