AP Business SummaryBrief at 4:41 p.m. EDT

China lashes out at latest U.S. export controls on chips

BEIJING (AP) — China has criticized the latest U.S. decision to tighten export controls that would make it harder for China to obtain and manufacture advanced computing chips, calling it a violation of international economic and trade rules that will “isolate and backfire” on the U.S. The Foreign Ministry spokesperson accused the U.S.  of abusing its export control measures to maliciously block and suppress Chinese...

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China lashes out at latest U.S. export controls on chips

BEIJING (AP) — China has criticized the latest U.S. decision to tighten export controls that would make it harder for China to obtain and manufacture advanced computing chips, calling it a violation of international economic and trade rules that will “isolate and backfire” on the U.S. The Foreign Ministry spokesperson accused the U.S.  of abusing its export control measures to maliciously block and suppress Chinese companies. She spoke after the U.S. on Friday updated export controls that included adding certain advanced, high-performance computing chips and semiconductor manufacturing equipment to its list. Washington says it’s part of efforts to protect its national security.

Blast on bridge to Crimea hurts Russian supply lines, pride

KYIV, Ukraine (AP) — Russian President Vladimir Putin is moving to tighten security along a key bridge to Crimea after an explosion caused part of the bridge to collapse. The Kerch bridge is an important supply artery for the Kremlin’s faltering war effort in southern Ukraine. The 12-mile-long bridge is also a symbol of Russia’s claim to control the territory, which it annexed from Ukraine in 2014. Nobody has claimed responsibility for the blast early Saturday. Russian authorities say it was caused by a truck bomb, which set some train tanker cars on fire. Train and automobile traffic on the bridge were suspended temporarily. Automobile service was restored later in the day on just part of the bridge.

Ukrainian authorities take stock of ruins in liberated Lyman

LYMAN, Ukraine (AP) — Ukrainian authorities are just beginning to sift through the wreckage of the devastated city of Lyman in eastern Ukraine. They are assessing the humanitarian toll and possibility of war crimes from a months-long Russian occupation. It’s still unclear how many died in the city since it was overrun by Russian forces in May. But authorities say Lyman has become a “humanitarian crisis” which could still hold further grim discoveries. The Donetsk governor on Friday said that two burial sites had been found in Lyman including around 200 individual civilian graves and a mass grave with an unknown number of bodies.

UN: Ukraine nuclear power plant loses external power link

BERLIN (AP) — The U.N. nuclear watchdog says that Ukraine’s Zaporizhzhia nuclear power plant, the biggest in Europe, has lost its last remaining external power source as a result of renewed shelling and is now relying on emergency diesel generators. The International Atomic Energy Agency said that the plant’s link to a 750-kilovolt line was cut at around 1 a.m. Saturday. It cited official information from Ukraine as well as reports from IAEA experts at the site, which is held by Russian forces. All six reactors at the plant are shut down but they still require electricity for cooling and other safety functions. The IAEA said plant engineers have begun work to repair the damaged power line.

Sabotage hits trains in north Germany, forcing 3-hour halt

BERLIN (AP) — Authorities in Germany say a key train communications system has been targeted by sabotage. That forced both passenger and cargo trains to halt for nearly three hours across a swath of northwestern Germany on Saturday. Operator Deutsche Bahn said the problem was a “failure of the digital train radio system” and it had been resolved but that some disruptions could still be expected. Germany’s transport minister said cables that are “essential for handling railway traffic safely” were deliberately severed at two separate locations. He said Germany’s federal police were investigating the attack.

Death toll rises to 10 in blast at gas station in Ireland

LONDON (AP) — Authorities say 10 people have been killed in an explosion that destroyed a gas station in a small village in northwest Ireland. Police say the victims were four men, three women, two teenagers and a girl of primary school age. Eight people have been hospitalized. Police investigating the cause of the blast say evidence suggests it was accidental. The blast tore through the Applegreen service station in Creeslough in County Donegal on Friday. Emergency responders from Ireland and neighboring Northern Ireland are involved in the search and rescue operation. Irish Prime Minister Micheál Martin said it was one of the “darkest of days for Donegal and the entire country.”

Latest in string of strikes brings most UK trains to a halt

LONDON (AP) — Most train services across Britain have been canceled as thousands of rail workers staged the latest in a string of strikes over jobs, pay and working conditions. Saturday’s 24-hour walkout by 40,000 cleaners, signalers, maintenance workers and station staff was the third in a week. The action is part of a surging wave of strikes from workers seeking pay raises to keep up with inflation that is running at almost 10%. Only about 20% of train services are expected to run with disruption spilling over into Sunday morning. Unions accuse the government of preventing train companies from making a deal to end the dispute. The government denies that and has urged unions to work with employers and “not against them.”

What Friday’s jobs report means for Fed’s inflation fight

WASHINGTON (AP) — For most Americans, Friday’s September jobs report was welcome news: Businesses kept hiring at a brisk pace, unemployment fell back to a half-century low and average pay rose. Yet for the Federal Reserve, the jobs figures highlight how little progress they’re making in their fight against inflation. With the Fed more likely to keep raising borrowing costs rapidly, the risk of recession will also rise. Employers did pull back slightly on hiring last month, and average wage gains slowed. But economists say neither is falling fast enough for the Fed to slow its inflation-fighting efforts.

Another month of solid US hiring suggests more big Fed hikes

WASHINGTON (AP) — America’s employers slowed their hiring in September but still added 263,000 jobs, a solid figure that will likely keep the Federal Reserve on pace to keep raising interest rates aggressively to fight persistently high inflation. Hiring fell from 315,000 in August to the weakest monthly gain since April 2021. The unemployment rate fell from 3.7% to 3.5%, matching a half-century low. The Fed is hoping that a slower pace of hiring would eventually mean less pressure on employers to raise pay and pass those costs on to their customers through price increases — a recipe for high inflation. But September’s job growth was likely too robust to satisfy the central bank’s inflation fighters.

Stocks lose more ground on fears a recession may be looming

NEW YORK (AP) — Wall Street lost more ground on worries that a still-strong U.S jobs market may actually make a recession more likely. The S&P 500 fell 2.8% Friday after the government said employers hired more workers last month than expected. The Dow Jones Industrial Average and the Nasdaq also fell sharply, and Treasury yields rose. Markets are worried the Federal Reserve could see the jobs report as proof the economy hasn’t slowed enough yet to get inflation under control. That could clear the way for continued, aggressive hikes to interest rates, something that risks causing a recession if done too severely.

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