Financial News

WCC Alleghany Center Faculty & Staff Spread Christmas Cheer by Giving Back to the Community
December 17, 2021
AP-NC Newswatch
December 17, 2021
Financial News

 

Financial News:

 

World stocks lower…Biden acknowledges $2T bill stalled

 

BANGKOK (AP) – Shares are mostly lower in Europe and Asia after a retreat on Wall Street led by technology companies. Investors are weighing the implications of higher interest rates, surging coronavirus cases and tensions between Beijing and Washington. Benchmarks declined in Paris, London, Frankfurt and Tokyo but rose in Shanghai. U.S. shares dropped a day after the Federal Reserve said it’s preparing to begin raising rates next year to fight inflation, and traders were also considering moves by other central banks.

 

WASHINGTON (AP) – President Joe Biden has all but acknowledged that negotiations over his sweeping domestic policy package will have to be pushed into the new year. It was a setback Thursday as Senate Democrats rushed to try to send the roughly $2 trillion bill to his desk by Christmas. But Biden does not yet have the votes, in large part because of opposition from one holdout: Sen. Joe Manchin of West Virginia. Biden’s discussions with Manchin will continue. He says he is confident the package will eventually pass. Biden also says Democrats must press forward on voting rights legislation.

 

BEIJING (AP) – China says it will take all necessary measures to safeguard its institutions and enterprises after the U.S. Senate passed a new law barring imports from the Xinjiang region unless businesses can prove they were produced without forced labor. A Foreign Ministry spokesperson says the measure approved Thursday indicates that the U.S. has no scruples about smearing China by every means. The law is the latest in a series intensifying U.S. penalties over China’s abuse of predominantly Muslim Uyghurs and other minority ethnic groups in the country’s west.

 

TOKYO (AP) – Japanese Prime Minister Fumio Kishida has spoken by phone with Pfizer Inc. CEO Albert Burla, apparently to ensure a fast supply of COVID-19 vaccines for booster shots amid the global spread of the omicron variant of the coronavirus. Japan, which lacks home-developed vaccines, has so far approved Pfizer and Moderna Inc. vaccines for booster shots. Japan is moving to shorten the interval between second jabs and boosters from eight months to six amid a global upsurge in cases.

 

HERAT, Afghanistan (AP) – The value of Afghanistan’s currency is tumbling, exacerbating an already severe economic crisis in the wake of the Taliban takeover and deepening poverty in a country where more than half the population already doesn’t have enough to eat. The afghani lost more than 11% of its value against the U.S. dollar in one day earlier this week, before recouping somewhat. The economy was already troubled when the international community froze billions of dollars’ worth of Afghanistan’s assets abroad and stopped all international funding to the country after the Taliban seized power in mid-August.