Global stocks lower ahead of Federal Reserve meeting
BEIJING (AP) — Global stock markets and Wall Street futures are lower as investors look to this week’s Federal Reserve conference for signals about more possible U.S. rate hikes to cool surging inflation. London and Frankfurt opened lower. Tokyo and Hong Kong declined. Shanghai gained after China cut an interest rate that affects mortgage costs. Oil prices lost more than $1.50 per barrel. Minutes released last week from a U.S. central bank board meeting affirmed plans for more rate increases despite signs of weaker economic activity. Traders worry efforts by the Fed and central banks in Europe and Asia to contain inflation might derail global economic growth.
Ford to appeal $1.7 billion verdict in Georgia truck crash
WOODSTOCK, Ga. (AP) — The Ford Motor Co. says it plans to appeal a $1.7 billion verdict against the automaker after a pickup truck crash claimed the lives of a Georgia couple. A Georgia jury returned the verdict late last week. Lawyers for the couple confirmed the verdict. The civil case involved what the plaintiffs’ lawyers called dangerously defective roofs on Ford pickup trucks. Melvin and Voncile Hill were killed in April 2014 in the rollover wreck of their 2002 Ford F-250 pickup truck. In closing arguments, lawyers hired by the company defended the actions of Ford and its engineers.
China fights brush fires, extends power rationing in drought
BEIJING (AP) — Brush fires have forced the evacuation of more than 1,500 people in southwest China and power rationing for factories has reportedly been extended as weeks of record heat and drought batter the region. A notice reported by Chinese news outlets says power rationing that forced factories in the southwest to shut down has been extended through at least Thursday due to low water at hydroelectric dams. That exacerbates losses from China’s hottest, driest summer in decades. The disruption adds to challenges for the ruling Communist Party, which is trying to shore up sagging economic growth ahead of a meeting that is expected to award President Xi Jinping a third five-year term as leader.
Qatar detains workers protesting late pay before World Cup
DUBAI, United Arab Emirates (AP) — An advocacy group says Qatar arrested at least 60 foreign workers who protested going months without their pay and deported some of them. The incident comes just three months before Doha hosts the 2022 FIFA World Cup. The move comes as Qatar faces intense international scrutiny over its labor practices ahead of the tournament. Qatar, like other Gulf Arab nations, heavily relies on foreign labor. Qatar’s government acknowledged that “a number of protesters were detained for breaching public safety laws.” However, it declined to offer any information about the arrests or any deportations. It said it was investigating the firm involved and planned to settle workers’ salaries.
For Republican governors, all economic success is local
WASHINGTON (AP) — Texas Gov. Greg Abbott often knocks President Joe Biden for the country’s high rate of inflation and fears of a looming recession. So do many other Republicans, including state leaders in Georgia and Florida, as they sharpen their critiques before the November elections. But prices are rising more dramatically across much of those three states than they are nationally. Democrats say Republicans are taking credit for job growth that’s been enabled by Biden’s policies, even as Republicans blame those same policies for inflation. Still, voters seem to be holding Biden accountable for inflation while being more generous in doling out praise for the nation’s low unemployment rate.
Military families’ housing benefits lag as rents explode
Housing has long been a major benefit for service members, a subsidy to salaries that trail the private sector. But amid record-breaking spikes in rent, service members and housing activists say the Department of Defense has not adequately increased housing allowances, thereby neglecting its commitment to military families. That’s forced many to settle for substandard homes, deal with extremely long commutes or pay thousands they hadn’t budgeted for. Military housing activist Kate Needham argues that the discrepancy between housing allowances and the current market should alarm officials who are already struggling to recruit the next generation. Defense officials say they’re committed to helping families secure “suitable, affordable housing, whether on or off-base.”
DC’s pioneering ‘Baby Bonds’ plan aims to narrow wealth gap
WASHINGTON (AP) — A landmark social program is being pioneered in the nation’s capital. The program is called “Baby Bonds” and it’s designed to narrow the wealth gap. The children of Washington’s poorest families would get up to $25,000 when they reach adulthood. The money is intended for purposes such as college, investing in a business or making a down payment. In just over a decade, the Baby Bonds idea has moved from fringe concept on the left to actual policy. The District of Columbia is the first laboratory, and U.S. lawmakers are monitoring the experiment. The bonds are more accurately trust funds, designed to provide a boost of capital at a critical time in the lives of the country’s poorest children
Russia’s war at 6 months: A global economy in growing danger
MECKENHEIM, Germany (AP) — It’s almost six months since Russia invaded Ukraine, and the consequences are posing a devastating threat to the global economy. Governments, businesses and families worldwide are feeling the effects just two years after the coronavirus pandemic ravaged global trade. Inflation is soaring, and rocketing energy costs have raised the prospect of a cold, dark winter. Europe stands at the brink of recession. High food prices and shortages could produce widespread hunger and unrest in the developing world. Everyone has been hit, from a family-owned company that rustproofs steel parts in Germany to a Pakistani man needing a second job to meet expenses and a Thai street-food vendor wondering how long her business can hold on.
‘Dragon Ball Super’ bests ‘Beast’ at box office with $20.1M
“Dragon Ball Super: Super Hero” topped the charts in its first weekend in theaters, with $20.1 million in ticket sales according to studio estimates on Sunday. Universal’s Idris Elba-led action flick “Beast,” meanwhile, settled for a second-place debut with $11.6 million. Crunchyroll released “Dragon Ball Super: Super Hero” on 3,900 screens in North America, marking the widest-ever opening for an anime. The Toei Animation production was directed by Tetsuro Kodama, who had the support of “Dragon Ball” creator Akira Toriyama. “Bullet Train” placed third, followed by “Top Gun: Maverick” in fourth and “DC League of Super-Pets” in fifth place.
Homeowning while Black: Couple alleges bias in appraisal
NEW YORK (AP) — A Baltimore family is suing an appraiser and a mortgage lender after their home was allegedly undervalued severely because they are Black. The couple applied last year to refinance their mortgage, and said the deal seemed to be progressing until an appraiser said the home’s value was too low. The plaintiffs disagree with how the appraiser came up with the value and say it is because they are Black. A separate appraisal, done less than a year later after “whitewashing” the place by removing photos of Black people, said the home was worth $278,000 more than the initial appraisal. The appraisal company in the case, 20/20 Valuations, could not immediately be reached for comment.
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