Company Highlights: Biden’s low marks, energy deal



AP-NORC poll: Low marks for Biden on economy as prices rise

WASHINGTON (AP) — A majority of Americans say they don’t blame President Joe Biden for high gas prices, but give low marks to his economic leadership amid inflation fears and pessimism growing on economic conditions. A new Associated Press-NORC Center for Public Affairs Research poll shows about 7 in 10 Americans say the country’s economy is in bad shape and nearly two-thirds disapprove of Biden’s handling of the economy. Moreover, Americans are more likely to say that his policies have hurt the economy than helped it. Even so, they are more likely to say the higher than usual gas prices are due more to factors beyond Biden’s control than because of Biden’s policies.


War in Ukraine pushes US and EU to cut Russian energy

BRUSSELS (AP) — U.S. President Joe Biden is proposing a major expansion of natural gas shipments to Europe amid risks from Russia’s war in Ukraine. Biden told European Commission President Ursula von der Leyen on Friday that the main issue was “to help Europe reduce its dependence on Russian gas as quickly as possible.” Europe depends on Moscow for 40% of the natural gas it needs to heat homes, generate electricity and run industry. Under this plan, the United States and a few like-minded partners will increase exports of liquefied natural gas to Europe. But U.S. export facilities are already operating at full capacity, and Europe may struggle to receive those shipments.


US stocks generally end higher after another day of highs and lows

NEW YORK (AP) — Stocks mostly rose on Wall Street on Friday after another day of rebounding as traders try to figure out what’s next for the economy. It was a fitting end to a bumpy week that saw both gains and losses for major US indices. The S&P 500 ended with a 0.5% gain after another day of sudden moves higher and lower. The tech-heavy Nasdaq ended with a 0.2% loss and the Dow Jones Industrial Average rose 0.4%. Treasury yields rose sharply again and crude oil prices rose moderately.


US and EU sign data transfer agreement to ease privacy concerns

BRUSSELS (AP) – The European Union and the United States have made a breakthrough in their years-long battle over data privacy that crosses the Atlantic with a preliminary agreement that paves the way for Europeans’ personal information to be stored in the US President Joe Biden and European Commission President Ursula von der Leyen announced the deal on Friday when Biden stopped in Brussels during a European tour amid Russia’s war in Ukraine. The business groups said the deal will bring relief to thousands of businesses facing uncertainty over sending data between the United States and Europe, which has much stricter regulations. data privacy.


EU leaders reach compromise on energy after lengthy debate

BRUSSELS (AP) — EU leaders struggled for hours on Friday to broker a deal on a deal to cut energy prices that have soared and hurt households and businesses in the 27-nation bloc. There was a clear divide between southern and northern nations during the day-long talks held in Brussels. Mediterranean countries led by Spain were pushing for market intervention with measures like price caps while Germany and the Netherlands were resisting drastic options. The leaders have however agreed on a proposal from the European Commission to move towards the joint purchase of natural gas. The war in Ukraine made EU countries realize that they were far too dependent on Russia for natural gas and oil.


EU agrees on new digital rules to curb Big Tech dominance

BRUSSELS (AP) — The European Union has set the stage for more crackdowns on tech companies with an agreement on landmark digital rules to rein in online “gatekeepers” such as Google and Facebook parent company Meta. EU officials agreed late Thursday on the wording of the bloc’s digital markets law, part of a long-awaited overhaul of its digital rules. The law aims to prevent tech giants from dominating digital markets, with the threat of huge fines or even the possibility of corporate dissolution. For example, they face tighter restrictions on using people’s data for targeted online advertising. The rules underscore how Europe has become a global leader in efforts to limit the power of tech companies.


Judge launches Washington Post reporter’s discrimination complaint

A judge has dismissed a lawsuit brought by a Washington Post political reporter who said the paper discriminated against her as a woman and a victim of sexual assault. Felicia Sonmez sued the Post in July, claiming the newspaper forbade her from reporting sexual misconduct after speaking publicly about her own experiences. The ban was lifted in March 2021. In his ruling on Thursday, Judge Anthony Epstein noted that the Post argued that it took action against Sonmez because of his public statements, to avoid the appearance or the perception of bias. This, he said, did not break the law. Sonmez’s attorney says an appeal is scheduled.


US to give airlines a break on take-off rights in New York, DC

WASHINGTON (AP) — Federal authorities are extending pandemic relief to help major airlines retain their coveted takeoff and landing rights at major airports in New York and Washington this summer. The Federal Aviation Administration’s decision applies to international flights. Take-off and landing rights are called “slots”, and they are limited to JFK and LaGuardia airports in New York and Reagan National Airport outside of Washington. Airlines that do not use their slots risk losing them to other carriers. But the FAA says that due to the ongoing pandemic, it will extend a waiver of the rules for international flights until the end of October. It was due to expire on Sunday.


The S&P 500 gained 22.90 points, or 0.5%, to 4,543.06. The Dow Jones Industrial Average rose 153.30 points, or 0.4%, to 34,861.24. The Nasdaq fell 22.54 points, or 0.2%, to 14,169.30. The Russell 2000 Small Business Index added 2.54 points, or 0.1%, to 2,077.98.


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