Financial News

Eunice Blevins
May 11, 2021
AP-NC Newswatch
May 11, 2021
Financial News

 

 

World shares drop…Pipeline company promises return soon

 

BANGKOK (AP) – Shares have dropped in Europe and Asia after selling of several Big Tech companies dragged benchmarks on Wall Street lower. In early trading in Europe, ,Germany’s DAX sank 2%, while the CAC 40 in Paris gave up 1.8%. Britain’s FTSE 100 lost 2%. In Asia, Tokyo’s Nikkei 225 closed 3.1% lower, while the Hang Seng in Hong Kong fell 2%. In Seoul, the Kospi dropped 1.2%. Wall Street is expected to open lower, with S&P 500 futures down 0.6% and Dow futures 0.4% lower.

 

WASHINGTON (AP) – U.S. officials say that so far the fuel supply has not experienced widespread disruptions following last weekend’s cyberattack on a major fuel pipeline. And Colonial Pipeline says it’s working “substantially restoring operational service” by this coming weekend. The White House says it is monitoring supply shortages in parts of the Southeast, and that President Joe Biden has directed federal agencies to bring their resources to bear. The pipeline company delivers about 45% of the fuel consumed on the East Coast.

 

BEIJING (AP) – An American business group is warning that government-instigated consumer boycotts of foreign shoe, clothing and other brands in China are making companies less willing to invest. The American Chamber of Commerce in China says companies also are put off by Beijing’s plan for a list of “unreliable entities” that might be punished for actions deemed to run counter to Chinese interests. The report reflects unease among American and other foreign companies about the impact of economic and strategic tensions between Beijing and their home countries. Brands including H&M, Adidas and Nike were targeted with demands for consumer boycotts after state media criticized them for expressing concern about reports of possible forced labor.

 

MEXICO CITY (AP) – Mexican authorities say Russia has been having so many problems producing second doses of its Sputnik V coronavirus vaccine that there won’t be enough to give people who got the first dose a second shot. It’s the latest account of production problems for Sputnik, which the Russian government has been promising to other countries but has been able to supply in sufficient quantities. The Sputnik V is unusual in that the two doses are different and not interchangeable. Mexico’s assistant health secretary said Monday that Russian scientists are now pushing the idea of not giving the two shots several weeks apart but instead giving a second Sputnik V booster shot six months apart.

 

BRUSSELS (AP) – European affairs ministers gathered in Brussels today to assess progress in discussions with EU lawmakers about a virus certificates scheme to boost travel and tourism during the summer season. When it proposed the plan in March, the EU Commission said the certificates would be delivered to EU residents who can prove they have been vaccinated, and also to those who tested negative for the virus or have proof they recovered from it. A deal is required by the end of the month to have the system up and running by the end of June, but several sticking points remain.