Tuesday, December 6

Tag: economy

Biden Starts Asia Trip With Global Issues and Tech on Agenda | Political News
Politics

Biden Starts Asia Trip With Global Issues and Tech on Agenda | Political News

By AAMER MADHANI and JOSH BOAK, Associated PressPYEONGTAEK, South Korea (AP) — President Joe Biden is opening his trip to Asia with a focus on the computer chip shortage that has bedeviled the world economy, touring a Samsung computer chip plant that will serve as model for a $17 billion semiconductor factory that the Korean electronics company plans to open in Texas.The visit Friday is a nod to one of Biden's key domestic priorities of increasing the supply of computer chips. A semiconductor shortage last year hurt the availability of autos, kitchen appliances and other goods, causing higher inflation worldwide and crippling Biden's public approval among U.S. voters.Biden will grapple with a multitude of foreign policy issues during a five-day visit to South Korea and Japan, but he also c...
Europe’s Push to Cut Russian Gas Faces a Race Against Winter | Business News
Business

Europe’s Push to Cut Russian Gas Faces a Race Against Winter | Business News

While Europeans bask in the warmth of spring, governments are in a race against winter.Europe is trying to cut use of Russian natural gas because of the war in Ukraine, but still find enough fuel to keep the lights on and homes warm before it gets cold again.That has sent officials and utilities racing to fill underground storage with scarce supplies of natural gas from other producers — competition that further raises already high prices as utility bills and business costs soar. Italy has announced new supplies from Algeria, while Germany has outlined an energy partnership with Qatar, a major supplier of liquefied gas that arrives by ship.While those deals offer a long-term boost, they likely will have little impact on the crucial winter supplies that will be decided in the next several m...
Official: China’s Economy Reviving as Anti-Virus Curbs Ease | Business News
Business

Official: China’s Economy Reviving as Anti-Virus Curbs Ease | Business News

By JOE McDONALD, AP Business WriterBEIJING (AP) — China's factory and consumer activity fell even more than expected in April under anti-virus controls, official data showed Monday, but a Cabinet official said the economy is reviving as anti-virus curbs ease and its commercial capital of Shanghai reopens.The slump in the second-biggest economy fueled fears global manufacturing and trade might be disrupted after most business in Shanghai were shut down and its 25 million people confined to their homes starting in late March. That adds to complications for President Xi Jinping in a year when he is expected to try to extend his time in power.Retail sales tumbled 11.1% from a year ago after shops, restaurants and other consumer outlets in Shanghai and other cities closed, according to the Nati...
Asian Shares Bounce Back, Shrugging off Inflation Concerns | Business News
Business

Asian Shares Bounce Back, Shrugging off Inflation Concerns | Business News

By ELAINE KURTENBACH, AP Business WriterAsian shares bounced back Friday from losses earlier in the week, shrugging off data showing U.S. wholesale prices soared 11% in April from a year earlier.The regional rally followed a mixed and muted close on Wall Street. Oil prices and U.S. futures also were higher.Investors are puzzling over what’s next with inflation and the U.S. central bank’s response to it. Trading has been volatile, with indexes prone to sharp swings as investors try to shield their portfolios from the impact of the highest inflation in decades.Federal Reserve Chair Jerome Powell, fresh off winning Senate confirmation for a second four-year term, for the first time Thursday acknowledged that high inflation and weakness in other economies could thwart his efforts to avoid a re...
Senate Confirms Powell for 2nd Term as Fed Fights Inflation | Business News
Business

