Financial News

Thursday, May 19th
May 18, 2022
AP-NC Newswatch
May 19, 2022
Financial News

 

Financial News:

 

Another day of losses?…G7 to meet…Salmonella infection

TOKYO (AP) – Shares have declined in Europe and Asia after a broad retreat on Wall Street driven by worries over the impact of persistent high inflation on corporate profits and consumer spending. U.S. futures also are lower, while oil prices have advanced. Japan reports its imports surged in April on higher energy costs and a weaker yen. The sell-off on Wall Street Wednesday followed the release of dismal results from retailer Target that added to fears inflation is battering U.S. companies. Target lost a quarter of its value, dragging other retailers lower, after saying its profit fell by half in the latest quarter as costs for freight and transportation spiked.

 

KOENIGSWINTER, Germany (AP) – Finance ministers for the Group of Seven leading economies will deal with the immediate effects of Russia’s war in Ukraine and the COVID-19 pandemic, overtaking their more ambitious plans to reform the global economy. A refugee crisis, high inflation and food insecurity exacerbated by the war are just a few issues drawing leaders’ attention today. German Finance Minister Christian Lindner, the meeting’s host, says he’s hopeful the world’s leading democracies can agree on further funding for Ukraine.

 

BEIJING (AP) – The locked-down Chinese city of Shanghai will reopen four of its 20 subway lines Sunday as it slowly eases pandemic restrictions that have kept most residents in their housing complexes for more than six weeks. A transport official says the city will also restart 273 bus lines connecting major urban centers, airports, train stations and hospitals as it resumes cross-district public transit. The lockdown of China’s largest city has dealt a blow to the economy and frustrated residents.

 

STOCKHOLM (AP) – European health officials say nearly 270 cases of salmonella infection linked to chocolate Easter eggs from Italian chocolate company Ferrero have now been reported throughout Europe and in North America. No deaths have been reported. The European Union agency said Wednesday that despite the closure of a Belgian factory, a global recall and the withdrawal of products “new cases may occur due to the long shelf life and possible storage of products at home.”

 

BIRMINGHAM, Ala. (AP) – Alabama coach Nick Saban has called out Texas A&M, saying the school is “buying” players with name, image and likeness deals. The Aggies signed the top recruiting class in the country earlier this year. While speaking at an event in Birmingham, Alabama, Saban also mentioned Jackson State and Miami as schools that have used NIL deals to lure players. Jackson State coach Deion Sanders responded by calling Saban’s comments about a $1 million NIL deal for a highly touted recruit a lie. Saban says Alabama players earned more than $3 million from sponsorship and endorsement deals “the right way.”