WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said there’s “no guarantee” the central bank can tame runaway inflation without hurting the job market. Speaking Wednesday at a European Central Bank forum in Sintra, Portugal, Powell repeated his hope that the Fed can achieve a so-called soft landing — raising interest rates just enough to…
JERUSALEM (AP) — A new agreement in Israel will put Ben & Jerry’s ice cream back on shelves in annexed east Jerusalem and the occupied West Bank despite the ice cream maker’s protest of Israeli policies, according to Unilever, the company that owns the brand. The Vermont company, which has long backed liberal causes, said…
Bed Bath & Beyond’s CEO was ousted Wednesday as the home goods retailer struggles to figure out what people want to buy. Board member Sue Gove will take over as interim CEO, the company said Wednesday, replacing Mark Tritton. Bed Bath & Beyond hired Tritton in late 2019. He’d previously been the chief merchandising officer…
MOSCOW (AP) — As the ruble strengthens to levels not seen in seven years, Russia’s minister of economic development warned Wednesday that the country’s businesses could suffer if the trend persists. The ruble hit all-time lows in the first weeks after Russia sent troops into Ukraine in late February, dropping as much as 50%, to…
WASHINGTON (AP) — The U.S. economy shrank at a 1.6% annual pace in the first three months of the year, the government reported Wednesday in a slight downgrade from its previous estimate for January-March quarter. It was the first drop in gross domestic product — the broadest measure of economic output — since the second…
PRAGUE (AP) — Budvar, the Czech brewer that has been in a long legal dispute with U.S. beer giant Anheuser-Busch over use of the Budweiser brand, increased its net profit by some 10% for the second straight year as it saw record output and exports despite the coronavirus pandemic. Budejovicky Budvar NP, a 126-year-old state-owned…
BRUSSELS (AP) — European Union countries reached a deal following hard-fought talks that dragged into early Wednesday to back stricter climate rules that would eliminate carbon emissions from new cars by 2035. The 27 EU members found agreement on draft legislation aimed at slashing EU greenhouse gases by at least 55% in 2030 compared with…
COLOMBO, Sri Lanka (AP) — Chamila Nilanthi is tired of all the waiting. The 47-year-old mother of two spent three days lining up to get kerosene in the Sri Lankan town of Gampaha, northeast of the capital Colombo. Two weeks earlier, she spent three days in a queue for cooking gas — but came home…
BEIJING (AP) — Asian stock markets were mixed Thursday after the U.S. economy contracted and China reported stronger factory activity. Shanghai and Hong Kong gained, while Tokyo and Seoul declined. Oil prices advanced. Wall Street’s benchmark S&P 500 index edged down 0.1% on Wednesday after data showed the U.S. economy shrank in the first quarter…
HONG KONG (AP) — When the British handed its colony Hong Kong to Beijing in 1997, it was promised 50 years of self-government and freedoms of assembly, speech and press that are not allowed Chinese on the Communist-ruled mainland. As the city of 7.4 million people marks 25 years under Beijing’s rule on Friday, those…
