Update on the latest in business:

FINANCIAL MARKETS

Stocks drift, bond yields rise as markets wait for the Fed

NEW YORK (AP) — Stocks were mixed and bond yields rose Wednesday ahead of a widely expected interest rate increase from the Federal Reserve. Oil prices rose as Europe moved toward banning Russian oil. The Fed is widely expected to raise its benchmark short-term rate by double the usual amount, half a percentage point, as it steps up its fight against inflation....

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FINANCIAL MARKETS

Stocks drift, bond yields rise as markets wait for the Fed

NEW YORK (AP) — Stocks were mixed and bond yields rose Wednesday ahead of a widely expected interest rate increase from the Federal Reserve. Oil prices rose as Europe moved toward banning Russian oil. The Fed is widely expected to raise its benchmark short-term rate by double the usual amount, half a percentage point, as it steps up its fight against inflation. Tupperware plunged after withdrawing its forecast, and Lyft sank after releasing a weak outlook. Airbnb and Starbucks rose after reporting solid results. The S&P 500 fell 0.2%. The 10-year Treasury yield rose to 3%, its highest level since late 2018.

BIDEN-ECONOMY

Biden showcases deficit progress in bid to counter critics

WASHINGTON (AP) — President Joe Biden is highlighting new figures showing the government’s red ink will grow less than expected this year and the national debt will shrink this quarter as he tried to counter criticism of his economic leadership and growing dismay over inflation going into midterm elections that will decide control of Congress. The dip in the national debt is an achievement that eluded former President Donald Trump despite his promises to improve the federal balance sheet. Strong job gains over the past 16 months have increased total incomes and led to additional tax revenues. That means this fiscal year’s budget deficit will decline $1.5 trillion, better than initially forecast. Still, the long-term outlook is problematic.

TURBOTAX-SETTLEMENT

Intuit to pay $141M settlement over ‘free’ TurboTax ads

NEW YORK (AP) — New York’s attorney general is announcing that the company behind the TurboTax tax-filing program will pay $141 million to customers across the United States who were deceived by misleading promises of free tax-filing services. Under the terms of a settlement signed by the attorneys general of all 50 states, Intuit Inc. will suspend TurboTax’s “free, free, free” ad campaign and pay restitution to nearly 4.4 million taxpayers. New York Attorney General Letitia James began investigating Intuit after the news organization ProPublica reported in 2019 that the company was charging low-income customers for tax services that they should have received for free.

CVS HEALTH-RESULTS

After another strong quarter, CVS raises outlook for 2022

UNDATED (AP) — COVID-19 vaccines and tests for the virus continue to boost CVS Health and the health care giant raised its annual forecast after a strong first quarter. The drugstore chain and pharmacy benefit manager said Wednesday that it now expects earnings of $8.20 to $8.40 per share this year. The new range mostly eclipses Wall Street projections. CVS Health shares slipped in February when the company reported fourth quarter results that easily topped expectations but didn’t hike the annual forecast that it first laid out in December. Shares climbed in Wednesday morning trading.

DENMARK-MAERSK-EARNINGS

Shipping company Maersk sees record quarter as demand surges

COPENHAGEN, Denmark (AP) — The world’s biggest shipping company, Denmark’s A.P. Moeller-Maersk, says it’s delivered its “best earnings quarter ever,” driven by higher freight rates and more contracts being signed. The company says its revenue for the first three months of the year came in at $19.3 billion, up from $12.4 billion for the same period last year. Profits before taxes came in at $7.3 billion, up from $3.1 billion a year ago.

RUSSIA-UKRAINE WAR-SANCTIONS

EU takes major step toward Russian oil ban, new sanctions

BRUSSELS (AP) — The European Union’s chief executive has called on the 27-nation bloc to ban oil imports from Russia in a sixth package of sanctions over the war in Ukraine. European Commission President Ursula von der Leyen told EU lawmakers on Wednesday that she envisions member nations phasing out imports of crude oil within six months and refined products by the end of the year. The proposals must be unanimously approved to take effect and are likely to be the subject of fierce debate. Von der Leyen conceded that getting all 27 EU members to agree on oil sanctions “will not be easy.” Some landlocked countries are highly dependent on Russian oil.

RUSSIA-UKRAINE WAR-UK-SANCTIONS

UK puts sanctions on Russian broadcasters

LONDON (AP) — Britain has announced a further raft of sanctions against Russia, banning the country from doing business with management consultants, accounting and public relations firms in the U.K. The British government also imposed asset freezes and travel bans on journalists working for state-owned media and other broadcast organizations the U.K. accuses of spreading propaganda. Officials say the new sanctions mean social media, internet services and app stores must block content from two of Russia’s major sources of alleged disinformation, RT and Sputnik. Both have been pulled from British airwaves.

BRITAIN-PARLIAMENT-MUSK

Elon Musk asked to testify on Twitter by UK Parliament

LONDON (AP) — A British parliamentary committee scrutinizing draft online safety legislation has invited Elon Musk to discuss his plans to buy Twitter and the changes he’s proposing for the social media platform. Parliament’s digital committee asked the Tesla CEO Wednesday to give evidence about his proposals “in more depth.” Musk said it’s too early to give an answer because shareholders haven’t voted on the Twitter deal yet. The committee said it’s interested in Musk’s plans, especially his intention to roll out verification for all users, which echoes its own recommendations. The U.K. government’s online safety bill would give regulators wide-ranging powers to crack down on digital and social media companies.

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