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Financial News

 

Financial News:

 

Global markets mixed…Amazon narrows retail footprint

UNDATED (AP) – Global stock markets are mixed and oil prices climbed after the head of the Federal Reserve said he supports a smaller rise in interest rates than some expected. London and Tokyo advanced while Paris and Frankfurt slipped as Russian forces whose attack on Ukraine has roiled financial markets. Fed Chair Jerome Powell said he supports a traditional increase of 0.25 percentage points instead of the bigger rise recommended by some policymakers.

 

ANKARA, Turkey (AP) – Turkey’s annual inflation rate has further accelerated in February, marking the biggest jump since 2002 and deepening the squeeze on households that are already struggling to purchase basic goods. The Turkish Statistical Institute said Thursday that consumer prices rose 54.44% in February compared with a year ago. The highest yearly price increase was in transportation sector, at 75.75%, Turkish consumers have been hit with rising prices following a series of interest rates cuts last year that triggered a currency crisis.

 

WASHINGTON (AP) – President Joe Biden has a new plan to expand mental health and drug abuse treatment. He proposes pouring hundreds of millions of taxpayer dollars into suicide prevention, mental health services for youth, and community clinics providing 24/7 access to people in crisis. Health insurance would have to cover three mental health visits a year at no cost. For such a big move, Biden must win backing from lawmakers of both parties.

 

NEW YORK (AP) – Amazon is closing all of its brick-and-mortar bookstores, as well as its 4-star shops and pop up locations.. The move affects 66 stores in the U.S. and two in the United Kingdom. The Seattle-based company says it will now be able to concentrate its efforts on Amazon Fresh, Whole Foods Market, its convenience concept called Amazon Go and its upcoming Amazon Style stores.

 

TOKYO (AP) – A Tokyo court has given former Nissan executive Greg Kelly a 6-month suspended sentence. Kelly, an American, was charged with underreporting his boss Carlos Ghosn’s pay. The verdict allows him to return to the U.S. during an appeal. Kelly’s lawyers said they will appeal, stressing Kelly is completely innocent. Kelly was arrested in November 2018 at the same time as Ghosn, a former Nissan chairman.