NEW YORK (AP) — Five years after Hurricane Maria slammed into Puerto Rico and exposed the funding problems the Caribbean island has long faced, philanthropists warn that many of those issues remain unaddressed, just like the repairs still needed for the American territory’s physical infrastructure. The Category 4 storm, with winds reaching 155 miles per…
(Reuters) – Wall Street’s main indexes opened higher on Wednesday following a sharp selloff in the previous session after red-hot inflation data fanned worries about how much and how long the U.S. Federal Reserve will hike interest rates. The Dow Jones Industrial Average rose 36.05 points, or 0.12%, at the open to 31,141.02. The S&P…
By Kate Abnett BRUSSELS (Reuters) -The European Union’s executive plans to raise more than 140 billion euros ($140 billion) to soften the blow to consumers from soaring energy prices by skimming off revenues from low-cost electricity generators and making fossil fuel firms share windfall profits. The European Commission published the proposals on Wednesday as the…
BERLIN (AP) — German energy supplier Uniper said Wednesday that it is exploring the possibility of the government acquiring a majority holding in the company as its losses mount, a jump from the roughly 30% stake that the state already has pledged to take. The government put together the rescue package in July after Russia’s…
WASHINGTON (AP) — Inflation at the wholesale level jumped 8.7% in August from a year earlier, a slowdown from July yet still a painfully high level that suggests prices will keep spiking for months to come. Wednesday’s report from the Labor Department also showed that on a month-to-month basis, the producer price index — which…
LONDON (AP) — Inflation in the United Kingdom slowed slightly last month as a drop in gasoline and diesel fuel prices gave consumers the first glimmer of hope that Britain’s cost-of-living crisis may be beginning to ease. The consumer price index rose 9.9% in the 12 months through August, the Office for National Statistics said…
By Kate Abnett and Tom Käckenhoff BRUSSELS/DUESSELDORF (Reuters) – The European Union’s executive outlined plans on Wednesday for raising more than 140 billion euros ($140 billion) to cope with an energy crisis that has increased the prospect of winter fuel rationing, corporate insolvencies and economic recession. European gas prices have rocketed this year as Russia…
BERLIN/ZURICH (Reuters) -Logistics entrepreneur Klaus-Michael Kuehne has increased his stake in Lufthansa to 17.5%, Kuehne Holding said on Wednesday, after the German government sold all its remaining shares in the airline. “This underlines Kuehne Holding’s positive view of the company,” Kuehne Holding added in a statement to Reuters. The German government said on Tuesday it…
By Rowena Edwards LONDON (Reuters) -Oil prices stabilised on Wednesday, after dropping by more than $1 earlier in the session, following signs of bullish demand in an International Energy Agency (IEA) report. Brent crude futures rose 8 cents, or 0.09%, to $93.25 a barrel by 0933 GMT. U.S. West Texas Intermediate crude was at $87.35…
By Foo Yun Chee LUXEMBOURG (Reuters) -Alphabet unit Google on Wednesday suffered its second setback in less than a year as Europe’s top court agreed with EU antitrust regulators that it had abused its dominance but trimmed the fine by 5% because of a disagreement on one point. Google lost its challenge to a 2.42…
