AP Business SummaryBrief at 11:05 p.m. EDT

Asian shares slide on Wall Street drop that ended last week

TOKYO (AP) — Asian shares have declined after the head of the U.S. Federal Reserve indicated high interest rates will continue for some time to curb inflation. The plunge in early trading in Asia paralleled the drop on Wall Street, where the Dow Jones Industrial Average ended the week sinking more than 1,000 points. A slowdown in the U.S. is damaging to Asia’s export-reliant...

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Asian shares slide on Wall Street drop that ended last week

TOKYO (AP) — Asian shares have declined after the head of the U.S. Federal Reserve indicated high interest rates will continue for some time to curb inflation. The plunge in early trading in Asia paralleled the drop on Wall Street, where the Dow Jones Industrial Average ended the week sinking more than 1,000 points. A slowdown in the U.S. is damaging to Asia’s export-reliant economies. The message from Federal Reserve Chair Jerome Powell had been expected, though some had wished for words that weren’t quite so clear. Powell said in a speech Friday that the Fed will likely need to keep interest rates high enough to beat back high inflation.

‘Tape or chewing gum:’ Twitter’s lapses echo worldwide

SAN FRANCISCO (AP) — Twitter at its best is a tool to get a message out quickly, efficiently and directly, whether you’re an activist or a local fire department. But it’s also a constant risk-and-reward calculation. A bombshell whistleblower report from Twitter’s former head of security alleges that the social media company has been negligently lax on cybersecurity and privacy protections for its users for years. The revelations could be especially concerning for those who use it to reach constituencies, get news out about emergencies as well as for political dissidents and activists in the crosshairs of hackers or other malicious actors.

Low fuel inventories cause special concern in US Northeast

PORTLAND, Maine (AP) — Low fuel supplies in the U.S. Northeast are raising concerns that an extreme weather event could cause supply disruptions. The Department of Energy says diesel fuel and heating oil are over 60% below the five-year average in New England. Energy Secretary Jennifer Granholm is convening a meeting of regional governors after Labor Day to discuss the situation. She is also urging governors to take whatever steps they can to shore up supplies. An industry representative says the situation should improve in September and October.

EPA waives fuel rule in 4 states after Indiana refinery fire

CHICAGO (AP) — The Environmental Protection Agency has lifted a federal rule for fuel sales in four states in response to a fire last week at an Indiana oil refinery that could affect prices and supply. EPA Administrator Michael Regan said the emergency waiver was granted Saturday for Indiana, Illinois, Michigan and Wisconsin. In a letter to state officials, Regan said the agency determined the waiver is necessary “to minimize or prevent disruption of an adequate supply of gasoline to consumers.” The waiver lifts a Clear Air Act requirement that lower-volatility gasoline be sold in the states during summer months to limit ozone pollution. BP said its refinery in Whiting, Indiana experienced an electrical fire Wednesday that led to at least a partial shutdown.

2 Air France pilots suspended after fighting in cockpit

PARIS (AP) — Air France pilots are under scrutiny after recent incidents that have prompted French investigators to call for tougher safety protocols. An airline official said two Air France pilots were suspended after physically fighting in the cockpit on a Geneva-Paris flight in June. The official said the flight continued and landed safely, and the dispute did not affect the rest of the journey.  News of the fight emerged after France’s air investigation agency issued a report saying that some Air France pilots lack rigor in respecting procedures during safety incidents.

Coming to a theater near you: $3 movie tickets for one day

NEW YORK (AP) — For one day, movie tickets will be just $3 in the vast majority of American theaters as part of a newly launched “National Cinema Day” to lure moviegoers during a quiet spell at the box office.  The Cinema Foundation, a non-profit arm of the National Association of Theater Owners, on Sunday announced that Sept. 3 will be a nationwide discount day in more than 3,000 theaters and on more than 30,000 screens. Major chains, including AMC and Regal Cinemas, are participating, as are all major film studios. In participating theaters, tickets will be no more than $3 for every showing, in every format. Labor Day weekend is traditionally one of the slowest weekends in theaters.

Mickey Mantle card breaks record, as sports memorabilia soar

NEW YORK (AP) — A mint condition Mickey Mantle baseball card has sold for $12.6 million, blasting into the record books Sunday as the most expensive ever paid for a piece of sports memorabilia. The rare Mantle card eclipsed the record just posted a few months ago —  $9.3 million for the jersey worn by Diego Maradona when he scored the controversial “Hand of God” goal in soccer’s 1986 World Cup. The escalating records are part of a growing market for sports memorabilia that has taken off as people cocooned themselves during the pandemic — one part nostalgia and one part financial opportunity.

Fed tackles inflation with its most diverse leadership ever

JACKSON HOLE, Wyoming (AP) — When Diane Swonk first attended the Federal Reserve’s annual economic conference in Jackson Hole in the late 1990s, there was a happy hour for women who attended the event. It barely filled a single table. Now, the “Women at Jackson Hole” happy hour draws dozens of female economists and high-level decision-makers, from the United States and overseas. “I’m just glad that now there’s a line for the ladies’ room,” said Swonk, who is chief economist for the accounting giant KPMG. It’s not just at Jackson Hole but also in the Fed’s boardroom where its leadership has become its most diverse ever.

Small businesses feel the pinch from slowing housing market

NEW YORK (AP) — The chill in the housing market is rippling out to the carpenters, landscapers and other small businesses that lose out when fewer homeowners renovate their properties. Inflation was already causing some homeowners to delay big renovation projects as prices for building materials, fixtures and appliances jumped. More recently, higher mortgage rates put a damper on the number of homes being sold. Growth in homeowner spending for improvements and repairs is expected to slow for the rest of 2022 and the first half of 2023, according to the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University.

Facebook parent settles suit in Cambridge Analytica scandal

SAN FRANCISCO (AP) — Facebook’s corporate parent has reached a tentative settlement in a lawsuit alleging the world’s largest social network service allowed millions of its users’ personal information to be fed to Cambridge Analytica, a firm that supported Donald Trump’s victorious presidential campaign in 2016. Terms of the settlement reached by Meta Platforms, Facebook’s holding company, weren’t disclosed in court documents filed late Friday. The filing in San Francisco federal court indicated more details could be disclosed by late October. The deal was reached as Meta CEO Mark Zuckerberg and his long-time lieutenant, Sheryl Sandberg, faced a Sept. 20 deadline to submit to depositions in the case.

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