Famous trade failures, US stocks slump

NEW YORK (AP) — Epic business failures — Edsel, Quibi, New Coke — have a new venture. CNN’s parent company ordered the CNN+ streaming service shut down before it had even completed a month of operation. It’s a spectacular failure, with the idea of ​​a paid streaming service for dubious and unproven news to begin with, and it’s also been the victim of a change in corporate management. The service began last month just weeks before a new management team from Warner Bros. Discovery didn’t take over, a team that had nothing to do with developing the idea and quickly made it clear they thought it was a mistake.

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Shares stumble 2.8% as interest rate concerns escalate

NEW YORK (AP) — Stocks tumbled on Wall Street on Friday, leaving the S&P 500 with its biggest one-day loss in nearly seven weeks, as concerns mount over a spike in interest rates and the US central bank’s efforts to fight inflation. The S&P 500 fell 2.8% and marked its third consecutive losing week. Several disappointing corporate earnings reports also rattled what had been the market’s main support. A day earlier, the Federal Reserve chairman indicated that the Fed is likely to act aggressively to contain inflation with larger interest rate increases, starting with its next policy meeting in two weeks. .

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Why the Fed is worried about the strongest US labor market in decades

WASHINGTON (AP) — President Jerome Powell isn’t as happy with the robust U.S. job market as you might think, and he and the Federal Reserve plan to do something about it: take it down a notch. Powell described the labor market this week as “extremely, historically” tight and “unsustainably hot.” Available jobs are near record highs. Wages are rising at their fastest pace in decades. The unemployment rate is flirting with a half-century low and layoffs are rare. Yet Powell doesn’t see all of this as just cause for celebration. As the highest inflation in four decades hits households and businesses, the Fed chairman sees the strength of the labor market as a key driver of the price spike.

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The Disney Government Dissolution Bill Signed by DeSantis

TALLAHASSEE, Fla. (AP) — Florida Governor Ron DeSantis has signed a bill dissolving the private government of Walt Disney World, after the entertainment giant slammed a measure critics dubbed the “Don’t Tell” law. not gay”. DeSantis signed the bill on Friday. This would eliminate the Reedy Creek Improvement District, as the 55-year-old Disney government is known, along with a handful of other similar districts by June 2023. The measure allows the districts to be reinstated, leaving room for renegotiation his future. The move could have huge tax implications for Disney, whose series of theme parks have turned Orlando into one of the world’s most popular tourist destinations.

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Big Tech faces ‘major’ EU law on hate speech and misinformation

LONDON (AP) — European Union officials are set to agree on a sweeping new law aimed at protecting internet users by forcing big tech companies like Google and Facebook to step up efforts to curb the spread of speech. hate, misinformation and other harmful content. EU officials negotiated the final details of the legislation, dubbed the Digital Services Act, on Friday evening. The law would overhaul the EU’s digital rules and cement its leadership position in trying to rein in the power of online platforms and social media companies. Negotiators hoped to strike a deal before France’s election on Sunday. A new French government could take different positions on these issues.

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American Express Profits Drop Slightly, but Expenses Rise

NEW YORK (AP) — American Express’ first-quarter profits fell about 6% from a year earlier, but the company saw a 30% increase in spending on its namesake cards in the quarter. as its cardholders returned to their shopping, travel and dining habits. The New York-based company posted earnings of $2.1 billion, or $2.73 per share, compared with $2.24 billion, or $2.74 per share, a year earlier. Last year’s results had a one-time boost for AmEx’s results as the company released some reserves it had set aside to cover potential losses earlier in the pandemic.

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France issues arrest warrant for disgraced car tycoon Ghosn

PARIS (AP) — French prosecutors have issued an international arrest warrant for disgraced auto mogul Carlos Ghosn, who fled Japan in 2019 for Lebanon in a gripping escape. The Nanterre prosecution said Friday that the arrest warrant against the former boss of Nissan and Renault is one of five it has issued. It is based on a 2019 investigation into money laundering and misuse of company assets that allegedly exceeded millions of dollars in alleged suspicious payments made between the Renault-Nissan Alliance and Suhail Bahwan Automobiles ( SBA), a vehicle distribution company in Oman. The Nanterre investigation is one of two separate cases involving Ghosn in France.

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Seeking to aggravate Putin’s pain, West studies oil and gas

WASHINGTON (AP) — The United States unleashed some of its toughest actions against Russian President Vladimir Putin right after he sent his troops to Ukraine. Polls in the United States are finding support to do more. So what options are left to turn up the heat? Many experts say the most powerful trigger the West can pull at Russia is a gas pump. Oil and gas make up 40% of Russian government revenue and fund the war in Ukraine. Current and former US officials say reducing the flow of oil and gas revenues to Russia is now a priority topic. But that would mean even more pain at the pump for consumers.

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The S&P 500 fell 121.88 points, or 2.8%, to 4,271.78. The Dow Jones Industrial Average fell 981.36 points, or 2.8%, to 33,811.40. The Nasdaq fell 335.36 points, or 2.5%, to 12,839.29. The Russell 2000 Small Business Index fell 50.80 points, or 2.6%, to 1,940.66.

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