How much 'pain'? Fed to signal more rate hikes ahead
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell bluntly warned in a speech last month that the Fed’s drive to curb inflation by aggressively raising interest rates would “bring some pain.” On Wednesday, Americans may get a better sense of how much pain could be in store. The Fed is expected at its latest meeting to raise its key short-term rate by a substantial three-quarters of a point for the third consecutive time. Another hike that large would lift its benchmark rate — which affects many consumer and business loans — to a range of 3% to 3.25%, the highest level in 14 years.
How to get a student loan refund if you paid during pandemic
NEW YORK (AP) — When President Joe Biden announced a plan to forgive student loan debt, many borrowers who kept making payments during the pandemic wondered if they’d made the right choice. Borrowers who paid down their debt during a pandemic freeze that started in March 2020 can in fact get a refund — and then apply for forgiveness. But the process for doing that hasn’t always been clear. The Department of Education says borrowers who hold eligible federal student loans and have made voluntary payments since March 13, 2020, can get a refund.
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Bill Clinton: 'The world's on fire,' but teamwork can help
NEW YORK (AP) — President Bill Clinton says he is amazed by the massive response to the return of the Clinton Global Initiative. That's the meeting of international leaders from politics, business and philanthropy set to gather in New York for the first time since 2016. Interest in the two-day meeting – which convenes a broad spectrum of luminaries, was so large that the Clinton Foundation had to turn more than 1,000 potential attendees away. Clinton says there's a “longing” for people to get together and make good things happen. The initiative has helped people in more than 180 countries since it was established in 2005.
Ukraine war thrusts German climate action into spotlight
UNITED NATIONS (AP) — Germany’s climate envoy says the country remains committed to phasing out coal as a source of power by 2030 even as it reactivates coal-fired power plants. The country says it has taken this step to get through the coming winter amid energy shortages as a result of Russia’s war in Ukraine. Ten months ago, in her role at Greenpeace, Jennifer Morgan chastised world leaders for being “weak” on phasing down coal rather than phasing it out altogether. More circumspect as a government official, she now says the dirty fuel is bitter medicine that her country is forced to take this winter.
US stocks rise ahead of expected interest rate hike by Fed
Stocks closed higher on Wall Street after swaying between small gains and losses much of the day as investors brace for another big interest rate increase this week from the Federal Reserve. The S&P 500 rose 0.7% on Monday. The Dow Jones Industrial Average and the Nasdaq also gained ground. Treasury yields moved higher. Markets were looking ahead to Wednesday, when the Federal Reserve will announce its latest decision on rates. It's expected to raise its benchmark rate, which influences interest rates throughout the economy, another three-quarters of a percentage point in its fight against inflation.
S. Korea requests Interpol's help in Terraform Labs probe
SEOUL, South Korea (AP) — South Korean prosecutors have asked Interpol to issue a fugitive alert for the founder of Terraform Labs as they investigate a $40 billion crash of the firm’s cryptocurrency that devastated retail investors around the world. The Seoul Southern District Prosecutors’ Office said it requested to Interpol on Monday to circulate a “red notice” for Do Kwon across the agency’s 195 member nations to locate and apprehend him. A South Korean court recently issued arrest warrants for Kwon and five other people connected to Terraform Labs as prosecutors investigated allegations of fraud and financial crimes related to the implosion of its digital currencies in May.
Beyond Meat exec accused of biting man's nose outside a game
FAYETTEVILLE, Ark. (AP) — Officials say a vegan food products company executive has been charged with felony battery and making a terroristic after a fracas outside a football game in which he's accused of biting a man's nose. Beyond Meat Chief Operations Officer Doug Ramsey is accused in the road rage attack outside Saturday's game in Fayetteville between the Arkansas Razorbacks and Missouri State Bears. A police report says the 53-year-old executive attacked a man who tried to pull in front of him in a parking garage traffic lane and made contact with a wheel on Ramsey's SUV. Beyond Meat has not responded to messages seeking comment.
Parts shortage forces Ford to cut its 3Q earnings forecast
DEARBORN, Mich. (AP) — A parts shortage that has thousands of Ford’s most-profitable vehicles sitting on lots waiting to be fully assembled has forced the automaker to slash its third-quarter earnings forecast. Ford said Monday it is expecting to be missing the necessary parts for as many as 45,000 vehicles. Most of them are SUVs and popular truck models, some of Ford’s biggest money makers. The company based in Dearborn, Michigan, now expects third quarter earnings before interest and taxes to be between $1.4 billion and $1.7 billion. It reported adjusted earnings before interest and taxes of $3.7 billion in the second quarter.
Volkswagen sets Porsche IPO at up to 9.4 billion euros
FRANKFURT, Germany (AP) — Volkswagen has set the price range for the multibillion-euro sale of a minority stake in luxury brand Porsche. The deal will reap billions to fund the German automaker's investments in new technologies and businesses including electric cars, software and services. The company said it aims for a listing on the Frankfurt stock exchange on Sept. 29 after it places a minority stake with investors, including the Qatar Investment Authority. The price range for preferred shares translates to 8.71 billion to 9.39 billion euros. Volkswagen has launched a major push into electric vehicles and says future profits will increasingly come from investments in electric cars, software and services as traditional internal combustion cars take a smaller share of the market.
JBS to pay $20 million in pork price-fixing settlement
OMAHA, Neb. (AP) — JBS has agreed to pay $20 million to settle a lawsuit with consumers that accused the giant meat producer of conspiring with other meat companies to inflate pork prices. Even though the Brazilian company didn't admit wrongdoing, the latest settlement will only reinforce the concerns that the White House, members of Congress and trade groups have raised about how the lack of competition in the industry affects prices. A federal judge in Minnesota approve this latest settlement last week, but the judge also ruled that nearly $7 million of the settlement will go to the plaintiffs' lawyers. It's not yet clear how much individual consumers might receive.