Business News

Hurricane Ian threatens home insurance industry

Why the stock market is falling and what to do

Hurricane Ian evacuees face dire financial costs

These workers suffer most if unemployment spikes

Inflation hits record 10% in 19 EU countries

NATO believes Baltic Sea gas leaks were sabotage

What Hurricane Ian means for food and gas prices

Bank to refund $141M for illegal overdraft fees

Bosnian Serb separatist leader blasts West, praises Russia

The Associated Press
UK's Truss meets with fiscal watchdog amid economic crisis
British Prime Minister Liz Truss and her Treasury chief have met with the independent Office of Budget Responsibility amid efforts to ease concerns about unfunded tax cuts that have unleashed turmoil on financial markets
9/30/2022 06:56:18 EDT

1 hour ago

Inflation hits record 10% in 19 EU countries using euro

Inflation in the European countries using the euro currency has broken into double digits as prices for electricity and natural gas soar

1 hour ago

FILE - A woman uses an ATM machine in the main town of the Aegean Sea island of Rhodes, southeastern Greece, Tuesday, May 10, 2022. Inflation in 19 European countries using the euro currency hits another record at 10% as energy prices soar. (AP Photo/Thanassis Stavrakis, File)

2 hours ago

UK's Truss meets with fiscal watchdog amid economic crisis

British Prime Minister Liz Truss and her Treasury chief have met with the independent Office of Budget Responsibility amid efforts to ease concerns about unfunded tax cuts that have unleashed turmoil on financial markets

2 hours ago

FILE - British Prime Minister Liz Truss speaks to the media on the occasion of her visit at the Empire State building in New York, on Sept. 20, 2022. British Prime Minister Liz Truss on Thursday Sept. 29, 2022, defended her divisive economic plan and shrugged off the turmoil it has stirred in financial markets, saying she’s willing to make “controversial and difficult decisions” to get the economy growing. (Toby Melville/Pool Photo via AP, File)

3 hours ago

Global stocks mixed after Eurozone inflation rises

Global stocks are mixed after inflation in Germany and other countries that use Europe’s euro currency spiked to a record and Chinese factory activity weakened

3 hours ago

Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, Sept. 30, 2022. Asian stocks have sunk again after German inflation spiked higher, British Prime Minister Liz Truss defended a tax-cut plan that rattled investors and Chinese manufacturing weakened. (AP Photo/Ahn Young-joon)

3 hours ago

China manufacturing weak, adding to economy pressure

Two surveys show growth in Chinese manufacturing was weak in September, export orders fell and employers cut jobs

3 hours ago

A man works at a manufacturer of Integrated Chip encapsulation in Nantong in eastern China's Jiangsu province on Friday, Sept. 16, 2022. Growth in Chinese factory activity was weak in September, export orders fell and employers cut jobs, two surveys showed Friday, Sept. 30, adding to pressure on lackluster economic growth (Chinatopix Via AP)

4 hours ago

New rocket company fails to achieve launch on 2nd attempt

A year after its first rocket launch failed, a new aerospace company has been unsuccessful in its second attempt to place multiple satellites into orbit

4 hours ago

September 30

'Big impact': UK economic chaos, pound plunge hit businesses

The British government’s economic stimulus plan is designed to help people and businesses by cutting taxes and growing the economy

September 30

Olley's Fish Experience shop owner Harry Niazi speaks to The Associated Press in his shop in London, Wednesday, Sept. 28, 2022. Like many small business owners in Britain, Harry Niazi hoped for government help to keep his south London fish and chip shop going in the face of rocketing energy bills and soaring inflation. But an economic stimulus plan announced last week by Prime Minister Liz Truss’ new government brought no relief — far from it. (AP Photo/Frank Augstein)

September 30

India raises interest rate to 5.90% to tame inflation

India’s central bank has raised its key interest rate to 5.90% and said developing economy were facing slowing growth, elevated food and energy prices, debt distress and currency depreciation

September 30

FILE - Reserve Bank of India (RBI) Governor Shaktikanta Das gestures during a press conference after RBI's bi-monthly monetary policy review meeting in Mumbai, India, on Feb. 6, 2020. India’s central bank on Friday, Sept. 30, 2022, raised its key interest rate by 50 basis points to 5.90% in its fourth hike this year and said the economies of developing countries were confronted with challenges of slowing growth, elevated food and energy prices, debt distress and currency depreciation. (AP Photo/Rajanish Kakade, File)

September 30

Japan to pay up to $320M for US company's chip production

Japan said it is providing a major U.S. chipmaker a subsidy of up to $322 million to back its plan to produce advanced memory chips at a Hiroshima factory

