Update on the latest in business:

FINANCIAL MARKETS

Wall Street’s losses worsen as markets tumble worldwide

NEW YORK (AP) — Wall Street is tumbling toward its lowest point in more than a year. The S&P 500 is down 2.1% in afternoon trading.

Renewed worries about China’s economy are piling on top of markets already battered by rising interest rates. Not only did stocks fall across Europe and much of Asia, but so did everything from old-economy crude oil to new-economy bitcoin....

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FINANCIAL MARKETS

Wall Street’s losses worsen as markets tumble worldwide

NEW YORK (AP) — Wall Street is tumbling toward its lowest point in more than a year. The S&P 500 is down 2.1% in afternoon trading.

Renewed worries about China’s economy are piling on top of markets already battered by rising interest rates. Not only did stocks fall across Europe and much of Asia, but so did everything from old-economy crude oil to new-economy bitcoin.

Most of this year’s damage has been the result of the Federal Reserve’s aggressive flip away from doing everything it can to prop up financial markets and the economy to fighting inflation.

US-UKRAINE-STEEL

US suspending import taxes on Ukrainian steel

WASHINGTON (AP) — The United States is suspending 25% import taxes on Ukraine’s steel in a show of support for the country’s beleaguered economy during the Russian invasion. The Commerce Department said today that it would withdraw the tariffs for a year.

Some of Ukraine’s largest steel communities have been among those hardest hit during the war, including the Mariupol mill that’s the only part of the strategically important port city not under Russian control.

Meanwhile, Polish officials said during a Polish-Ukrainian Energy Forum that the country is ready to increase its energy assistance to neighboring Ukraine and provide steady deliveries.

VIRUS OUTBREAK-CHINA

Shanghai tightens lockdown despite falling COVID cases

BEIJING (AP) — Authorities in Shanghai have again tightened anti-virus restrictions, just as the city was emerging from a month of strict lockdown due to a COVID-19 outbreak. Notices issued in several districts said residents were ordered to stay home and nonessential deliveries suspended as part of a “quiet period” lasting at least until Wednesday.

It wasn’t clear what prompted the renewed tightening, with numbers of new cases in the city continuing to fall. Shanghai today reported less than 4,000 cases over the previous 24 hours, almost all of them asymptomatic, along with 11 deaths.

Authorities have been gradually lifting isolation rules on the city’s 25 million residents, but the new orders appear to be returning conditions to those at the early stage of the outbreak.

HUD-EVICTION PREVENTION

$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 today 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.

CLEARVIEW-FACIAL RECOGNITION

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 today 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 federal 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.

NEW ERA CAP CEO CHARGED

New Era Cap CEO charged after parking lot altercation

BUFFALO, N.Y. (AP) — New Era Cap’s CEO faces a felony charge after allegedly driving his vehicle toward a man during an argument and hitting his car.

Christopher Koch was released without bail today after appearing in Buffalo City Court on a felony reckless endangerment charge. Prosecutors say Koch argued with the man in a restaurant parking lot Saturday and intentionally drove toward him when he got out of his vehicle. Prosecutors say the man jumped out of the way to avoid being hit and hurt his hand.

Koch’s attorney didn’t immediately return a phone call seeking comment. The charge carries a maximum prison term of seven years.

META-FACEBOOK STORE

Meta opens first physical store

BURLINGAME, Calif. (AP) — Facebook parent Meta has opened its first physical store — in Burlingame, California — to showcase its hardware products like virtual and augmented reality goggles and glasses.

The store, which is open to the public as of today, is made for people who want to test out products like Ray-Ban Stories, Meta’s AR glasses and sunglasses, along with the Portal video calling gadget and Oculus virtual reality headsets. Shoppers still have to order the glasses from Ray-Ban but can buy the other products at the store.

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