EXPLAINER: How the strong U.S. dollar can affect everyone
NEW YORK (AP) — The value of the U.S. dollar has been on a tear for more than a year against everything from the British pound across the Atlantic to the South Korean won across the Pacific. The dollar is hovering close to its highest level in more than two decades against a key index measuring six major currencies. Many professional investors don’t expect the dollar...
EXPLAINER: How the strong U.S. dollar can affect everyone
NEW YORK (AP) — The value of the U.S. dollar has been on a tear for more than a year against everything from the British pound across the Atlantic to the South Korean won across the Pacific. The dollar is hovering close to its highest level in more than two decades against a key index measuring six major currencies. Many professional investors don’t expect the dollar to ease off anytime soon. Its rise makes an impact on nearly everyone, even those who will never travel beyond U.S. borders. The strength helps to limit inflation, but it can also hurt profits for many U.S. companies.
EU proposes to suspend billions in funds to Hungary
BRUSSELS (AP) — The European Union’s executive branch has recommended that the bloc suspend around 7.5 billion euros (dollars) in funding to Hungary. The European Commission is concerned about democratic backsliding and the possible mismanagement of EU money. EU Budget Commissioner Johannes Hahn said Sunday that despite measures Hungary has proposed to address the deficiencies, the commission is recommending the suspension of funds “amounting to an estimated amount of 7.5 billion euros.” Hungary has until Nov. 19 to address the concerns. The commission has for nearly a decade accused Hungarian Prime Minister Viktor Orban of dismantling democratic institutions. He denies the accusations.
First public global database of fossil fuels launches
On Monday, the world’s first public database of fossil fuel production, reserves and emissions launches. Called The Global Registry of Fossil Fuels, it was developed by the groups Carbon Tracker and the Global Energy Monitor, and contains data on over 50,000 oil, gas and coal fields in 89 countries, covering 75% of global production. It shows that the United States and Russia have enough fossil fuel reserves to exhaust the world’s remaining carbon budget to stay under 1.5 degrees Celsius warming. And it shows that if burned, the world’s reserves would generate 3.5 trillion tons of greenhouse gas emissions, which is more than all that’s been produced since the Industrial Revolution.
Zelenskyy promises no ‘lull’ in taking back Ukrainian towns
KYIV, Ukraine (AP) — Ukrainian President Volodymyr Zelenskyy promised his country Sunday there would be no letup after a series of Ukrainian victories taking cities and towns back from Russian troops. He said there would be no lull until all of Ukraine is freed. Russian shelling hit cities and towns across a wide stretch of Ukraine over the weekend. The British defense ministry warned that Russia is likely to increase attacks on civilian targets as it suffers battlefield defeats. A Vatican envoy distributing humanitarian aid was among those who came under fire. There were no injuries. And prosecutors in Kharkiv are accusing Russia of torturing civilians in one village that was recently freed.
Royal fans give London tourism a bump amid UK economic woes
LONDON (AP) — Hotels, restaurants and shops are packed as royal fans pour into the heart of London to experience the flag-lined roads, pomp-filled processions and brave a mileslong line for the once-in-a-lifetime chance to bid adieu to Queen Elizabeth II. Visitors crowding into central London from as far away as the U.S. and India for the historic moment are giving a boost to businesses at a time when the British economy is facing a cost-of-living crisis fueled by the highest inflation in four decades and predictions of a looming recession. The overall economic boost might be limited because Monday has been declared a public holiday for the queen’s funeral. But experts said renewed interest in the royal family could sustain tourism demand.
Prospect of far-right female premier divides Italian women
ROME (AP) — Italy could be on the verge of electing its first woman premier. That prospect delights some Italian women, but others are dismayed by her conservative beliefs and policies. Giorgia Meloni and the far-right Brothers of Italy party she co-founded less than a decade ago will triumph in the Sept. 25 parliamentary election if opinion polls prove on the mark. Meloni might then be tapped by Italy’s president to try to form a new government. Some women worry that Meloni might erode abortion access. Supporters laud her conservative agenda in favor of “God, homeland and family.”
Treasury recommends exploring creation of a digital dollar
WASHINGTON (AP) — The Biden administration is moving one step closer to developing a central bank digital currency, known as the digital dollar. Administration officials say it’d help reinforce the U.S. role as a leader in the world financial system. The White House said Friday that after President Joe Biden issued an executive order in March calling on agencies to look at ways to regulate digital assets, the agencies came up with nine reports. One Treasury recommendation is the U.S. “advance policy and technical work on a potential central bank digital currency.” The Atlantic Council nonpartisan think tank says many other countries already are exploring or have created a central bank digital currency.
Maggots key to crisis-time fertilizer for Ugandan farmers
KAYUNGA, Uganda (AP) — Moses Wamugango peered into the plastic vats where maggots wriggled in decomposing filth, the enviable project of a neighbor who spoke of the fertilizer problem he had been able to solve. The maggots are the larvae of the black soldier fly, an insect whose digestive system effectively turns food waste into organic fertilizer. Farmers normally would despise them if they weren’t so valuable. Uganda is a regional food basket, but rising commodity prices blamed on the war in Ukraine are hurting farmers. Fertilizer prices have doubled or tripled, with some popular products hard to find on the market.
DOJ to use ‘carrot and stick’ approach on corporate crime
WASHINGTON (AP) — A top Justice Department official has announced new incentives for companies that cooperate with corporate criminal investigations and a $250 million Congressional budget request to expand its work. Deputy Attorney General Lisa Monaco said Thursday there has been a decline in the number of corporate criminal prosecutions over the last decade. To help address that, she is directing every division that prosecutes corporate crime to develop programs that incentivize companies to report misconduct. In some cases, no one will have to plead guilty to criminal charges if the violation was self-reported and the company fixed it. Companies will also be required to come forward more quickly with evidence of suspected misdeeds to get leniency.
China’s consumer, factory activity improve but still weak
BEIJING (AP) — Chinese official data show consumer spending and factory output improved in August but were still weak. Forecasters warned the world’s second-largest economy is vulnerable to disruption from repeated shutdowns of cities to fight virus outbreaks. Housing sales plummeted while prices edged lower. That adds to a slide in real estate activity under pressure from a government campaign to control debt that set off an economic slump in mid-2021. Chinese leaders are trying to prop up economic growth that sank to 2.5% over a year earlier in the first six months of 2022, less than half the official 5.5% target.