AP National Business

By NOHA ELHENNAWY Associated Press CAIRO (AP) — The U.N. food agency says that a third of Sudan’ population is currently facing a food crisis due to the compounded impact of climate shocks, political turmoil and rising global food prices.  A joint report by the World Food Program and the Food and Agriculture Organization released

By MATT OTT AP Business Writer WASHINGTON (AP) — Average long-term U.S. mortgage rates made their biggest one-week jump in 35 years, one day after the Federal Reserve raised its key rate by three-quarters of a point in bid to tame high inflation. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate climbed from

BRUSSELS (AP) — The European Union’s executive arm is preparing its recommendation on Ukraine’s request to join the EU. The European Commission’s endorsement of making the war-torn country a candidate for membership would only be a tentative step on a path that could take decades to complete. But it would send a strong symbol of

By DAMIAN J. TROISE AP Business Writer NEW YORK (AP) — Soaring gasoline prices have left many consumers with no choice but to cut spending on non-essentials, but it might be coming full circle by stopping some drivers from filling up their tanks. This “demand destruction” occurs when persistently high prices cause demand to drop.

By KEN SWEET AP Business Writer NEW YORK (AP) — The cryptocurrency company Circle says it will start issuing its first euro-denominated cryptocurrency, a stablecoin known as Euro Coin, later this month. It would be the first stablecoin in euros backed by a large player in the industry and could potentially become a major conduit

PARIS (AP) — McDonald’s France and related companies have agreed to pay over 1.2 billion euros ($1.3 billion) to the French state to settle a case in which the fast-food giant was accused of years of tax evasion. A Paris court approved the settlement Thursday, the French national financial prosecutor’s office said. McDonald’s said the

BY MATT OTT AP Business Writer WASHINGTON (AP) — Fewer Americans applied for unemployment benefits last week as the U.S. job market remains strong in the face of rising inflation and interest rates. Applications for jobless aid fell by 3,000 to 229,000 for the week ending June 11, the Labor Department reported Thursday. First-time applications

By AYA BATRAWY Associated Press DUBAI, United Arab Emirates (AP) — Qatar Airways, one of the Mideast’s largest carriers known for on-board comfort and luxury, says profits over the past fiscal year topped $1.5 billion. It marks the highest ever earnings for the state-owned carrier as it prepares to see a record surge in travelers

By KELVIN CHAN AP Business Writer LONDON (AP) — The European Union is beefing up its code of practice on disinformation by enlisting more tech companies and adding measures to prevent online purveyors of fake news from profiting. The EU’s executive Commission unveiled an update Thursday to its four-year-old voluntary code that, together with sweeping

By ANNE D’INNOCENZIO AP Retail Writer NEW YORK (AP) — Revlon, a cosmetics maker that broke racial barriers and dictated beauty trends for much of the last century, is filing for Chapter 11 bankruptcy protection. The company has been a mainstay on store shelves since its founding 90 years ago in New York City as

By IRINA TITOVA and JIM HEINTZ Associated Press ST. PETERSBURG, Russia (AP) — The head of the Russian Central Bank is warning that the country’s economy faces pressure from abroad that could persist indefinitely, dampening hopes that conditions could return to the way they were before Russia sent troops into Ukraine. Elvira Nabiullina said Thursday

BRUSSELS (AP) — Finance ministers from the 19 countries that share the euro currency could decide Thursday on a successor to lead Europe’s financial rescue fund. But a question that has hung over the monthslong race looks certain to persist: will the job winner have enough to do even as Europe battles fresh economic shocks?

By FRANCESCA EBEL and BOUAZZA BEN BOUAZZA Associated Press TUNIS, Tunisia (AP) — A nationwide public sector strike in Tunisia is poised to paralyze land and air transportation and other vital activities with the North African nation already in the midst of a deteriorating economic crisis. Tunisia’s powerful General Labour Union (UGTT) announced Thursday’s walkout

By COLLEEN BARRY AP Business Writer BRESCIA, Italy (AP) — Small Italian fashion producers are still allowed to export to Russia despite sanctions, as long as the wholesale price is under 300 euros. But they are having a hard time getting paid due to restrictions tied to the financial sector. Italy is the largest producer

By HAVEN DALEY Associated Press SANTA ROSA, Calif. (AP) — Pacific Gas & Electric Co. is working on an ambitious project to bury thousands of miles of power lines in an effort to prevent wildfires sparked by its equipment and to avoid shutting down power during hot and windy weather. Once considered too costly, PG&E

