Financial News

Margaret Mayers Litschert
May 9, 2022
AP-NC Newswatch
May 9, 2022
Financial News

 

Financial News:

 

World stocks fall…Biden pushes free internet for poor

TOKYO (AP) – Global shares have fallen as interest rate hikes and a slowing Chinese economy weigh on investor sentiment. European shares declined in early trading and Asian benchmark closed lower. Hong Kong’s markets were closed. A turbulent week on Wall Street ended Friday with more losses and the market’s fifth straight weekly decline.

 

BEIJING (AP) – China’s export growth tumbled in April after Shanghai and other major industrial cities were shut down to fight virus outbreaks. Customs data shows exports rose 3.7% over a year earlier to $273.6 billion, down sharply from March’s 15.7% growth. Reflecting weak Chinese demand, imports crept up 0.7% to $222.5 billion, in line with the previous month’s growth below 1%. The data confirmed fears that anti-virus controls shutting down most businesses in Shanghai and other industrial centers may depress trade and activity in autos, electronics and other industries. China’s global trade surplus widened by 19.4% to $51.1 billion while the politically volatile surplus with the United States contracted by 65% to $9.8 billion.

 

COLOMBO, Sri Lanka (AP) – Sri Lanka authorities have deployed armed troops in the capital Colombo, hours after government supporters attacked protesters who’ve been camped outside the office of Sri Lanka’s prime minster. Supporters of the prime minister rallied inside his office earlier today, urging him to ignore protesters’ demand to step down. After the meeting, they went to the front of the office where protesters have been demonstrating for several days and attacked them with clubs and burned down their tents. Sri Lanka is experiencing its worst economic crisis in memory, with power cuts and supply shortages.

 

WILMINGTON, Del. (AP) – The Biden administration says 20 internet companies have agreed to provide discounted service to low-income Americans. The $1 trillion infrastructure package passed by Congress last year included funding that provided $30 monthly subsidies on internet service for millions of lower-income households – $75 in tribal areas. With the new commitment from the internet providers, 48 million households will be eligible for $30 monthly plans for service at least 100 megabits per second. That makes their internet service fully covered by the government subsidy if they sign up for service with one of the program’s providers.

 

CLEVELAND (AP) – The ability of college athletes to monetize their name, image and likeness has begun to trickle down to high schools. Seven states now allow prep athletes to sign NIL deals. School principals in Ohio began voting May 1 to determine whether the Buckeye State would become the eighth. In New York City, two top-ranked basketball standouts in the 2024 college recruiting class say they’ll use the money they make from NIL deals to help their families.