World stocks mixed…Russian stock market resumes
UNDATED (AP) – World shares are mixed following a retreat on Wall Street as leaders meet in Europe to discuss the Ukraine crisis. U.S. and European futures rose while Asian markets were mostly lower. Shares rose in Moscow after Russia’s exchange resumed trading under heavy restrictions. U.S. President Joe Biden is attending the meetings in Brussels, where sanctions and the Russian oil embargo will likely top the agendas. On Wednesday, the S&P 500 lost 1.2%, the Dow Jones Industrial Average fell 1.3% and the Nasdaq fell 1.3%. Energy stocks rose along with crude oil prices. Bond yields eased back.
NEW YORK (AP) – The Russian stock market has resumed limited trading under heavy restrictions almost one month after prices plunged and the market was shut down following Moscow’s invasion of Ukraine. Trading of a limited number of stocks including energy giants Gazprom and Rosneft took place under curbs that are meant to prevent a repeat of the massive selloff that took place Feb. 24 in anticipation of Western economic sanctions. Foreigners cannot sell and traders are barred from short selling, or betting prices will fall. The benchmark MOEX index gained 8% in the first minutes of trading.
NEW DELHI (AP) – The company behind a COVID-19 vaccine touted as a key tool for the developing world will miss a target for giving doses to the U.N.-backed effort to deliver shots to poorer countries. COVAX planned to make available 250 million doses from Novavax by March. But the U.N. agency in charge of deliveries says the first shipments likely won’t be made until April or May. Still, tens of millions of doses of the vaccine have already gone to rich countries including Australia and the Netherlands.
TOKYO (AP) – Shareholders of embattled Japanese electronics and energy giant Toshiba Corp. have rejected a major restructuring plan. The plan proposed by management last month called for splitting Tokyo-based Toshiba into two companies, one focused on infrastructure and the other on devices. The latter would have been spun off. Foreign investment funds and U.S.-based proxy advisory firm Institutional Shareholders Services opposed the plan. Shareholders also rejected a request from major shareholder 3D Investment Partners, based in Singapore, for a fuller objective review of alternatives, including a buyout.
BELEK, Turkey (AP) – Countries from Turkey to Thailand, Egypt and Cuba are bracing for the loss of Russian and Ukrainian tourists just as their travel sectors were looking to bounce back from the coronavirus pandemic. With many tourist-dependent economies also struggling with surging inflation and other woes, hotel workers, guides and others who serve visitors from the two warring nations are expecting more pain. Nowhere is the threat of just one ripple effect of the war felt more strongly than in Antalya, a region on the Mediterranean coast where visitors from Russia and Ukraine are major contributors to tourism revenue.