By MATTHEW BROWN and BRIAN MELLEY Associated Press RED LODGE, Mont. (AP) — This gateway town to Yellowstone National Park has become a dead end, a casualty of the severe flooding that tore through one of America’s most beloved natural attractions and swept away roads, bridges and homes. The unprecedented flood has closed the entire

By MUNIR AHMED Associated Press ISLAMABAD (AP) — A minister in Pakistan’s newly elected government is facing criticism following his plea to the nation to drink less tea to help save on imports amid a deepening economic crisis. Tea is a hugely popular drink among both the rich and the poor in this country of

By PAUL WISEMAN AP Economics Writer WASHINGTON (AP) — Federal Reserve Chair Jerome Powell has pledged to do whatever it takes to curb inflation, now raging at a four-decade high and defying the Fed’s efforts so far to tame it. Increasingly, it seems, doing so might require the one painful thing the Fed has sought

By ROD McGUIRK Associated Press CANBERRA, Australia (AP) — Australia’s new government on Thursday formally committed to a more ambitious greenhouse gas reduction target of 43% by the end of the decade in fulfillment of a key election pledge. The previous conservative government was dumped by voters at the May 21 election after it stuck

SAN SALVADOR, El Salvador (AP) — El Salvador’s Bitcoin-boosting president may be having second thoughts about the crypto-currency, whose value has tanked in recent weeks. President Nayib Bukele became the first leader in the world to make the crypto-currency legal tender last year. And Bukele has plowed tens of millions of government money into Bitcoin.

LOS ANGELES (AP) — Mo’Nique and Netflix reportedly have settled her lawsuit that accused the streaming service of racial and sexual discrimination. An attorney for the actor-comedian told The Hollywood Reporter the matter was “amicably resolved.” The terms of the settlement weren’t disclosed. Attorneys for Mo’Nique and Netflix filed for the case’s dismissal Wednesday in

RUNNEMEDE, N.J. (AP) — LeBron James might be on the cusp of setting another record. And someone will have to pay a lot of money to make it happen. A one-of-a-kind James trading card — called the “Triple Logoman” — is up for auction this month, with some believing that it wind up as the

HAVANA (AP) — Cuba has produced only about half the sugar it had projected this season and authorities acknowledge that while they will cover internal demand they will not be able to meet their international commitments. An official at the government agency that regulates sugar production said Wednesday: “It’s not a secret, the sector is

By CHRISTOPHER RUGABER AP Economics Writer WASHINGTON (AP) — Record low-interest mortgages are long gone. Credit card rates will likely rise. You’ll pay more for an auto loan. The unusually large three-quarter point hike in the Fed’s benchmark short-term rate is going to have a lot of impacts on Americans’ finances. The hope is that

NEW YORK (AP) — Stocks that traded heavily or had substantial price changes Wednesday: Nucor, Hertz Global rise; Methode, iQIYI fall.

The Associated Press Stocks rallied in a roller-coaster day of trading on Wall Street Wednesday after the Federal Reserve hiked interest rates by the biggest margin since 1994, but also said such mega-hikes would not be common. The Fed did signal that more increases are on the way as it tries to tackle the worst

WASHINGTON (AP) — The Biden administration is proposing to require that future airplanes produce lower levels of greenhouse gas emissions before they can be certified. The Federal Aviation Administration said Wednesday that its proposal would cover planes under development, including two Boeing models and one from Airbus. It would also apply to planes built after

By KAREL JANICEK By Associated Press PRAGUE (AP) — Russia’s invasion of Ukraine and what Europe must do to counter the consequences of it have become the key task for the Czech Republic’s upcoming presidency of the 27-nation European Union. The country formally takes reins from France on July 1. The political priorities of the

The Associated Press Benchmark U.S. crude oil for July delivery fell $3.62 to $115.31 a barrel Wednesday. Brent crude for August delivery fell $2.66 to $118.51 a barrel. Wholesale gasoline for July delivery fell 10 cents to $3.89 a gallon. July heating oil rose 16 cents to $4.55 a gallon. July natural gas rose 23

By TERRY SPENCER Associated Press FORT LAUDERDALE, Fla. (AP) — Florida’s largest electricity provider has announced plans to eliminate all of its carbon emissions by 2045 by increasing its reliance on solar energy, including using it to turn water into hydrogen to power its generating plants. Florida Power & Light says the multibillion dollar plan

CHESTERFIELD, Va. (AP) — Global toy manufacturer the LEGO Group plans to invest more than $1 billion to build a factory in suburban Richmond, Virginia. Gov. Glenn Youngkin made the announcement Wednesday. The factory is expected to open in 2025. It will feature a carbon-neutral design including an on-site solar park and will employ more

