World shares mostly higher… CrossFit CEO resigns over tweet…Virus pummels global economy, jobs – even without 2nd wave
BANGKOK (AP) – World shares were mostly higher today as investors await the outcome of a Federal Reserve policy meeting. In early trading, the CAC 40 in Paris surged 0.8%, while Germany’s DAX added 0.4%. Britain’s FTSE 100 picked up 0.3%. In Asia, Japan’s Nikkei closed 0.2% higher and South Korea’s Kospi rose 0.3%. The Hang Seng in Hong Kong lost less than 0.1% and the Shanghai Composite index dropped 0.5%. Dow and S&P futures are both up 0.5%.
UNDATED (AP) – In a virtual news conference, Fed chief Jerome Powell is expected to convey the message that the U.S. economy remains in need of extraordinary help despite recent despite glimmers of a possible recovery. The Federal Reserve’s promise of immense, unprecedented amounts of aid helped launch the recent stock market rally, and investors want to see the central bank’s reaction to a recent upturn in U.S. jobs numbers.
UNDATED (AP) – The CEO of CrossFit is stepping down after his tweet about George Floyd sparked a social media backlash and led to affiliated gyms and Reebok cutting ties with the exercise brand. Greg Glassman said in a statement late Tuesday that he decided to retire, saying he has created a rift in the CrossFit community and unintentionally hurt many of its members. Glassman had apologized earlier for tweets that sparked online outrage by connecting Floyd and the coronavirus pandemic. He said he made a mistake and should have been more sensitive but denied being racist.
PARIS (AP) -The virus crisis has triggered the worst global recession in nearly a century, according to a new economic report. And the pain is not over yet. The Organization for Economic Cooperation and Development says hundreds of millions of people have lost their jobs, and the crisis is worsening inequalities by hitting the poor and young people the hardest. If there is no second wave of infections, the agency forecast a global drop in economic output of 6% this year. If the coronavirus re-emerges later in the year, however, the global economy could shrink 7.6%.
UNDATED (AP) -A former Green Beret and his son accused of smuggling former Nissan Chairman Carlos Ghosn out of Japan in a box are fighting their extradition to the country and urging a judge to free them from jail. Michael and Peter Taylor are wanted by Japan on allegations that they helped Ghosn flee the country in December while he was out on bail and awaiting trial on financial misconduct allegations. But lawyers for the Taylors say in a legal document filed Monday that “bail jumping” is not a crime in Japan and therefore helping someone evade their bail conditions isn’t a crime either.