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Economy

Biden Economy: GDP up 2.9%, Gas Down $1.53 From Last Year

Click HERE To See The Story at the Los Cerritos News Site   November 30, 2021 Even though the Fed is putting the brakes on the...

Attorney General Bonta, Governor Newsom Lead Multistate Coalition in Defense of Federal Fuel Economy...

OAKLAND – California Attorney General Rob Bonta, Governor Gavin Newsom, and the California Air Resources Board today led a multistate coalition in filing a motion...

Attorney General Bonta Announces Settlement with Ford for Misrepresenting Fuel Economy and Payload Capacity...

OAKLAND – California Attorney General Rob Bonta today, as part of a multistate coalition, announced a $19.2 million settlement with Ford Motor Company (Ford), resolving allegations that...

Attorney General Bonta Urges Department of Energy to Update Calculations that Determine Compliance with...

OAKLAND – California Attorney General Rob Bonta today led a multistate coalition in urging the Department of Energy (DOE) to update its “petroleum equivalency factor,” which determines...

No timeline given for extracting wedged ship from Suez Canal

SUEZ, Egypt (AP) — A giant container ship remained stuck sideways in Egypt’s Suez Canal for a fifth day Saturday, as authorities made new...

Spurred by lockdown, Spain gives 4-day week a try

MADRID (AP) — After years of waiting tables, Danae De Vries is one step closer to achieving her lifetime dream of becoming a theater...

Biden invites Russia, China to first global climate talks

WASHINGTON (AP) — President Joe Biden is including rivals Vladimir Putin of Russia and Xi Jinping of China among the invitees to the first...

Biden invites Russia, China to first global climate talks

WASHINGTON (AP) — President Joe Biden is including rivals Vladimir Putin of Russia and Xi Jinping of China among the invitees to the first...

The Latest: Texas state judge upholds Austin’s mask mandate

AUSTIN, Texas — A Texas judge is allowing the City of Austin to continue to require face coverings in local businesses weeks after Gov....

Hopeful signs as California adds 141,000 jobs in February

SACRAMENTO, Calif. (AP) — California added 141,000 jobs in February as more than a quarter of a million people returned to the workforce, state...

The eviction moratorium is expiring. What will Biden do?

WASHINGTON (AP) — President Joe Biden's administration has less than a week to decide on extending the nationwide eviction moratorium, a measure that housing...

ThredUp’s shares pop in stock market debut

NEW YORK (AP) — Shares of ThredUp rose more than 40% in their stock market debut Friday, reflecting investor enthusiasm for the online seller...

S&P 500 returns to a record high after best day in weeks

NEW YORK (AP) — U.S. stocks burst to their best day in three weeks on Friday, helping Wall Street return to record heights and...

WeWork stock offer comes amid doubtful need for office space

NEW YORK (AP) — Uncertainty about demand for office space in a global pandemic is a big risk that investors will have to weigh...

Cash-strapped Sudan clears overdue payments to World Bank

CAIRO (AP) — The Sudanese government said Friday it cleared all of its overdue payments to the World Bank, a move that gives the...

EU vaccine politics reach fever pitch; Britain a target

BRUSSELS (AP) — European Union vaccine politics reached a fever pitch Friday with charges of British blackmail and unfair practices among EU members flying...

EXPLAINER: What’s a SPAC, the latest craze on Wall Street?

CHARLOTTE, N.C. (AP) — WeWork will finally go public this year, allowing investors to buy and sell its shares. But not through a traditional...

Consumer spending dipped 1% as winter storms raked the US

WASHINGTON (AP) — Consumers spending and personal incomes both fell sharply in February as severe winter storms disrupted shopping in many parts of the...

Survey: Jump in German business optimism despite pandemic

FRANKFURT, Germany (AP) — German businesses grew more optimistic in March, despite a growing number of coronavirus cases and a looming tightening of pandemic...

