Wall Street closes worst week since 2020 with slight gain
NEW YORK (AP) — Wall Street closed out its most punishing week since the 2020 coronavirus crash with a meandering day of trading Friday that left it a bit higher. The S&P 500 rose 0.2%. That was nowhere near enough to make up for big earlier losses, and the index fell to its tenth drop in the last 11 weeks. Markets around the world have...
Wall Street closes worst week since 2020 with slight gain
NEW YORK (AP) — Wall Street closed out its most punishing week since the 2020 coronavirus crash with a meandering day of trading Friday that left it a bit higher. The S&P 500 rose 0.2%. That was nowhere near enough to make up for big earlier losses, and the index fell to its tenth drop in the last 11 weeks. Markets around the world have shuddered as investors adjust to the bitter medicine of higher interest rates that central banks are increasingly doling out. Higher rates can bring down inflation, but they also risk a recession by slowing the economy and push down on investment prices.
T-shirts? Ice cream? Retailers cash in on Juneteenth
NEW YORK (AP) — Retailers and marketers have been quick to commemorate Juneteenth with an avalanche of merchandise from ice cream to T-shirts to party favors. But many are getting backlash on social media for what critics say is undermining the day. Juneteenth was designated as a federal holiday last year to honor the emancipation of enslaved African Americans. A search for Juneteenth items among online sellers like Amazon and J.C. Penney produced everything from toothpicks with pan-African flags to party plates and balloons. Walmart, the nation’s largest retailer, apologized last month after getting slammed on social media for a Juneteenth ice cream flavor of swirled red velvet and cheesecake under its store label Great Value.
Russia again cuts natural gas exports to European countries
PRAGUE (AP) — Russia has reduced natural gas to Europe again as countries have worked to ease their dependence on Russian supplies amid the war in Ukraine. Friday marks the third day of significant reductions to the fuel that powers industry and generates electricity in Europe, which also have hit Germany and Austria. It has further spiked already-high energy prices that are driving record inflation in the European Union. Russia side has told Slovakia’s state-controlled gas company that it would reduce gas flow to the country by 50%. Russian energy giant Gazprom also told Italian gas company Eni that it would supply only 50% of the gas requested for Friday. France is no longer receiving any natural gas from Russia.
Court rejects Trump-era EPA finding that weed killer safe
WASHINGTON (AP) — A federal appeals court has rejected a Trump administration finding that the active ingredient in the weed killer Roundup does not pose a serious health risk and is “not likely” to cause cancer in humans. The U.S. Court of Appeals for the Ninth Circuit on Friday ordered the Environmental Protection Agency to reexamine its 2020 finding that glyphosate did not pose a health risk for people. Glyphosate is the active ingredient in Roundup, the most widely used herbicide in the world. Its original producer, Monsanto, was bought in 2018 by pharmaceutical giant Bayer, which now faces thousands of claims from people who say Roundup exposure caused their cancer.
Canceled flights rise across US as summer travel heats up
It’s turning into another difficult day for airline travelers in the United States. Airlines canceled more than 1,100 flights by early afternoon Friday, as they try to recover from storms that raked the central and eastern parts of the country. That follows more than 1,700 canceled flights on Thursday. All this is happening while the number of passengers rises with the beginning of summer vacation season. Transportation Secretary Pete Buttigieg met with airline CEOs to go over steps the airlines are taking to operate smoothly over the rest of the summer.
Companies weigh in on proposed SEC climate disclosure rule
WASHINGTON (AP) — The Securities and Exchange Commission is moving closer to a final rule that would dramatically change what public companies reveal about the risks posed by climate change to their operations. Public comment on the proposal closed Friday. Companies, auditors, trade groups, lawmakers, individuals and others submitted more than 10,000 comments. Opinions ranged from skepticism about the SEC’s authority to regulate greenhouse gas emissions data at all, to praise that the nation’s top financial regulator was finally looking to mandate climate-related disclosures.
Verizon, AT&T delay some 5G service over airlines’ concerns
Verizon and AT&T won’t power up some wireless towers near airports until next summer to give airlines more time to make sure the new service won’t interfere with planes. But the airline industry is not happy about the deal. The Federal Aviation Administration said Friday that the companies agreed to hold off until July 2023. AT&T says it will control the strength of new 5G signals near runways so airlines have more time to retrofit planes. The FAA and airlines say 5G service using spectrum called C-Band can interfere with devices that measure a plane’s height above the ground. Airlines say they are being rushed to replace critical equipment.
Biden hosts climate meeting amid high gas price pressure
WASHINGTON (AP) — Equating the oil and gas industry to Big Tobacco, United Nations Secretary-General Antonio Guterres says that “fossil fuel producers and financiers have humanity by the throat.” But President Joe Biden wasn’t quite itching for a fight. With both soaring energy prices and a warming planet weighing on world at the Major Economies Forum on Energy and Climate, Biden on Friday talked about trying to ease the pain of high gas prices while pushing more long-term green policies. Guterres dismissed the idea of boosting gasoline production and bluntly vilified the fossil fuel industry at a virtual session that included oil rich Saudi Arabia, China, Europe and Egypt. It was the first time Guterres compared the energy industry to tobacco interests.
Vince McMahon will step down during WWE misconduct probe
Vince McMahon is stepping down as CEO and chairman of WWE during an an investigation into alleged misconduct involving the longtime leader and public face of the organization. McMahon will continue to oversee WWE’s creative content during the investigation, World Wrestling Entertainment Inc. said Friday. McMahon’s daughter, Stephanie, will serve as interim CEO and chairwoman. The Wall Street Journal recently reported that the board was investigating a $3 million settlement that McMahon paid to a departing female employee with whom he allegedly had a consensual affair.
SpaceX reported to fire employees critical of CEO Elon Musk
HAWTHORNE, Calif. (AP) — A report in The New York Times says the rocket ship company run by Tesla CEO Elon Musk has fired several employees involved in an open letter that blasted the colorful billionaire for his behavior. The Times and several other media outlets cited an email from SpaceX’s president saying the company had terminated employees who put together and circulated the letter that denounced Musk for actions that they characterized as a frequent source of distraction and embarrassment. It’s unclear how many workers lost their jobs. B.ut the email from SpaceX President Gwynne Shotwell left no doubt that the company believed they had crossed an unacceptable line.
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