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Fed: On track to slow support for economy later this year
WASHINGTON: Federal Reserve Chair Jerome Powell signaled Wednesday that the Fed plans to announce as early as November that it will start withdrawing the extraordinary support it unleased after the coronavirus paralyzed the economy 18 months ago. Powell said that if the job market maintained its steady improvement, the Fed would likely begin slowing the pace of its monthly bond purchases. At the same time, the Feds policymaking committee indicated Wednesday that it expects to start raising its benchmark interest rate sometime next year earlier than the members envisioned three months ago and a sign that they are concerned that high inflation pressures may persist.
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Stocks hold their gains on Wall Street after Fed statement
Stocks held on to their gains on Wall Street Wednesday after the Federal Reserve signaled it may begin easing its extraordinary support measures for the economy later this year. The central bank said it may start raising its benchmark interest rate sometime next year, earlier than it envisioned three months ago. The S&P 500 rose 1%. Tech companies helped lead the gains, though Facebook fell 4%. The Dow Jones Industrial Average and the Nasdaq composite also rose about 1%. The yield on the 10-year Treasury note wobbled up and down after the Feds announcement, but wound up little changed at 1.31%.
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Apple, Google raise new concerns by yanking Russian app
BERKELEY, Calif.: Apples and Googles cooperation with the Russian governments efforts to suppress an app opposed to the ruling regime is escalating concerns about whether Big Techs pursuit of ever-higher profits has trampled their commitment to protecting civil rights. The debate is being spurred by last weeks abrupt removal of an voting app organizing opposition to Russia President Vladimir Putin. Both Apple and Google expunged the Smart Voting app from their respective app stores in Russia after being repeatedly warned that it was breaking that countrys laws. That galled supporters of free elections and raised worries other government leaders will resort to similar tactics.
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Loop hopes to go mainstream with reusable packaging
Reusable packaging is about to become more common at groceries and restaurants worldwide. Loop, which collects and sanitizes reusable containers, said Wednesday its expanding after successful trials in France and Japan. Customers can pay a deposit for items like stainless steel canisters of ice cream. They get the deposit back when they return the empty container to the store, where Loop collects and cleans it. Kroger and Walgreens in the U.S., and Tesco in the United Kingdom are among the groceries partnering with Loop. McDonalds, Burger King and Tim Hortons have also signed on.
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Fendi, Del Core lead Milan fashions runway return
MILAN: Italys fashion capital is again alive with the sound of shoppers swarming boutiques and editors filling socially distanced fashion week venues, a sign of a light at the end of the pandemic tunnel. Milan Fashion Week opened Wednesday with 42 live runway shows, led by Fendi and Daniel Del Core, and 56 in-person presentations. It was the biggest presence yet since the pandemic struck Italy 19 months ago. The 1970s echoed down the Fendi runway, with prints, motifs and colors carried by modern silhouettes, during the second collection by womenswear creative director Kim Jones. German designer Daniel Del Core brought his flair for the dramatic to a collection inspired by a trip to the Costa Rican rainforest.
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UN health agency sets higher, tougher bar for air quality
GENEVA: The World Health Organization is setting a higher bar for policymakers and the public in its first update to its air quality guidelines in 15 years. The U.N. agency says the harmful health effects of air pollution kick in at lower levels than it previously thought. WHO released its revised guidelines on Wednesday as climate change is a leading topic at the U.N. General Assembly in New York. Since the last update, better monitoring and science has cleared up the global picture about the effects of six air pollutants on human health. The agency says 90% of the worlds people already live in areas with at least one particularly harmful type of pollutant.
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European Central Bank climate report: Early action is better
FRANKFURT, Germany: The European Central Bank has carried out its first climate change stress test. The analysis probes what would happen to banks, companies and the economy under different climate scenarios. The bank found that there will be costs in the short term to polluting industries like coal mining and conventional electricity generation. But those costs will pay off in the long run if the economy avoids sharply increased natural disasters and severe weather that would come with doing nothing, or with a late and hasty response. Banks in southern European countries like Greece were found to be particularly exposed to loan defaults if companies are hit by floods or fires.
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COVID-19 creates dire US shortage of teachers, school staff
SAN FRANCISCO: Schools have welcomed students back to classrooms but face a new challenge: a shortage of teachers and staff the likes of which some districts say they have never seen. Public schools have struggled for years with teacher shortages, but the coronavirus pandemic has exacerbated the problem. One school official in California calls it the most acute shortage of labor hes ever seen. Similar scenarios are playing out across the country as schools cope with a spike in retirements and a need to hire more teachers, counselors, tutors and aides to help children recover make up for learning losses.
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Frances envoy to return to US after Macron, Biden talks
PARIS: France will send its ambassador back to Washington next week after French President Emmanuel Macron and President Joe Biden agreed in a phone call to meet next month over a submarine spat that sent relations between the longtime allies into a tailspin. The Elysee and the White House said in a joint statement that Biden and Macron have decided to open a process of in-depth consultations, aimed at creating the conditions for ensuring confidence. They will meet at the end of October in Europe. France recalled its ambassador after the U.S., Australia and Britain announced a new Indo-Pacific defense deal last week. Under the deal, Australia will cancel a multibillion-dollar contract to buy diesel-electric French submarines and acquire U.S. nuclear-powered vessels instead.
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United Airlines say 97% of US employees have been vaccinated
The vast majority of United Airlines employees are deciding to get vaccinated against COVID-19 rather than risk losing their job. United said Wednesday that more than 97% of its U.S.-based employees are fully vaccinated. Theres less than a week to go before United employees face a deadline to get the shots or get fired. The airline says a small number of employees are seeking a medical or religious exemption from vaccination. Employees who win an exemption will be placed on leave starting Oct. 2 and could eventually come back, although they might have to wear a mask and undergo weekly testing for the virus.
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The S&P 500 rose 41.45 points, or 1%, to 4,395.64. The Dow Jones Industrial Average rose 338.48 points, or 1%, to 34,258.32. The Nasdaq rose 150.45 points, or 1%, to 14,896.85. The Russell 2000 index of smaller companies rose 32.38 points, or 1.5%, to 2,218.56.
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