EXPLAINER: Sanctioned Myanmar army businesses span spectrum

BANGKOK (AP) — The two huge Myanmar military-controlled conglomerates targeted by U.S. and UK sanctions following the army coup last month span a wide...

Australian envoy reportedly describes China as ‘vindictive’

CANBERRA, Australia (AP) — Australia’s ambassador to Beijing has reportedly described China as a “vindictive” and “unreliable” trading partner as Australian officials revealed steep...

Asian stocks advance on optimism over pandemic recovery

BANGKOK (AP) — Shares were higher across Asia on Friday after a strong gains on Wall Street driven by hopes for a powerful recovery...

The Latest: Gov. hopes to up number of Texans getting shots

AUSTIN, Texas -- Texas Gov. Greg Abbott said Thursday that he’s hoping to increase the number of Texans getting COVID-19 vaccines after seeing a...

Fed says restrictions on bank dividends and buybacks to end

WASHINGTON (AP) — The Federal Reserve said Thursday that as of June 30 it will end for most banks the temporary limits it had...

EXPLAINER: Suez Canal block could hit product supply chains

The cargo ship blocking the Suez Canal is holding up traffic that carries nearly $10 billion worth of goods every day, so a quick...

EU leaders grapple with surge of infections, vaccine issues

BRUSSELS (AP) — European Union leaders failed to settle a fight about the distribution of COVID-19 shots among member states Thursday but pledged to...

EXPLAINER: What we know about a ship blocking the Suez Canal

DUBAI, United Arab Emirates (AP) — A giant backhoe and a squadron of tugboats look minuscule against the cargo ship’s bulk, demonstrating the enormity...

Spielberg donates Genesis Prize money to justice nonprofits

NEW YORK (AP) — Steven Spielberg said Thursday that he will donate his $1 million Genesis Prize to 10 nonprofits that are working for...

EU offers Turkey aid, trade help despite rights concerns

BRUSSELS (AP) — European Union leaders on Thursday offered new incentives to Turkey to improve cooperation on migration and trade despite democratic backsliding in...

UK extends emergency coronavirus powers by 6 months

LONDON (AP) — British lawmakers agreed Thursday to prolong coronavirus emergency measures for six months, allowing the Conservative government to keep its unprecedented powers...

Free breadsticks and reasons for hope at Olive Garden

The company that runs the Olive Garden chain is raising pay for its workers and handing out one-time bonuses, a sign of optimism from...

New US sanctions target military conglomerates in Myanmar

The United States on Thursday imposed what it calls its most significant sanctions to date over the military coup in Myanmar, restricting American dealings...

Myanmar junta uses force on streets; US, UK target finances

YANGON, Myanmar (AP) — As Myanmar's junta used violence again Thursday to try to suppress protests against the military's takeover, the United States and...

Powell likens Fed’s pandemic response to British at Dunkirk

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell compared the actions taken by the central bank early in the pandemic as the economy barreled...

Uyghurs in Turkey protest Chinese foreign minister’s visit

ISTANBUL (AP) — Hundreds of Uyghurs staged protests in Ankara and Istanbul on Thursday, denouncing Chinese Foreign Minister Wang Yi’s visit to Turkey and...

US jobless claims fall to 684,000, fewest since pandemic

WASHINGTON (AP) — The number of people seeking unemployment benefits fell sharply last week to 684,000, the fewest since the pandemic erupted a year...

Government revises 4th quarter GDP up slightly to 4.3%

WASHINGTON (AP) — The U.S. economy grew at an annual rate of 4.3% in the final three months of 2020, slightly faster than previously...

Here’s what foreign brands have to say about Xinjiang

HONG KONG (AP) — Nike. The Gap. Uniqlo. Major clothing and footwear brands are under attack in China after Europe, the U.S. and other...

Asian markets push higher despite tech sell-off on Wall St

BANGKOK (AP) — Shares advanced in Asia on Thursday after a broad decline on Wall Street led by selling of tech heavyweights like Facebook...

