Financial News

Thursday, May 26th
May 25, 2022
AP-NC Newswatch
May 26, 2022
Financial News


Financial News:


Stocks mostly lower…Antiviral to become more accessible

BEIJING (AP) – Major global stock markets are mostly lower today after notes from the Federal Reserve’s latest meeting confirmed expectations of more interest rate hikes but held no surprises to rattle investors. London, Tokyo, Hong Kong and Sydney declined. Frankfurt and Shanghai gained. Oil prices rose. Investors are uneasy over the impact of interest rate hikes in the United States and other Western economies to cool surging inflation.


WASHINGTON (AP) – The White House says more steps have been taken to make the antiviral treatment Paxlovid more accessible across the U.S. The nation’s first federally backed test-to-treat site is opening today in Rhode Island. The site will provide patients with immediate access to the drug once they test positive. More federally supported sites are set to open in the coming weeks in Massachusetts and New York City, both hit by a marked rise in infections.


BERLIN (AP) – Germany’s energy and climate minister says the Group of Seven wealthy nations can lead the way on ending the use of coal. Coal is a heavily polluting fossil fuel that’s responsible for a large chunk of global greenhouse gas emissions. Senior officials from the G-7 countries are holding a three-day meeting in Berlin. They will seek to agree common targets for the shift from fossil fuels to renewable energy that scientists say is urgently needed to curb climate change.


DAVOS, Switzerland (AP) – Chancellor Olaf Scholz says Germany must pursue its climate goals even more resolutely because of Russia’s war in Ukraine. In a speech on the last day of the World Economic Forum meeting in Davos, Switzerland, Scholz said Germany’s plan to become carbon-neutral by 2045 has become “even more important” as a result of the war. He says while the conflict is not “the sole trigger of the turning point,” it increases the pressure to act. Scholz says if the Paris climate targets are not met, the world will be heading for a catastrophe.


UNDATED (AP) – Eight of the 10 largest cities in the U.S. lost population during the first year of the pandemic. New estimates released by the U.S. Census Bureau show only Phoenix and San Antonio gained new residents from 2020 to 2021. New York lost more than 305,000 residents, or about 3.5% of its 2020 population. Among the nation’s 10 largest cities, it was followed by Chicago and Los Angeles. Smaller big cities primarily in the Sunbelt gained news residents. Those cities include Austin and Fort Worth in Texas; Jacksonville, Florida; Charlotte, North Carolina; and Columbus, Ohio.