Wed, Mar 2, 2022 12:13 AM
Stocks fall, oil tops $100 a barrel as Ukraine war rages
BEIJING (AP)— Asian stock markets slid and oil prices surged more than $7 per barrel as Russian forces stepped up attacks on Ukrainian cities. Shanghai, Tokyo, Hong Kong and Southeast Asian markets declined as President Vladimir Putin’s invasion fueled fears of global economic turmoil. Seoul gained and Sydney was little-changed.
Wall Street’s benchmark S&P index lost 1.5%, deepening a two-month-old skid.
The war is adding to worries about global economic growth in the face of plans by the Federal Reserve and other central banks to fight surging inflation by raising interest rates.
Investors were waiting for more clues about possible rate hikes when Fed Chair Jerome Powell speaks Wednesday before Congress.
Economic dangers from Russia’s invasion ripple across globe
WASHINGTON (AP) — Moscow’s war on Ukraine and the ferocious financial backlash it’s unleashed are not only inflicting an economic catastrophe on President Vladimir Putin’s Russia. The repercussions are also menacing the global economy, shaking financial markets and making life more perilous for everyone from Uzbek migrant workers to European consumers to hungry Yemeni families.
Even before Putin’s troops invaded Ukraine, the global economy was straining under a range of burdens: Surging inflation. Tangled supply chains. Tumbling stock prices.
The Ukraine crisis both magnifies each threat and complicates the potential solutions.
Russian bank exiting Europe amid sanctions
UNDATED (AP) — Leading Russian bank Sberbank has announced it is pulling out of European markets amid tightening Western sanctions over Russia’s invasion of Ukraine. The bank said Wednesday its subsidiaries in Europe were facing an “abnormal outflow of funds and a threat to the safety of employees and branches,” according to Russian news agencies. They did not provide details of the threats.
Authorities in Austria and Czech Republic had taken actions in recent days against Sberbank’s activities in Europe. The move was the latest consequence of Russia’s invasion last week, which has led to warfare across Ukraine and unprecedented Western sanctions aimed at isolating Russia’s economy.
US-RUSSIA AIRCRAFT BAN
Biden banning Russia from US airspace because of Ukraine
WASHINGTON (AP) — President Joe Biden announced Tuesday night in his State of the Union address that the U.S. is banning Russian flights from its airspace in retaliation for the invasion of Ukraine. The move follows similar action by Canada and the European Union this week. Biden also issued an ominous warning that without consequences, Russian President Vladimir Putin’s aggression wouldn’t be contained to Ukraine.
The ban would come on top of a wide range of sanctions the U.S., Europe and other nations have imposed on Russia that have caused the value of its currency, the ruble, to plunge, and are expected to hammer its economy.
Oil prices surge $7 per barrel despite release of supplies
BEIJING (AP) — Oil prices have surged another $7 per barrel after an agreement by the United States and other major governments to release supplies from strategic stockpiles failed to calm anxiety over Russia’s attack on Ukraine.
Benchmark U.S. crude rose $7.94 to $111.35 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international price standard, gained $7.84 to $112.87 per barrel in London.
The 31 members of the International Energy Agency, the club of major oil consumers, agreed to release 60 million barrels of crude from stockpiles in hopes of calming markets.
Ukraine gets $34M in cryptocurrency donations
UNDATED (AP) — A firm that tracks cryptocurrency transactions says $33.8 million in the digital currency has been donated to Ukraine’s government and non-governmental organizations there since the start of Russia’s invasion.
Nearly a third of the total was donated on Tuesday. Chief Scientist Tom Robinson of Elliptic says most donations to date have been in bitcoin and ether. Some people are sending non-fungible tokens, or NFTs, to the Ukrainian government’s ethereum account.
Ukraine issued a plea for contributions on Twitter last week. To date, it has received 30,000 donations. Elliptic also warned of scammers tricking unsuspecting cryptocurrency holders wanting to donate to Ukrainian causes.
AUTOMATIC BRAKING LAWSUIT
Arizona Supreme Court: Jeep can be sued over girl’s death
PHOENIX (AP) — The family of a little girl who was killed when her mother’s car was rear-ended by a Jeep on a Phoenix freeway can sue the SUV’s manufacturer for wrongful death because it did not install automatic emergency braking devices.
Tuesday’s ruling from the Arizona Supreme Court rejected arguments rejected arguments from lawyers for Jeep parent company Fiat Chrysler Automobiles US that the National Highway Transportation Safety Administration’s decision not to require the devices pre-empted the state lawsuit.
The decision written by Justice Bill Montgomery also overturned a similar 2019 decision that said automakers were immune to such lawsuits because of the federal agency’s decision not to require the technology.
The 2015 crash on a Phoenix freeway killed 4-year-old Vivian Varela and injured her mom. Vivian was in the back seat when the driver of a Jeep Grand Cherokee failed to notice stopped traffic and rear-ended her mother’s Lexus sedan.
BIRD FLU-INDIANA TURKEY FARMS
State officials: Bird flu found at 6th Indiana turkey farm
INDIANAPOLIS (AP) — State officials say avian influenza has been found at a sixth commercial turkey farm in southern Indiana. The Indiana State Board of Animal Health said Tuesday that laboratory testing of a commercial turkey flock in Dubois County has come back as presumptively positive for the virus.
The samples are being verified at the U.S. Department of Agriculture’s National Veterinary Services Laboratory in Iowa. Three cases have already been found in Dubois County and two in Greene County.
Officials have begun euthanizing the 16,500 birds at the latest farm to prevent the spread of the disease.
Russia’s invasion of Ukraine sends news network ratings up
NEW YORK (AP)— Russia’s invasion of Ukraine sent television viewers to the cable news networks for updates, with Fox News Channel gaining the largest audience and CNN the most dramatic increase. Collectively, CNN, Fox and MSNBC had 6.4 million viewers in prime time between last Wednesday and Sunday, up from their January average of 4 million viewers.
For the full day, CNN’s viewership soared to 1.75 million, up 178 percent from January. Fox News Channel had 2.32 million viewers for the full day and MSNBC had 980,000.
Typically, CNN’s audience tends to see the biggest increases during busy news periods.