Financial News

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March 21, 2022
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March 21, 2022
Financial News

 

Financial News:

 

World stocks mixed…Hong Kong to lift flight bans

BEIJING (AP) – World shares are mixed after Wall Street’s biggest weekly gain in 16 months as investors watch efforts to negotiate an end to Russia’s war on Ukraine. U.S. crude oil gained $4 a barrel. Benchmarks rose in Paris, London and Frankfurt but most major Asian markets declined. Japanese markets were closed for a holiday. Wall Street’s S&P 500 index rose 1.2% on Friday after investors appeared to welcome the Federal Reserve’s attempt to fight surging inflation by raising its key interest rate.

 

UNDATED (AP) – Emergency officials have contained an ammonia leak at a chemical plant that contaminated a wide area in the eastern Ukrainian city of Sumy. Sumy’s regional governor didn’t say what caused the leak, which spread about 1.5 miles in all directions from the plant. The plant is on the eastern outskirts of the city, which has a population of about 263,000 and has been regularly shelled by Russian troops in recent weeks. Meanwhile, shelling in a Kyiv neighborhood has devastated a shopping center, leaving a flattened ruin still smoldering this morning.

 

HONG KONG (AP) – Hong Kong’s leader Carrie Lam says the city will lift flight bans on nine countries including Britain and the U.S. on April 1. She says it will also reduce quarantine time for travelers arriving in the city as coronavirus infections in its latest outbreak plateaus. Lam says plans for a citywide mass-testing exercise have been put on hold after experts advised that it was not currently appropriate.
BEIJING (AP) – Shanghai Disney has closed as the city tries to control its biggest coronavirus flareup in two years. But the southern business center of Shenzhen has allowed shops and offices to reopen after a weeklong closure. China’s case numbers in its latest infection wave are low compared with other major countries, but authorities are enforcing a “zero tolerance” strategy that has suspended access to some major cities.

 

CAIRO (AP) – The Central Bank of Egypt has raised its key interest rate for the first time since 2017, citing inflationary pressures triggered by the coronavirus pandemic and Russia’s war in Ukraine, which hiked oil prices to new records. The key rate was raised by 1%, to 9.75%. Today’s development pushed the Egyptian pound to slide, trading 17.5 to the dollar – from an average of 15.6 pounds for $1 – after the bank’s decision.