Update on the latest in business:

FINANCIAL MARKETS

Asian indexes mixed in choppy trading, echoing Wall Street

TOKYO (AP) — Asian shares are mixed in choppy trading, as inflation worries and the war in Ukraine have investors partly optimistic while staying cautious.

Benchmarks rose in Japan, South Korea and Australia in early trading today, boosted by Wednesday’s rally in Europe and in the Dow in the U.S.

FINANCIAL MARKETS

Asian indexes mixed in choppy trading, echoing Wall Street

TOKYO (AP) — Asian shares are mixed in choppy trading, as inflation worries and the war in Ukraine have investors partly optimistic while staying cautious.

Benchmarks rose in Japan, South Korea and Australia in early trading today, boosted by Wednesday’s rally in Europe and in the Dow in the U.S.

Investors are also watching what Chinese President Xi Jinping may say at a forum. Stock indexes ended mixed on Wall Street, while Netflix lost more than a third of its value after reporting its first subscriber loss in more than a decade and predicting more grim times ahead.

TRAVEL MASK MANDATE

Justice Dept. to appeal order voiding travel mask mandate

WASHINGTON (AP) — The Justice Department is filing an appeal seeking to overturn a judge’s order that voided the federal mask mandate on planes, trains and travel hubs. It came minutes after the Centers for Disease Control and Prevention asked the Justice Department to appeal the decision handed down by a federal judge in Florida earlier this week.

A notice of appeal was filed in federal court in Tampa.

The CDC said in a statement Wednesday that it is its “continuing assessment that at this time an order requiring masking in the indoor transportation corridor remains necessary for the public health.”

CSX-RESULTS

CSX 1Q profit jumps 22% on higher rates despite service woes

OMAHA, Neb. (AP) — CSX railroad struggled to keep up with demand in the first three months of the year. But it still manage to deliver 22% more profit thanks to higher shipping rates offsetting a slight decline in the number of shipments it handled.

The Jacksonville, Florida-based railroad said Wednesday it earned $859 million, or 39 cents per share, in the first quarter. That’s up from $706 million, or 31 cents per share, a year ago. The results beat Wall Street expectations.

CSX CEO Jim Foote says demand remains strong but the railroad has struggled to handle all those shipments because of crew shortages. Hiring is the key to improving service, and CSX is making progress on adding workers.

STUDENT LOANS

Feds: Thousands may have student debt that should be erased

UNDATED (AP) — A new federal report finds that record-keeping failures by the Education Department may have left thousands of Americans stuck with student debt that should have been forgiven.

A study released Wednesday by the Government Accountability Office reveals flaws in the management of income-driven repayment plans, which offer reduced monthly payments and automatic forgiveness after 20 or 25 years.

Education officials acknowledge that it has struggled to track payments by some borrowers and promised improvements.

The study, requested by Congress, identifies 7,700 federal student loans that appeared to meet the conditions for loan forgiveness but had yet to be canceled as of September 2020. The loans were held by 3,000 borrowers and amount to a combined $49 million.

UNITED AIRLINES-RESULTS

United Airlines loses $1.4B in 1Q, but expects profit in 2Q

CHICAGO (AP) — United Airlines says it lost $1.38 billion in the first quarter of 2022 but it expects to return to profitability in the current three-month period as post-pandemic travel ramps back up.

The Chicago-based airline said Wednesday it had operating revenues of $7.57 billion in the quarter, which was down 21% from the first quarter of 2019.

The airline is still running fewer flights than they were before the pandemic, but announced that it had reopened all of its lounges and had resumed 19 international routes and restarted services to six cities that haven’t been served since the pandemic began.

BIDEN-INFRASTRUCTURE-NUCLEAR

Gov. Whitmer wants federal aid to keep nuclear plant open

UNDATED (AP) — Michigan’s Democratic governor wants a nuclear power plant on Lake Michigan to stay open and she’s asking the federal government to pay for it. But the owner of the Palisades Power Plant says it’s too late and that the plant will shut down in May as scheduled.

The Biden administration launched a $6 billion effort to rescue nuclear power plants at risk of closing on Tuesday, citing the need to continue nuclear energy as a carbon-free source of power that helps to combat climate change.

Gov. Gretchen Whitmer wrote to Energy Secretary Jennifer Granholm Wednesday to urge the department to keep the plant open.

Palisades’ owner, Entergy, said in response to the letter that their focus remains on the safe and orderly shutdown of the facility in May, though they’ll continue to talk with qualified nuclear plant owners or operators who may want to purchase and continue operating Palisades.

ELON MUSK LAWSUIT

Judge rejects gag order in suit over 2018 Elon Musk tweets

DETROIT (AP) — A federal judge in California has rejected a request from shareholders in a lawsuit to force Elon Musk to stop talking about his 2018 tweets in which he said he had the funding to make Tesla a private company.

The ruling by U.S. District Judge Edward Chen Wednesday came just hours after the Tesla CEO’s lawyer filed a document in the case saying that a gag order would trample on Musk’s free speech rights.

Lawyers for the shareholders have argued that Musk is trying to influence potential jurors before the lawsuit comes to trial on Jan. 17 of next year. They contend that the CEO’s August, 2018 tweets were written to manipulate the stock price, costing shareholders money.

NASCAR-BRISTOL DIRT-FOX

Fox Sports makes Easter Sunday a NASCAR ratings success

CHARLOTTE, N.C. (AP) — Dirt will be back on NASCAR’s schedule next year and likely on Easter Sunday again if Fox Sports has its way. NASCAR delivered the most-watched race at Bristol Motor Speedway since 2016 on Sunday night to watch the Cup Series race on dirt for the second consecutive season.

Fox says it is already talking to NASCAR about racing on Easter again in 2023.

Bristol earned a 2.19 rating and was up 28% over last year’s Bristol race. The race was the most-viewed among the 18-to-49 demographic since the Daytona 500 in February.

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