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Financial News

 

Financial News:

 

Stocks open lower…Crude prices spike…Banks seek options

 

NEW YORK (AP) – Stocks are opening lower on Wall Street but keeping their losses in check as an early spike in crude oil prices abated. The S&P 500 was off 0.5%. The Nasdaq was little changed and the Dow Jones Industrial Average fell 0.7%.

 

NEW YORK (AP) – The price of U.S. crude was up 1.8% to $117 a barrel this morning, but off its earlier high of $130 a barrel as talk escalated over the weekend about the U.S possibly barring imports of Russian oil. A surge in oil prices since Russia’s invasion of Ukraine has brought worries that inflation could get worse if energy prices continue to soar.

 

LONDON (AP) – Leading Russian banks are looking into issuing cards that operate on a Chinese payment system after Visa and Mastercard said they would cut their services in Russia over the invasion of Ukraine. Sberbank and Tinkoff Bank say they’re considering the possibility of payment cards powered by China’s UnionPay system. They told users that Visa and Mastercard will work within Russia but will stop working for payments outside the country after Wednesday.

 

UNDATED (AP) – The investment firm of billionaire Ryan Cohen has taken a large stake in Bed Bath & Beyond and is recommending that the struggling retailer sell all or part of its business. RC Ventures LLC has acquired a nearly 10% stake in Bed Bath & Beyond, according to a regulatory filing. RC stands for Ryan Cohen, a co-founder at Chewy, who was at heart of the GameStop meme saga last year.

 

NEW YORK (AP) – Department store chain Kohl’s said it aims to increase sales by a low-single-digit percentage annually, with plans to open 100 new small-format stores in the next four years and expand its Sephora-branded shops to 850, among other moves. Kohl’s announced its long-term goals ahead of the company’s annual investor meeting as it faces increasing pressure from activist investors. As part of its plans to spearhead sales growth, Kohl’s forecasts that its Sephora business will be a $2 billion juggernaut.