___
In shadow of Texas gas drilling sites, health fears escalate
ARLINGTON, Texas: Next to a North Texas day care center is a site where Total Energies is pumping for natural gas. The French energy giant wants to drill three new wells on the property next to the center, which serves mainly Black and Latino children. For the families of the children and for others nearby, its a prospect fraught with fear and anxiety. Living too close to drilling sites has been linked to a range of health risks. And while some states are requiring energy companies to drill farther from day cares, schools and homes, Texas has taken the opposite tack: It has made it exceedingly difficult for localities to fight back.
___
Powells warning: Fed to tighten credit faster than expected
WASHINGTON: Federal Reserve Chair Jerome Powell took a sharp and unexpected turn Tuesday toward tightening credit for consumers and businesses in the face of mounting concerns about high inflation. Powell signaled that the Fed will likely act more quickly to phase out its ultra-low-interest rate policies even as the emergence of the new omicron variant of COVID-19 has raised fresh doubts about both the strength of the economy and the direction of inflation. The Fed chair told the Senate Banking Committee that the central banks policymakers will discuss at their next meeting in mid-December whether to accelerate the reduction of their bond purchases, which have been intended to lower long-term borrowing costs.
___
November delivers another hit to sinking consumer confidence
WASHINGTON: U.S. consumer confidence fell to a nine-month low in November, clipped by rising prices and concern about the coronavirus. The Conference Board reported Tuesday that its consumer confidence index dropped to a reading of 109.5, down from 111.6 in October. It was the lowest reading since the index stood at 95.2 in February. The survey was completed on Nov. 19 and would not include the ramifications of omicron, a new variant of the coronavirus that has begun to spread with few solid answers about the damage it might do to the U.S. and global economies.
___
UK competition watchdog orders Facebook to sell off Giphy
LONDON: The United Kingdoms antitrust watchdog has blocked Facebooks acquisition of Giphy and ordered the social network to sell off the GIF-sharing platform. It said Tuesday that the deal hurts social media users and advertisers by stifling competition for animated images. The Competition and Markets Authority says the deal would let Facebook increase its already significant market power by denying or limiting other platforms access to Giphy GIFs and drive traffic to Facebook owned sites. Its the first time the watchdog has sought to unwind a tech deal.
___
Can California legally require women on corporate boards?
LOS ANGELES: Californias first-in-the-nation law requiring women on corporate boards is being challenged in court this week on constitutional grounds. A trial begins Wednesday in a lawsuit filed by the conservative group Judicial Watch. The lawsuit claims that the law violates the equal protection clause of the California Constitution by mandating a gender-based quota. The law requires publicly traded companies headquartered in California to have at least one woman on their boards of directors. Larger boards must have up to three women board members by January. More women have been named to corporate boards in California since the law passed three years ago.
___
Stocks sink as omicron, rate worries rattle Wall Street
NEW YORK: Wall Streets losses deepened on Tuesday after the head of the Federal Reserve said it will consider shutting off its support for financial markets sooner than expected. The S&P 500 fell 1.9%. It was already down in the morning amid worries that the omicron variant would hit the global economy. Losses accelerated after Fed Chair Jerome Powell told Congress the central bank will consider halting its bond purchases meant to lower long-term rates sooner than expected. Short-term Treasury yields rose as investors moved up expectations for a Fed rate hike. Crude oil slid 5.4%.
___
Inflation in 19 nations using euro hits record high of 4.9%
LONDON: Official figures show that consumer prices across the 19 countries that use the euro currency are rising at a record rate. The European Unions statistics agency said Tuesday that the eurozones annual inflation rate hit 4.9% in November, largely as a result of a huge spike in energy costs. Thats the highest since records began in 1997 and up from 4.1% the previous month. Like others around the world, the eurozone, which is made up of 19 economies including France and Germany, is enduring big price hikes as a result of the recovery from the coronavirus pandemic and blockages in supply chains.
___
States: Sackler family members abusing bankruptcy process
NEW YORK: Lawyers for a handful of states say members of the Sackler family who own OxyContin maker Purdue Pharma are abusing the bankruptcy process. They asked a federal judge Tuesday in New York to throw out a settlement between the company and thousands of other government entities and people. They say it usurps state powers. Under the deal, Sackler family members are to contribute more than $4 billion, plus ownership of the company. In return, theyre to receive protection from lawsuits over their involvement in opioids. Lawyers for other governments say the legal protections are key to a settlement designed to fight the opioid epidemic.
___
The S&P 500 dropped 88.27 points, or 1.9%, to 4,567. The Dow Jones Industrial Average fell 652.22 points, or 1.9%, to 34,483.72. The Nasdaq shed 245.14 points, or 1.6%, to 15,537.69. The Russell 2000 index of smaller companies lost 43.07 points, or 1.9%, to 2,198.91.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor
Read all the Latest Politics News here
Comments
0 comment