World shares slip…landmark hearing on Capitol Hill
UNDATED (AP) – Shares have slipped in Europe and Asia after a retreat on Wall Street pulled the S&P 500 and the Dow Jones Industrial Average back from their latest record highs. In early trading in Europe, Germany’s DAX edged 0.1% lower while in London, the FTSE 100 declined 0.4%. The CAC 40 in Paris added 0.3%. In Asia markets, the Kospi in Seoul lost 0.5% and Tokyo’s Nikkei 225 closed 1% lower. In Hong Kong, the Hang Seng gave up 0.3%, while the Shanghai Composite index dropped 1.2%. On Wall Street, Dow and S&P 500 futures are both 0.1% higher.
WASHINGTON (AP) – Top Democrats say a deal is within reach on President Joe Biden’s big domestic bill. But tempers have flared as a paid family leave proposal fell out and a billionaires tax plan ended up scrapped, largely to satisfy one pivotal senator. Biden is heading to Capitol Hill today to urge Democrats to wrap up talks and bring the social services and climate change bills at the center of his domestic initiative “over the finish line.” Biden wants an agreement before he leaves later today for global summits overseas. Democrats are eyeing a surtax on those with more than $10 million in income to help pay for the plan.
WASHINGTON (AP) – Top executives at ExxonMobil and other oil giants are set to testify today at a landmark House hearing as congressional Democrats investigate what they describe as a decades-long, industry-wide campaign to spread disinformation about the role of fossil fuels in causing global warming. The much-anticipated hearing comes after months of public efforts by Democrats on the House Oversight Committee to obtain documents and other information on the oil industry’s role in stopping climate action over many decades. The appearance of executives from ExxonMobil, Chevron, BP America and Shell has drawn comparisons to a similar, high-profile hearing with tobacco executives who famously testified that they didn’t believe nicotine was addictive.
TOKYO (AP) – Sony is reporting its profit fell 54% in the last quarter, mainly due to a one-time tax-related gain that inflated last year’s number. The Japanese electronics and entertainment company managed to maintain results despite the coronavirus pandemic, reporting a 13% rise in quarterly sales. Tokyo-based Sony raised its profit forecast for the year to 730 billion yen, or $6.4 billion, from an earlier 700 billion yen, or $6.2 billion. Sony has suffered from a chip shortage because of the effects of COVID-19 infections in Southeast
HELSINKI, Finland (AP) – Wireless and fixed network equipment maker Nokia is reporting third-quarter profit above analyst expectations on increasing sales of 5G technology and trimmed costs. But the company warns that the global shortage of semiconductors is clouding the market outlook and could hamper growth. The Finland-based company reports net profit of 463 million euros ($537 million) for the July-September period in comparison to 305 million euros a year earlier. Sales were up 2% at 5.4 billion euros.