September 30

FILE - A sign marks the entrance of the Micron Technology automotive chip manufacturing plant on Feb. 11, 2022, in Manassas, Va. Japan is providing a major U.S. chipmaker a subsidy of up to 46.6 billion yen ($322 million) to support its plan to produce advanced memory chips at a Hiroshima factory, the Japanese trade minister said Friday, Sept. 30, 2022. (AP Photo/Steve Helber, File)

September 30

Asian stocks sink on German inflation, British tax cuts

Asian stocks have sunk again after German inflation spiked higher, British Prime Minister Liz Truss defended a tax-cut plan that rattled investors and Chinese manufacturing weakened

September 30

Musk and Twitter CEO Agrawal were briefly pals, texts show

Newly disclosed text messages between Elon Musk and Twitter CEO Parag Agrawal showed that the two men briefly bonded in April over their love of engineering — at least until Musk tweeted this message early on Aug. 9: ‘Is Twitter dying

September 30

Police say hacker concealed ID in Australian privacy breach

Police say the hacker who stole the personal data of almost 10 million people in one of Australia’s worst privacy breaches concealed their identity, actions and whereabouts

September 30

FILE - An Optus phone sign hangs above its store in Sydney, Australia, Thursday, Oct. 7, 2021. Australia’s federal and state governments on Wednesday, Sept. 28, 2022, called for Optus to pay for replacing identification documents including passports and driver’s licenses to avoid identity fraud after 9.8 million of the telecommunications company’s customers had personal data stolen by computer hackers. (AP Photo/Mark Baker, File)

September 29

Global stocks fall after UK's Truss defends tax cuts

Asian stocks have sunk again after German inflation spiked higher, British Prime Minister Liz Truss defended a tax-cut plan that rattled investors and Chinese manufacturing weakened

September 29

A currency trader works at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 29, 2022. Asian stock markets have followed Wall Street higher after Britain’s central bank moved forcefully to stop a budding financial crisis. (AP Photo/Ahn Young-joon)

September 29

Ex-PG&E execs to pay $117M to settle lawsuit over wildfires

Former executives and directors of Pacific Gas & Electric have agreed to pay $117 million to settle a lawsuit over devastating 2017 and 2018 California wildfires sparked by the utility’s equipment

September 29

FILE - Sheriff's deputies recover the remains of a victim of the Camp Fire in Paradise, Calif., Nov. 10, 2018. Former executives and directors of Pacific Gas & Electric have agreed to pay $117 million to settle a lawsuit over devastating 2017 and 2018 California wildfires sparked by the utility's equipment, it was announced Thursday, Sept. 29, 2022. (AP Photo/Noah Berger, File)

September 29

House approves antitrust bill targeting Big Tech dominance

The House has approved antitrust legislation targeting the dominance of Big Tech companies by giving states greater power in competition cases and increasing money for federal regulators

September 29

This photo combo of images shows logos for Apple, Meta, Google and Amazon. The House on Thursday, Sept. 29, 2022, approved sharply scaled-down legislation targeting the dominance of Big Tech companies by giving states greater power in antitrust cases and increasing money for federal regulators. The bipartisan measure, passed by a 242-184 vote, pales in comparison with a more ambitious package aimed at reining in Meta, Google, Amazon and Apple and cleared by key House and Senate committees. (AP Photo)

September 29

The personal costs of fleeing a hurricane

Many residents evacuating Florida from Hurricane Ian are facing dire financial choices.

September 29

In one tiny German town, nobody worries about energy bills

While most Europeans are watching their energy bills soar as the war in Ukraine drives up the price of natural gas, oil and electricity, the tiny German town of Feldheim has been energy self-sufficient for a decade

September 29

Wind turbines turn near the village of Feldheim, rear left, near Treuenbrietzen, Germany, Wednesday, Sept. 28, 2022. Located about an hour and a half south of Berlin, the village of Feldheim has been energy self-sufficient for more than a decade. (AP Photo/Michael Sohn)

September 29

'I felt so guilty': People evacuating Hurricane Ian face dire financial choices

“For low-income people, this is a disaster,” said a Miami-area food bank head.

September 29

Heavy traffic moves slowly on I-4 East as residents evacuate the Gulf Coast of Florida in advance of the arrival of Hurricane Ian, Sept. 27, 2022, in Four Corners, Fla.