California power grid operators try to avert blackout replay

LOS ANGELES (AP) — California’s primary power grid manager approved plans Wednesday aimed at averting a repeat of the blackouts that rolled across parts...

Treasury sends out additional 37 million relief payments

WASHINGTON (AP) — The Treasury Department said Wednesday that it has sent out another 37 million economic impact payments, bringing the total disbursed in...

Women’s soccer stars join Biden to promote closing pay gap

WASHINGTON (AP) — President Joe Biden made the case Wednesday that the pay disparity between men and women has hurt the economy, bringing members...

Syria to send Lebanon emergency oxygen supply for hospitals

BEIRUT (AP) — The government of war-torn Syria said Wednesday it will send emergency oxygen supplies to neighboring Lebanon, which has experienced shortages amid...

Massive cargo ship becomes wedged, blocks Egypt’s Suez Canal

ISMAILIA, Egypt (AP) — A skyscraper-sized container ship has become wedged across Egypt's Suez Canal and blocked all traffic in the vital waterway, officials...

Beyond the pandemic: London’s Tube battles to stay on track

LONDON (AP) — When London came to a stop as a nationwide coronavirus lockdown was imposed a year ago, the Underground kept running as...

US, Europe, NATO close ranks to counter ‘aggressive’ China

BRUSSELS (AP) — The United States and European countries are closing ranks to respond to what the U.S. calls “aggressive and coercive” behavior by...

Yellen sees room for US to borrow, opens door to tax hike

WASHINGTON (AP) — Treasury Secretary Janet Yellen believes the U.S. government has more room to borrow, but said higher taxes would likely be required...

EU moves toward stricter export controls for COVID-19 shots

BRUSSELS (AP) — The European Union moved Wednesday toward stricter export controls for coronavirus vaccines, seeking to make sure its 27 nations have more...

GameStop weighing stock offering to fund transformation

GameStop is considering selling some of its shares, a move that would enable the video-game retailer to capitalize on the massive surge in its...

Erdogan urges investors to trust Turkey’s economy, potential

ANKARA, Turkey (AP) — Turkish President Recep Tayyip Erdogan urged foreign investors Wednesdays to have confidence in Turkey’s economy days after he fired his...

US, Turkey remain divided over purchase of Russia’s S-400s

ANKARA, Turkey (AP) — Top U.S. and Turkish diplomats failed on Wednesday to overcome sharp differences over Turkey’s purchase of an advanced Russian air...

German Cabinet approves 2022 budget plan with more new debt

BERLIN (AP) — Germany's Cabinet on Wednesday approved 2022 budget plans that will see rules against running up new debt suspended for the third...

Orders for manufactured goods tumbled 1.1% last month

WASHINGTON (AP) — Orders to U.S. factories for big-ticket manufactured goods slumped 1.1% in February with demand in a key sector that tracks business...

Born in war, Bangladesh marks 50 years of independence

DHAKA, Bangladesh (AP) — Shafiqul Islam was studying business at Dhaka College in 1971 when a bloody and brutal war for independence ravaged Bangladesh....

Asia stocks follow Wall Street down on renewed virus worries

BEIJING (AP) — Asian stock markets followed Wall Street lower Wednesday after European governments extended anti-coronavirus lockdowns, clouding the outlook for economic recovery. ...

The Latest: California prisons to resume in-person visits

SACRAMENTO, Calif. -- California state prisons will soon resume limited in-person visits with inmates more than a year after they were halted because of...

Brazil posts record single-day toll of 3,251 virus deaths

RIO DE JANEIRO (AP) — Brazil reported more than 3,000 COVID-19 deaths in a single day for the first time Tuesday amid calls for...

GameStop lost $215 million in fiscal year; online sales gain

GameStop, the video game retailer at the center of a social-media driven investment frenzy, said it lost $215 million in the 12 months ended...

Yellen, Powell say more needed to limit US economic damage

WASHINGTON (AP) — Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell told Congress on Tuesday that more must be done to limit...

