Global stocks mixed…Russia war could affect auto industry
BANGKOK (AP) – Global shares are mixed with European stocks mostly lower after a day of gains in Asia. Paris, Frankfurt, Tokyo and Hong Kong rose. London was little changed. Shanghai was closed for a holiday. Oil prices advanced while U.S. futures slipped. Shares in Hong Kong-traded Chinese companies surged after a report that regulators in Beijing have agreed to allow U.S. regulators full access to their audit of those that have shares listed in New York.
DETROIT (AP) – Russia’s devastating war on Ukraine is bringing a whole set of new problems to the global auto industry, just as it was starting to recover from the pandemic and computer chip shortages. In the short term, the invasion has choked the supply of electrical wiring made in Ukraine, forcing German automakers to temporarily close factories while they wait for the critical part. Long term, Russian supplies of precious metals, aluminum and pig iron, a primary ingredient in steel, could be cut off, either by Moscow or sanctions from other countries.
UNDATED (AP) – Shortages of some vital drugs have appeared in Russia since the invasion of Ukraine on Feb. 24 and persisted throughout the month of March. Experts and health authorities insist the shortages are temporary and are due to panic-buying and logistical difficulties for suppliers stemming from Western sanctions imposed on Moscow. But there are worries that high-quality medications will keep disappearing in the Russian market. About a dozen people contacted by The Associated Press in different cities in late March said they had spent days searching for certain thyroid medications, types of insulin or even a popular pain-relieving syrup for children.
PALMA DE MALLORCA, Spain (AP) – U.S. federal agents and Spain’s Civil Guard are searching a yacht owned by a Russian oligarch in Spain’s Balearic Islands in the Mediterranean Sea. The law enforcement officers descended on the yacht this morning at the Marina Real in the port of Palma de Mallorca. The U.S. Justice Department and the Treasury Department have launched sanctions enforcement initiatives to “seize and freeze” giant boats and other pricey assets of Russian elites after Russia invaded Ukraine in late February.
ISTANBUL (AP) – Yearly inflation in Turkey has hit 61.14%, climbing to a new 20-year high and deepening a cost of living crisis for many households. The Turkish Statistical Institute says consumer prices rose by 5.46% in March compared with the previous month. The highest yearly price increase was in the transportation sector, at 99.12%, while the increase in food prices was 70.33%. Rising prices are part of an economic crisis exacerbated by the COVID-19 pandemic and more recently by a surge in gas, oil and grain prices following the invasion of Ukraine.