By MATT OTT, AP Business Writer WASHINGTON (AP) – Fewer Americans applied for jobless aid last week with the number of Americans collecting unemployment benefits already near five-decade lows. Applications for unemployment benefits fell by 8,000 to 210,000 for the week ending May 21, the Labor Department reported Thursday. First-time applications are generally representative of … Read more
BERLIN (AP) – Commodities firm Glencore says it has reached deals with authorities in the United States, Britain and Brazil to resolve corruption allegations in return for penalties totaling up to $ 1.5 billion. The Anglo-Swiss company said late Tuesday that it will pay $ 700 million to resolve a US bribery probe and a … Read more
By CHRISTOPHER RUGABER and ANNE D’INNOCENZIO, AP Business Writers WASHINGTON (AP) – With prices across the economy – from food, gas and rent to cars, airfares and hotel rooms – soaring at their fastest pace in decades, you might think Americans would tap the brakes on spending. Not so far. Consumers as a whole are … Read more
By AAMER MADHANI and JOSH BOAK, Associated Press TOKYO (AP) – President Joe Biden is expected to unveil a list of nations on Monday who will be joining a long anticipated Indo-Pacific trade pact, but Taiwan will not be among them. White House national security adviser Jake Sullivan confirmed that Taiwan is not among the … Read more
By FRANK JORDANS, Associated Press BERLIN (AP) – A German court on Friday is set to begin hearing a case brought against Volkswagen by a farmer who claims the automaker is partly responsible for the impact that global warming is having on his family business. “Farmers are already being hit harder and faster by climate … Read more
By ROB GILLIES, Associated Press TORONTO (AP) – Wireless carriers in Canada will not be allowed to install Huawei equipment in their high-speed 5G networks, the Canadian government said Thursday, joining allies in banning the giant Chinese technology company. Canada had been the only member of the Five Eyes intelligence-pooling alliance not to bar or … Read more
By ZEKE MILLER and KEVIN FREKING, Associated Press WASHINGTON (AP) – President Joe Biden invoked the Defense Production Act to speed production of infant formula and authorized flights to import supply from overseas, as he faces mounting political pressure over a domestic shortage caused by the safety-related closure of the country’s largest formula manufacturing plant. … Read more
By ANNE D’INNOCENZIO, AP Business Writer NEW YORK (AP) – Target took a big hit from higher costs during the first quarter despite brisk sales. Profits for major retailers has come under pressure from both surging inflation and stubborn clogs in the global supply chain. Target’s net income fell roughly 52% from a year ago … Read more
By KEVIN FREKING, Associated Press WASHINGTON (AP) – House Democrats unveiled a $ 28 million emergency spending bill Tuesday to address the shortage of infant formula in the United States. Rep. Rosa DeLauro, the Democratic chair of the House Appropriations Committee, said the bill would help the Food and Drug Administration take important steps to … Read more
By ANNE D’INNOCENZIO, AP Business Writer NEW YORK (AP) – Walmart reported stronger sales for the first quarter, but its profit took a beating as the nation’s largest retailer grappled with surging inflation on food and fuel and higher costs from a snarled global supply chain. The company also on Tuesday cut its full-year earnings … Read more