Financial News

Kathy Ruth (Eldreth) Miller
July 10, 2020
AP-NC Newswatch
July 10, 2020
Financial News

 

 

NEW YORK (AP) – Stocks are moving between slight gains and losses as Wall Street wraps up a week of erratic swings driven by uncertainties about the impact of COVID-19. European shares edged up after manufacturing bounced back sharply in France and Italy in May. Asian markets closed lower. Markets have been swinging this week as worsening coronavirus infection counts across the U.S. and other global hotspots raise concerns that the economy’s recent budding improvements may be set to stall.

 

WASHINGTON (AP) – U.S. wholesale prices fell 0.2% in June as food costs dropped sharply, offsetting a big increase in energy prices. The Labor Department says the drop in its Producer Price Index, which measures inflation pressures before they reach consumers, followed a 0.4% gain in May. Wholesale prices have fallen in four of the past five months. The country has been pushed into a deep recession which is expected to see the economy shrink in the April-June quarter by a record-shattering amount. That downturn, triggered by efforts to contain the coronavirus pandemic, is expected to keep inflation under control. The 0.2% drop in wholesale prices in June reflected a 5.2% decline in food costs which helped to offset a 7.7% jump in energy prices.

 

SILVER SPRING, Md. (AP) – Goya Foods is facing a backlash after its CEO praised President Donald Trump at a White House event yesterday. Almost immediately, (hash)BoycottGoya, (hash)GoyaFoods and (hash)Goyaway began trending on social media platforms like Twitter, with scorn coming seemingly from all directions, including some big political names. The company was founded in 1936 by immigrants from Spain and calls itself the largest Hispanic-owned food company in the United States.

 

UNDATED (AP) – Worker advocates have filed a civil rights complaint with the U.S. Department of Agriculture alleging that meat processing companies Tyson and JBS have engaged in racial discrimination during the coronavirus pandemic. The complaint alleges that the meatpacking companies haven’t implemented appropriate social distancing on production lines or slowed production speeds. As a result, it says, Hispanic, Black and Asian workers have suffered. The complaint alleges the policies violate the Civil Rights Act of 1964, which protects individuals from racial discrimination by recipients of federal financial assistance. The companies have together received more than $150 million from USDA programs this year.

 

DETROIT (AP) – Electric vehicle startup Rivian says it has raised another $2.5 billion in funding from accounts advised by investment firm T. Rowe Price. The company has a contract with Amazon to build 100,000 electric delivery vans starting next year at its factory, a former Mitsubishi plant in Normal, Illinois. Rivian also is rolling out a pickup truck and an SUV for sale to consumers next year.

 

 

AP-WF-07-10-20 1525GMT