September 29

How major US stock indexes fared Thursday 9/29/2022

Stocks are back to falling on Wall Street as worries about a possible recession and rising bond yields put the squeeze back on markets

September 29

CarMax, Rite Aid fall; Enerpac, Vail Resorts rise

Stocks that traded heavily or had substantial price changes Thursday: CarMax, Rite Aid fall; Enerpac, Vail Resorts rise

September 29

EXPLAINER: How do we know when a recession has begun?

The economy shrank in the first half of this year, underscoring fears of a broad-based slowdown that could lead to a recession

September 29

Federal Reserve Chair Jerome Powell speaks at a news conference Wednesday, Sept. 21, 2022, at the Federal Reserve Board Building, in Washington. Intensifying its fight against chronically high inflation, the Federal Reserve raised its key interest rate by a substantial three-quarters of a point for a third straight time, an aggressive pace that is heightening the risk of an eventual recession. (AP Photo/Jacquelyn Martin)

September 29

Closing prices for crude oil, gold and other commodities

Benchmark U.S. crude oil for November delivery fell 92 cents to $81.23 a barrel Thursday

September 29

Senate passes stopgap bill to avert shutdown, aid Ukraine

Congress is moving quickly to avoid a government shutdown

September 29

UK's Truss defends economic plan that sent pound tumbling

British Prime Minister Liz Truss has defended her economic plan that roiled financial markets, saying she’s willing to make “difficult decisions” to get the economy growing

September 29

British Prime Minister Liz Truss visits Berkeley Modular, in Northfleet, Kent, Britain, Friday, Sept. 23, 2022. (Dylan Martinez/Pool Photo via AP)

September 29

Pumpkin farms adapt to improve soil, lower emissions

This Thanksgiving, your pumpkin pie might have a lower carbon footprint

September 29

Pumpkins are loaded into a semi-trailer on Bill Sahs' farm, Monday, Sept. 12, 2022, in Atlanta, Ill. On the central Illinois farms that supply 85% of the world’s canned pumpkin, farmers like Sahs are adopting regenerative techniques designed to reduce emissions, attract natural pollinators like bees and butterflies and improve the health of the soil. The effort is backed by Libby’s, the 150-year-old canned food company, which processes 120,000 tons of pumpkins each year from Illinois fields. Libby’s parent, the Swiss conglomerate Nestle, is one of a growing number of big food companies supporting the transition to regenerative farming in the U.S. (AP Photo/Teresa Crawford)

September 29

Hurricane Ian could cripple Florida's home insurance industry

Experts say a storm like Ian could push insurance companies into insolvency.

September 29

Damaged homes are seen after Hurricane Ian moved through the Gulf Coast of Florida, Sept. 29, 2022, in Punta Gorda, Fla.

September 29

Buffett's company buys nearly 6M more Occidental shares

Warren Buffett’s company picked up another $368 million worth of Occidental Petroleum stock this week to give it control of nearly 21% of the oil producer

September 29

FILE - In this May 5, 2019, file photo, Warren Buffett, Chairman and CEO of Berkshire Hathaway, speaks during a game of bridge following the annual Berkshire Hathaway shareholders meeting in Omaha, Neb. Warren Buffett's company picked up another $368 million worth of Occidental Petroleum stock this week to give it control of nearly 21% of the oil producer. (AP Photo/Nati Harnik, File)

September 29

NATO believes Baltic Sea gas leaks were sabotage

NATO says it would retaliate for any attacks on critical infrastructure.

September 29

This handout picture released on September 27, 2022 by the Danish Defence Command shows the gas leak at the Nord Stream 2 gas pipeline as it is seen from the Danish Defence's F-16 rejection response off the Danish Baltic island of Bornholm, south of Dueodde.

September 29

Treasury moves forward with database on corporate ownership

Tens of millions of small U.S. companies will soon be required to submit details on their owners and others who benefit from them

September 29

FILE - The Treasury Building is viewed in Washington, May 4, 2021. Tens of millions of small U.S. companies will soon be required to submit details on their owners and others who benefit from them. Under a new regulation finalized Thursday, the Treasury Department will create a database containing personal information on the owners of at least 32 million U.S. businesses. (AP Photo/Patrick Semansky, File)

September 29

Homeowners see slower equity gains as housing market cools

Homeowner equity climbed to record highs in the first half of this year, though its rate of growth is slowing as the housing market cools

September 29

Lordstown Motors starts making electric trucks at Ohio plant

Commercial electric vehicle startup Lordstown Motors says it has slowly started production of its first model, the Endurance pickup

September 29

FILE - The electric Endurance pick-up truck is displayed at Lordstown Motors Corporation, in Lordstown, Ohio. Commercial electric vehicle startup Lordstown Motors says it has slowly started production of its first model, the Endurance pickup. The company said in a statement Thursday, Sept. 29, 2022, that it expects to deliver 50 trucks to customers this year. (AP Photo/Tony Dejak, File)

