Inflation weighs on global markets, S&P points to bearish territory
NEW YORK (AP) — U.S. markets are tumbling ahead of the opening bell, with the S&P 500 hinting at bearish territory amid growing pessimism over four decades of stubbornly high inflation. Dow Jones industrials futures fell more than 500 points, or 1.7%, while S&P futures fell 2.2%, or 91.50, to 3,809. That’s down more than 20% since Jan. 3 and if that continues until markets close, it would push Wall Street’s main health barometer into a bear market. Investors had hoped a critical consumer price report on Friday would show that the worst inflation in generations had slowed a bit in the past month, past its peak. Instead, he accelerated.
US futures point to a bear market; here is what it means
NEW YORK (AP) — Wall Street appears to open the week with more losses, with the S&P 500 falling to a level market watchers consider a so-called bear market. Rising interest rates, war in Ukraine and a slowing Chinese economy are causing investors to reconsider what they are willing to pay for a wide range of stocks, from high-flying tech companies to industrial conglomerates . Big swings have become commonplace and Monday seems to be no exception with the S&P 500 down 2.4% before the opening bell. The Dow Jones is down 2% and the tech-heavy Nasdaq composite is down 2%.
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India and China are developing markets for shunned Russian oil
NEW DELHI (AP) — India and other Asian countries are becoming an increasingly vital source of oil revenue for Moscow as the United States and other Western countries reduce energy imports from Russia under the sanctions imposed by its war against Ukraine. These sales are increasing Russian export revenue at a time when Washington and its allies are trying to limit Moscow’s cash flow. Commodity data firm Kpler reports that India, an oil-hungry country of 1.4 billion people, has so far gobbled up nearly 60 million barrels of Russian oil in 2022, up from 12 million in 2021. Shipments to other Asian countries, such as China, have also increased in recent months but to a lesser extent.
Germany slips behind China as top importer of Russian energy
BERLIN (AP) — An independent research group says China has overtaken Germany as the biggest buyer of Russian energy exports since the start of the war in Ukraine. The Center for Energy and Clean Air Research said on Monday that Russia had received around 93 billion euros in revenue from the sale of oil, natural gas and coal since the February 24 invasion. The Helsinki-based group says around 61% of fossil fuels worth some 57 billion euros were exported to the European Union in the first 100 days of the conflict. This included €12.1 billion in exports to Germany, compared to €12.6 billion to China.
Germany mulls new cartel law as fuel tax cut fails
BERLIN (AP) — Germany’s vice chancellor is proposing new powers for the country’s antitrust agency to crack down on oil companies amid disappointment over the limited effect of a cut in fuel taxes. A three-month reduction came into effect on June 1 as part of a broader package of measures aimed at mitigating the financial fallout from the Russian invasion of Ukraine. But there have been numerous complaints that prices at the pump have risen significantly after initially falling. Industry representatives insist that the tax cut is passed on to consumers, but they are under pressure from rising prices. Many politicians accuse the oil companies of using the tax cut to line their pockets.
UK to introduce law unilaterally changing post-Brexit rules
LONDON (AP) — The British government is expected to introduce legislation that would unilaterally change post-Brexit trade rules for Northern Ireland. The move will face opposition from lawmakers – including some members of Prime Minister Boris Johnson’s own Conservative Party – who believe the move violates international law. Legislation expected on Monday would allow the government to circumvent the Northern Ireland Protocol, which requires inspection of certain goods being sent to Northern Ireland from other parts of the UK. The protocol, designed to preserve free trade on the island of Ireland, is part of the wider trade deal Johnson brokered with the European Union when Britain left the 27-nation bloc.
Czech brewer Budvar announces record increase in exports in 2021
PRAGUE (AP) — Budvar, the Czech brewer that has been in a lengthy legal dispute with U.S. company Anheuser-Busch over use of the “Budweiser” brand, increased its beer exports last year despite the pandemic. Budejovicky Budvar NP, a 126-year-old state-owned brewery, said Monday its exports rose a record 11% in 2021, reaching 1.3 million hectoliters (34.3 million gallons). Budvar sells its beer in over 70 countries. It says all of its major markets, including Germany, Britain and Slovakia, contributed to the increase in sales. Budvar previously said it recorded record production for the second consecutive pandemic year in 2021.
United States: Pfizer COVID-19 vaccine seems effective for children under 5
WASHINGTON (AP) — A review by federal health officials indicates that Pfizer’s COVID-19 vaccine appears safe and effective for children under age 5, the only group currently not eligible for vaccination. The Food and Drug Administration review is a key step toward an expected decision to begin vaccinating babies, toddlers and preschoolers as early as June 21. Parents have been waiting for months to protect America’s youngest children, who number about 18 million. On Wednesday, the FDA will ask an outside panel of experts to vote on whether to recommend the injections.
McDonald’s Russian successor opens in Moscow
MOSCOW (AP) — Three months after McDonald’s suspended operations in Russia, its famous former outlet in Moscow’s Pushkin Square as the restaurant reopened under Russian ownership and a new name. In March, McDonald’s halted operations at its company-run restaurants in Russia in response to the dispatch of Russian troops to Ukraine. Two months later, the American fast food chain decides to leave Russia completely and sells its 850 restaurants to a Russian franchisee. On Sunday, hundreds of people flocked to the Pushkin Square outlet of a Russian channel called “Vkusno-i Tochka,” or savory period. When McDonald’s moved to this location in 1990, it was most Muscovites’ first taste of Western consumerism and service efficiency.
Yelp CEO Jeremy Stoppelman on abortion and antitrust reform
Many large corporations have chosen to remain silent on the abortion debate. But Yelp and its CEO Jeremy Stoppelman have chosen another path. The San Francisco-based online review site is among the few companies that cover travel expenses for employees and dependents who must travel out of state to get abortions. The hot topic is about to be the chatter of many boardrooms if the Supreme Court overturns the landmark 1973 Roe v. Wade. Antitrust reform is another important topic for Stoppelman. He recently spoke with The Associated Press about Yelp’s stance on abortion, the COVID-19 pandemic, and antitrust law.
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