Financial News

Tuesday, June 14th Flag Day
June 13, 2022
AP-NC Newswatch
June 14, 2022
Financial News


Stocks mostly higher…UN chief blasts climate ‘inaction’

TKYO (AP) – Shares have opened mostly higher in Europe after Asian shares recovered from the worst of their losses following Wall Street’s tumble yesterday. London and Frankfurt gained on the open but fell back slightly later in the morning. Shanghai advanced while Hong Kong ended flat. Tokyo and Paris declined. On Monday on Wall Street, the benchmark S&P 500 lost 3.9%, taking it 21.8% below its peak. At the center of the sell-off is the U.S. Federal Reserve’s effort to control inflation by raising interest rates.

BERLIN (AP) – The head of the United Nations is warning of a “dangerous disconnect” between what scientists and citizens are demanding to curb climate change, and what governments are actually doing about it. U.N. Secretary-General Antonio Guterres says that global greenhouse gas emissions need to drop by 45% this decade but are currently forecast to increase by 14%. He says the war in Ukraine risks worsening the crisis, because major economies are “doubling down on fossil fuels” that are to blame for much of the emissions stoking global warming.

BERLIN (AP) – The Austrian government has presented a package of measures aimed at cushioning the impact of high inflation that includes 500-euro ($523) payments for all residents and a three-month delay to a new levy on carbon dioxide emissions. The government put the price of immediate measures at about 5 billion euros and says the goal is to bring relief first to people on low incomes.

HONG KONG (AP) – A landmark floating restaurant that fed Queen Elizabeth II, Tom Cruise and millions of other diners has been towed out of Hong Kong after falling victim to the pandemic. The parent company of Jumbo Floating Restaurant couldn’t find a new owner and lacked funds to maintain it after months of COVID-19 restrictions. The restaurant designed like a Chinese imperial palace on Aberdeen Harbour was known for its Cantonese cuisine and seafood dishes. It closed in 2020 and its staff were laid off, but the owners said they were still spending a fortune on inspection and maintenance.

BEIJING (AP) – The mayor of Dandong, China is apologizing for failures by his administration during a COVID-19 lockdown considered one of the strictest in the country. The mayor of the city near the North Korean border hasn’t given specifics, but says government work and basic services have been “unsatisfactory.” Dandong officials took increasingly extreme measures when they were unable to root out the source of new COVID cases, and even recommended that residents close their windows to prevent the virus from being blown in from North Korea.

AP-WF-06-14-22 1047GMT