Global shares higher…UK unemployment rising ‘faster than Great Depression’…EU opens antitrust probes into Apple Pay and App Store
TOKYO (AP) – Global shares rose today, cheered by fresh moves by the U.S. Federal Reserve to support markets battered by the coronavirus pandemic. In early trading, France’s CAC 40 gained 2.1%, Germany’s DAX was up 2.4% and Britain’s FTSE 100 surged 2.5%. In Asia, Japan’s Nikkei finished 4.9% higher. South Korea’s Kospi gained 5.3%, Hong Kong’s Hang Seng added 2.4% and the Shanghai Composite edged up 1.4%. Wall Street is expected to open higher, with Dow futures up 1.7% and S&P futures up 1.2%.
LONDON (AP) – Official figures show that the number of people in the U.K. claiming job-related benefits increased by a monthly 23.3% in May to 2.8 million. That’s 125.9% higher than in March 2020, the month in which the country was put into lockdown as a result of the coronavirus pandemic. The figures include people who are employed but with low income or hours and those who are actually unemployed.
LONDON (AP) – European Union authorities have opened antitrust investigations into Apple’s App Store and its payments platform over concerns that its practices stifle competition. The EU’s executive Commission says it’s launched a formal investigation of Apple Pay over allegations that the U.S. tech giant refuses access to its payment system and concerns that it limits access to the “tap and go” function on iPhones. There’s a second investigation over concerns that Apple restricts app developers from letting iPhone and iPad users know about ways to make purchases outside of apps.
BOSTON (AP) – President Donald Trump is expected to announce new restrictions on work visas, and businesses and universities are pleading for restraint. They say cutting off access to talented foreign workers will further disrupt the economy and stifle innovation. But Republicans in Congress, conservative groups and other influential immigration hard-liners have been calling for stronger action after Trump’s prior visa restrictions didn’t go far enough for them.
ATLANTIC CITY, N.J. (AP) – The American casino industry wants gambling regulators to make it easier to adopt cashless payment transactions on the casino floor, citing a desire to help customers avoid handling money during the coronavirus outbreak. In a report released today, the American Gaming Association calls on regulators in states where gambling is allowed, to update their rules or laws to integrate cashless options for gamblers. Right now, only a small number of casinos use such payments.