By MATT OTT, AP Business Writer WASHINGTON (AP) – Average long-term US mortgage rates retreated modestly this week, but interest on the key 30-year loan remains at decade-high levels. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate slipped to 5.25% from 5.3% last week. By contrast, the average rate stood at 3% a … Read more
By ZEKE MILLER and KEVIN FREKING, Associated Press WASHINGTON (AP) – President Joe Biden invoked the Defense Production Act to speed production of infant formula and authorized flights to import supply from overseas, as he faces mounting political pressure over a domestic shortage caused by the safety-related closure of the country’s largest formula manufacturing plant. … Read more
By ANNE D’INNOCENZIO, AP Business Writer NEW YORK (AP) – Target took a big hit from higher costs during the first quarter despite brisk sales. Profits for major retailers have come under pressure from both surging inflation and stubborn clogs in the global supply chain. Target’s net income fell roughly 52% from a year ago … Read more
By KEVIN FREKING, Associated Press WASHINGTON (AP) – House Democrats unveiled a $ 28 million emergency spending bill Tuesday to address the shortening of infant formula in the United States. Tail. Rosa DeLauro, the Democratic chair of the House Appropriations Committee, said the bill would help the Food and Drug Administration take important steps to … Read more
By ANNE D’INNOCENZIO, AP Business Writer NEW YORK (AP) – Walmart reported stronger sales for the first quarter, but its profit took a beating as the nation’s largest retailer grappled with surging inflation on food and fuel and higher costs from a snarled global supply chain. The company also on Tuesday cut its full-year earnings … Read more
NEW YORK (AP) – The co-founder and CEO of Airbnb, Brian Chesky, has donated $ 100 million to the Obama Foundation to fund scholarships for students pursuing careers in public service and includes multiple scholarships for travel. The Voyager Scholarship will grant $ 50,000 to rising juniors to cover tuition costs over two years as … Read more
By ZEKE MILLER and MATTHEW PERRONE, Associated Press WASHINGTON (AP) – President Joe Biden is offering formula manufacturers and retailers transportation and logistics support to ease the nationwide shortage of baby formula, as the administration works to bring the largest domestic plant back on line after it was shut down early this year due to … Read more
By YURI KAGEYAMA, AP Business Writer TOKYO (AP) – Asian shares were trading mixed Monday, as investors eyed surging energy costs and prospects for interest rate hikes in the US Benchmarks edged up in Japan and Australia, while falling in South Korea and China. Some analysts worry that if the US Federal Reserve raises interest … Read more
By NICK PERRY, Associated Press WELLINGTON, New Zealand (AP) – New Zealand’s government said Monday it will help pay for lower-income families to scrap their old gas guzzlers and replace them with cleaner hybrid or electric cars as part of a sweeping plan to reduce greenhouse gas emissions. The government said it plans to spend … Read more
LONDON (Reuters) – More than 50 economists warned on Monday that Britain’s post-Brexit plans to boost the competitiveness of its huge finance industry risked creating the kind of problems that led to the global financial crisis. The government, seeking to use its “Brexit freedoms”, announced this month that it would require regulators to help the … Read more