Sales of new homes plunged 18.2% in February

WASHINGTON (AP) — Sales of new homes plunged 18.2% in February as severe winter weather in many parts of the country and a lack...

Xi, Kim share messages reaffirming China-N. Korea alliance

SEOUL, South Korea (AP) — The leaders of China and North Korea are reaffirming their traditional alliance following contentious talks between top diplomats from...

UK jobs market shows further resilience during lockdown

LONDON (AP) — Britain's jobs market showed further resilience in February even though the country has been in one of the world's most stringent...

China-Europe sanctions fight shatters image of amicable ties

BEIJING (AP) — China looked to Europe as an amicable partner as the continent's leaders resisted being drawn into President Donald Trump’s conflicts with...

Overstimulated? Stocks soar 75% in historic 12-month run

NEW YORK (AP) — It was one year ago that the terrifying free fall for the stock market suddenly ended, ushering in one of...

Asian stocks mixed after Wall St rises on tech gains

BEIJING (AP) — Asian stock markets were mixed Tuesday after Wall Street rose on gains for tech stocks and reassurance by the U.S. Federal...

California reports issues with unemployment benefits website

SACRAMENTO, Calif. (AP) — California's unemployment benefits agency says "intermittent issues” on its website over the weekend caused delays for some people who were...

Oregon won’t say how much it has lost to unemployment fraud

PORTLAND, Ore. (AP) — Oregon officials continue to refuse to publicly disclose how much money the state has lost to unemployment insurance fraud during...

Big railroad deal seen more likely to gain regulators’ OK

OMAHA, Neb. (AP) — Wary regulators have not approved a major railroad merger since the 1990s, but industry analysts say Canadian Pacific's proposed $25...

Powell says economy recovering but Fed support still needed

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell says the economic recovery from the coronavirus pandemic has progressed more quickly than expected, but the...

Overstimulated? Stocks soar 75% in historic 12-month run

NEW YORK (AP) — It was one year ago that the terrifying free fall for the stock market suddenly ended, ushering in one of...

Brazil economists call for tougher measures as cases ramp up

RIO DE JANEIRO (AP) — Hundreds of Brazilian economists, including former finance ministers and central bank presidents, urged the Brazilian government in an open...

Turkish lira plummets after Erdogan fires central bank chief

ANKARA, Turkey (AP) — The Turkish currency plummeted against the U.S. dollar on Monday after President Recep Tayyip Erdogan fired his third central bank...

Saudi oil giant Aramco reports 30% drop in payments to state

DUBAI, United Arab Emirates (AP) — Saudi Arabia’s state-backed oil giant Aramco paid the Saudi government 30% less in taxes in 2020, the company...

Fed pays US Treasury $86.9 billion, largest sum in 4 years

WASHINGTON (AP) — The Federal Reserve reported Monday that it earned $88.6 billion in 2020 and paid back to the federal government $86.9 billion,...

Existing US home sales fell in February, while prices rose

Sales of previously occupied U.S. homes slowed last month as rising prices and a dearth of homes for sale kept some would-be buyers on...

New SBA head plans changes at agency; focus now is COVID-19

NEW YORK (AP) — The new head of the Small Business Administration says she expects to make changes at the agency that she says...

Whiskey makers face worsening hangover from trade dispute

LOUISVILLE, Ky. (AP) — A hangover from Trump-era tariff disputes could become even more painful for American whiskey distillers unless their entanglement in a...

Infections continue to climb in Turkey amid relaxed measures

ISTANBUL (AP) — Turkey’s weekly regional COVID-19 figures keep increasing and deaths rising as the country maintains more relaxed restrictions for now. ...

Oil giant Saudi Aramco sees 2020 profits drop to $49 billion

DUBAI, United Arab Emirates (AP) — Saudi Arabia’s state-backed oil giant Aramco announced Sunday that its profits nearly halved in 2020 to $49 billion,...

