AP Business SummaryBrief at 2:59 a.m. EDT | Business
EXPLAINER: What is the Quad des 4 nations, where does it come from?
TOKYO (AP) — Leaders of the United States, Japan, Australia and India gathered in Tokyo on Tuesday for a so-called Quad summit. The name comes from the Quadrilateral Security Dialogue. It started as a loose partnership after the devastating Indian Ocean tsunami in 2004, when the four countries provided humanitarian aid and disaster relief. It was made official by former Japanese Prime Minister Shinzo Abe in 2007, but then fell dormant until it was resurrected in 2017. The Trump and Biden administrations saw the Quad as a key way to gain more focus on the Indo-Pacific region, particularly as a counterweight to China’s assertive actions
Biden: Leaders in ‘dark hour’ after Ukraine invasion
TOKYO (AP) — President Joe Biden has warned fellow leaders of the informal Indo-Pacific security coalition known as the Quad that they are “going through a dark hour in our shared history” as Russia continues a brutal war against Ukraine. Biden called for greater Indo-Pacific leadership in efforts to stop Russian aggression at the start of a summit Tuesday with the leaders of Australia, India and Japan. Biden did not directly call any country. But his message appeared to be a nudge from Indian Prime Minister Narendra Modi, with whom differences persist over how to respond to Russia.
Facebook and Instagram to learn more about how ads target users
WASHINGTON (AP) — Meta, the parent company of Facebook and Instagram, said it will begin publicly providing more details about how advertisers target people with political ads. It comes just months before the US midterm elections and years after criticism that social media platforms withhold too much information about how campaigns, special interest groups and politicians target small pockets of people with sometimes polarizing and misleading messages. Meta will begin showing the demographics and interests of audiences advertisers choose to target with political ads on platforms like Facebook and Instagram. The company will also share how much advertisers spend targeting people in certain states.
More people are turning to UK food banks as food and fuel bills soar
LONDON (AP) — Across Britain, food banks and community food centers that have helped struggling families, the elderly and the homeless during the pandemic are now seeing growing demand. Soaring energy and food bills are pushing millions of people into financial hardship, and a growing number of people cannot afford to buy groceries. The cost of food and fuel in the UK has risen sharply since the end of last year, with inflation hitting its highest level in 40 years. In April, millions of families saw their annual energy bills jump by 54%, and another rise in energy prices is expected in October. Britain’s Conservative government has been criticized for not doing enough to ease the crisis.
Asian stocks trade lower as inflation worries clouded outlook
TOKYO (AP) — Asian stocks are trading lower as concerns about inflation temper optimism over President Joe Biden’s remark that he was considering cutting U.S. tariffs on Chinese imports. Benchmarks fell in Tokyo, South Korea, Australia and China. Oil prices were lower. Biden announced a new economic and trade initiative with the region on Monday during a visit to Japan. He also confirmed to reporters that he planned to discuss the issue of punitive tariffs imposed on China once back in Washington. The comments raised optimism that tensions between the world’s two largest economies could ease.
Zelenskyy calls for ‘maximum’ sanctions against Russia at Davos talks
DAVOS, Switzerland (AP) — Ukrainian President Volodymyr Zelenskyy calls for “maximum” sanctions against Russia during a virtual speech at the World Economic Forum rally in Davos, Switzerland. He said on Monday that sanctions must go further to stop Russia’s aggression, including an oil embargo, blocking all its banks and completely cutting off trade with Russia. Zelenskyy also says Ukraine needs at least $5 billion a month. He says the country has “more than half a trillion dollars in losses”. He added that tens of thousands of lives could have been saved if Ukraine had “received 100% of our needs at once, in February” in terms of weapons. , funding, political support and sanctions against Russia.
AP-NORC poll: economic growth is the priority of Russia’s response
WASHINGTON (AP) — Americans are increasingly less supportive of punishing Russia for launching its invasion of Ukraine if it comes at the expense of the U.S. economy, a sign of growing anxiety about inflation and to other challenges. That’s according to a new survey from the Associated Press-NORC Center for Public Affairs Research. He finds that while broad support for US sanctions has not waned, the balance of opinion on the priority given to sanctions over the economy has shifted. Americans interviewed by the AP detail how they have had to cut back on driving and spending and want the White House to focus on domestic concerns, even though many people have sympathy for Ukraine.
Airbnb ends rentals in China to focus on outbound tourists
BEIJING (AP) — Airbnb Inc. announces that it will stop representing short-term rental properties in China and will focus its business in the country on serving Chinese tourists looking for accommodation abroad. Airbnb joins a string of foreign internet companies, including Yahoo Inc. and eBay Inc., that pulled out of China after facing stiff local competition and regulatory hurdles. The company’s chief strategy officer said on his social media account that the rental service will shut down on July 30. He said landlords represented by Airbnb had welcomed more than 25 million guests since 2016. China has been closed to foreign tourists and strictly screened most international travelers. traveling since the pandemic hit in early 2020.
For Americans, 2021 offered the healthiest finances in 8 years
WASHINGTON (AP) — Americans’ financial health hit its highest level in nearly a decade last year, the Federal Reserve said Monday, boosted by a strong job market and government support payments. Nearly eight in 10 adults said last fall that they were “doing well or living comfortably” when it comes to their finances in 2021, according to an annual Fed survey, the highest proportion to say so since the start. of the survey in 2013.
Contractor resignation puts Shell in climate spotlight
BERLIN (AP) — A longtime Shell contractor has accused the oil and gas company of “doublespeak” by saying it wanted to cut greenhouse gas emissions while working on mining new fossil fuel sources. Security consultant Caroline Dennett said on Monday she was ending her ties with the company and urged others in the fossil fuel industry to do the same. She claimed in a public post on LinkedIn that Shell is not all about fossil fuels. Shell has insisted it is committed to achieving net zero emissions by 2050. The company is due to hold its annual general meeting of shareholders on Tuesday. He said he has set short, medium and long-term goals and is already investing billions of dollars in low-carbon energy.