Update on the latest in business:

FINANCIAL MARKETS

Stocks rally as Wall Street closes in on rare winning week

NEW YORK (AP) — Stocks are rallying today, and Wall Street is heading for just its second winning week in the last 12 in a reprieve from its brutal sell-off.

The S&P 500 was 2.3% higher in midday trading. Stocks have climbed this week as pressure from rising Treasury yields lets up somewhat and investors speculate the Federal Reserve may not...

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FINANCIAL MARKETS

Stocks rally as Wall Street closes in on rare winning week

NEW YORK (AP) — Stocks are rallying today, and Wall Street is heading for just its second winning week in the last 12 in a reprieve from its brutal sell-off.

The S&P 500 was 2.3% higher in midday trading. Stocks have climbed this week as pressure from rising Treasury yields lets up somewhat and investors speculate the Federal Reserve may not have to be as aggressive about raising interest rates as earlier thought.

It’s been a reprieve from Wall Street’s tumble through most of the year, as central banks slam into reverse on the tremendous support they fed into markets through the pandemic.

SUPREME COURT-ABORTION

Supreme Court overturns Roe v. Wade; states can ban abortion

WASHINGTON (AP) — The Supreme Court has ended constitutional protections for abortion.

The ruling comes more than a month after the stunning leak of a draft opinion by Justice Samuel Alito indicating the court was prepared to take this momentous step.

In his final opinion issued today, Alito says, “The Constitution makes no reference to abortion, and no such right is implicitly protected by any constitutional provision.”

Constitutional protections for abortion had been in place nearly 50 years.

SUPREME COURT-ABORTION-WASHINGTON

Biden calls abortion ruling ‘a sad day’ for country

WASHINGTON (AP) — President Joe Biden spoke from the White House about the Supreme Court ruling overturning Roe v. Wade, the landmark decision that legalized abortion nationwide.

He said the court has done what it’s never done before in taking away a constitutional right that is so fundamental to so many Americans. He says the decision places the health and life of women at risk.

The White House has been preparing for this moment since a draft of the decision leaked in May. Officials have been huddling with state leaders, advocates, health care professionals and others to prepare for a future without Roe v. Wade.

FDA-JUUL

Juul seeks to halt FDA order banning e-cigarette sales in US

UNDATED (AP) — Juul is asking a federal court to block a government order to stop selling its electronic cigarettes.

The company is asking the court to put on hold what it calls an “extraordinary and unlawful action” by the Food and Drug Administration. The company filed an emergency motion with the U.S. Court of Appeals in Washington as it prepares to appeal the FDA’s decision.

The FDA said Thursday that Juul must stop selling its vaping device and its tobacco and menthol flavored cartridges. Those on the market must be removed.

UNITED AIRLINES-PILOTS

Pilots in line for big raises amid global travel disruptions

DALLAS (AP) — Pilots at United Airlines are in line to get big pay raises over the next 18 months.

Their union, the Air Line Pilots Association, says it has reached a tentative agreement for raises totaling more than 14.5%. The deal would be retroactive the the start of 2022 and run through the end of next year.

Rank-and-file pilots will hold a ratification vote through mid-July. If approved, the deal could set the stage for similar raises by pilots at American, Delta and Southwest. Pilots have leverage in contract talks because they are in short supply as travel recovers from the worst of the pandemic.

GERMANY-GLOBAL FOOD CRISIS

UN chief warns of ‘catastrophe’ from global food shortage

BERLIN (AP) — The United Nations Secretary-General says the war in Ukraine is adding to the disruptions caused by climate change, the coronavirus pandemic and inequality to produce an “unprecedented global hunger crisis.”

U.N. head Antonio Guterres says the world faces “catastrophe” because of the growing shortage of food around the globe. He says, “There is a real risk that multiple famines will be declared in 2022.”

Guterres says harvests across Asia, Africa and the Americas will take a hit as farmers around the world struggle to cope with rising fertilizer and energy prices, and, he says, “This year’s food access issues could become next year’s global food shortage.”

G-7-NATO SUMMIT

Solidarity behind Ukraine’s Russia fight atop summit agendas

WASHINGTON (AP) — Back-to-back world leader summits in Europe opening this weekend will focus on uniting Western nations behind Ukraine in its fight against Russia’s invasion and overcoming Turkey’s opposition to NATO membership for Finland and Sweden.

The Group of Seven leading economic powers are meeting in Germany for their annual gathering Sunday through Tuesday. Afterward, NATO member countries will meet Wednesday and Thursday in Madrid.

Other topics for the leaders include climate change, the global economy and inflation, energy, food security and countering China’s rise. President Joe Biden will attend both summits.

PAKISTAN-ECONOMY

Pakistan stock market plunges on new govt tax on industries

ISLAMABAD (AP) — Pakistan’s Prime Minister Shahbaz Sharif is imposing a new, 10% tax on major industries and a graduated tax on the wealthy.

Today’s announcement sent shockwaves through the country’s stock exchange in the southern port city of Karachi, which briefly halted trading after its benchmark index plunged sharply following the announcement.

Sharif says he is taking these measures to “save the country and avoid further taxes on the poor.”

The measures are expected to go into effect on July 1, following approval by parliament. Pakistan is in crucial talks with the IMF to revive a $6 billion bailout package which has been on hold since former Prime Minister Imran Khan’s government was ousted in April.

NETHERLANDS-SCHIPHOL AIRPORT

Dutch government to rein in flights at Schiphol Airport

BRUSSELS (AP) — The Dutch government plans to cut the maximum number of flights allowed each year at the country’s busiest aviation hub, Schiphol Airport. It’s an attempt to reduce noise and air pollution.

Today’s decision to cut the number of flights allowed from around 500,000 to 440,000 is a further blow to the air port that has seen chaos in recent weeks amid security staff shortages, with hours-long lines of passengers waiting to board flights.

Schiphol, on the outskirts of Amsterdam, has been growing for years and has become a busy European hub and a significant driver of economic growth in the Netherlands.

The cuts are expected to happen late next year.

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