World shares mostly higher…White House warning
World shares are mostly higher today as investors assess a hodge-podge of economic data. In early trading, Germany’s DAX gained 0.7% while the CAC 40 in Paris surged 0.8%. Britain’s FTSE 100 added 0.3%. In Asian trading, the Hang Seng in Hong Kong rebounded from losses earlier in the week, gaining 0.2%. The Kospi in Seoul closed 0.1% higher. The Shanghai Composite index rose 0.2%. Wall Street futures are higher.
UNDATED (AP) – The White House is warning state and local governments about severe cuts to disaster relief, Medicaid, infrastructure grants. school funding and other programs if Congress fails to raise the U.S. debt limit. A fact sheet for state and local officials that was obtained by The Associated Press is an attempt to ratchet up the public pressure on Senate Republican leader Mitch McConnell. President Joe Biden has insisted so far on bipartisan backing to increase the cap on a debt that was almost entirely accrued before he took office. But McConnell has been unmoved and has said Democrats must act on their own.
SPRINGFIELD, Ill. (AP) – Chicago-based aerospace giant Boeing Co. will invest $200 million to manufacture the U.S. Navy’s latest unmanned aircraft at MidAmerica St. Louis Airport. Boeing plans to manufacture the MQ-25 Stingray, the Navy’s first carrier-based unmanned aircraft. It will come out of a state-of-the art, 291,000-square-foot facility. Construction is scheduled to start later this year and be completed by 2024. The operation will have about 150 employees.
WASHINGTON (AP) – The World Bank is canceling a prominent report on business conditions around the world after investigators found staff members were pressured by the bank’s leaders to alter data about China and some other governments. The bank said it would discontinue “Doing Business” following an investigation prompted by internal reports of “data irregularities” in its 2018 and 2020 editions and possible “ethical matters.” The investigation found staff members changed data on China to improve its ranking under pressure from the office of then-World Bank President Jim Yong Kim and from then-Chief Executive Kristalina Georgieva and one of her advisers. Georgieva, now director of the International Monetary Fund, said she disagreed with the findings.
LONDON (AP) – Clive Sinclair, the British inventor and entrepreneur who arguably did more than anyone else to inspire a whole generation of children into a lifelong passion for computers and gaming, has died. He was 81. Sinclair rose to prominence in the early 1980s with a series of affordable home computers that offered millions their first glimpse into the world of coding as well as the adrenaline rush of playing games on screens. He died Thursday morning after a long battle with cancer.