COPENHAGEN, Denmark (AP) — Danish toy company Lego said Wednesday it plans to invest more than $1 billion over 10 years to build a new factory in the U.S. state of Virginia and to enlarge an existing factory in Mexico. The moves in North America follow Lego’s announcement last year of a similar investment in

BEIRUT (AP) — Lebanon’s state-run news agency says the country’s caretaker energy minister has extended the licensing deadline for oil and gas companies to explore in the country’s territorial waters until mid-December, to give more firms the chance to bid. The agency said Wednesday’s decision to extended the deadline of the second round of licensing

ANKARA, Turkey (AP) — Turkey’s president is on a big push to rebrand the nation and its assets but he has changed his mind about what the national airlines should be called. President Recep Tayyip Erdogan says Turkish Airlines will now be known internationally by its Turkish name of “Türk Hava Yolları” (tuerk hah-VAH yole-lah-RUH).

SAVANNAH, Ga. (AP) — Authorities are investigating what caused a cargo ship to become grounded in the shipping channel to Georgia’s busiest seaport. The U.S. Coast Guard says the Danish-flagged container ship Maersk Surabaya ran aground Tuesday evening while navigating the Savannah River on its way to the Port of Savannah. A Coast Guard news

By HILLEL ITALIE AP National Writer NEW YORK (AP) — Independent booksellers are growing in number and becoming more diverse. Membership in the American Booksellers Association currently stands at just over 2,000. That’s its highest total in years and more than 100 over the previous summer. Dozens of new stores are owned by people of

SOFIA, Bulgaria (AP) — Bulgarian Prime Minister Kiril Petkov’s centrist coalition government will face a no-confidence vote brought by the main opposition party. It will be the first such vote since the government took power at the end of last year. The GERB party of former Prime Minister Boyko Borissov is accusing the government of

DETROIT (AP) — Ford is recalling over 2.9 million vehicles to fix a transmission problem that can increase the risk of inadvertent rollaway crashes. The recall covers certain 2013 to 2019 Escape, 2013 to 2018 C-Max, 2013 to 2016 Fusion, 2013 to 2021 Transit Connect, and 2015 to 2018 Edge vehicles. The National Highway Traffic

By GEIR MOULSON Associated Press BERLIN (AP) — Russia’s Gazprom has announced a reduction in natural gas flows through a key European pipeline for the second day in a row. The move Wednesday came just hours after Germany’s vice chancellor said Russia’s initial gas reduction appeared to be political rather than a result of technical

LONDON (AP) — Budget airline Ryanair says it has scrapped its controversial Afrikaans language test for South African travelers aimed at weeding out people with phony passports. The Dublin-based airline changed its policy of requiring South African travelers to the U.K. to pass the quiz after the furor erupted earlier this month. Ryanair CEO Michael

By ANNE D’INNOCENZIO AP Retail Writer NEW YORK (AP) — Americans trimmed their spending unexpectedly in May compared with the month before, underscoring how surging inflation on daily necessities like gas is causing them to be more cautious about buying discretionary items. U.S. retail sales fell 0.3% last month, down from a revised 0.7% increase

STOCKHOLM (AP) — Ikea says it’s seeking new owners for its four factories in Russia and to liquidate its product inventory there because of the war in Ukraine. The world’s biggest furniture brand already had suspended operations at its 17 Russian stores and paused exports and imports involving the country. It also paused operations in

BERLIN (AP) — The German government on Wednesday approved the deployment of up to 50 soldiers to join a European Union military mission in Bosnia. The deployment, which still has to be signed off on by Parliament, would be authorized until June 30, 2023. Defense Ministry spokesman David Helmbold said the troops would be deployed

MADRID (AP) — A Spanish foundation has recognized four scientists for their pioneering work in artificial intelligence. The four were named recipients on Wednesday of the 2022 Princess of Asturias Award for Technical and Scientific Research. The foundation that gives out the Princess of Asturias Awards honored Geoffrey Hinton, Yann LeCun and Yoshua Bengio for

By WAYNE PARRY Associated Press ATLANTIC CITY, N.J. (AP) — Atlantic City casino workers have authorized their leaders to call a strike against the gambling houses if new contracts are not reached by the beginning of July. Members of Local 54 of the Unite Here union on Wednesday authorized their leaders to call a July

By SALLY FRENCH of NerdWallet With record-high gas prices, travelers can save money on summer road trips by considering alternatives. They can plan a trip to U.S. regions with lower-cost fuel, like the Midwest or South. If travelers need to rent a car, they might find affordable options by going to a cheaper car rental

