Latest Business News

Dems want to tax high earners to protect Medicare solvency

Jul. 07, 2022 10:53 AM EDT

WASHINGTON (AP) — Senate Democrats want to boost taxes on some high earners and use the money to extend the solvency of Medicare, the latest step in the party's election-year attempt to craft a scaled-back version of the economic package that collapsed last year, Democratic aides told The...

Michigan governor hopeful pleads not guilty in Jan. 6 riot

Jul. 07, 2022 10:52 AM EDT

A Republican candidate for Michigan governor pleaded not guilty Thursday for his actions during the insurrection at the U.S. Capitol on Jan. 6, 2021, when he says he and other supporters of then-President Donald Trump were exercising their free speech rights. Ryan Kelley appeared...

Average long-term US mortgage rates retreat this week

Jul. 07, 2022 10:51 AM EDT

WASHINGTON (AP) — Average long-term U.S. mortgage rates eased again this week as the Federal Reserve remains likely to raise its benchmark borrowing rate in its ongoing battle to bring down inflation. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate fell to 5.30%...

Russia's war in Ukraine to overshadow G-20 talks in Bali

Jul. 07, 2022 10:47 AM EDT

JAKARTA, Indonesia (AP) — Foreign ministers from the Group of 20 leading rich and developing nations are gathering in Indonesia’s resort island of Bali for talks bound to be dominated by the conflict in Ukraine despite an agenda focused on global cooperation and food and energy security. ...

US stocks gain ground while bond market signals caution

Jul. 07, 2022 10:47 AM EDT

NEW YORK (AP) — Stocks rose broadly in early trading Thursday, putting major indexes on track for weekly gains. The S&P 500 rose 0.9% as of 10:19 a.m. Eastern. The Dow Jones Industrial Average rose 156 points, or 0.5%, to 31,189 and the Nasdaq rose 1.5%. ...

Wisconsin court sides with former PSC member in line dispute

Jul. 07, 2022 10:35 AM EDT

MADISON, Wis. (AP) — The Wisconsin Supreme Court's conservative majority on Thursday sided with a former member of the state Public Service Commission who did not want to turn over his cellphone in a fight over the approval of a new power line. Opponents argued that the evidence...

Mexico accuses ex-president of millions in illegal funds

Jul. 07, 2022 10:29 AM EDT

MEXICO CITY (AP) — Mexico’s anti-money laundering agency said Thursday it has accused ex-President Enrique Peña Nieto of handling millions of dollars in possibly illegal funds. It would mark the first formal legal accusations against Peña Nieto, despite a cloud of allegations...

Gas prices 'double-edged sword' hurts drivers, helps climate

Jul. 07, 2022 10:06 AM EDT

As Congress and now the Supreme Court stymie the Biden administration’s efforts to curb climate change, one thing the president doesn’t want - sky high gas prices - actually is nibbling away at emissions of heat-trapping gas. Gas prices in much of the United States shot past the...

One scandal too many: British PM Boris Johnson resigns

Jul. 07, 2022 10:20 AM EDT

LONDON (AP) — Prime Minister Boris Johnson announced his resignation Thursday amid a mass revolt by top members of his government, marking an end to three tumultuous years in power in which he brazenly bent and sometimes broke the rules of British politics. Months of defiance ended...

What's next for UK? Boris Johnson quits, but not gone yet

Jul. 07, 2022 09:44 AM EDT

LONDON (AP) — Boris Johnson has caved in to a Conservative Party revolt after months of ethics scandals and resigned as party leader, but he remains Britain’s prime minister — for now — while a successor is chosen. With British politics in turmoil, here’s a look at what...