The exemption that allowed Russia to continue making payments on its foreign debts during the war on Ukraine was let go by the Biden administration at midnight on Wednesday. The announcement was made by the Treasury Department. Russia is trying to avoid a default on its foreign debt for the first time in more than a century. The exemption was always intended to be temporary, according to the Treasury Secretary. As Western countries try to increase pressure on Russia's economy, the decision represents an increase in U.S. sanctions.
The mass shooting at a school in Uvalde, Texas, last week that killed 19 children and two teachers has put a spotlight on how companies deal with gun manufacturers. A law in Texas that went into effect last year has made it more complicated for corporations to distance themselves from gun makers. The law forbids government entities in the state from working with firms that are against companies or individuals in the gun industry. If a corporation doesn't want to work with gun or ammunition manufacturers, it can be shut out of the state's lucrative municipal bond market. In a letter to the Texas attorney general, lawyers for Chase suggested that the bank was willing to do more business with gun companies, saying that the bank did not discriminate against a firearm entity.
The company said it would buy the software company for 61 billion dollars. Before word of a possible acquisition began to spread, Broadcom offered the equivalent of $138 per share, more than 40 percent higher than the company's stock price. The deal would be the latest in a long line of acquisitions by the chief executive of the company. One of the biggest players in cloud computing is VMware, which has more than 500,000 customers around the world and partners with other big cloud providers like Amazon. The acquisition of the company will make it more competitive in data-center technology and cloud computing by owning an array of popular computing tools.
Memorial Day weekend will be difficult for drivers to find gas for under $4 a gallon because of the recent increase in gas prices. Russia's war in Ukraine is the main reason for the spike. Habitual drivers may be adding to the squeeze. Analysts say that a boom in travel is helping to keep prices high because Americans are eager to get away after deferring plans because of Covid. Many airlines have raised ticket prices to make up for rising fuel costs, but customers are still willing to pay. Southwest Airlines and JetBlue Airways said last week that their second quarter revenues were going to be higher than anticipated.
The Biden administration worked with Abbott Laboratories to restart production at its shuttered formula plant and flew in emergency supplies from Europe to address the baby formula shortage. The Federal Trade Commission wants to look into the conditions that led to the shortage in the first place, and whether federal regulations and trade agreements are blocking foreign companies from entering the market. The F.T.C. is looking for information from families who believe they have been cheated when buying formula or paying high prices.
The number of jobs in the United States is expected to reach its peak in the next few months. The job report this week could be that point. Many Americans are still paying higher prices for the goods and services they want and need. Spending remains high and that usually means plenty of job openings. Even as the Federal Reserve raises interest rates, it is possible that job growth will keep chugging forward.
The F.T.C. fined the company $150 million for misleading users. The data showed that inflation was close to a four-decade high in April. The markets were higher last week because of strong financial reports from retailers.
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