Wall Street week, canceled flights

NEW YORK (AP) — Wall Street closed its most painful week since the coronavirus crash of 2020 with a winding trading day on Friday that left it slightly higher. The S&P 500 rose 0.2%. That was nowhere near enough to offset earlier big losses, and the index fell to its tenth low in the past 11 weeks. Markets around the world have trembled as investors adjust to the bitter medicine of higher interest rates that central banks are increasingly doling out. Higher rates can lower inflation, but they also risk a recession by slowing the economy and lowering investment prices. ___

T-shirts ? Ice cream? Retailers cash in on Juneteenth


NEW YORK (AP) — Retailers and marketers were quick to commemorate June 19 with an avalanche of merchandise ranging from ice cream to t-shirts to gifts. But many are receiving backlash on social media for what critics say is undermining the day. June 19 was designated as a federal holiday last year to honor the emancipation of enslaved African Americans. A search for Juneteenth items among online sellers like Amazon and JC Penney yielded everything from toothpicks with Pan-African flags to party plates and balloons. Walmart, the nation’s largest retailer, apologized last month after being criticized on social media for a Juneteenth flavor of swirled red velvet and cheesecake ice cream under its Great Value store label. ___

Russia again reduces natural gas exports to European countries

PRAGUE (AP) — Russia has again cut natural gas to Europe as countries struggled to reduce their dependence on Russian supplies amid the war in Ukraine. Friday marks the third day of deep cuts in the fuel that powers industry and generates electricity in Europe, which also hit Germany and Austria. It has further driven up already high energy prices which are driving record inflation in the European Union. The Russian side told the Slovak state-controlled gas company that it would cut the flow of gas to the country by 50%. Russian energy giant Gazprom also told Italian gas company Eni that it would only supply 50% of the requested gas for Friday. France no longer receives natural gas from Russia. ___

Canceled flights rise in US as summer travel heats up

NEW YORK (AP) — Friday was another tough day for air travelers in the United States. Airlines canceled more than 1,100 flights early Friday afternoon as they tried to recover from storms that rocked the center and east of the country. This follows more than 1,700 canceled flights on Thursday. All this is happening as the number of passengers increases with the start of the summer holidays. Transport Secretary Pete Buttigieg has met with airline CEOs to review the steps airlines are taking to operate smoothly through the rest of the summer. ___

Companies weigh in on proposed SEC climate disclosure rule

WASHINGTON (AP) — The Securities and Exchange Commission is closing in on a final rule that would dramatically change what public companies disclose about the risks climate change poses to their operations. Public comments on the proposal closed on Friday. Companies, auditors, trade groups, legislators, individuals and others submitted over 10,000 comments. Opinions ranged from skepticism about the SEC’s authority to regulate greenhouse gas emissions data, to praise that the nation’s top financial regulator was finally seeking to mandate climate-related disclosures. ___

Biden hosts climate meeting amid high pressure on gas prices

WASHINGTON (AP) — Likening the oil and gas industry to Big Tobacco, United Nations Secretary-General Antonio Guterres said “fossil fuel producers and financiers have humanity at their throats.” But President Joe Biden didn’t really want to fight. With both soaring energy prices and global warming weighing on the world at the Major Economies Energy and Climate Forum, Biden spoke Friday about trying to ease the price pain gasoline prices while pushing longer-term green policies. Guterres dismissed the idea of ​​increasing gasoline production and outright vilified the fossil fuel industry in a virtual session that included oil-rich Saudi Arabia, China, Europe and Egypt . It was the first time Guterres compared the energy industry to tobacco interests. ___

Cruise ships adding sports betting options for passengers

NEW YORK (AP) — The growing legal sports betting industry is extending its reach to the middle of the ocean. BetMGM and Carnival Corporation announced a deal on Friday to put sportsbooks on more than 50 US-based cruise ships. The arrangement will allow wagering while ships are at sea or docked in a state that permits sports betting. Passengers can bet using a mobile app or at physical kiosks on the ship. It encompasses Carnival Cruise Line, Holland America Line and Princess Cruises. Princess started offering sports betting last October. Sports betting operations will be staggered over the next few months. ___

Putin: Russian economy will overcome ‘reckless’ sanctions

ST. PETERSBURG, Russia (AP) — President Vladimir Putin told the flagship Russia investment conference that the country’s economy will overcome sanctions he called “reckless and senseless.” Putin began his speech Friday at the St. Petersburg International Economic Forum with a lengthy denunciation of countries he believes want to weaken Russia, including the United States. He says the United States “declared victory in the Cold War and later came to see itself as God’s own messengers to planet Earth.” Russia has faced a wide range of sanctions after sending troops to Ukraine in February. Putin said trying to harm Russia’s economy “didn’t work”.

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The S&P 500 rose 8.07 points, or 0.2%, to 3,674.84. The Dow Jones Industrial Average fell 38.29 points, or 0.1%, to 29,888.78. The Nasdaq gained 152.25 points, or 1.4%, to 10,798.35. The Russell 2000 Small Business Index added 15.86 points, or 1%, to 1,665.69.

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