Dow plunges low to 2022 on fear of recession in global markets

BEIJING — Shares fell sharply worldwide on Friday on concerns that an already slowing global economy could slide into recession as central banks ramp up pressure with additional rate hikes. The Dow Jones Industrial Average fell 1.6%, closing at its lowest level since late 2020. The S&P500 fell 1.7%, close to the mid-June 2022 low, … Read more

European Central Bank implements largest rate hike ever

Frankfurt, Germany — The European Central Bank on Thursday delivered its largest rate hike ever, following the US Federal Reserve and other central banks in a global stampede of rapid rate hikes designed to stem record inflation, which is pushing consumers and Europe into recession. pushes, pressing the head. The bank’s 25-person board raised its … Read more

California Governor Signs Milestone Act for Fast Food Workers

FILE – Fast food workers drive through a McDonald’s restaurant demanding a $15 an hour minimum wage in East Los Angeles, Friday, March 12, 2021. California lawmakers have adjourned this year’s legislative session to Wednesday, August 31, 2022, forcing Governor Gavin Newsom with 30 days to sign or reject hundreds of bills, including a bill … Read more

California budget to cover out-of-state abortion trips

SACRAMENTO, California — California is preparing to spend up to $20 million to bring women from other states to its abortion clinics, a policy aimed at increasing access to a procedure that has been banned or restricted in many states since the U.S. Supreme Court’s Roe v. Wade overthrown. Governor Gavin Newsom had previously limited … Read more

What is a Pell Scholarship? How It Affects Student Loan Forgiveness

New York — President Joe Biden’s student loan forgiveness program announced Wednesday aims to provide millions of Americans with $10,000 in student debt forgiveness. But for federal Pell scholarship recipients, that amount is even higher: $20,000 So what exactly is a Pell scholarship? And why is there a special benefit for people who have one? … Read more

How New Colorado River Cuts Will Affect States, Residents?

WASHINGTON — Arizona and Nevada residents will not face a ban on watering their lawns or washing their cars, despite increased water shortages in the Colorado River. But US officials announced Tuesday that less water will be available to them next year from the river that serves 40 million people in the West and Mexico … Read more

Give & take: West gives Ukraine weapons, bans Russian coal

Kyiv, Ukraine — In a day of give-and-take, Western countries have made more commitments to send weapons to Ukraine, while the European Union’s full ban on Russian coal imports went into effect Thursday, amid claims that sanctions against Moscow are now even influence defense exports. Chancellor Olaf Scholz promised on Thursday that Germany is “shipping … Read more

Applications for US unemployment claims rose again last week

WASHINGTON — More Americans filed for unemployment benefits last week as the unemployment rate continues to rise modestly, although the job market remains one of the strongest parts of the US economy. Jobless aid applications for the week ending July 30 rose by 6,000 to 260,000 from 254,000 last week, the Labor Department reported Thursday. … Read more

New York continues with ‘congestion pricing’ toll plan

NEW YORK — New York aims to become the first U.S. city to charge motorists an additional fee for entering the most congested areas. The Metropolitan Transportation Authority said on Wednesday that a long-delayed environmental assessment should be released by federal regulators next month, followed by public hearings. The MTA also appointed members of a … Read more

Fed plans to impose another major rate hike to fight inflation

WASHINGTON — Conflicting signals about the health of the US economy have put the Federal Reserve in a difficult position. With inflation at its highest point in four decades, the labor market strong and consumer spending still solid, the Fed is under pressure to aggressively raise interest rates. But other signs indicate that the economy … Read more