Business Highlights: Biden's Low Marks, Energy Deal
AP-NORC poll: Low marks for Biden on economy as prices rise
WASHINGTON (AP) - A majority of Americans say they don´t blame President Joe Biden for high gasoline prices, but they´re giving his economic leadership low marks amid fears of inflation and deepening pessimism about economic conditions.
A new poll from The Associated Press-NORC Center for Public Affairs Research shows about 7 in 10 Americans say the nation´s economy is in bad shape, and close to two-thirds disapprove of Biden´s handling of the economy. What´s more, Americans are more likely to say his policies have hurt the economy than helped it.
Even so, they are more likely to say that higher than usual gas prices are more because of factors outside of Biden´s control than because of Biden´s policies.
Ukraine war drives US, EU deal to undercut Russian energy
BRUSSELS (AP) - U.S. President Joe Biden is offering a major expansion of natural gas shipments to Europe amid the risks from Russia´s war in Ukraine.
Biden told European Commission President Ursula von der Leyen on Friday that the core issue is "helping Europe reduce its dependency on Russian gas as quickly as possible." Europe relies on Moscow for 40% of the natural gas it needs to heat homes, generate electricity and drive industry.
Under the plan, the U.S. and a few like-minded partners will increase exports of liquefied natural gas to Europe. But U.S. export facilities are already operating at capacity, and Europe may struggle to receive those shipments.
US stocks end mostly higher after another up-and-down day
NEW YORK (AP) - Stocks wound up mostly higher on Wall Street Friday after another day of bouncing around as traders try to figure out what´s next for the economy.
It was a fitting ending for a bumpy week that had both gains and losses for major U.S. indexes. The S&P 500 wound up with a gain of 0.5% after another day of sudden movements both up and down. The tech-heavy Nasdaq ended with a loss of 0.2% and the Dow Jones Industrial Average rose 0.4%.
Treasury yields rose sharply again and crude oil prices rose moderately.
US, EU sign data transfer deal to ease privacy concerns
BRUSSELS (AP) - The European Union and United States made a breakthrough in their yearslong battle over the privacy of data that flows across the Atlantic with a preliminary agreement that paves the way for Europeans´ personal information to be stored in the U.S.
President Joe Biden and European Commission President Ursula von der Leyen announced the deal Friday during Biden´s stop in Brussels while on a European tour amid Russia´s war in Ukraine. Business groups said the agreement will provide relief to thousands of companies that faced uncertainty over sending data between the U.S.
and Europe, which has much stricter regulations on data privacy.
EU leaders reach compromise on energy after long debate
BRUSSELS (AP) - EU leaders struggled for hours Friday to find a compromise on a deal aimed at curbing energy prices that have gone through the roof and hurt households and businesses across the 27-nation bloc.
There was a clear rift between southern and northern nations during the day-long talks held in Brussels. Mediterranean countries led by Spain were pushing for intervention on the market with measures like price caps while Germany and the Netherlands were resisting drastic options.
Leaders, however, did agree on a proposal from the European Commission to move toward the joint purchase of natural gas. The war in Ukraine has made EU nations realize they have been way too reliant on Russia for natural gas and oil.
EU agrees on new digital rules to rein in Big Tech dominance
BRUSSELS (AP) - The European Union set the stage for a stepped-up crackdown on tech companies with an agreement on landmark digital rules to rein in Situs judi Slot online terpercaya "gatekeepers" such as Google and Facebook parent Meta.
EU officials agreed late Thursday on wording for the bloc´s Digital Markets Act, part of a long-awaited overhaul of its digital rulebook. The act seeks to prevent tech giants from dominating digital markets, with the threat of whopping fines or even the possibility of a company breakup.
For instance, they face tighter restrictions on using people´s data for targeted online ads. The rules underscore how Europe has become a global pacesetter in efforts to curb the power of tech companies.
Judge tosses Washington Post reporter´s discrimination suit
A judge has dismissed a lawsuit filed by a Washington Post politics reporter who said the newspaper discriminated against her as a woman and victim of sexual assault.
Felicia Sonmez sued the Post in July, saying the paper barred her from reporting on sexual misconduct after she spoke publicly about her own experiences. The ban was lifted in March 2021. In his ruling Thursday, Judge Anthony Epstein noted that the Post argued it took action against Sonmez because of her public statements, to avoid the appearance or perception of bias.
That, he said, did not violate the law. Sonmez´s lawyer says an appeal is planned.
US will give airlines a break on takeoff rights in NYC, DC
WASHINGTON (AP) - Federal officials are extending pandemic relief to help major airlines keep their coveted takeoff and landing rights at big airports in New York and Washington this summer.
The move by the Federal Aviation Administration applies to international flights. Takeoff and landing rights are called "slots," and they are limited at JFK and LaGuardia airports in New York and Reagan National Airport outside Washington. Airlines that don´t use their slots risk losing them to other carriers.
But the FAA says that, because of the ongoing pandemic, it will extend a waiver of the rules for international flights until late October. It was scheduled to expire on Sunday.
The S&P 500 gained 22.90 points, or 0.5%, to 4,543.06. The Dow Jones Industrial Average rose 153.30 points, or 0.4%, to 34,861.24.
The Nasdaq fell 22.54 points, or 0.2%, to 14,169.30. The Russell 2000 index of smaller companies added 2.54 points, or 0.1%, to 2,077.98.