German leaders announce new energy, inflation relief plan
BERLIN (AP) — Germany will invest an additional 65 billion euros in a new round of measures aimed at easing the sting of inflation and high energy prices for consumers. The country’s governing coalition announced details of the plan Sunday. The new measures include additional one-time payments to help consumers cover energy costs, a price cap on a basic amount of energy consumption for families and individuals...
German leaders announce new energy, inflation relief plan
BERLIN (AP) — Germany will invest an additional 65 billion euros in a new round of measures aimed at easing the sting of inflation and high energy prices for consumers. The country’s governing coalition announced details of the plan Sunday. The new measures include additional one-time payments to help consumers cover energy costs, a price cap on a basic amount of energy consumption for families and individuals and a successor to the country’s popular “9-euro ticket” for nationwide public transit. Chancellor Olaf Scholz said at a news conference on Sunday that he’s “very aware” many Germans are struggling to cope with the rising prices and that the government “takes these concerns very, very seriously.”
Prominent Indian business leader Cyrus Mistry dies at 54
NEW DELHI (AP) — Cyrus Mistry, an Indian-born Irish businessman and former chairman of Indian conglomerate Tata Sons, has died in an accident after his car crashed in western India. He was 54. Police say the crash occurred on Sunday near Mumbai. Mistry served as Tata Sons chairman for five years until he was removed by the board in October 2016. He challenged the board’s decision but India’s top court upheld his dismissal. Politicians and business leaders reacted with shock to news of Mistry’s death. Prime Minister Narendra Modi said Mistry was a promising business leader who believed in India’s economic prowess. Mistry owned an 18.4% stake in Tata Sons through his company, Cyrus Investments Pvt. Ltd. In 2018, his net worth was approximately $10 billion.
Sterling Lord, uniquely enduring literary agent, dies at 102
NEW YORK (AP) — The uniquely enduring literary agent who worked for years to find a publisher for Jack Kerouac’s “On the Road” and over the following decades arranged deals for everyone from true crime writer Joe McGinniss to the creators of the Berenstain Bears has died. Sterling Lord was 102. He endured the initial unwillingness of publishers to take on Kerouac’s unorthodox narrative and was the longtime agent for other shining lights of the Beats. His full roster of clients produced works about sports, politics, murder and the travails of illustrated animals. His daughter told The Associated Press that Lord “had a good death and died peacefully of old age” Saturday.
Bed Bath & Beyond chief financial officer Gustavo Arnal dies
UNION, N.J. (AP) — The chief financial officer of retail chain Bed Bath & Beyond has died. The company confirmed Sunday that Gustavo Arnal died Friday. Arnal joined the company in May 2020 after previous stints at Avon, Walgreens Boots Alliance and Procter & Gamble. According to the New York City Police Department, police found the 52-year-old unconscious with injuries showing he fell from a building in Manhattan. He was pronounced dead in the scene and the New York City Medical Examiner’s Office will determine the cause of death. Police said an investigation was ongoing.
Swedish leader tackles crime, energy fears on campaign trail
NORRTALJE, Sweden (AP) — Swedish Prime Minister Magdalena Andersson is on the campaign trail a week before the national election. She traveled by bus Sunday to communities near Stockholm seeking to win over voters concerned over gang violence and electricity bills that have risen painfully since Russia invaded Ukraine. The election on Sept. 11 comes amid a sense of rising insecurity with a spate of shootings in Sweden making crime a key campaign issue. Russia’s war against Ukraine led Sweden and Finland to take the historic step of applying to join NATO this year. That step has reassured many and is so uncontested it hasn’t been an issue in the campaign before the election.
Lower US job gain in August could aid Fed’s inflation fight
WASHINGTON (AP) — America’s employers added a healthy number of jobs last month, yet slowed their hiring enough to potentially help the Federal Reserve in its fight to reduce raging inflation. The economy gained 315,000 jobs in August, a still-solid figure that pointed to an economy that remains resilient despite rising interest rates, high inflation and sluggish consumer spending. Friday’s report from the government also showed that the unemployment rate rose to 3.7%, up from a half-century low of 3.5%. Yet that increase was also an encouraging sign: It reflected a long-awaited rise in the number of Americans who came off the sidelines and started looking for work.
EXPLAINER: 5 key takeaways from the August jobs report
WASHINGTON (AP) — The nation’s job market last month delivered just what the Federal Reserve and nervous investors hoped for: A Goldilocks-style hiring report. Job growth was solid — not too hot, not too cold. And more Americans began looking for work, which could ease worker shortages over time and defuse some of the inflationary pressures that the Fed has made its No. 1 mission. Employers added 315,000 jobs, roughly what economists had expected, down from an average 487,000 a month over the past year. The unemployment rate reached 3.7%, its highest level since February. But it rose was for a healthy reason: Hundreds of thousands of people returned to the job market, and some didn’t find work right away.
Energy problems in Ukraine and Europe take center stage
KYIV, Ukraine (AP) — Energy problems have plagued Ukraine and Europe as much of the Russian-occupied region that’s home to a largely crippled nuclear power plant was reported temporarily in blackout. Only one of six reactors at the Zaporizhzhia plant was connected to the electricity grid And Russia’s main pipeline carrying natural gas to Germany remained shut down on Sunday. The fighting in Ukraine and related disputes over pipelines lie behind the electricity and natural gas shortfalls that have worsened as Russia’s war in Ukraine grinds on for a seventh month. U.N. nuclear agency inspectors are scheduled to brief the Security Council on Tuesday about their visit to the Zaporizhzhia power plant. European Union energy ministers will meet Friday to discuss the bloc’s troubled electricity market.
Indonesia hikes fuel prices by 30%, cuts energy subsidies
JAKARTA, Indonesia (AP) — Fuel prices have increased by about 30% across Indonesia after the government reduced some of the costly subsidies that have kept inflation in Southeast Asia’s largest economy among the world’s lowest. Long lines of motorbikes and cars snaked around gas stations as motorists waited for hours to fill up their tanks with cheaper gas before the increase took effect on Saturday. The hike — the first in eight years — raised the price of gasoline from about 51 cents to 67 cents per liter and diesel fuel from 35 cents to 46 cents. President Joko Widodo says it was his last option as the country’s energy subsidy had tripled this year as a result of rising global prices of oil and gas.
Stocks shed early gains, end lower for 3rd straight week
Stocks gave up an early rally and ended lower on Wall Street, marking their third losing week in a row. Indexes had opened higher following a report on the job market that showed a moderate slowdown in hiring. That stoked cautious optimism that the Federal Reserve may not need to be as aggressive with high interest rates in its fight against inflation. Indexes turned lower in the afternoon after Russian energy giant Gazprom said it wouldn’t reopen a natural gas pipeline to Germany for now, a bad sign for Europe’s ongoing struggle with higher energy prices. The S&P 500 fell about 1%.