Business News Digest

Saturday, June 18th
June 17, 2022
AP-NC Newswatch
June 17, 2022
Business News Digest

 

Business News Digest

The highlights of the AP Business report. All times EDT. An up-to-the minute listing of all business stories planned is available in Coverage Plan on AP Newsroom, http://newsroom.ap.org/coverageplan. For access to AP Newsroom and other technical issues, contact AP Customer Support at 877-836-9477 or apcustomersupport@ap.org.

The AP Business News supervisor can be reached at (800)-845-8450, ext. 1680.

TOP STORIES:

FEDERAL RESERVE-RISING RECESSION RISKS — 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 to avoid: A recession. By Paul Wiseman. SENT: 990 words, photos.

With:

FINANCIAL MARKETS — Wall Street got back to selling on Thursday, reversing course a day after a climbing on hopes that the Federal Reserve’s huge interest rate hike it made this week won’t be a common practice in its ongoing fight against inflation. Stocks were opening sharply lower. By Stan Choe and Damain J. Troise. SENT: 750 words, photo. UPCOMING: Will be updated throughout trading, final version of around 700 words by 5 p.m.

And:

BRITAIN-ECONOMY — The Bank of England raised interest rates by a quarter-percentage point Thursday, shrugging off pressure for a bolder move to combat price increases that have pushed inflation to a 40-year high. By Danica Kirka. SENT: 630 words, photos.

CRYPTO WINTER — The value of bitcoin and other cryptocurrencies has plunged by $2 trillion in a matter of months. Supposedly safe parts of the industry have experienced meltdowns. Regulators are dropping their hands-off approach. Investors sound desperate. Severe and extended downturns are nothing new for the cryptocurrency industry but recent events have some comparing this “crypto winter” to the stock market plunge of 2008. By Ken Sweet and Fatima Hussien. UPCOMING: 800 words by 3:30 p.m., photos.

MUSK-TWITTER — Tesla CEO Elon Musk will address Twitter employees at a meeting Thursday, even though his $44 billion offer has not yet been completed. UPCOMING.

ITALY-FASHION-RUSSIAN SANCTIONS — Small Italian fashion producers like fine knitwear maker D. Exterior in Brescia 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. By Colleen Barry. SENT: 910 words, photos.

MARKETS & ECONOMY:

UNEMPLOYMENT BENEFITS — Applications for jobless aid fell by 3,000 to 229,000 for the week ending June 11, down from the previous week’s 232,000, the Labor Department reported Thursday. By Matt Ott. SENT: 310 words, photo.

MORTGAGE RATES — Mortgage buyer Freddie Mac reports that the 30-year rate climbed from 5.23% last week to 5.78% this week, the highest its been since November of 2008 during the housing crisis. By Matt Ott. SENT: 320 words, photo.

OFF THE CHARTS-GASOLINE DEMAND — High gasoline prices, driven by persistently high demand and lagging supplies, are now beginning to crimp demand. It’s an unwelcome sign as consumers face the highest inflation in four decades with no relief in sight. By Damian Troise. UPCOMING: 430 words by 9:30 a.m., AP photo.

INDUSTRY:

BABY FORMULA FACTORY — Severe weather has forced Abbott Nutrition to pause production at a Michigan baby formula factory that had just restarted. The company said late Wednesday that production for its EleCare specialty formula has stopped, but it has enough supply to meet needs until more formula can be made. By Tom Murphy. SENT: 450 words, photos.

REVLON-BANKRUPTCY — Revlon, the 90-year-old multinational beauty company, has filed for Chapter 11 bankruptcy protection, weighed down by debt load, disruptions to its supply chain network and surging costs. The New York-based company said it expects to receive $575 million in financing from its existing lenders, which will allow it to keep its day-to-day operations running. By Anne D’Innocenzio. SENT: 600 words, photos.

With:

Q&A-REVLON CEO-TIMELINE — Some key milestones in Revlon’s 90-year history. SENT: 350 words, photo.

NEW JERSEY GAMBLING REVENUE — New Jersey regulators release casino and sports betting revenue figures for May. By Wayne Parry. UPCOMING : 500 words by 2:30 p.m., photo.

TECHNOLOGY & MEDIA:

EUROPE-DISINFORMATION — The European Union is beefing up its code of practice on disinformation by enlisting more tech companies beyond Google, Twitter and Facebook parent Meta and adding measures to prevent online purveyors of fake news from profiting. By Kelvin Chan. SENT: 440 words, photos.

INTERNATIONAL:

EURO-RESCUE FUND — 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? SENT: 640 words, photos.