Stocks post broad gains…Small gain for wholesale prices…Google bans ads on abortion vote
NEW YORK (AP) – Stocks are broadly higher, led by gains in energy companies as the price of crude oil moved back above $70 a barrel. Chevron climbed 2.1 percent in early trading Wednesday, and Exxon Mobil added 1.7 percent. TripAdvisor soared 20 percent after reporting earnings that were much higher than analysts expected.
WASHINGTON (AP) – U.S. wholesale prices edged up just 0.1 percent in April, held down by a big drop in food costs. It was the smallest gain in four months. The Labor Department says the April increase in its producer price index, which measures inflation pressures before they reach consumers, followed a 0.3 percent rise in March. It was the smallest gain since wholesale prices were unchanged in December.
BERLIN (AP) – An influential German business association says Washington’s call for companies to stop dealing with Iran is contrary to international law. The Federation of German Industries is calling upon the EU to find a solution to protect European companies from what it calls the “unlawful and unilateral” application of U.S. sanctions.
BENTONVILLE, Ark. (AP) – Walmart is paying $16 billion for a controlling stake in India’s giant online retailer Flipkart, breaking into a fast-growing economy where it has struggled to establish a foothold. Online sales have exploded in India over the past couple years. Walmart and Amazon have been fighting hard to catch up to Flipkart. Its delivery drivers, with their motorcycles and oversized backpacks, have become ubiquitous across the nation of 1.3 billion people.
LONDON (AP) – Google says it is suspending all advertising connected to Ireland’s abortion referendum as part of moves to protect “election integrity.” The internet giant says that starting tomorrow, it will no longer display ads related to the May 25 vote on whether to repeal Ireland’s constitutional ban on abortion. It applies to ads on Google and on YouTube, which it owns. Google’s statement Wednesday follows a decision by Facebook to ban foreign advertisements for the referendum, amid concerns about the influence of North American groups.