Month: May 2022

By OLEKSANDR STASHEVSKYI and CIARAN McQUILLAN Associated Press KYIV, Ukraine (AP) — The fate of hundreds of Ukrainian fighters who surrendered after holding out against punishing attacks on Mariupol’s steel factory hung in the balance Thursday, amid international fears that the Russians may take reprisals against the prisoners. The International Committee of the Red Cross

By DEE-ANN DURBIN AP Business Writer McDonald’s is selling all of its restaurants in Russia 30 years after the burger chain became a powerful symbol of easing Cold War tensions between the United States and Soviet Union. It shuttered all Russian locations in March because of Russia’s invasion of Ukraine. The Chicago burger giant said

By ANNE D’INNOCENZIO AP Retail Writer NEW YORK (AP) — Kohl’s Corp. cut its earnings forecast, as the department store joins a string of retailers stung with soaring inflation. The reduction followed weaker-than-expected first-quarter results. Like many department stores, Kohl’s had struggled before the pandemic, but the health crisis wielded a big blow to sales.

By STAN CHOE and ALEX VEIGA AP Business Writers NEW YORK (AP) — Investors on Wall Street need a place to hide. The stock market’s skid this year has pulled the S&P 500 close to what’s known as a bear market. Rising interest rates, high inflation, the war in Ukraine and a slowdown in China’s

By ALEX VEIGA AP Business Writer LOS ANGELES (AP) — Rising interest rates are making adjustable-rate mortgages a more attractive alternative to common 30-year, fixed-rate home loans. ARMs made up 13% of all home loans by dollar volume in March, their highest share since January 2020, according to CoreLogic. The increase coincides with a sharp

By R.J. RICO Associated Press Practically every minute of every hour, someone sends a tweet to Bill Pulte, a 33-year-old private-equity investor and heir to the mammoth PulteGroup homebuilding company. And, nearly every day, Pulte responds. He sent $500 for a man who sent a video showing his missing teeth. He gave $125 for a

By MATT OTT AP Business Writer WASHINGTON (AP) — More Americans applied for jobless aid last week, but the total number of Americans collecting unemployment remains at a five-decade low. Applications for unemployment benefits rose by 27,000 to 229,000 for the week ending June 4, the most since mid-January, the Labor Department reported Thursday. First-time

NEW YORK (AP) — Wall Street headed for more losses at the open following the previous day’s rout amid persistently high inflation and its potential effect on corporate profits and consumer spending. Futures for the S&P 500 and Dow Jones Industrial Average slid 0.9% Thursday before the bell. Shares in Europe and Asia fell sharply

GENEVA (AP) — The World Health Organization has granted an emergency use authorization for the coronavirus vaccine made by China’s CanSino Biologics. It’s the 11th coronavirus vaccine to receive WHO’s green light. In a statement on Thursday, the U.N. health agency said the single-dose vaccine was found to be about 92% effective against severe COVID-19