Financial News

Financial News:

Global stocks mixed…Biden to push spending pkg

BEIJING (AP) – Global stock markets were mixed today as investors wait for an update on U.S. inflation that has been stronger than expected. In early trading, the FTSE 100 in London lost 0.4% while Frankfurt’s DAX gained less than 0.1%. The CAC 40 in Paris shed 0.7%. In Asia, the Shanghai Composite Index closed 1.4% lower, and the Hang Seng in Hong Kong lost 1.2%. The Nikkei 225 in Tokyo gained 0.7%. The Kospi in Seoul rose 0.7%. On Wall Street, futures for the S&P 500 and the Dow Jones Industrial Average were up less than 0.1%.

LONGBEACH, Calif. (AP) – President Joe Biden is preparing to pitch his massive domestic spending package with a visit to a renewable energy lab in Colorado. Biden is highlighting how the investments in clean energy in his massive spending package will help combat climate change. Today’s trip to the National Renewable Energy Laboratory in Denver will cap off the president’s two-day swing to the West, and offer him the chance to continue linking the need to pass the massive spending package to the urgent threat posed by climate change.

WASHINGTON (AP) – House Democrats have unveiled a sweeping proposal for tax hikes on big corporations and the wealthy to fund President Joe Biden’s $3.5 trillion rebuilding plan. Congress is speeding ahead to shape the far-reaching package that touches almost all aspects of domestic life. The proposed top tax rate would revert to 39.6% on individuals earning more than $400,000, or $450,000 for couples. There would be a 3% tax on wealthier Americans making beyond $5 million a year. For big businesses, the proposal would lift the 21% corporate tax rate to 26.5%.

SEOUL, South Korea (AP) – South Korea’s competition watchdog says it plans to fine Google at least $177 million for allegedly blocking smartphone makers like Samsung from using other operating systems. Google says it plans to challenge the ruling. South Korea has always closely scrutinized how foreign technology companies behave in its market. Much of the focus in recent years has been on Google and Apple, with officials vowing to prevent them from abusing their dominant market positions in mobile internet.

NEW YORK (AP) – Your palm could soon be your ticket into a concert. Amazon says it is bringing its palm-recognition technology to the Red Rocks Amphitheatre in Denver and it will be available at other venues in the coming months. It’s the first time the technology, called Amazon One, will be used outside some of Amazon’s stores, where shoppers can pay for groceries and snacks by swiping their palms. Starting today, concertgoers at Red Rocks can sign up to connect their palm to a ticketing account by hovering their hand over a device.