Update on the latest in business:

FINANCIAL MARKETS

Asian markets mixed after Wall St bond sell-off

BEIJING (AP) — Asian stock markets are mixed following a bond sell-off on Wall Street amid anxiety about higher U.S. interest rates.

Shanghai and Tokyo advanced while Hong Kong and Seoul declined. The yen, already trading at two-decade lows, fell further to below 132 to the dollar.

Wall Street’s benchmark S&P 500 index rose 0.3% while the market price of a 10-year Treasury...

READ MORE

FINANCIAL MARKETS

Asian markets mixed after Wall St bond sell-off

BEIJING (AP) — Asian stock markets are mixed following a bond sell-off on Wall Street amid anxiety about higher U.S. interest rates.

Shanghai and Tokyo advanced while Hong Kong and Seoul declined. The yen, already trading at two-decade lows, fell further to below 132 to the dollar.

Wall Street’s benchmark S&P 500 index rose 0.3% while the market price of a 10-year Treasury bond fell. Markets are swinging between gains and losses as investors weigh evidence about whether the Federal Reserve’s rate hikes can cool inflation that is running at a four-decade high without tipping the U.S. economy into recession.

RUSSIA-UKRAINE-WAR

Shows go on in Kyiv despite war

KYIV, Ukraine (AP) — A theater in Ukraine’s capital has reopened for the first time since Russian forces invaded the country, and tickets sold out for Sunday’s performance.

Theater on Podil is the latest cultural institution in Kyiv to resume operations. Movie theaters and the National Opera opened their doors at the end of May.

One of the actors says they weren’t sure anyone would come, and says, “We were happy that the first three plays were sold out.” Another actor says he had hesitated to perform in wartime, but that it’s necessary to go on.

MEXICO-US-UNION COMPLAINT

US files 4th labor complaint on Mexican workers’ rights

WASHINGTON (AP) — The United States has filed its fourth labor complaint about suspected violations of union organizing rights in Mexico. The complaint was filed Monday under the U.S.-Mexico-Canada free trade pact.

The U.S. Trade Representative’s Office says the complaint involves a union representation fight at a car parts factory in northern Mexico. The complaint says the United States found credible evidence that workers at the Teksid Hierro automotive parts plant were being denied the right to freely choose which union will represent them. The plant is in Frontera, a town in the northern border state of Coahuila.

DAKOTA-ACCESS-PIPELINE-ARSON

Court upholds ‘terrorism’ sentencing of pipeline saboteur

DES MOINES (AP) — A federal appeals court has upheld the eight-year prison sentence given to an environmental activist who tried to sabotage the construction of the Dakota Access Pipeline.

Jessica Reznicek pleaded guilty in June 2021 to a charge of conspiracy to damage an energy facility for vandalizing construction sites on the pipeline in 2016 and 2017. Iowa U.S. District Judge Rebecca Goodgame Ebinger included a terrorism enhancement in her sentencing.

The Des Moines Register reports that Reznicek appealed that enhancement. But the appeals court found that “any error was harmless” in Ebinger’s sentencing.

VATICAN SCANDAL

Broker blames ‘irrational’ Vatican choices for London losses

VATICAN CITY (AP) — One of the principal figures in the Vatican’s bungled London real estate venture says the Holy See would have turned a profit on its valuable investment if it hadn’t pulled its money out of a fund prematurely.

Raffaele Mincione is a London-based fund manager and he broke nearly two years of silence in testifying Monday before the Vatican’s criminal court. Prosecutors have charged Mincione and nine other people with fraud, embezzlement and other crimes, accusing brokers and Vatican officials of swindling the Holy See out of tens of millions of euros in commissions and then extorting the Vatican for 15 million euros to get control of the London property. Mincione and the others deny wrongdoing.

AUSTRALIA-ECONOMY

Australian central bank hikes rate for 2nd time in 5 weeks

CANBERRA, Australia (AP) — Australia’s central bank has lifted its benchmark interest rate for a second time in five weeks, changing the cash rate to 0.85% from 0.35%.

When the Reserve Bank of Australia lifted the rate by a quarter percentage point at its last monthly board meeting on May 3, it was the first rate hike in more than 11 years. An increase was widely expected after official data released in April showed that Australia’s inflation rose to 5.1% in the year through March. It is the highest annual rate since 2001, when a newly introduced 10% federal consumption tax created a temporary spike.

Treasurer Jim Chalmers on Tuesday foreshadowed more rate increases, saying inflation in Australia would worsen.

JAPAN-OBIT-IDEI

Sony ex-CEO Idei, who led brand’s global growth, dies at 84

TOKYO (AP) — Nobuyuki Idei, who led Japan’s Sony from 1998 through 2005 and steered its growth in the digital and entertainment businesses, has died. He was 84.

Sony says Idei died June 2 in Tokyo of liver failure.

Sony is among Japan’s stellar brands, having brought the world the Walkman portable music player. But it had humble beginnings in the 1940s, when the nation was rebuilding from the ashes of World War II. Idei joined Sony in 1960, and worked in its audio and video divisions. He was appointed president in 1995, and became chief executive three years later.

ATLANTIC CITY-CASINO SMOKING

Hard Rock boss confers with NJ governor on casino smoking

ATLANTIC CITY, N.J. (AP) —The chairman of the global Hard Rock casino and entertainment company spoke recently with New Jersey Gov. Phil Murphy about the “economic challenges” of banning smoking in casinos, which a bill pending in the state Legislature would do.

Jim Allen says he was not trying to change the governor’s mind about signing a smoking ban, but rather to discuss the potential economic impact of ending smoking in casinos. A spokeswoman for the governor says he maintains his intention to sign a bill if one is passed. Smoking is allowed on up to 20% of the casino floor.

Copyright © 2022 . All rights reserved. This website is not intended for users located within the European Economic Area.