By ZEKE MILLER, DARLENE SUPERVILLE and GEIR MOULSON, Associated Press ELMAU, Germany (AP) — Leading economic powers conferred by video link with Ukrainian President Volodymyr Zelenskyy on Monday as they underscored their commitment to Ukraine for the long haul with plans to pursue a price cap on Russian oil, raise tariffs on Russian goods and … Read more
Russia is poised to default on its foreign debt for the first time since the 1917 Bolshevik Revolution, further alienating the country from the global financial system following sanctions imposed over its war in Ukraine. The country faces a Sunday night deadline to meet a 30-day grace period on interest payments originally due May 27. … Read more
By PAUL WISEMAN, AP Economics Writer WASHINGTON (AP) — Furious about surging prices at the gasoline station and the supermarket, many consumers feel they know just where to cast blame: On greedy companies that relentlessly jack up prices and pocket the profits. Responding to that sentiment, the Democratic-led House of Representatives last month passed on … Read more
By ELAINE KURTENBACH, AP Business Writer BANGKOK (AP) — Shares were higher in Asia on Friday, despite data suggesting economies are slowing. The advance tracked gains on Wall Street, where the market is headed for its first weekly gain after three weeks of punishing losses. Tokyo’s Nikkei 225 index added 1.2% to 26,491.97 and the … Read more
___ Fed’s Powell facing rising criticism for inflation missteps WASHINGTON (AP) — Federal Reserve Chair Jerome Powell won praise for his deft leadership during the maelstrom of the pandemic recession. As threats to the US economy have mounted, though, Powell has increasingly struck Fed watchers as much less sure-footed. Inflation has proved higher and far … Read more
By JILL LAWLESS, Associated Press LONDON (AP) — Tens of thousands of railway workers walked off the job in Britain on Tuesday, bringing the train network to a crawl in the country’s biggest transit strike for three decades — and a potential precursor to a summer of labor discontent. About 40,000 cleaners, signallers, maintenance workers … Read more
By AAMER MADHANI and JOSH BOAK, Associated Press REHOBOTH BEACH, Del. (AP) — President Joe Biden said Monday that he’s considering a federal holiday on the gasoline tax, possibly saving US consumers as much as 18.4 cents a gallon. “Yes, I’m considering it,” Biden told reporters after taking a walk along the beach near his … Read more
By YURI KAGEYAMA, AP Business Writer TOKYO (AP) — Asian markets were mostly lower in cautious trading Monday ahead of a federal holiday in the US Worries over inflation and risks of a global recession from central bank efforts to bring it under control appeared to outweigh Wall Street’s positive close on Friday. The price … Read more
Given that this long summer weekend also coincides with Father’s Day, that means there will be a lot of travel going on. The Friday before Juneteenth clocked in as the most popular air travel day of 2022, according to statistics from the Transportation Security Administration. Airports haven’t been that crowded since Thanksgiving 2021. TSA officers … Read more