Senate Confirms Powell for 2nd Term as Fed Fights Inflation | Business News

By CHRISTOPHER RUGABER, AP Economics WriterWASHINGTON (AP) — The Senate on Thursday confirmed Jerome Powell for a second four-year term as Federal Reserve chair, giving bipartisan backing to Powell's high-stakes efforts to curb the highest inflation in four decades.The 80-19 vote reflected broad support in Congress for the Fed's drive to combat surging prices through a series of sharp interest rate hikes that could extend well into next year. The Fed's goal is to slow borrowing and spending enough to ease the inflation pressures.Since February, when his first term expired, Powell had been leading the central bank in a temporary capacity.He faces a difficult and risky task in trying to quell inflation without weakening the economy so much as to cause a recession. The job market remains robu...
Stocks Stagger Higher After Mixed Report on April Inflation | Business News
Business

Stocks Stagger Higher After Mixed Report on April Inflation | Business News

By STAN CHOE, AP Business WriterNEW YORK (AP) — Stocks are stumbling mostly higher on Wall Street Wednesday after inflation slowed last month but still came in worse than feared.The S&P 500 was 0.4% higher after waffling between gains and losses in early trading. The Dow Jones Industrial Average was up 315 points, or 1%, at 32,480, as of 11:49 a.m. Eastern time, and the Nasdaq composite was 0.5% lower as tech stocks again lagged the market.Wall Street has been transfixed on the nation's high inflation, and where it's heading, because it's causing the Federal Reserve to yank the supports it propped under markets for most of the pandemic. The Fed has flipped aggressively toward raising interest rates after seeing high inflation last longer than it expected.Wednesday’s report from the U.S...
Asian Shares Mostly Fall as Rate Hikes, China Slowdown Loom | Business News
Business

Asian Shares Mostly Fall as Rate Hikes, China Slowdown Loom | Business News

By YURI KAGEYAMA, AP Business WriterTOKYO (AP) — Shares fell in most Asian markets on Monday as interest rate hikes and a slowing Chinese economy weighed on investor sentiment.Oil prices were higher and U.S. futures fell following sharp declines on Wall Street last week.Benchmarks declined across the region. Jakarta’s benchmark fell 4%.Market players were awaiting Chinese trade data for April for an indication on how severely restrictions to curb the spread of COVID-19 infections have hurt the economy.Political Cartoons“The global investment community is slowly waking up to the idea we have touted for a long time: That there is a post-COVID-recovery-euphoria ‘hangover,’ coupled with associated inflation and now a European war and fresh inflation impetus as well as the world’s biggest port ...
US Added 428,000 Jobs in April Despite Surging Inflation | Political News
Politics

US Added 428,000 Jobs in April Despite Surging Inflation | Political News

By PAUL WISEMAN, AP Economics WriterWASHINGTON (AP) — America’s employers added 428,000 jobs in April, extending a streak of solid hiring that has defied punishing inflation, chronic supply shortages, the Russian war against Ukraine and much higher borrowing costs.Friday’s jobs report from the Labor Department showed that last month’s hiring kept the unemployment rate at 3.6%, just above the lowest level in a half-century.The economy’s hiring gains have been strikingly consistent in the face of the worst inflation in four decades. Employers have added at least 400,000 jobs for 12 straight months.At the same time, the April job growth, along with steady wage gains, will help fuel consumer spending and likely keep the Federal Reserve on track to raise borrowing rates sharply to fight inflati...
Europeans Weigh Costs of Cutting Russian Energy Over Ukraine | Business News
Business

Europeans Weigh Costs of Cutting Russian Energy Over Ukraine | Business News

By COLLEEN BARRY, VESELIN TOSHKOV and JUSTIN SPIKE, Associated PressMILAN (AP) — Across Europe, rising energy prices are testing the resolve of ordinary consumers and business owners who are caught between the continent’s dependence on cheap Russian energy and its revulsion over President Vladimir Putin's invasion of Ukraine.Governments are trying to replace energy supplies from Russia, mindful that their regular payments are funding a war that has seen thousands of civilian deaths and widespread destruction. They also face a nerve-wracking showdown with Moscow over its demands for payments in rubles, and the possibility that Russia will block supplies, as it did to Bulgaria and Poland last week.European Union countries import 40% of gas and 25% of oil from Russia, and the current EU timet...