Today’s top business headlines: Congress moves closer to a TikTok ban, EU’s new AI rules, Family Dollar closures, new CEO at Allbirds

House approves bill to ban TikTok: In a 356 to 52 vote on Wednesday, the House voted to approve a bill that could potentially ban TikTok, which is owned by Chinese company ByteDance, from U.S. app stores (or force a sale) in an effort to restrict China’s access to Americans’ data. TikTok has urged users to “tell Congress what TikTok means to you,” and argues the bill impedes on First Amendment rights. The bill will now head to the Senate; if it passes there, President Joe Biden has said he plans to sign it into law. Full story.

Europe’s AI rules: On Wednesday, EU lawmakers approved the bloc’s new AI law, which adds regulations on the usage of artificial intelligence in high-risk areas like medical devices and critical infrastructure. It also bans some AI uses that were deemed too risky, like social-scoring systems, predictive policing, and emotion-recognition systems in schools and workplaces. Experts expect the new law to encourage other governments to act similarly, as countries like the U.S. and China have announced plans to introduce AI legislation in recent months. Full story.

Family Dollar stores to close nationwide: After announcing disappointing Q4 results on Wednesday, Dollar Tree said it would shutter almost 1,000 of its 16,774 stores around the country in the next few years. The stores mainly fall under its Family Dollar brand, which experienced a 1.2% drop in same-store net sales, even as Dollar Tree experienced a 6.3% rise. The company, which expects fiscal 2024 net sales upwards of $32 billion, is one of several retailers, including Macy’s and Rite Aid, to announce store closures in recent months. Full story.

CEO of Allbirds steps down: On Tuesday, sustainable footwear and clothing brand Allbirds reported its Q4 and full-year earnings, and announced that Joey Zwillinger, its CEO and cofounder, will be stepping down, replaced by COO Joe Vernachio. The move marks the second CEO changeup for Allbirds in the past year, as the company has struggled to find its footing; net revenue declined nearly 15% last year, and the company expects a 25% year-over-year decline in 2024. Full story.

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