September 29

Germany to spend billions to tackle high energy prices

Germany plans to spend up to 200 billion euros helping consumers and businesses cope with the surge in energy prices

September 29

German Chancellor Olaf Scholz, center, Economy and Climate Minister Robert Habeck, left, and Finance Minister Christian Lindner, right, brief the media during a news conference about the energy supply situation in Germany at the chancellery in Berlin, Germany, Thursday, Sept. 29, 2022. Scholz appears via videolink as he is in quarantine for coronavirus. (AP Photo/Markus Schreiber)

September 29

Kremlin gets ready to annex 4 regions of Ukraine on Friday

Russia says it will formally annex occupied parts of Ukraine where it held Kremlin-orchestrated “referendums” in which it claimed that residents had voted overwhelmingly to live under Moscow’s rule

September 29

A man walks past a damaged building after a Russian attack in Kramatorsk, Ukraine, Thursday, Sept. 29, 2022. (AP Photo/Leo Correa)

September 29

Bed Bath & Beyond 2Q sales fall but meet Street's view

Bed Bath & Beyond’s sales declined 28% in its fiscal second quarter, but the performance managed to meet Wall Street’s expectations

September 29

FILE - Bed-Bath-&-Beyond-Strategic-Update,Shoppers enter and exit a Bed Bath & Beyond in Schaumburg, Ill., Jan. 14, 2021. Bed Bath & Beyond’s sales declined 28% in its fiscal second quarter, but the performance managed to meet Wall Street’s expectations. The Union, New Jersey-based home goods retailer reported sales of $1.44 billion for the three months ended Aug. 27, 2022. (AP Photo/Nam Y. Huh, File)

September 29

US economy drops at 0.6% annual rate from April through June

Battered by surging consumer prices and rising interest rates, the U.S. economy shrank at a 0.6% annual rate from April through June, the government announced Thursday, unchanged from its previous second-quarter estimate

September 29

FILE - Shown is the price of shrimp at a market in Philadelphia, Thursday, June 16, 2022. Battered by surging consumer prices and rising interest rates, the U.S. economy shrank at a 0.6% annual rate from April through June, the government announced Thursday, Sept. 29, unchanged from its previous second-quarter estimate. (AP Photo/Matt Rourke)

September 29

Bulgaria to hold election overshadowed by war in Ukraine

Bulgarians will go to the polls for the fourth time in less than two years in a general election overshadowed this time by the war in Ukraine, rising energy costs and galloping inflation

September 29

People walk in central part of Sofia, Sunday, Sept. 25, 2022. Bulgarians will go to the polls for the fourth time in less than two years in a general election overshadowed this time by the war in Ukraine, by rising energy costs and a galloping inflation. (AP Photo/Valentina Petrova)

September 29

Porsche shares rise in one of Europe's largest market debuts

Shares in luxury automaker Porsche have risen on their first day of trading.

September 29

CEO of Porsche car maker Oliver Blume sits in an old Porsche 356 at the start of Porsche's market listing at the stock market in Frankfurt, Germany, Thursday, Sept. 29, 2022. (AP Photo/Michael Probst)

September 29

Chinese tycoon Richard Liu faces civil trial in alleged rape

Jury selection begins Thursday in a civil trial against a Chinese billionaire.

September 29

FILE - Liu Qiangdong, also known as Richard Liu, CEO of JD.com, raises his arms to celebrate the IPO for his company at the Nasdaq MarketSite, in New York on May 22, 2014. The Chinese billionaire and one of the richest men in the world is heading to trial in Minneapolis Thursday, Sept. 29, 2022, to defend himself against allegations that he raped a former University of Minnesota student after a night of dinner and drinks in 2018. (AP Photo/Mark Lennihan, File)

September 28

Asian stocks follow Wall St higher after UK calms markets

Asian stock markets have followed Wall Street higher after Britain’s central bank moved forcefully to stop a budding financial crisis

September 28

A person wearing a protective mask walks in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Wednesday, Sept. 28, 2022, in Tokyo. Asian shares tumbled Wednesday after a wobbly day ended with mixed results on Wall Street as markets churn over the prospect of a possible recession. (AP Photo/Eugene Hoshiko)

September 28

Ian threatens Florida's already unstable insurance market

Florida’s property insurance market was already in peril

September 28

California governor approves farmworker unionization law

California Gov. Gavin Newsom has approved one of the most contentious bills before him this year

