World shares mostly higher…climate change and the economy
UNDATED (AP) – Shares are mostly higher in Europe and Asia after technology companies powered the biggest rally on Wall Street since March. In early European trading, Germany’s DAX edged 0.2% higher and the CAC 40 in Paris climbed 0.4%. Britain’s FTSE 100 added 0.2%. In Asian trading, Tokyo’s Nikkei closed 1.8% higher and the Hang Seng climbed 1.5%. In Seoul, the Kospi advanced 0.9%. Taiwan shares jumped 2.4% on news that computer chip maker TSMC had upgraded its profit outlook. Wall Street futures are higher.
WASHINGTON (AP) – The Biden administration is taking steps to address the economic risks from climate change. It’s issuing a 40-page report today on government-wide plans to protect the financial, insurance and housing markets and the savings of American families. The mortgage process, stock market disclosures, retirement plans, federal procurement and government budgeting are all being reconsidered so the country could price in the risks being created by climate change.
TOKYO (AP) – Nippon Steel Corp. is suing Toyota Motor Corp. over a patent for a technology used in electric motors. It’s a rare case of legal wrangling between Japan’s top steelmaker and automaker over intellectual property. Nippon Steel filed the lawsuit in Tokyo District Court, demanding compensation for damages totaling 20 billion yen ($177 million). Also named in the lawsuit is Baoshan Iron & Steel Co., or Baosteel, a Chinese steelmaker. The patent is critical for electric motors used in ecological models.
UNDATED (AP) – Taiwan Semiconductor Manufacturing Corp. says it plans to build a computer chip factory in Japan. TSMC’s CEO C.C. Wei says the plan is subject to approval by TSMC’s board of directors and that details will be released later. Wei says shortages of chips that have bedeviled automakers and other manufacturers are beginning to ease but will likely not end for a few months more.
UNDATED (AP) – British health officials say 43,000 people in southwest England may have been wrongly told they don’t have the coronavirus because of problems at a private laboratory. The U.K. Health Security Agency says a lab in the city of Wolverhampton has been suspended from processing COVID-19 test the swabs after reports of false negatives. The faulty results came from tests processed at the Immensa Health Clinic Lab between early September and this week.