Business Highlights: Wall Street’s losses, China trade

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Wall Street’s losses worsen as markets tumble worldwide

NEW YORK (AP) — Stocks deepened their losses on Wall Street Monday, sending the S&P 500 to its lowest close in more than a year. The benchmark index is coming off its fifth weekly loss in a row as renewed worries about China’s economy piled on top of markets already battered by rising interest rates. Stocks fell across Europe and much of Asia, as did everything...

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Wall Street’s losses worsen as markets tumble worldwide

NEW YORK (AP) — Stocks deepened their losses on Wall Street Monday, sending the S&P 500 to its lowest close in more than a year. The benchmark index is coming off its fifth weekly loss in a row as renewed worries about China’s economy piled on top of markets already battered by rising interest rates. Stocks fell across Europe and much of Asia, as did everything from old-economy crude oil to new-economy bitcoin. The S&P 500 gave up 3.2% and the Nasdaq pulled back 4.3%. The Dow Jones Industrial Average fell 2%. The yield on the 10-year Treasury note fell to 3.03%.

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China trade weakens after cities shut down to fight virus

BEIJING (AP) — China’s export growth tumbled in April after Shanghai and other major industrial cities were shut down to fight virus outbreaks. Customs data showed exports rose 3.7% over a year earlier to $273.6 billion, down sharply from March’s 15.7% growth. Reflecting weak Chinese demand, imports crept up 0.7% to $222.5 billion, in line with the previous month’s growth below 1%. The data confirmed fears that anti-virus controls shutting down most businesses in Shanghai and other industrial centers may depress trade and activity in autos, electronics and other industries. China’s global trade surplus widened by 19.4% to $51.1 billion while the politically volatile surplus with the United States contracted by 65% to $9.8 billion.

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Biden announces program offering discounted internet service

WASHINGTON (AP) — President Joe Biden says 20 internet companies have agreed to provide discounted service to people with low incomes. The program announced Monday at a Rose Garden event at the White House could effectively make tens of millions of households eligible for free service. The $1 trillion infrastructure package passed by Congress last year included funding that provided $30 monthly subsidies on internet service for millions of lower-income households — $75 in tribal areas. Some 48 million households will be eligible for $30 monthly plans for service at least 100 megabits per second. Biden says high-speed internet access is a necessity, not a luxury.

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Face-scanner Clearview agrees to limits in court settlement

CHICAGO (AP) — Facial recognition startup Clearview AI has agreed to restrict the use of its massive collection of face images to settle allegations that it collected people’s photos without their consent. The company in a legal filing Monday agreed to permanently stop selling access to its face database to private companies or individuals around the U.S., putting a limit on what it can do with its ever-growing trove of some 20 billion images pulled from social media and elsewhere on the internet. The settlement in a Chicago court will end a 2-year-old lawsuit brought by the American Civil Liberties Union and other groups over alleged violations of an Illinois digital privacy law.

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Workers grapple with new stresses as they return to office

NEW YORK (AP) — As more companies mandate a return to the office, workers must readjust to pre-pandemic rituals like long commutes, juggling child care and physically interacting with colleagues. But such routines have even gotten more stressful two years later. The transition marks yet another reset in a pandemic that has already taken a toll on Americans’ mental health. In response, many companies are now expanding virtual wellness workshops and offering benefits like meditation apps and virtual therapy. A lot is at stake. Untreated mental illness already costs society up to $300 billion annually due to lost productivity and associated costs due to absenteeism, employee turnover and increases in medical and disability expenses.

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Fed: Inflation, Ukraine biggest threats to financial system

NEW YORK (AP) — The Federal Reserve no longer views the coronavirus pandemic as the biggest threat to the global financial system. Instead, the central bank is pointing to Russia’s war in Ukraine and surging as inflation the chief perils. The observations came Monday in the Fed’s semiannual Financial Stability Report focusing on trends in trading and investing as well as broad economic issues. The Fed says that economic uncertainty has increased since its previous report, with Ukraine war being a big part of the deterioration. Inflation was also a big part of the report, as prices jump at rates not seen since the early 1980s.

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$20 million HUD grant doubles size of eviction legal help

WASHINGTON (AP) — The Department of Housing and Urban Development is doubling the size of its eviction protection program, designed to fund legal assistance for tenants seeking to stay in their homes. The $20 million HUD grant announced Monday will fund legal services and representations for families facing eviction but will not provide direct rental relief. The funds will be distributed through the Eviction Protection Grant Program to 11 nonprofit organizations and government entities, with grants ranging from $1 million to $2.4 million. Recipients of the fresh wave of funding include Pine Tree Legal Assistance of Portland, Maine, and the city of San Antonio, Texas.

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Breast cancer survivor and lingerie designer shatters taboos

NEW YORK (AP) — When Dana Donofree had a bilateral mastectomy and implant reconstruction after her breast cancer diagnosis in 2010, the then 28-year-old fashion designer discovered only medical and uncomfortable bras catering to women with the disease. Such frustrations led Donofree to launch her lingerie company called AnaOno in 2014, aimed primarily for breast cancer patients who had undergone some type of surgery or radiation treatment. The Philadelphia-based company now offers a variety of wireless bras for women who had breast reconstruction, a mastectomy or lumpectomy because Donofree says every surgery yields different results. Donofree, who has sat on various breast cancer boards, is also breaking taboos about women and breast cancer.

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The S&P 500 shed 132.10 points, or 3.2%, to 3,991.24. The Dow Jones Industrial Average tumbled 653.67 points, or 2%, to 32,245.70. The Nasdaq fell 521.41 points, or 4.3%, to 11,623.25. The Russell 2000 index of smaller companies dropped 77.48 points, or 4.2%, to 1,762.08.

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