Business News

World Bank’s Banga wants to make gains in tackling the effects of climate change, poverty and war

WASHINGTON (AP) — It’s a full agenda for Ajay Banga as he nears the end of his first year as World Bank president. The bank and the International Monetary Fund are holding their spring meetings in Washington this week, and Banga is highlighting new initiatives to expand access to health care and electricity across the globe. He says in an Associated Press interview that the challenges of poverty, conflict and climate change are creating a perfect storm and that “we need to put all of our efforts into this.” He’s noting the bank’s role in financing climate projects and its focus on major cross-border projects that can affect large numbers of people.

Europe wants 2 things from China. It may not get far on either of them.

BEIJING (AP) — Europe wants two things from China: First, a shift in its relatively pro-Russia position on the war in Ukraine. Second, a reduction in the trade imbalance. It’s not clear if it will get very far on either front. German Chancellor Olaf Scholz this week became the latest European leader to leave China with promises to talk but little more. There is some reason for hope on the European side. China badly wants foreign investment to boost its sluggish economy. But that may not outweigh the larger strategic reasons China has for promoting its green energy exports and aligning itself with Russia.

Booming cold drink sales mean more plastic waste. So Starbucks redesigned its cups

Booming sales of cold drinks at Starbucks stores have created a problem: growing amounts of plastic waste from the single-use cups that Frappuccinos, Refreshers, cold brews and other iced drinks are served in. Starbucks said on Thursday that it plans to alleviate some of that waste with new disposable cups that contain up to 20% less plastic. The cups are due to be rolled out to stores in the U.S. and Canada starting this month. Although Seattle-based Starbucks got its start selling coffee, the company says cold drinks now account for 75% of its U.S. sales. Starbucks says the reduced-plastic cups are part of a commitment to cut its waste in half by 2030.

Stock market today: Wall Street drifts to a mixed finish as yields tick higher

U.S. stock indexes drifted to a mixed close following more reports showing the economy remains stronger than expected. The S&P 500 index fell 0.2% Thursday. The slight dip sent it to a fifth straight loss for its longest such streak since October. The Dow Jones Industrial Average edged up by 0.1%, and the Nasdaq composite slipped 0.5% following a mixed set of profit reports from big companies. Treasury yields rose following the stronger-than-expected economic data. Not only is the number of layoffs across the country remaining relatively low, an index of manufacturing in the mid-Atlantic region showed growth unexpectedly accelerated.

Legislation that could force a TikTok ban revived as part of House foreign aid package

WASHINGTON (AP) — Legislation that could ban TikTok if its China-based owner doesn’t sell its stake has won a major boost as House Republicans included it in a package of bills that would send U.S. aid to Ukraine and Israel. The bill could be law as soon as next week if Congress moves quickly. The TikTok bill passed the House in March and has widespread support in both chambers. It was included in the House foreign policy package after negotiations with the Senate over how long Chinese technology firm ByteDance Ltd. would have to sell its stake for the app. President Joe Biden has said he would sign it.

Sluggish start for spring homebuying season as home sales fall in March with mortgage rates rising

LOS ANGELES (AP) — The spring homebuying season is off to a sluggish start as home shoppers contend with elevated mortgage rates and rising prices. Sales of previously occupied U.S. homes fell 4.3% in March from the previous month to a seasonally adjusted annual rate of 4.19 million, the National Association of Realtors said Thursday. That’s the first monthly decline in sales since December and follows a nearly 10% monthly sales jump in February. Existing home sales also fell 3.7% compared with March last year. The latest sales still came in slightly higher than the 4.16 million pace economists were expecting, according to FactSet. Home prices climbed compared with a year earlier for the ninth month in a row.

Average long-term US mortgage rate climbs above 7% to highest level since late November

LOS ANGELES (AP) — Prospective homebuyers are facing higher costs to finance a home with the average long-term U.S. mortgage rate moving above 7% this week to its highest level in nearly five months. The average rate on a 30-year mortgage rose to 7.1% from 6.88% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.39%. When mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford. Rates have been mostly drifting higher in recent weeks as stronger-than-expected reports on employment and inflation.

Coyotes officially leaving Arizona for Salt Lake City following approval of sale to Utah Jazz owners

TEMPE, Ariz. (AP) — The Arizona Coyotes are officially headed to Salt Lake City. The NHL Board of Governors voted Thursday to approve a $1.2 billion sale from Alex Meruelo to Utah Jazz owner Ryan Smith, clearing the way for the franchise’s move to Utah next season. The deal includes a provision for Arizona to get an expansion team if a new arena is built within the next five years. The deal will be facilitated through the NHL, with $200 million going to league owners as a relocation fee.

Google fires 28 workers in aftermath of protests over big tech deal with Israeli government

Google has fired 28 employees in the aftermath of protests over technology that the internet company is supplying the Israeli government amid the Gaza war, further escalating tensions surrounding a hot-button deal. The firings confirmed by Google late Wednesday came a day after nine employees were arrested during sit-in protests at offices in New York and Sunnyvale, California, after the company called police. The dissent roiling Google centers on “Project Nimbus,” a $1.2 billion contract signed in 2021 that calls upon Google and Amazon to provide the Israeli government with cloud computing and artificial intelligence services.

Missouri lawmakers back big expansion of low-interest loans amid growing demand for state aid

JEFFERSON CITY, Mo. (AP) — Persistently high interest rates have led Missouri lawmakers to significantly expand a state loan program for farmers and small businesses. Lawmakers gave final approval Thursday to a bill that raises the amount of state funds available to support low-interest loans. The Missouri legislation reflects growing demand for such programs in numerous states. The state efforts have gained popularity after a series of key interest rate hikes by the Federal Reserve made virtually all loans more expensive. Missouri’s legislation raises the program’s ceiling from $800 million to $1.2 billion. Illinois previously raised its program cap from $1 billion to $1.5 billion.