By MICHAEL CANTU Edmunds The 2022 Audi A3 has been completely redesigned with new tech, updated styling and improved fuel efficiency. But can it outperform the sophisticated and highly rated Volvo S60? Each one is its brand’s entry-level offering loaded with lots of value. Will Swedish styling and comfort win over Audi’s sharp lines and

By NINIEK KARMINI Associated Press JAKARTA, Indonesia (AP) — Indonesian President Joko Widodo has announced a Cabinet reshuffle, replacing key economic ministers amid a national cooking oil shortage and rising food prices. Zulkifli Hasan, the chairman of a political party that joined the ruling coalition last year, was tapped as Indonesia’s new trade minister on

By JIM HEINTZ Associated Press MOSCOW (AP) — Russia’s showpiece investment gathering begins Wednesday, and organizers are telling foreign participants to be sure to bring cash — not necessarily for making investments, but for spending money. The advice for the St. Petersburg International Economic Forum that runs through Saturday is a quiet acknowledgment of the

By SAMY MAGDY Associated Press CAIRO (AP) — Egypt, Israel and the European Union have signed a deal to increase liquified natural gas sales to EU countries, who aim to reduce their dependence on supplies from Russia as the war in Ukraine drags on. The deal, stamped Wednesday in an upscale Cairo hotel, will see

By The Associated Press The European Central Bank has vowed to come up with a new, unspecified market backstop that could be used to buffer some countries against bond market turmoil similar to what shook the 19-country eurozone during a debt crisis more than a decade ago. The statement came after an unscheduled meeting of

GENEVA (AP) — Switzerland has reopened its airspace after a brief closure for safety reasons because of an unspecified “technical malfunction.” Air navigation service Skyguide initially said the closure Wednesday would be in effect “until further notice” after the malfunction early in the morning. A few hours later it said the airspace closure was lifted

By YURI KAGEYAMA AP Business Writer TOKYO (AP) — Asian shares advanced Thursday after the Federal Reserve raised its key interest rate by three-quarters of a point and signaled more rate hikes were coming to fight inflation. Wall Street rallied Wednesday after the Fed’s hike, the biggest since 1994, as investors took heart from Chair

NEW DELHI (AP) — U.S. media giant Walt Disney and India’s Reliance Industries have won the broadcasting rights for the Indian Premier League for more than $6 billion, making the Twenty20 cricket competition one of the most lucrative sports leagues in the world in terms of cost per game. Indian cricket board secretary Jay Shah

By RICHARD JACOBSEN Associated Press SAN FRANCISCO (AP) — Internet Explorer is finally headed out to pasture. As of Wednesday, Microsoft will no longer support the once-dominant browser that legions of web surfers loved to hate — and a few still claim to adore. The 27-year-old application now joins BlackBerry phones, dial-up modems and Palm

By MATTHEW BROWN and LINDSAY WHITEHURST Associated Press RED LODGE, Mont. (AP) — More than 10,000 visitors were ordered out of Yellowstone as unprecedented flooding tore through the northern half of the nation’s oldest national park, washing out bridges and roads and sweeping an employee bunkhouse miles downstream, officials said Tuesday. Remarkably, no one was

SAN JUAN, Puerto Rico (AP) — Puerto Rico’s governor has signed a measure suspending taxes on gasoline and diesel for 45 days amid the worldwide surge in petroleum prices.  The U.S. territory currently imposes a tax of 16 cents per gallon of gasoline and 4 cents per gallon of diesel. Gov. Pedro Pierluisi said Tuesday

By DAVID BAUDER AP Media Writer NEW YORK (AP) — ABC took home the crown as television’s top-rated network last week behind two games of the NBA Finals series between the Golden State Warriors and Boston Celtics. The network’s news division also won bragging rights for the most-watched coverage of last week’s prime-time hearing by

By JULIE WALKER and TED SHAFFREY Associated Press NEW YORK (AP) — UPS has unveiled a battery-powered, four-wheeled cycle to more efficiently haul cargo in some of the world’s most congested streets and to reduce its carbon footprint. The company unveiled the tiny delivery vehicles Tuesday in New York City. It said a trial run

By MICHAEL RUBINKAM Associated Press Gun-maker Sig Sauer is facing fresh accusations that its P320 pistol model is prone to going off without the trigger being pulled. A U.S. Army veteran says in a lawsuit filed Tuesday in Philadelphia that the defect has led to dozens of injuries over the past several years. Plaintiff George

The Associated Press Wall Street closed mostly lower on Tuesday, a day after tumbling into a bear market on worries that high inflation will push central banks to clamp the brakes too hard on the economy. The S&P 500 slipped after another day of unsteady trading. Investors are bracing to see how big of an

NEW YORK (AP) — Stocks that traded heavily or had substantial price changes Tuesday: Newmont, Booking Holdings fall; FedEx, Oracle rise.

