Financial News

Marcia Lorraine (Brown) Coldiron
May 24, 2022
AP-NC Newswatch
May 24, 2022
Financial News

 

Financial News:

 

Lower world stocks…Britain’s cost of living crisis

TOKYO (AP) – Global shares are trading lower as worries over inflation temper optimism over President Joe Biden’s remark that he was considering reducing U.S. tariffs on Chinese imports. Shares are slipping in early trading in Europe after most benchmarks fell in Asia. Oil prices and U.S. futures are lower. While on a visit to Asia, his first as president, Biden confirmed to reporters that he plans to discuss the issue of punitive tariffs imposed on China once he returns to Washington. The comments raised optimism over a possible easing of tensions between the world’s two biggest economies.

 

LONDON (AP) – Across Britain, food banks and community food hubs that helped struggling families, older people and the homeless during the pandemic are now seeing soaring demand. Skyrocketing energy and food bills are pushing millions deeper into financial hardship, and increasing numbers cannot afford to buy groceries. The cost of food and fuel in the U.K. has risen sharply since late last year, with inflation reaching the highest level in 40 years. In April, millions of families saw their annual energy bill jump by 54%.

 

BEIJING (AP) – Airbnb Inc. says it will stop representing short-term rental properties in China and focus its business in the country on serving Chinese tourists looking for lodgings abroad. Airbnb joins a series of foreign internet companies including Yahoo Inc. and eBay Inc. that pulled out of China after running into fierce local competition and regulatory barriers. And China has been closed to foreign tourists and has strictly controlled most international travel since the pandemic struck in early 2020.

 

DAVOS, Switzerland (AP) – Government and corporate leaders at the World Economic Forum are debating whether oil and gas companies can or should be part of the future transition to renewable energies such as wind and solar. The question is both practical and urgent, as Russia’s invasion of Ukraine has forced many countries that depended on Russian oil and gas to make swift changes to energy supplies. Many energy experts argue that viable alternatives are already in place. For example, the costs of wind and solar have come down considerably in recent decades while efficiencies of both have dramatically increased. At the same time, other more nascent technologies have promise but need massive investment to develop.

 

DAVOS, Switzerland (AP) – Kremlin critic Bill Browder wants governments to step up efforts to get to riches squirreled away by Russian oligarchs linked to President Vladimir Putin by forcing accountants, lawyers and others who set up murky legal and financial structures to become whistleblowers. Browder says Russia’s war in Ukraine has raised the focus on how the oligarchs are custodians of the Russian leader’s wealth. He told The Associated Press at the annual World Economic Forum meeting in Davos that “oligarchs are not naive.” He says they have lawyers, asset protection specialists and shell companies.