Markets rise, oil prices crash

BERLIN (AP) — The International Energy Agency says high natural gas prices and wartime supply fears in Ukraine will slow demand growth for fossil fuels in coming years. In a report released on Tuesday, the Paris-based agency predicts global demand for natural gas will increase by 140 billion cubic meters between 2021 and 2025. That’s less than half of the 370 billion cubic meter increase seen. over the previous five-year period, which included the pandemic downturn. The revised forecast is mainly due to expectations of slower economic growth rather than buyers switching from gas to other fossil fuels, such as coal or oil. The IEA said gas-saving measures and switching to renewable energy sources also had a lower impact.

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Many won’t rely on virtual options after COVID: AP-NORC poll

WASHINGTON (AP) — A new poll shows that many Americans don’t expect to rely on the digital services that have become commonplace during the pandemic after COVID-19 died out. It’s even as much as many think it’s a good thing if these options remain available in the future. The poll comes from the Associated Press-NORC Center for Public Affairs Research. The poll shows that nearly half or more of American adults say they are not likely to attend virtual activities, receive virtual healthcare, get groceries delivered or use pickup. street curb after the end of the coronavirus pandemic. Yet nearly half of adults also say it would be a good thing if virtual options continued.

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U.S. indices shake off early fall and reap gains

Major stock indexes shook off an early slump and ended with meager gains on Wall Street on Tuesday as worries about the economy continue to weigh on markets. Oil prices fell, bringing the price of US crude back below $100 a barrel for the first time since early May. Tech stocks reversed and finished higher. The S&P 500 gained 0.2% and the tech-heavy Nasdaq rose 1.7%. The Dow Jones Industrial Average remained in the red, losing 0.4%. The yield on the 10-year Treasury note, which helps fix mortgage rates, fell to 2.82%.

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Carrier SAS Files for Chapter 11 Bankruptcy Protection in the United States

COPENHAGEN, Denmark (AP) — Scandinavian Airlines has filed for bankruptcy in the United States. The airline group said Tuesday’s announcement would not affect its operations and flight schedule. But the SAS chief executive said the pilots’ strike had accelerated the decision to voluntarily file for bankruptcy protection in the United States. Chapter 11 filing in New York puts civil lawsuits on hold while company reorganizes finances. The pilots say their pay and conditions are inadequate and the company is not rehiring pilots laid off during the pandemic. They claim the company negotiated for months but never intended to reach a deal with them.

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Biden in Ohio, spotlighting pensions saved for millions

WASHINGTON (AP) — President Joe Biden is delivering a message of strengthening workers’ pensions to Ohio, hoping to reinvigorate his political standing with blue-collar voters. The state has seen a strong Republican leaning in recent years, with Donald Trump easily carrying it twice. But Democrats are hoping to win an opening Senate seat. Biden announces a new rule on Wednesday that will allow major new financial support for struggling pensions that cover some 2-3 million workers.

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Hard blow, 2 key ministers leave the government of Boris Johnson

LONDON (AP) — British Prime Minister Boris Johnson is clinging to power after two of his top Cabinet ministers resigned, saying they had lost faith in Johnson’s leadership amid shifting explanations for his handling of a sexual misconduct scandal. Treasury Chief Rishi Sunak and Health Secretary Sajid Javid resigned within minutes of each other on Tuesday, costing Johnson the backing of men tasked with tackling two of the biggest issues facing the Great Britain. -Brittany – the cost of living crisis and the surge in COVID-19 infections. Both men cited Johnson’s credibility after a day in which the prime minister was forced to backtrack on earlier statements about a misconduct scandal that has rocked his government for the past six days.

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Profiles of Sunak and Javid, who left Johnson’s firm

LONDON (AP) — British Prime Minister Boris Johnson’s government is facing a new crisis after two of his top Cabinet ministers resigned within minutes of each other. Treasury Chief Rishi Sunak and Health Secretary Sajid Javid resigned saying the government under Johnson was no longer competent or “acting in the national interest”. Both Javid and Sunak are key Cabinet members and both are seen as potential successors to Johnson, leaving his perilous position. Sunak was, until recently, widely considered the party’s brightest rising star. Javid, 52, has been Health Secretary since June 2021, leading Britain’s response to COVID-19. Prior to that he was Treasury chief but stepped down in early 2020 after a clash with Johnson

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Australia’s central bank raises rates for the third month in a row

CANBERRA, Australia (AP) — Australia’s central bank raised its benchmark interest rate for the third time in three consecutive months, pushing the cash rate from 0.85% to 1.35%. The Reserve Bank of Australia’s half-percentage-point hike on Tuesday was the same magnitude as June’s. When the bank raised the rate by a quarter of a percentage point at its monthly board meeting in May, it was the first rate hike in more than 11 years. Increases at the June and July board meetings were widely expected. Reserve Bank Governor Philip Lowe said in May that it was “not unreasonable” to expect the cash rate to climb to 2.5%.

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Smithfield Foods settles $42 million pork price-fixing lawsuit

OMAHA, Neb. (AP) — Smithfield Foods will pay restaurants and caterers $42 million to settle a lawsuit that accuses the giant meat producer of conspiring to inflate pork prices. Smithfield has not admitted any wrongdoing, but the deal will likely only add to concerns about how the lack of competition in the industry is affecting meat prices. The meat industry argues that supply and demand, not anti-competitive behavior, drive prices, but industry practices have been questioned by the White House, Congress and trade groups. The restaurant companies that sued said major meat processors had shared confidential information to help them coordinate efforts to limit the supply of pork and inflate prices.

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Reports: Twitter challenges India’s order to block content

NEW DELHI (AP) — According to media reports, Twitter has challenged the Indian government in court over its recent orders to remove certain content from the social media platform. The Press Trust of India and legal news site Bar and Bench report that a lawsuit was filed on Tuesday. It’s part of a growing confrontation between Twitter and Indian officials over new laws giving the government more power to control online content. Experts say rules amount to censorship. Indian officials call them necessary to tackle misinformation and hate speech. Twitter has complied with most content takedown orders in the past, but has also resisted the new rules, calling them a potential threat to free speech.

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The S&P 500 rose 6.06 points, or 0.2%, to 3,831.39. The Dow Jones Industrial Average fell 129.44 points, or 0.4%, to 30,967.82. The Nasdaq gained 194.39 points, or 1.7%, to 11,322.24. The Russell 2000 Small Business Index rose 13.57 points, or 0.8%, to 1,741.33.

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