WASHINGTON (AP) — The nomination of Michael Barr, President Joe Biden’s choice to be the top regulator on the Federal Reserve’s Board of Governors, was approved Wednesday by a congressional committee and sent to the full Senate. Barr, who served as a top Treasury Department official in the Obama administration, is considered likely to be…
Philanthropists could help ease the damage from climate change by donating more money to address global warming and the communities most at risk from it, according to a report that the research organization Candid released Wednesday. “There can be huge climate value-for-money in supporting communities to address the inequalities that are causing their climate vulnerability,”…
BRUSSELS (AP) — The European Parliament on Wednesday threw its weight behind a proposed ban on selling new cars with combustion engines in 2035, seeking to step up the fight against climate change through the faster development of electric vehicles. The European Union assembly voted in Strasbourg, France, to require automakers to cut carbon-dioxide emissions…
BERLIN (AP) — The German government wants to temporarily keep additional coal-fired power plants on stand-by for almost two years to stave off a possible electricity shortage in case natural gas supplies from Russia are suddenly reduced, officials said Wednesday. Germany is trying to wean itself off Russian gas due to the war in Ukraine,…
WASHINGTON (AP) — Stagflation. It was the dreaded “S word” of the 1970s. For Americans of a certain age, it conjures memories of painfully long lines at gas stations, shuttered factories and President Gerald Ford’s much-ridiculed “Whip Inflation Now” buttons. Stagflation is the bitterest of economic pills: High inflation mixes with a weak job market…
WARSAW, Poland (AP) — Poland’s prime minister faced questions Wednesday over his purchase of 4.6 million zlotys (over $1 million) in Polish treasury bonds, amid suspicions he made an investment that traditionally offers protection against inflation at a time when authorities were officially saying the inflation risk was low. Opposition lawmakers have demanded that Prime…
LONDON (AP) — Russia’s war in Ukraine and the energy and food crises it worsened will severely drag down global economic growth and push up inflation this year, the Organization for Economic Cooperation and Development said Wednesday. China’s “zero-COVID” policies, which have further scrambled manufacturing supply chains, also are weighing on a world economy that…
Spirit Airlines, the target of a budget airline bidding war, is postponing a Friday shareholder vote on whether to accept one of those buyout offers after a flurry of counter proposals from Frontier Airlines and JetBlue Airways. Spirit said Wednesday that it rescheduled the vote on its preferred offer, from Frontier, until June 30, giving…
NEW DELHI (AP) — India’s central bank on Wednesday raised its key interest rate to 4.9% from 4.4%, the second such hike in the last three weeks to contain inflation. Reserve Bank of India Governor Shaktikanta Das said the decision was aimed at curbing price increases and mitigating the impact of geopolitical tensions, like the…
ANKARA, Turkey (AP) — Russia and Turkey voiced support Wednesday for a safe corridor in the Black Sea to allow Ukrainian grain exports, but Kyiv rejected the proposal, saying it was not credible. The European Union accused Moscow of “weaponizing” food supplies to gain an advantage in the war. Russia also demanded Ukraine remove mines…
