Stocks tumble over fears of contagion in Chinese real estate
NEW YORK (AP) – Stocks are broadly down, following declines overseas and a prolonged period of weakness that has sent the US market tumbling down over the past two weeks.
The S&P 500 was down 1.8% in morning trading. The benchmark index has not fallen more than 1% since mid-August.
Hong Kong’s main index fell 3.3%, its biggest loss since July, amid concerns about the spillover effects of serious problems at heavily indebted Chinese real estate company Evergrande. European markets were also down around 2%.
The 10-year Treasury yield fell to 1.32% as investors turned to less risky assets.
Fed expected to signal further decline in economic support
WASHINGTON (AP) – The Federal Reserve is expected to send its clearest signal yet this week that it will begin to curb its ultra-low interest rate policies later this year, the first step towards unwinding the extraordinary support that it has given to the economy since the pandemic struck 18 months ago.
Many economists believe the Fed will officially announce a withdrawal in November, in response to a steady resumption of the pandemic recession and accelerating inflation that has raised many concerns. The Fed’s policy meeting this week could lay the groundwork for this announcement.
VIRUS OUTBREAK JOURNEY
United States relaxes restrictions on overseas travel; compulsory vaccines
WASHINGTON (AP) – The White House has said President Joe Biden will ease overseas travel restrictions to the United States from November. Foreign citizens will be allowed to enter the country by air if they have proof of vaccination and a negative COVID-19 test.
The new rules replace a mishmash of restrictions that barred non-citizens who have stayed in certain countries in the previous 14 days from entering the United States. The changes will allow families and others separated by travel restrictions for 18 months to plan for a long-awaited reunion.
The new rules will require all foreign travelers to the United States to present proof of vaccination before boarding, as well as proof of a negative COVID-19 test within three days of the flight.
VIRUS-PFIZER VACCINE-KIDS EPIDEMIC
Pfizer says COVID-19 vaccine works in children ages 5 to 11
NO DATE (AP) – Pfizer says its COVID-19 vaccine works for children aged 5 to 11. The vaccine maker has announced plans to seek authorization for this age group soon in the United States, Britain and Europe.
The vaccine manufactured by Pfizer and its German partner BioNTech is already available to anyone 12 years of age and older. But many parents are eagerly awaiting immunizations for their young children.
Pfizer has studied a lower dose of its two-dose vaccine in more than 2,200 kindergarten and elementary school students. Children have developed levels of anti-coronavirus antibodies as strong as adolescents and young adults.
US unveils plan to tackle ‘silent killer’ extreme heat
WASHINGTON (AP) – The Biden administration is working to protect workers and communities from the extreme heat. The initiative comes after a dangerously hot summer that sparked a wave of drought-aggravated wildfires and killed hundreds from the Pacific Northwest to hurricane-ravaged Louisiana.
As part of a plan announced today, the Ministry of Labor and other federal agencies are launching actions to reduce heat-related illnesses and protect public health. White House climate adviser Gina McCarthy calls heat stress a “silent killer” that disproportionately affects the poor, the elderly and minority groups.
HP, Procter & Gamble Join Companies Pledging to Reduce Emissions
BERLIN (AP) – Computer maker HP, consumer goods company Procter & Gamble and coffee capsule company Nespresso have pledged to significantly reduce their greenhouse gas emissions over nearly two decades.
The Climate Pledge is a grouping of companies and organizations led by Amazon. He said today that he has signed 86 new members for his voluntary measures. The group said it now has 201 members with global annual revenues of more than $ 1.8 trillion.
Group members are encouraged to cut as many shows as possible. Those that cannot be avoided must be fully compensated for over the next two decades. This means paying for measures to ensure that by then as many emissions are absorbed as companies continue to emit.
Inflation is forcing home builders to slow down and raise prices
LOS ANGELES (AP) – Rising costs and shortages of building materials and labor are spilling over to the homebuilding industry, delaying construction and prompting many builders to curb the number of homes being quired. ‘they put up for sale.
Lumber futures hit their lowest level in more than a year last week after rising almost fivefold to a record high in May. The decline of around 64% since then reflects an increase in production and a decline in demand from manufacturers as prices soared. However, the decline has yet to translate into lower costs for many manufacturers.
Meanwhile, the industry is grappling with a host of other high costs for windows, doors, flooring, roofing and other types of building products.
United Nations agency: innovation continued even as coronavirus emerged
GENEVA (AP) – The UN’s intellectual property agency says innovation progressed last year despite the impact of the coronavirus outbreak. Technology, pharmaceutical and biotechnology industries have boosted their investments, even as hard-hit sectors like transportation and travel cut back on spending.
The findings released today come from the latest report on the WIPO Innovation Index, which ranks Switzerland, Sweden, the United States, Britain and South Korea, in part thanks to creativity like K-Pop music, like the most innovative economies. China and France occupy a prominent place in the ranking, which remains dominated by Asia, Europe and North America.
Universal Studios opens Beijing park under virus barriers
BEIJING (AP) – Harry Potter fans came in disguise as wizards as Universal Studios opened its first theme park in China under virus control. The Hollywood studio’s “Jurassic Park”, “Kung Fu Panda” and “Harry Potter” film franchises, as well as the “Despicable Me” Minions feature prominently in the park on the eastern outskirts of Beijing, the Chinese capital. The opening continued despite coronavirus outbreaks in southeast China that prompted the government to tighten travel controls in some areas.
Universal Studios Beijing is the first foreign-themed amusement park in the Chinese capital. It is the fifth worldwide for Universal Studios and the third in Asia.
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