Latvia, Estonia exit China-backed Eastern Europe Forum

BEIJING (AP) — Latvia and Estonia say they have exited a China-backed forum aimed at strengthening relations with Eastern European countries in what appears to be another setback for increasingly assertive Chinese diplomacy. The move follows China’s strengthening of relations with Russia, whose invasion of Ukraine is seen as a possible first step in a … Read more

‘Big Short’ investor Michael Burry warns of consumer debt crisis: ‘Winter is coming’

Hedge fund legend Michael Burry warned Friday that rising consumer debt poses a major risk to the US economy. Burry, whose wagering against subprime mortgages became famous in the 2015 movie “The Big Short,” shared a Bloomberg chart showing U.S. consumer loans rose to more than $40 billion in June — the second-highest ever. . … Read more

Rivian losses rise to $1.7 billion as production ramps up

Rivian CEO RJ Scaringe said during a conversation with investors that they were unable to fully utilize their production line for “much” of the second quarter. “We weren’t even able to run a full single shift due to component delivery,” Scaringe said. Rivian expects supply chain shortages to continue to limit its growth, but it … Read more

Japanese PM purges cabinet after support falls over church ties

TOKYO (AP) – Japanese Prime Minister Fumio Kishida on Wednesday reshuffled his cabinet in an apparent effort to distance his government from the conservative Unification Church about his ties to assassinated leader Shinzo Abe and senior members of the ruling party. The reshuffle, the second in just 10 months since Kishida took office, followed his … Read more

Big Climate Bill: Big New Expenses to Boost Green Energy

By SETH BORENSTEIN, MATTHEW DALY and MICHAEL PHILLIS August 11, 2022 GMT https://apnews.com/article/technology-science-congress-climate-and-environment-f084d23d61ebb068068d4aa92c82fdbb WASHINGTON (AP) — After decades of inactivity in the face of escalating natural disasters and ongoing global warming, Congress hopes to make clean energy so cheap in all aspects of life that it is almost irresistible. The House is about to pass … Read more

Onex loses as stock market slump hits stakes in public companies

Onex Corp. ONEX-T lost US$184 million in the most recent quarter as the stock market slump eroded the value of the asset manager’s holdings in public companies. Toronto-based Onex, a private equity pioneer, saw the value of its portfolio of companies decline 3 percent in the three months ended June 30, which the company says … Read more

Putin gas stop will boost European oil demand – live updates

Ggood morning. Rapidly rising interest rates will not ease the heat in the UK housing market, a new report says. The Royal Institution of Chartered Surveyors (RICS) says a lack of homes coming to market will offset dwindling buyer interest in the coming year. According to the Royal Institution of Chartered Surveyors (RICS), a lack … Read more

Ukraine says 9 Russian warplanes were destroyed in explosions in Crimea

KYIV, Ukraine (AP) – Ukraine said on Wednesday that nine Russian warplanes were destroyed in a deadly series of explosions at an air base in Crimea that appeared to be the result of a Ukrainian attack, signifying a significant escalation in the war. Russia denies planes were damaged in Tuesday’s blast – whether an attack … Read more

Russian steelmaker Evraz considers selling Canadian, US facilities

Prime Minister Justin Trudeau takes a tour of the Evraz steel mill in Regina on March 14, 2018.Michael Bell/The Canadian Press Evraz PLC is looking to sell its Canadian and US operations as the Russian steelmaker grapples with the fallout from Moscow’s invasion of Moscow, including sanctions against the company and its billionaire majority shareholder. … Read more

Ukraine says 9 Russian warplanes were destroyed in explosions in Crimea

KYIV, Ukraine (AP) – The Ukrainian Air Force said on Wednesday that nine Russian warplanes were destroyed in a deadly series of explosions at an air base in Crimea, amid speculation that the blast was the result of a Ukrainian attack that would significantly escalate in the war. Russia denies planes were damaged in Tuesday’s … Read more