Financial News

James Odell Wilson II “Skip”
May 31, 2022
AP-NC Newswatch
June 1, 2022
Financial News

 

Financial News:

 

Stocks mixed…Biden to meet with baby formula companies

UNDATED (AP) – Shares have opened higher in Europe after a mixed day in Asia as investors grapple with worries that rising interest rates meant to tamp down inflation might help bring on a recession. Oil prices have resumed their upward climb. Trading has been turbulent in recent weeks. On Tuesday, the S&P 500 fell 0.6% but managed to eke out a tiny 0.1% gain for May after several abrupt swings. Last week Wall Street’s benchmark index had its biggest weekly gain since late 2020, breaking a seven-week losing streak that nearly brought it into a bear market.

 

WASHINGTON (AP) – President Joe Biden is expected to meet today with infant formula manufacturers as his administration works to ease nationwide shortages. The administration’s strategy calls for importing foreign supplies and using the Defense Production Act to speed domestic production. The White House says Biden will host a roundtable with manufacturers that include ByHeart, Bubs Australia, Reckitt, Perrigo Co. and Gerber. Not on the list is Abbott Nutrition, whose Michigan plant was shut down in February over safety concerns, sparking the U.S. baby formula shortage.

 

COPENHAGEN, Denmark (AP) – Denmark’s largest energy company says Russia cut off its gas supply because it refuses to pay in rubles. Today’s move represents the latest repercussion for European energy amid Russia’s war in Ukraine. Russia previously halted natural gas supplies to Finland, Poland, Bulgaria and the Netherlands for refusing a demand to pay in rubles. Danish energy company Ørsted said it still expected to be able to serve its customers.

 

CAIRO (AP) – Libyan authorities say a pipeline rupture is spewing thousands of barrels of oil into the desert, as workers scramble to seal off the leak. The damage to a land pipeline linking the Sarir oil field to the Tobruk terminal on the Mediterranean was the latest blow to Libya’s struggling oil industry, as renewed tensions again divide the chaos-stricken country. The Arabian Gulf Oil Company, which operates the pipeline, estimates that some 22,000 barrels a day were being lost from the leak, which started Tuesday.

 

BERLIN (AP) – Deutsche Bank subsidiary DWS says its chief executive is resigning after authorities raided its offices as part of a probe into claims that the company exaggerated the sustainable credentials of some of the financial products. DWS says that CEO Asoka Woehrmann plans to step down after the company’s annual general meeting on June 9. Woehrmann will be succeeded by Stefan Hoops, who oversees Deutsche Bank’s corporate bank business.