Global stocks mostly down…5G problem causes flight changes
TOKYO (AP) – Global shares have mostly fallen in cautious trading after stocks on Wall Street sank to a new low for the year. Paris is higher today while Frankfurt and London are down. U.S. futures are lower. Asian benchmarks closed mostly lower, with Tokyo down nearly 3%. Sony Corp. lost 12.8% following news of Microsoft’s acquisition of Activision Blizzard. Losses in global indexes have mounted this month as rising inflation and the pandemic’s latest surge have left investors wary. Bank of America, UnitedHealth and United Airlines are due to report earnings today.
DUBAI, United Arab Emirates (AP) – Airlines across the world, including the long-haul carrier Emirates, are rushing to cancel or change flights heading into the U.S. over an ongoing dispute about the rollout of 5G mobile phone technology near American airports. The issue appears to especially impact the Boeing 777, a long-range, wide-body aircraft used by carriers worldwide. Two Japanese airlines directly named the aircraft as being affected by the 5G signals as they announced cancellations and changes to their schedules. The cancellations come even after mobile phone carriers AT&T and Verizon say they’ll postpone new wireless service near some U.S. airports planned for this week.
LONDON (AP) – Consumer prices in the United Kingdom have risen at the fastest pace in almost 30 years as higher costs for energy, transportation, food and furniture squeezed household incomes. The Office for National Statistics says inflation measured by the consumer price index accelerated to 5.4% in the 12 months through December. That’s the highest rate since March 1992, when inflation stood at 7.1%. Economists warn that inflation is likely to rise further in coming months as the full impact of a recent surge in energy prices hits consumers.
ANKARA, Turkey (AP) – The Turkish central bank says it and the United Arab Emirates have agreed to a currency swap deal equivalent to $4.74 billion to boost Turkey’s depleted foreign exchange reserves. Under the agreement, Turkey and the UAE agree to swap 65 billion Turkish lira and 18 billion UAE dirham for a period of three years, with the possibility of extending the deal further. The agreement aims to help Turkey’s reserves following a series of interventions by the central bank, which sold foreign currency to prop up the lira amid a currency crisis.
ANKARA, Turkey (AP) – A pipeline that carries oil from Iraq to world markets has resumed operating several hours after an explosion in southeastern Turkey forced it to shut down. No one was hurt in the explosion late Tuesday. The cause of the blast is under investigation. The pipeline carries oil from the Kirkuk oil fields in northern Iraq to the Turkish port of Ceyhan. Kurdish rebels who have led an armed insurgency against the Turkish state since 1984 have in the past bombed pipelines in the region, including the Kirkuk-to-Ceyhan pipeline.