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Business Highlights: Dow 2022 Lows, UK Tax Cuts

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Dow hits 2022 lows as markets fall on fears of recession

NEW YORK (AP) — Markets around the world were sold as signs of a weakening global economy increased as central banks stepped up pressure with another rate hike. The Dow Jones Industrial Average closed Friday at the lowest price of the year. The S&P 500 is down his 1.7%, nearing its 2022 lows. Energy prices also closed sharply lower as traders worried about a possible recession. Yields on U.S. Treasury bonds, which affect rates on mortgages and other types of loans, remained at multi-year highs. UK bond yields surged after the new UK government announced plans to cut drastic tax cuts.

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Britain Cuts Taxes, Increases Spending, Accelerates Sterling Depreciation

LONDON (AP) — The British pound hit its biggest one-day drop in two-and-a-half years after Britain’s new government outlined plans to cut taxes and boost spending. There are growing concerns that increased public borrowing will exacerbate the country’s cost of living crisis. Britain’s currency plunged more than 3% as he fell on Friday. Finance Minister Kwasi Kwarteng has announced significant tax cuts. This would boost economic growth and raise revenues, but would not introduce corresponding spending cuts. He also said a previously announced plan to curb rising energy bills for homes and businesses would be financed by borrowing. attacked the plan for not providing figures on its impact on

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The revamped Detroit Auto Show now showcases new flight technology

DETROIT (AP) — The Detroit auto show is back with a bang. and soaring. His 2019 was the last time the prestigious North American International Auto Show was held. It was also held last week. Visitors can once again see the latest products from the world’s largest automaker. But now you can also check out what the organizers call “a show on top of a show.” The Air Mobility Experience features exhibits and demonstrations by six air mobility innovators, including electric vertical take-off aircraft, hoverbikes, hoverboards and jet suits. The show runs through Sunday at the downtown convention center.

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US calls for stronger labor and environmental standards in Asia

WASHINGTON (AP) — The U.S. outlines goals for new trade deals with Australia, Japan, South Korea and nine others to work with the Indo-Pacific at a time of growing Chinese influence. The Office of the US Trade Representative on Friday announced negotiating targets for the Indo-Pacific Economic Framework, an agreement with 12 countries that began in May. Among other things, the United States will take steps to ease supply chain backlogs at border crossings while ensuring that Indo-Pacific nations improve labor and environmental standards and their markets remain open to competition. I hope to teach.

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GM invests $760 million to convert Toledo plant to EV parts production

TOLEDO, Ohio (AP) — General Motors announced it will spend $760 million to refurbish its transmission plant in Toledo, Ohio. This makes it possible to build drivelines for electric vehicles. This is the first his GM engine or transmission factory to begin the long transition from internal combustion engines to EVs. GM has a goal of producing only electric passenger cars by 2035. The investment will keep approximately 1,500 hourly and salaried workers employed at the Toledo plant. The Toledo plant currently manufactures his four transmissions that he uses in his trucks and many other GM internal combustion engine vehicles. Good news for Toledo workers who were worried about the factory’s future.

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Bank directors call for removal of senior Trump official in ethics probe

MIAMI (AP) — The Board of Directors of the Inter-American Development Bank has unanimously recommended removing the former Trump official as president of the Washington-based agency. The action follows an investigation that found that Mauricio Claver-Carrone violated ethics rules by endorsing a top adviser with whom he had a romantic relationship. The decision to recommend the dismissal was made at a closed-door meeting on Thursday, the people said. The Associated Press obtained a classified report by a law firm hired by the bank’s board of directors triggered by an anonymous complaint of misconduct against Claver Carrone. He said it was reasonable to conclude that the relationship had existed since at least 2019, when he was in office.

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German bakery to close for the first time in 90 years due to soaring energy costs

COLOGNE, Germany (AP) — A family-run bakery in the German city of Cologne is turning off its ovens entirely after 90 years because it can no longer afford rising energy prices stemming from Russia’s war with Ukraine. Engelbert Schlechtrimen’s grandparents founded the bakery before World War II, and the 58-year-old took over the bakery from his father over 28 years ago. His business is one of the victims of the European energy crisis caused by Russia’s natural gas cuts. The resulting rise in energy and power prices is putting pressure on companies already struggling with other rising costs as inflation rises.

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Spain plans to raise taxes on billionaires to help those in need

MADRID (AP) — Spain’s socialist-led coalition plans temporary higher tax rates for the country’s richest 1% starting next year. This is in addition to unforeseen taxes on large energy companies and banks. Socialist Prime Minister Pedro Sánchez said on Friday that the changes were intended to provide funding for the welfare state amid difficulties posed by rising prices for energy and food. Last month, Spain’s annual inflation rate he rose to 10.5%. The government says the tax hike is only for billionaires. The exact increase and scope of the tax measures are still under review, it said.

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Inflation and anxiety challenge Bangladesh’s ‘miracle economy’

DHAKA, Bangladesh (AP) — Bangladesh’s economic miracle is under serious strain as soaring fuel prices fuel public frustration over rising costs of food and other essentials. Protests have erupted in recent weeks, mounting pressure on the government of Prime Minister Sheikh Hasina, who is seeking help from the International Monetary Fund to protect the country’s finances. Less serious, in Sri Lanka, months of unrest forced the long-time president to flee the country. I am facing a problem. Such trends are undermining Bangladesh’s progress towards becoming a richer middle-income country.

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The S&P 500 fell 64.76 points (1.7%) to 3,693.23. The Dow Jones Industrial Average fell 486.27 points (1.6%) to 29,590.41. The Nasdaq dropped 198.88 points, or 1.8%, to 10,867.93. The Russell 2000 Index of Small Businesses fell 42.72 points, or 2.5%, to 1,679.59.

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