Company Highlights: Inflation Remains Elevated, Stocks Recover

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The Crypto Collapse Is A Wake Up Call For Many, Including Congress

NEW YORK (AP) — Crashes in the cryptocurrency space are common, but the latest has served as a stark reminder that investors, pros and newbies alike, can roll the dice when investing money in digital assets. In a recent two-month period, bitcoin lost almost half of its value and other cryptocurrencies fell even more. Additionally, an area of ​​the cryptocurrency universe that was supposed to be less vulnerable to big swings has suffered a dramatic collapse. Some investors have taken to online forums to share stories of decimated fortunes and even suicidal desperation. With more and more investors taking an interest in digital assets, Washington has been forced to be careful. .

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Yellen: inflation “will remain high”; I hope it “comes down”

WASHINGTON (AP) — Treasury Secretary Janet Yellen acknowledged that she and Federal Reserve Chairman Jerome Powell “could have used a better word” than transitional to describe the expected run of inflation in the US. American economy. Yellen says she remains hopeful that he will decline. But she told the Senate Finance Committee on Tuesday that “I expect inflation to stay high even though I really hope it will come down now.” Yellen added that “lowering inflation” should be the number one priority. The Treasury and the Federal Reserve have been increasingly blamed by lawmakers and the public for allowing inflation to reach record highs.

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World Bank dims outlook for global economy amid war with Russia

WASHINGTON (AP) — The World Bank has sharply downgraded its outlook for the global economy, highlighting Russia’s war on Ukraine, the prospect of widespread food shortages and concerns about the potential return of “stagflation.” – a toxic mix of high inflation and slowing growth not seen in more than four decades. The 189-nation anti-poverty agency predicts the global economy will grow 2.9% this year. That would be down from global growth of 5.7% in 2021 and the 4.1% he forecast for 2022 in January. “For many countries, recession will be difficult to avoid,” said World Bank President David Malpass.

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Faced with huge inventory, Target cuts supplier orders and prices

NEW YORK (AP) — Target is canceling orders from vendors, especially for homewares and apparel, and further slashing prices to clear stockpiled ahead of the critical fall and holiday shopping seasons. The actions come after a pronounced shift in spending by Americans from investing in their homes to spending money on experiences like travel, dinner parties and other pre-pandemic routines. Shoppers are also focusing more on non-discretionary items like groceries, as inflation makes them more selective. It’s a change that has come much faster than major retailers anticipated. The speed at which Americans have moved away from pandemic-related spending has been laid bare in the latest quarterly financial reports from a number of major retailers.

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U.S. solar companies weigh challenge of Biden’s tariff break

WASHINGTON (AP) — U.S. solar makers are considering legal challenges after President Joe Biden declared a two-year pause on tariffs on solar imports from Southeast Asia. Biden’s action on Monday was aimed at reviving solar installations that have slowed amid a Commerce Department investigation into possible trade violations involving Chinese products. But some domestic producers, including a California company that filed a complaint with Commerce alleging unfair competition from China, said Biden’s actions would help state-subsidized Chinese solar companies at the expense of U.S. producers. The White House said Biden’s actions would boost an industry crucial to his climate change goals without interfering with the trade investigation.

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Mass shootings intensify local reform efforts

Gun control and gun violence intervention advocates hope the mass shootings in Uvalde, Texas, and Buffalo, New York, will convince federal and state governments to take action. measures again. Nonprofits like March for Our Lives plan to mobilize supporters on June 11 to push elected officials to demand universal background checks. It’s just a philanthropic effort in a movement that recognizes that politicians haven’t taken meaningful action on gun control in America. Other non-profit, community or advocacy organizations have also understood why gun violence occurs and how to reduce it, including interventions not dependent on passage of legislation.

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One plug and you’re done: EU will demand a common way to charge phones

LONDON (AP) — European Union officials have agreed to new rules requiring a uniform charging cord for smartphones and other devices. This decision would make life easier for consumers who are tired of digging through a tangle of cables to find the right one. EU negotiators said on Tuesday they had signed a provisional deal on a “one-stop charging solution”. It’s part of a broader effort to make products sold in the 27-nation bloc more sustainable and reduce e-waste. The new rules will come into force in autumn 2024 and mean that consumers in the EU will only need to use a common USB Type-C cable for small and medium-sized rechargeable portable electronic devices.

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Stocks rally as uncertainties keep Wall Street faltering

NEW YORK (AP) — U.S. stocks rallied on Tuesday as Treasury yields fell, but Wall Street remains shaky as investors wait for more clarity on the direction interest rates, inflation and inflation are headed. the economy. The S&P 500 climbed 1% after rebounding from an early loss of the same size. Technology stocks were among the main forces driving the market. Energy producers’ inventories also rose along with oil prices. That helped overshadow problems at Target, which warned of declining profit margins as it slashed prices to eliminate inventory. JM Smucker soared on strong quarterly results.

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Environmental groups challenge EU support for gas projects

BRUSSELS (AP) — Environmental groups have filed a lawsuit against the European Commission challenging the inclusion of 30 gas projects on a list of priority deals deemed beneficial to the bloc’s energy market. Activists said on Tuesday that the European Commission had granted “these climate-destroying projects VIP status, in contradiction to its legal obligations”. The groups’ legal action came as European lawmakers debated on Tuesday proposals for the Commission’s ‘Fit for 55’ package to meet EU climate targets of cutting greenhouse gas emissions. origin of global warming of 55% during this decade.

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No justice reform in Poland, no money, EU chief pledges

BRUSSELS (AP) — European Commission President Ursula von der Leyen has said Poland will not receive money from an EU pandemic relief fund until the right-wing government rolls back measures intended to limit the independence of the judiciary. Poland should receive nearly 36 billion euros to help its economy recover. But the EU has frozen its access to funds amid concerns over political control over the justice system. The committee insists that a disciplinary chamber for Polish judges be abolished, that its regulations be rewritten and that judges sanctioned by the chamber have their cases reviewed. Von der Leyen told European lawmakers on Tuesday that “no money will be disbursed until these reforms are undertaken.” Some lawmakers are skeptical.

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The S&P 500 rose 39.25 points, or 1%, to 4,160.68. The Dow Jones Industrial Average rose 264.36 points, or 0.8%, to 33,180.14. The Nasdaq gained 113.86 points, or 0.9%, to 12,175.23. The Russell 2000 Small Business Index rose 29.68 points, or 1.6%, to 1,919.56.

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