Financial News

James Joseph David Bare
June 9, 2022
AP-NC Newswatch
June 10, 2022
Financial News

 

AP-BusinessMinute

World stocks lower…Asia boosts Russia’s oil revenue

BANGKOK (AP) – Shares are lower in Europe and Asia after a report that U.S. inflation worsened last month sent stocks reeling on Wall Street. Major markets dropped more than 2% in early trading today. On Friday the S&P 500 sank 2.9%, locking in its ninth losing week in the last 10. The U.S. government’s report that inflation accelerated to 8.6% in May from 8.3% a month before was taken to mean that the Federal Reserve will continue to raise interest rates.

WASHINGTON (AP) – Federal records reviewed by The Associated Press show that the FDA skipped thousands of routine inspections of baby formula plants in early 2020 because of the pandemic. The gap in baby formula plant inspections is getting new scrutiny from Congress and government watchdogs after one Michigan factory had to be closed for contamination. That turned a supply shortage into a full-blown crisis that sent parents scrambling to find formula.

WASHINGTON (AP) – On Wednesday, the Food and Drug Administration will ask an outside panel of experts to vote on whether to recommend Pfizer’s COVID-19 vaccine for children under 5. A review by federal health officials says that the vaccine appears safe and effective for children in that age group. Children under 5 are the only people not currently eligible for vaccination.

NEW DELHI (AP) – The U.S. and its allies have been trying to limit Moscow’s cash flows by cutting their energy imports from Russia in line with sanctions over its war on Ukraine. But India and other Asian nations are boosting Russian export revenues. Commodity data firm Kpler show that India, an oil-hungry country of 1.4 billion people, has guzzled nearly 60 million barrels of Russian oil in 2022 so far – up from 12 million in all of 2021.

GENEVA (AP) – The World Trade Organization has opened its highest-level meeting in 4-1/2 years. The WTO’s director-general says she hopes the four-day meeting which started Sunday yields progress toward reducing inequality and ensuring fair and free trade. But she’s predicting a “bumpy and rocky” road as the group also discusses pandemic preparedness, food insecurity during high inflation and the war in Ukraine.

AP-WF-06-13-22 1057GMT