Stocks tumble ... Wholesale prices edge higher ... Europe raising auto emission standards
NEW YORK (AP) — Stocks are broadly lower in morning trading on Wall Street led by drops in technology and industrial companies. The Nasdaq composite is down more than 1 percent. Microsoft lost 1.4 percent in early trading Wednesday and 3M gave up 1.6 percent. Sears Holdings plunged 37 percent after the Wall Street Journal reported that the struggling retailer is preparing a bankruptcy filing.
WASHINGTON (AP) — Wholesale prices rose a mild 0.2 percent last month, held down by lower food and energy prices. Inflation has crept higher this year, eroding the value of Americans’ paychecks. Yet core prices remain close to the Federal Reserve’s target of 2 percent and have yet to show signs of rapid acceleration.
FRANKFURT, Germany (AP) — European Union officials are working on tougher auto emissions standards aimed at fighting global warming. The negotiations come after environment ministers reached agreement yesterday to lower average emissions of CO2 by 35 percent from 2021. The European industry association says carmakers support reducing greenhouse cases but cautioned the proposed reduction risks harming competitiveness.
GENEVA (AP) — The U.N. office for disaster risk reduction says worldwide reported economic losses from earthquakes, volcanic eruptions, floods, hurricanes and other climate-related disasters have been nearly $2.9 trillion over the past 20 years. UNISDR, as the office is known, says assets are increasingly found in disaster-prone areas, contributing to a 251-percent increase in climate-related disaster losses from the previous 20-year period. The U.S. topped the list at over $944 billion.
LONDON (AP) — A woman from Azerbaijan who spent $21 million at London department store Harrods over the course of a decade is the first target of a British power to seize money from people who can’t explain the origins of their wealth. A court has ordered Zamira Hajiyeva to explain where she got the money to buy a $15 million London home and a golf course outside the city. The woman’s husband, a former chairman of the International Bank of Azerbaijan, was jailed in 2016 for fraud and embezzlement.