Stocks rise…Home construction slips…Shares in MoneyGram soar
NEW YORK (AP) – Stocks are higher on Wall Street following big gains in Europe after the head of the European Central Bank said it was ready to cut interest rates and provide more economic stimulus if necessary. Technology and communications companies were among the biggest winners in early trading today.
WASHINGTON (AP) – Home construction slipped a bit in May as a sharp drop in single-family construction was only partially offset by a rise in apartment building. The Commerce Department says construction was started at a seasonally adjusted annual rate of 1.27 million homes and apartments, a decline of 0.9% from April when construction starts had risen a strong 6.8%.
NEW YORK (AP) – Shares in MoneyGram are soaring, more than doubling in premarket trading after it announced a partnership with blockchain company Ripple yesterday. The companies said the two-year deal will allow MoneyGram to use Ripple’s blockchain services to reduce costs and improve efficiency on cross-border payments.
TAMPA, Fla. (AP) – Icelandair has pulled out of Tampa International Airport because the grounding of the Boeing 737 Max jets has left it short of planes. Icelandair had been offering multiple flights per week to Reykjavik (RAY’-kyuh-vik) from Tampa. It earlier cut flights from Cleveland and Nova Scotia.
PARIS (AP) – French President Emmanuel Macron’s government has unveiled plans to make it more difficult for the unemployed to claim benefits. France’s Labor minister has called the reforms “tough yet important.” The new plan extends how long someone would have had to work and reduces benefits for wealthier workers. Unemployment in France fell to 8.7% in the first quarter of the year, the lowest in a decade, yet that rate still remains among the highest in Europe.