Check out this week's Business Briefs, an encompassing look at top business news this week from the Associated Press, with a special spotlight on national business and the economy.Cyber Monday deals lure in consumers amid high inflationNEW YORK — Days after flocking to stores on Black Friday, consumers are turning online for Cyber Monday to score more discounts on gifts and other items that have ballooned in price because of high inflation.
Govt-and-politics AP Russian energy giant says no further gas cuts to Moldova Russian energy giant Gazprom announced Monday that it will not further reduce natural gas to Moldova as it had threatened to do after claiming that bills went unpaid and that flows crossing through Ukraine were not making it to Moldova.
National News AP US consumer confidence falls in November for 2nd month U.S. consumer confidence fell for the second straight month in November amid ongoing high inflation, rising interest rates, and layoff announcements by several large tech companies. The Conference Board reported Tuesday that its consumer confidence index fell to 100.2 this month, down from 102.2 in October.
Business News AP China ready for 'closer partnership' with Russia in energy President Xi Jinping says China is ready to “forge closer partnership” with Russia in energy. A state news agency says Xi made the comment in a letter to a China-Russia business forum. That might expand ties that irk Washington by helping the Kremlin resist sanctions over its war on Ukraine. The announcement gave no details. China’s energy-hungry economy is one of the biggest customers for Russian oil and gas.
Health and Fitness AP Powell: Fed to keep rates higher for longer to cut inflation Fed Chair Jerome Powell says the Federal Reserve will push rates higher than previously expected and keep them there longer to fight a stubborn bout of inflation. In a speech to the Brookings Institution on Wednesday, Powell also signaled that the Fed may increase its key interest rate by a smaller increment at its December meeting, only a half-point after four straight three-quarter point hikes.
Govt-and-politics AP House votes to avert rail strike, impose deal on unions Congress is moving urgently to head off the looming U.S. rail strike. The House passed a bill Wednesday that would bind companies and workers to a proposed settlement reached in September that failed to gain the support of all 12 unions involved. The bill now goes to the Senate for consideration. It would impose a compromise labor agreement brokered by President Joe Biden's administration.
Technology AP Mexico tells US it wants to keep talking on trade disputes Mexico's economy secretary has proposed yet another round of talks with the United States on a dispute over Mexico's energy sector. Mexico hopes to stave off a full-fledged trade complaint under the U.S.-Mexico-Canada trade agreement. The United States says Mexico is unfairly favoring its state-owned electricity and oil companies over American competitors and clean-energy suppliers. U.S.
Govt-and-politics AP EU edges closer to $60-per-barrel Russian oil price cap The European Union is edging closer to a $60-per-barrel price cap on Russian oil. It's a highly anticipated and complex political and economic maneuver designed to keep Russian oil flowing into global markets while clamping down on President Vladimir Putin’s ability to fund his war in Ukraine. EU nations sought to push the cap across the finish line Thursday after Poland held out to get as low a figure as possible.
Health and Fitness AP EXPLAINER: 5 key takeaways from the November jobs report For nearly nine months, the Federal Reserve has relentlessly raised interest rates to try to slow the U.S. job market and bring inflation under control. And for just as long, the job market hasn’t seemed to get the message. The November employment report was no exception. Employers added 263,000 jobs — a substantial gain that was far above economists’ expectations.