NEW YORK (AP) — After beginning the year in a buying mood, Americans slowed their spending in February on gadgets, home furnishings and other discretionary items as higher prices for food, gasoline, and shelter are taking a bigger bite out of their wallet. Retail sales increased 0.3% after registering a revised 4.9% jump from December…
Longtime Starbucks CEO Howard Schultz is returning to lead the company on an interim basis after the coffee giant’s current chief executive announced his retirement. Kevin Johnson said he will retire next month after five years as president and CEO and 13 years at Starbucks. Johnson, a former executive at Microsoft and Juniper Networks, succeeded…
LONDON (AP) — Nickel trading in London was suspended Wednesday shortly after it resumed following a weeklong halt as the exchange investigated a glitch. The London Metal Exchange said it had to pause trading to investigate a “system error” that let the price fall below a lower daily limit. The exchange brought in daily price…
Ratings agencies say Russia is on the verge of defaulting on government bonds following its invasion of Ukraine, with billions of dollars owed to foreigners. That prospect recalls memories of a 1998 default by Moscow that helped fuel financial disruption worldwide. Ratings agency Fitch said Wednesday that “a default or a default-like process has begun”…
BEIJING (AP) — China’s government tried Wednesday to reassure jittery investors by promising support for real estate and technology companies after regulatory crackdowns caused stock prices to plunge. Regulators should issue market-friendly policies to “invigorate the economy,” officials said at a Cabinet meeting led by Vice Premier Liu He, President Xi Jinping’s top economic adviser,…
BEIJING (AP) — Asian stock prices surged for a second day Thursday after the Federal Reserve announced its first interest rate hike since 2008 and China promised support for its real estate and internet industries. Hong Kong’s benchmark jumped 5.8% and Tokyo gained 3%. Shanghai, Seoul and Sydney advanced more than 1%. Oil prices gained…
Delivery company DoorDash said Tuesday it will refund its drivers for some U.S. gasoline purchases to help offset higher prices at the pump. DoorDash said it will give drivers 10% cash back when they buy gas using DasherDirect, the company’s debit card designed for drivers. Drivers will get the cash back for any gas purchase,…
TUSCALOOSA, Ala. (AP) — Mercedes-Benz has opened a new electric vehicle battery factory near Tuscaloosa, Alabama, that will create up to 600 new jobs. The German automaker said Tuesday that the plant in Bibb County opened a few months before Mercedes plans to start making two all-electric SUVs at a large assembly plant in nearby…
ALBUQUERQUE, N.M. (AP) — There’s no way of knowing if cost increases and missed construction deadlines will continue at the only U.S. underground nuclear waste repository, according to independent federal investigators, according to results of a federal watchdog report made public Tuesday. The Government Accountability Office outlined the concerns in its report, noting that the…
Ratings agencies say Russia is on the verge of defaulting on government bonds following its invasion of Ukraine, with billions of dollars owed to foreigners. That prospect recalls memories of a 1998 default by Moscow that helped fuel financial disruption worldwide. The possibility has become more than market speculation after the head of the International…