September 28

Farmworkers Cynthia Burgos, left and Teresa Maldonado, right, hug after Gov. Gavin Newsom signed a bill aimed at making it easier for farmworkers to unionize in Sacramento, Calif., Wednesday, Sept. 28, 2022. Newsom joined about two dozen farmworkers outside the state Capitol to sign the bill. Both Burgos and Maldonado had joined others in a march from Delano to Sacramento to draw attention to the bill. (AP Photo/Rich Pedroncelli)

September 28

Rohingya seek reparations from Facebook for role in massacre

For years, Facebook, now called Meta, has pushed the narrative that it was a neutral platform in Myanmar that was misused by malicious people and failed to moderate violent and hateful material adequately

September 28

Amazon to raise average hourly pay by $1 to $19 in October

Amazon says it’s raising its average starting pay for frontline workers from $18 to $19 a hour

September 28

FILE - An Amazon worker delivers boxes in Los Angeles on Oct. 1, 2020. Amazon said Wednesday, Sept. 28, 2022, that it is raising its average starting pay for frontline workers from $18 to $19 a hour, a boost that could help it attract more employees in a tight labor market as the holiday season approaches. (AP Photo/Damian Dovarganes, File)

September 28

Tiny Oregon town hosts 1st wind-solar-battery 'hybrid' plant

A renewable energy facility in Oregon that combines solar power, wind power and massive batteries to store the energy generated there has officially opened as the first utility-scale plant of its kind in North America

September 28

In this image provided by Portland General Electric, windmills and solar panels line a renewable energy facility in Lexington, Ore., on this May 24, 2022. The facility combines solar power, wind power and massive batteries to store the energy generated there. The Wheatridge Renewable Energy Facilities was commissioned Wednesday, Sept. 28, 2022, and is the first utility-scale plant of its kind in North America. Clean energy experts say the project, which can power 100,000 homes, addresses some key challenges facing the industry as the U.S. transitions away from fossil fuels. (Sarah Hamaker/Portland General Electric via AP)

September 28

JetBlue, Southwest spar over slots in antitrust trial

Testimony at the antitrust trial involving American Airlines and JetBlue is turning toward access to airports in New York and Boston

September 28

Amazon unveils bedside device that tracks sleeping patterns

Soon enough, a bedside Amazon device might know whether you’re sleeping — or not

September 28

This image provided by Amazon shows the Halo Rise bedside smart alarm. The e-commerce and tech giant said Wednesday, Sept. 28, 2022, that it will start selling the device later this year. Halo Rise will be able to track sleeping patterns without a wristband by using no-contact sensors and artificial intelligence to measure a user’s movement and breathing patterns, according to Amazon. (Amazon via AP)

September 28

Smith & Wesson sued over link to July 4 parade mass shooting

Nearly a dozen lawsuits in Illinois accuse gun-maker Smith & Wesson of illegally targeting young men at risk of violence with ads for firearms

September 28

FILE - Law enforcement search after a mass shooting at the Highland Park Fourth of July parade in downtown Highland Park, Ill., a Chicago suburb, July 4, 2022. According to a lawsuit filed Wednesday, Sept. 28, 2022, in Illinois, the gunmaker Smith & Wesson illegally targeted young men at risk of violence with ads for firearms, including the 22-year-old gunman accused of opening fire on the Independence Day parade in suburban Chicago and killing seven people. (AP Photo/Nam Y. Huh, File)

September 28

Alzheimer's drug shows promise in early results of study

Shares of Biogen and other drugmakers researching Alzheimer’s disease have soared after Japan’s Eisai Co. said its potential treatment appeared to slow the fatal disease in a late-stage study

September 28

FILE — The Biogen Inc., headquarters is shown March 11, 2020, in Cambridge, Mass. Shares of Biogen and other drugmakers researching Alzheimer’s disease soared early Wednesday, Sept. 28, 2022, after Japan’s Eisai Co. said its potential treatment appeared to slow the fatal disease’s progress in a late-stage study. Eisai announced results late Tuesday from a global study of nearly 1,800 people with early-stage Alzheimer’s (AP Photo/Steven Senne, File)

September 28

Regions Bank to refund $141M for illegal overdraft fees

Regions Bank for a second time in a decade was found charging illegal overdraft fees in a settlement that will require the bank to repay $141 million to customers plus $50 million in fines

September 28

Rail unions emphasize positives of their tentative deals

The two biggest U.S. railroad unions are fighting rumors that they might impose a contract on their members even if they reject the deals that prevented a nationwide strike that could have devastated the economy

September 28