Global stocks mixed…Visa, Amazon payment agreement
BEIJING (AP) – Global stock markets and Wall Street futures are mixed after Federal Reserve policymakers indicated they are leaning toward more decisive action on inflation but set no firm targets. London and Tokyo are down today while Shanghai and Frankfurt advanced. Wall Street closed mixed Wednesday after notes from the latest Fed meeting showed officials suggested a faster pace of interest rate hikes “would likely be warranted” due to inflation that has raised concern that consumers might pull back on spending.
BEIJING (AP) – China has rejected a U.S. accusation that Beijing is failing to live up to its market-opening commitments in a new round of complaints as companies wait for the two governments to restart talks on ending a tariff war. The Ministry of Commerce criticized the Biden administration for saying it is developing new ways to deal with Chinese trade tactics. The chief U.S. trade envoy said Beijing has “expanded its state-led, non-market approach” instead of carrying out market-opening promises made when it joined the World Trade Organization in 2001. The Ministry of Commerce rejected that as “completely at odds with the facts.”
WASHINGTON (AP) – The Justice Department is launching a new initiative aimed at identifying companies that exploit supply chain disruptions in the U.S. to make increased profits in violation of federal antitrust laws. The program is being unveiled today by the Justice Department’s antitrust division and the FBI. The program comes amid ongoing supply chain struggles and labor shortages in the U.S. that have plagued retailers since the coronavirus pandemic began.
JAKARTA (AP) – Indonesia’s president told financial leaders of the Group of 20 industrial economies today that countries must avoid tensions and cooperate to support a recovery from the pandemic. President Joko Widodo says the pandemic is far from over and “winter is coming.” The G-20 gathering comes as many economies are treading a precarious path between raising costs of borrowing to cool inflation and helping to support recoveries from the pandemic. Host Indonesia is among many countries in Southeast Asia that have endured severe waves of infections. Officials are attending the gathering both in person and online.
NEW YORK (AP) – Visa and Amazon.com have agreed to allow customers to use Visa cards on Amazon sites worldwide without additional fees. Visa says the companies also agreed to collaborate on product and technology initiatives for “innovative payment experiences.” Under the agreement, Amazon’s amazon.co.uk site in Britain will no longer turn off Visa credit cards. Customers in Australia and Singapore will no longer pay a surcharge for using Visa. Any credit card transaction involves various fees, such as an “interchange fee” that the shopper’s bank pays to the retailer’s bank and other costs like service and technology charges.