Global stocks down…Infrastructure talks intense
BEIJING (AP) – Global stock markets have sunk as investors look ahead to a Federal Reserve report for an update on when U.S. stimulus might start winding down. In early trading, the FTSE 100 in London lost 0.9% and the DAX in Frankfurt was off 0.9%. The CAC 40 retreated 0.7%. In Asian trading, the Shanghai Composite Index closed 2.5% lower and the Hang Seng in Hong Kong tumbled 4.2%. The Nikkei 225 in Tokyo advanced 0.5% and the Kospi in Seoul rose 0.2%.
WASHINGTON (AP) – Senators and the White House are locked in intense negotiations to salvage a bipartisan infrastructure deal. Pressure is mounting on all sides to wrap up talks and show progress on President Joe Biden’s top priority. Despite weeks of closed-door discussions, senators from the bipartisan group blew past a Monday deadline set for agreement on the nearly $1 trillion package. Instead they’ve run into disagreements over how much money should go to public transit and water projects. But labor issues are also a flashpoint, as is tapping COVID-19 funds to help pay for the package.
FORT WORTH, Texas (AP) – The fuel needle is moving closer to “empty” at some U.S. airports. That’s according to American Airlines, which is asking pilots to take steps to save fuel. American is reporting low fuel levels at “several” small to midsize airports, mostly because of a shortage of fuel tankers and drivers. Other airlines are seeing the effects too. Delta Air Lines says it sees a shortage is Reno, Nevada. Southwest says the fuel situation isn’t affecting flights, but it’s adding more fuel on some planes to limit the amount needed at airports with shortages.
SAN RAMON, Calif. (AP) – Tesla’s quarterly profit has surpassed $1 billion for the first time. The results come as the electric car pioneer navigated through a pandemic-driven computer chip shortage that has caused major headaches for other automakers. The financial milestone extends a two-year run of prosperity that has erased questions about Tesla’s long-term viability raised during its early years of losses and production problems.
BERLIN (AP) – A United Nations panel has paid out $600 million to Kuwait’s national oil company as compensation for Iraq’s 1990-1991 invasion and occupation of Kuwait. The U.N. Compensation Commission says it has so far paid out $51.3 billion since approving some 1.5 million claims related to the invasion by governments and international organizations. The Kuwait Petroleum Corporation successfully claimed $14.7 billion for oil production and sales losses resulting from damage to the country’s oil fields during the Iraqi invasion and occupation that resulted in the U.S.-led Gulf War.