Stocks rally, driving Wall Street to a rare winning week
Stocks rallied on Wall Street Friday, sending the S&P 500 up 3.1% for its best gain in two years. The benchmark index also ended the week 6.4% higher, erasing the brutal loss it took a week earlier. It was just the second winning week for the benchmark index in the last 12. Stocks climbed this week as pressure from rising Treasury yields let up somewhat...
Stocks rally, driving Wall Street to a rare winning week
Stocks rallied on Wall Street Friday, sending the S&P 500 up 3.1% for its best gain in two years. The benchmark index also ended the week 6.4% higher, erasing the brutal loss it took a week earlier. It was just the second winning week for the benchmark index in the last 12. Stocks climbed this week as pressure from rising Treasury yields let up somewhat and investors speculate the Federal Reserve may not have to be as aggressive about raising interest rates as earlier thought as it fights to control inflation. It’s been a reprieve from Wall Street’s tumble through most of the year.
After Roe, Dems seek probe of tech’s use of personal data
WASHINGTON (AP) — Four Democratic lawmakers are asking federal regulators to investigate Apple and Google for allegedly deceiving mobile phone users by enabling the collection and sale of their personal data. Their call comes as the Supreme Court ended the constitutional protections for abortion Friday. The court’s decision to overturn Roe v. Wade is expected to lead to abortion bans in about half the states. And privacy experts say that could make women vulnerable as their personal data could be used to surveil pregnancies and shared with police or sold to vigilantes. The request for an investigation of the two California-based tech giants came in a letter to Federal Trade Commission Chair Lina Khan.
Juul can keep selling e-cigarettes as court blocks FDA ban
A federal court has put a temporary hold on the government’s order for Juul to stop selling its electronic cigarettes. Juul filed the emergency motion so it can appeal the sales ban from the Food and Drug Administration. The U.S. Court of Appeals in Washington granted the request later Friday. A day earlier, the FDA said Juul must stop selling its vaping device and its cartridges. The agency said Juul didn’t give it enough information to evaluate the potential health risks of its e-cigarettes. In its court filing, the company disagreed, saying it provided enough.
Jury takes fraud case against Elizabeth Holmes’s ex-partner
SAN JOSE, Calif. (AP) — The fate of hard-nosed technology executive Ramesh “Sunny” Balwani is now in the hands of a jury that will weigh criminal charges alleging he joined disgraced Theranos CEO Elizabeth Holmes, his former partner, in an elaborate fraud that jarred Silicon Valley. Jury members finally get their chance to pore over the evidence submitted during a three-month trial after federal prosecutors on Friday finished a rebuttal to more than 11 hours of closing arguments methodically laid out by a lawyer defending Balwani. A separate jury spent seven days deliberating before convicting Holmes on four counts of investor fraud and conspiracy earlier this year.
Pilots in line for big raises amid global travel disruptions
DALLAS (AP) — Pilots at United Airlines are in line to get pay raises over the next 18 months. Their union, the Air Line Pilots Association, said Friday that it has reached a tentative agreement for raises totaling more than 14.5%. The deal would be retroactive the the start of 2022 and run through the end of next year. Rank-and-file pilots will hold a ratification vote through mid-July. If approved, the deal could set the stage for similar raises by pilots at American, Delta and Southwest. Pilots have leverage in contract talks because they are in short supply as travel recovers from the worst of the pandemic.
A world apart, Lebanon and Sri Lanka share economic collapse
BEIRUT (AP) — A shared history of political turmoil and violence in two countries a world apart, Lebanon and Sri Lanka, led to the collapse of once-prosperous economies that have been bedeviled by corruption, patronage, nepotism and incompetence. The toxic combinations have led to currency collapse, energy shortages, triple-digit inflation and growing hunger in both countries. Their middle class is decimated, and there has been an exodus of professionals who might have helped to rebuild the countries one day. Experts say about a dozen countries could suffer similar fates as the post-pandemic recovery and war in Ukraine spark global food shortages and a surge in prices.
Airlines aim to shift blame for flight problems to FAA
DALLAS (AP) — With an eye on the upcoming July Fourth weekend, airlines are stepping up their criticism of federal officials over recent widespread flight delays and cancellations. The industry trade group Airlines for America said Friday that understaffing at the Federal Aviation Administration is crippling traffic along the East Coast. The airlines say they are doing everything they can to keep customers happy, including hiring more pilots and customer-service agents. The airlines are pushing back a week after Transportation Secretary Pete Buttigieg called them to a virtual meeting and threatened to punish carriers that fail to meet consumer-protection standards.
Airline merger: Frontier sweetens offer for Spirit Airlines
The bidding war over Spirit Airlines is heating up again. On Friday, Frontier Airlines sweetened its offer for the rival discount airline. Frontier is adding $2 in cash to its previous offer of $2.13 in cash and just under two shares of Frontier for each share of Spirit. And Frontier is raising the amount it would pay Spirit if antitrust regulators stop the deal to $350 million, matching JetBlue’s proposed breakup fee. Spirit says its board is sticking with a recommendation that shareholders approve the Frontier bid next week.
Carnival shares cruise higher on gains in revenue, bookings
MIAMI (AP) — Shares of Carnival Corp. have surged after it reported higher revenue, occupancy levels on its cruise ships, and bookings for future trips. But the cruise line operator is still losing money. Carnival said Friday that it lost $1.83 billion in the second quarter and expects another loss in the third quarter because of effects from the pandemic and higher fuel prices. Carnival operates nine cruise brands. It says 91% of its fleet is sailing again. Bookings in the second quarter nearly doubled from the first quarter, and they were the strongest since the beginning of the pandemic.
Afghanistan earthquake victims face struggles getting aid
Donations for Afghanistan earthquake victims will face far more hurdles than other disasters, due to sanctions against the country’s Taliban government and its troubled relationship with Western nations, experts say. International groups that maintained operations in the country following the collapse of its government last year have rushed to eastern Afghanistan to coordinate aid to the region. The country’s state-run news agency reported that Wednesday’s 6.1-magnitude quake killed at least 1,000 and injured at least 1,500 more. However, the humanitarian response – which normally surges in the first 72 hours following an earthquake – has been slower and smaller than usual, due to the lack of pre-positioned supplies in the country and pre-existing problems of hunger and poverty.
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