Business Highlights: Russian Oil, US Consumer Confidence
G-7 leaders united behind Ukraine aim for Kremlin oil money
ELMAU, Germany (AP) — Leaders of the world’s wealthiest democracies have taken a united stance in supporting Ukraine “for as long as it takes” as the Russian invasion continues. They swore to hit Russia with immediate and severe economic pain for its invasion. Part of that could be moves to cap Russia’s revenue from oil sales that fund the war. The Group of Seven’s final statement foresees further talks in the coming weeks to explore measures to ban the import of Russian oil above a certain level. The leaders also agreed to ban imports of Russian gold and step up aid to countries hit by food shortages by the blockade of Ukrainian grain shipments through the Black Sea. ___
US consumer confidence at 16-month low
WASHINGTON (AP) — U.S. consumer confidence has fallen to a 16-month low as lingering inflation and rising interest rates make Americans as pessimistic as they have been about the future for almost a decade. The Conference Board said on Tuesday its consumer confidence index slipped to 98.7 in June from 103.2 in May and the second consecutive monthly decline and the lowest level since February 2021. The group’s expectations index Business research, based on the six-month outlook for consumer income, business and labor market conditions, fell in June to 66.4 – its lowest level since 2013.
Instagram hides some posts that mention abortion
WASHINGTON (AP) — Instagram blocks posts that mention abortion from public view, in some cases requiring users to confirm their age before letting them see posts offering information about the procedure. Over the past day, several abortion advocacy Instagram pages discovered that their posts or stories were hidden with a disclaimer describing the posts as “sensitive content.” The Associated Pres identified half a dozen other posts that mentioned the word “abortion” and were later covered up by Instagram. All posts were informational in nature and none of the posts included pictures of abortions. ___
Stocks slide on Wall Street as inflation concerns linger
NEW YORK (AP) — Stocks fell on Wall Street Tuesday as the market remains plagued by uncertainty over widespread inflation, rising interest rates and the potential for a recession. The S&P 500 fell 2%, the Dow Jones Industrial Average 1.6% and the Nasdaq 3%. The Conference Board reported that consumer confidence fell in June to its lowest level in more than a year, on worries about inflation, including rising gas and food prices. Energy stocks rose along with the price of crude oil. The yield on the 10-year Treasury note, which helps set mortgage rates, held steady at 3.19%. ___
Airbnb permanently bans parties at its rental locations
SAN FRANCISCO (AP) — Airbnb says it is making its party ban permanent. The short-term rental company said on Tuesday that the temporary ban it put in place in 2020 was working, so it decided to make it permanent. The company says reports of parties at listed properties are down 44% from a year ago. Airbnb has been trying to suppress parties since late 2019, after a fatal shooting at a rented home in California. While making the ban permanent, Airbnb is lifting a capacity limit on certain rentals. Airbnb says some landlords want to eliminate the 16-person limit at larger properties.
European Central Bank ready to ‘eradicate’ soaring inflation
SINTRA, Portugal (AP) — The head of the European Central Bank said he would move gradually to tackle soaring consumer prices with interest rate hikes in July and September, but will keep his options open for “eradicate” inflation if it rises faster than expected . In a speech on Tuesday opening an ECB forum on central banking in Sintra, Portugal, bank president Christine Lagarde used strong language as policymakers aimed for inflation at a record 8.1% in the 19 countries using the euro. Lagarde says the bank is using the dual approach to be able to partially respond to economic uncertainty. She says Europe is acutely suffering shocks from rising energy and food prices linked to Russia’s war in Ukraine.
Siemens invests in Volkswagen’s Electrify America
NEW YORK (AP) — German industrial company Siemens will invest more than $100 million in a network of electric vehicle charging stations in North America operated by Volkswagen. Siemens is the first outside investor in the project, Electrify America said Tuesday, and the company is being granted a seat on its board of directors. In total, the network added $450 million in funding, which includes increased capital investment from the Volkswagen Group. Volkswagen initially pledged $2 billion through 2026.
Swedish utility plans to build new small nuclear reactors
COPENHAGEN, Denmark (AP) — Sweden’s electricity utility Vattenfall said it plans to build at least two new small nuclear reactors to cope with an expected increase in electricity consumption over the next few decades. Sweden originally aimed to phase out nuclear power generation – which currently provides about 40% of its needs – by 2010. But in 2009 lawmakers decided to allow existing reactors to be replaced by new ones. news, and opinion polls show that most Swedes agree. Vattenfall said in a statement on Tuesday that it was “initiating a pilot study on the conditions for the construction of at least two small modular reactors” near the Ringhals power station, Sweden’s largest. ___
The S&P 500 fell 78.56 points, or 2%, to 3,821.55. The Dow Jones Industrial Average fell 491.27 points, or 1.6%, to 30,946.99. The Nasdaq fell 343.01 points, or 3%, to 11,181.54. The Russell 2000 Small Business Index fell 32.90 points, or 1.9%, to 1,738.84.