By CHRISTOPHER RUGABER AP Economics Writer WASHINGTON (AP) — The Federal Reserve intensified its fight against high inflation on Wednesday, raising its key interest rate by three-quarters of a point — the largest bump since 1994 — and signaling more rate hikes ahead as it tries to cool off the U.S. economy without causing a

Associated Press NEW YORK (AP) — New York’s highest court has rejected former President Donald Trump’s last-ditch effort to avoid testifying in the state attorney general’s civil investigation into his business practices, clearing the way for his deposition next month. The state’s Court of Appeals said Tuesday there was no “substantial constitutional question” that would

The Associated Press Benchmark U.S. crude oil for July delivery fell $2 to $118.93 a barrel Tuesday. Brent crude for August delivery fell $1.10 to $121.17 a barrel. Wholesale gasoline for July delivery fell 5 cents to $3.99 a gallon. July heating oil rose 11 cents to $4.39 a gallon. July natural gas fell $1.42

DEERFIELD, Ill. (AP) — Construction equipment manufacturer Caterpillar says it’s packing up its headquarters from its longtime home state of Illinois and heading to Texas. Caterpillar Inc. said Tuesday that it’s transferring its global base to Irving, Texas, from the Chicago suburb of Deerfield, Illinois. The company had been based in Peoria, Illinois, for over

ALMUDENA CALATRAVA Associated Press BUENOS AIRES, Argentina (AP) — Argentine law enforcement officers have searched the hotel where the Venezuelan and Iranian crew of a mysterious plane have been staying. The plane has been stuck at Argentina’s largest airport since June 6 as Argentine authorities have seized the passports of the five Iranians who are

SEATTLE (AP) — Redfin, the Seattle-based real estate brokerage, says it will lay off 8% of its employees as the housing market cools off. The Seattle Times reports CEO Glenn Kelman announced the layoffs Tuesday. He said demand in May was 17% below expectations and there’s not enough work for agents and support staff. The

By MATT OTT AP Business Writer WASHINGTON (AP) — Fisher-Price and U.S. product safety regulators are telling parents not to let their infants fall asleep in the company’s rockers after 13 infants died in the devices between 2009 and 2021. The deaths happened when the babies fell asleep in Fisher Price’s Infant-to-Toddler and Newborn-to-Toddler rockers.

SAN JOSE, Calif. (AP) — Airfares are rising as we head into summer, and that could be leading to a slight slowdown in ticket sales. Research firm Adobe Digital Insights said Tuesday that fares in May rose 6% over April, and 30% over May 2019. That’s the fourth straight month in which fares are above

By TOM KRISHER AP Auto Writer DETROIT (AP) — The government plans soon to release data on collisions involving vehicles with autonomous or partially automated driving system that will likely single out Teslas for a disproportionately high number of such crashes. In coming days, the National Highway Traffic Safety Administration plans to issue the figures,

By CHRISTOPHER RUGABER AP Economics Writer WASHINGTON (AP) — Inflation is at a 40-year high. Stock prices are sinking. The Federal Reserve is making borrowing much costlier. And the economy actually shrank in the first three months of this year. Is the United States at risk of enduring another recession? For now, most economists don’t

By DARLENE SUPERVILLE and JOSH BOAK Associated Press PHILADELPHIA (AP) — President Joe Biden told the largest federation of labor unions on Tuesday that he’s working to rebuild the U.S. economy around workers, an attempt to draw a contrast with Republicans who have increasingly attracted blue-collar votes. “We should encourage unions,” Biden said. “I’m not

MOSCOW (AP) — Russia has banned dozens of British media and defense figures from entering the country. The Russian foreign ministry on Tuesday described the ban on 29 journalists and commentators as a response to what it alleged was the British media’s skewed portrayal of Moscow and its actions in Ukraine. The ministry claimed that

By The Associated Press Russian state-controlled energy giant Gazprom says gas deliveries through a key pipeline to Europe will drop by around 40% this year. Canadian sanctions over the war in Ukraine have prevented German partner Siemens Energy from delivering overhauled equipment. The dpa news agency reports Tuesday that Germany’s utility network agency said it