Stocks broadly lower...IMF lowers global forecast...BofA raising minimum wage to $20
NEW YORK (AP) — Stocks opened broadly lower on Wall Street as banks and industrial companies post losses. Energy companies were also falling in early trading as the price of crude oil turned lower. Markets also got some disappointing news on the global economy. The International Monetary Fund lowered its forecast for economic growth in the U.S., Europe and Japan.
WASHINGTON (AP) — The International Monetary Fund expects the world economy to grow 3.3% this year, down from 3.6% in 2018, and points to heightened trade tensions as a key reason. That would match 2016 for the weakest year since 2009. For the United States, IMF economists downgraded their growth forecast to 2.3%, down from 2.9% in 2018.
WASHINGTON (AP) — President Donald Trump says he’ll slap tariffs on $11 billion worth of European Union cheese, wine and other goods to retaliate for what Washington says are improper subsidies to Airbus. Trump tweeted today that the EU has “taken advantage of the U.S. on trade for many years,” and that it “will soon stop!” Yesterday, the U.S. trade representative said the WTO has repeatedly found that EU subsidies to the European aircraft maker have caused “adverse effects” to the U.S.
CHARLOTTE, N.C. (AP) — Bank of America is raising its starting pay to $20 an hour over a two-year period, starting with a hike next month. The company said it is raising its minimum hourly wage to $17 on May 1 and will continue to increase pay until it hits $20 an hour in 2021. In an interview on MSNBC, Chairman and CEO Brian Moynihan said, “If you get a job at Bank of America, you’ll make $41,000 per year.”
BRUSSELS (AP) — The European Commission says Facebook has changed the fine print in its terms of service to clearly explain that it makes money by selling access to users’ data. Today, the commission said that the social media giant modified its terms after discussions that included consumer protection authorities.