Update on the latest in business:

FINANCIAL MARKETS

Stocks Rise as Wall Street Approaches a Rare Winning Week

NEW YORK (AP) — Stocks are rising today, and Wall Street is heading for its second winning week in the last 12 in a respite from its brutal sell-off.

The S&P 500 rose 2.3% in midday trading. Stocks have risen this week as pressure from rising Treasury yields eases a bit and investors speculate the Federal Reserve may not…

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FINANCIAL MARKETS

Stocks Rise as Wall Street Approaches a Rare Winning Week

NEW YORK (AP) — Stocks are rising today, and Wall Street is heading for its second winning week in the last 12 in a respite from its brutal sell-off.

The S&P 500 rose 2.3% in midday trading. Stocks have risen this week as pressure from rising Treasury yields eases a bit and investors speculate the Federal Reserve may not have to be as aggressive in raising interest rates as previously thought.

It has been a respite from the Wall Street slump for most of the year, as central banks reverse the tremendous support they gave markets during the pandemic.

SUPREME COURT-ABORTION

Supreme Court overturns Roe v. wade; states can ban abortion

WASHINGTON (AP) — The Supreme Court has struck down constitutional protections for abortion.

The ruling comes more than a month after the surprising leak of a draft opinion by Judge Samuel Alito indicating that the court was prepared to take this momentous step.

In his final opinion issued today, Alito says: “The Constitution makes no reference to abortion, and no constitutional right implicitly protects that right.”

Constitutional protections for abortion had been in place for nearly 50 years.

SUPREME COURT-ABORTION-WASHINGTON

Biden calls abortion ruling ‘a sad day’ for the country

WASHINGTON (AP) — President Joe Biden spoke from the White House about the Supreme Court ruling that overturned Roe v. Wade, the historic decision that legalized abortion across the country.

He said the court has done what it has never done before by taking away a constitutional right that is so fundamental to so many Americans. She says the decision puts women’s health and lives at risk.

The White House has been preparing for this moment since a draft of the decision was leaked in May. Officials have met with state leaders, advocates, health professionals and others to prepare for a future without Roe v. Wade.

FDA-JUUL

Juul seeks to stop FDA order banning sale of e-cigarettes in the US.

UNDATED (AP) — Juul is asking a federal court to block a government order to stop selling its e-cigarettes.

The company is asking the court to suspend what it calls an “extraordinary and illegal action” by the Food and Drug Administration. The company filed an emergency motion with the US Court of Appeals in Washington as it prepares to appeal the FDA’s decision.

The FDA said Thursday that Juul must stop selling its tobacco- and menthol-flavored vaping device and cartridges. Those on the market must be eliminated.

UNITED AIRLINES-PILOTS

Pilots online for big hikes amid global travel disruptions

DALLAS (AP) — United Airlines pilots are in line for big pay raises over the next 18 months.

His union, the Airline Pilots Association, says it has reached a tentative agreement on raises totaling more than 14.5%. The deal would be retroactive to early 2022 and run through the end of next year.

Base pilots will hold a ratification vote until mid-July. If approved, the deal could set the stage for similar raises by pilots at American, Delta and Southwest. Pilots have leverage in contract negotiations because they are in short supply as travel recovers from the worst of the pandemic.

GERMANY-WORLD FOOD CRISIS

UN chief warns of global food shortage ‘catastrophe’

BERLIN (AP) — The war in Ukraine is adding to disruptions caused by climate change, the coronavirus pandemic and inequality, the United Nations secretary-general says, to produce an “unprecedented global hunger crisis.”

UN chief Antonio Guterres says the world is facing a “catastrophe” due to growing food shortages around the world. He says: “There is a real risk of multiple famines being declared in 2022.”

Guterres says crops in Asia, Africa and the Americas will be affected as farmers around the world struggle to cope with rising fertilizer and energy prices and, he says, “issues of access to this year’s food supply could become next year’s global food shortage.

G-7-NATO SUMMIT

Solidarity behind Ukraine-Russia struggle tops summit agendas

WASHINGTON (AP) — Back-to-back summits of world leaders in Europe that open this weekend will focus on rallying Western nations behind Ukraine in its fight against Russia’s invasion and overcoming Turkey’s opposition to membership in Finland and Sweden in NATO.

The Group of Seven major economic powers will meet in Germany for their annual meeting from Sunday to Tuesday. Subsequently, NATO member countries will meet on Wednesday and Thursday in Madrid.

Other topics for the leaders include climate change, the world economy and inflation, energy, food security and combating the rise of China. President Joe Biden will attend both summits.

PAKISTAN-ECONOMY

Pakistan stock market plunges on new government tax on industries

ISLAMABAD (AP) — Pakistani Prime Minister Shahbaz Sharif will impose a new 10% tax on major industries and a graduated tax on the wealthy.

Today’s announcement shocked the country’s stock exchange in the southern port city of Karachi, which briefly halted trading after its benchmark index plunged sharply following the announcement.

Sharif says he is taking these steps to “save the country and avoid more taxes on the poor.”

The measures are expected to come into force on July 1, after parliament’s approval. Pakistan is in crucial talks with the IMF to revive a $6 billion rescue package that has been on hold since former Prime Minister Imran Khan’s government was ousted in April.

NETHERLANDS-SCHIPHOL AIRPORT

The Dutch government will stop flights at Schiphol airport

BRUSSELS (AP) — The Dutch government plans to lower the maximum number of flights allowed each year at the country’s busiest aviation hub, Schiphol Airport. It is an attempt to reduce noise and air pollution.

Today’s decision to reduce the number of permitted flights from around 500,000 to 440,000 is a further blow to the air port which has experienced chaos in recent weeks amid a shortage of security staff, with long lines of passengers waiting. to board the flights.

Schiphol, just outside Amsterdam, has been growing for years and has become a busy European hub and a major engine of economic growth in the Netherlands.

The cuts are expected to occur by the end of next year.

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