The Latest: UNLV now plans in-person spring graduation

LAS VEGAS — The University of Nevada, Las Vegas is changing course and now plans in-person spring graduation ceremonies in May as the coronavirus...

Biden’s top aides unlikely to qualify for relief payments

WASHINGTON (AP) — At least one group in America is unlikely to get any money from President Joe Biden’s $1.9 trillion economic rescue plan...

US businesses near border struggle with boundaries’ closure

NOGALES, Ariz. (AP) — Evan Kory started calling brides in Mexico’s northern Sonora state last March, asking if they wanted to get their...

Striking Myanmar rail workers move out as protests continue

MANDALAY, Myanmar (AP) — Residents of Myanmar’s second-biggest city helped striking railway workers move out of their state-supplied housing Saturday after the authorities said...

Turkey’s president fires central bank governor by decree

ISTANBUL (AP) — Turkey’s president has fired the central bank governor, who in his four months in office had won the praise of investors...

UN official: Myanmar people want UN sanctions, peacekeepers

UNITED NATIONS (AP) — The people of Myanmar have huge expectations from the United Nations and the international community following the Feb. 1 coup,...

Wall Street closing lower; bank stocks fall

Wall Street closed out a choppy week of trading Friday with major stock indexes mostly lower and all finishing in the red for the...

Battling bigness: Congress eyes action against monopolies

WASHINGTON (AP) — The battle against bigness is building. Whether it’s beer, banks or book publishing, lawmakers are targeting major industries they say have...

G7 suggest boosting IMF reserves to help vulnerable nations

LONDON (AP) — The Group of Seven leading industrial nations on Friday proposed bolstering the International Monetary Fund's reserves for the first time since...

Powell: US economy gaining, but recovery ‘far from complete’

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell reiterated his belief Friday that while the U.S. economy has been steadily rebounding from the devastation...

Congressional Democrats push $50B bill for nonprofits

Congressional Democrats are pushing a federal bill that would give nonprofits $50 billion to help them retain employees, hire newly unemployed workers and expand...

Kremlin: Putin’s offer of a call with Biden was to save ties

MOSCOW (AP) — The Kremlin said Friday that President Vladimir Putin's offer to speak by phone with U.S. President Joe Biden was intended to...

Fed to end relaxed capital requirements for large banks

WASHINGTON (AP) — The Federal Reserve says it will restore capital requirements for large banks that were relaxed as part of the Fed’s efforts...

Asian markets follow Wall St lower after Fed bump

BEIJING (AP) — Asian stock markets followed Wall Street lower on Friday after rising U.S. bond yields dampened buying enthusiasm driven by the Federal...

California Legislature OKs expansion of paid sick leave

SACRAMENTO, Calif. (AP) — The California Legislature on Thursday voted to expand paid sick leave for about 10.4 million workers, sending a bill to...

Sheltered from virus, Kauai plans cautious return to tourism

LIHUE, Hawaii (AP) — As the coronavirus ravaged other parts of the U.S., residents of this rural Pacific island watched safely from afar. ...

Indiana man charged with killing 4 after stimulus argument

INDIANAPOLIS (AP) — An Indianapolis man was formally charged with murder Thursday in the killings of three adults and a child he allegedly shot...

US long-term mortgage rates edge higher; 30-year at 3.09%

WASHINGTON (AP) — U.S. long-term mortgage rates continued to edge higher this week as the benchmark 30-year loan stayed above the 3% mark. Rates...

Suu Kyi payments claimed as Myanmar junta raises pressure

MANDALAY, Myanmar (AP) — A Myanmar construction magnate with links to military rulers said he personally gave more than half a million dollars in...

US jobless claims rise to 770,000 with layoffs still high

WASHINGTON (AP) — The number of Americans seeking unemployment benefits rose last week to 770,000, a sign that layoffs remain high even as much...

Bank of England: Cautious optimism over UK economic outlook

LONDON (AP) — The Bank of England voiced cautious optimism Thursday about the U.K.'s economic outlook in the wake of a sharp fall in...

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