Company Highlights: Powell on Future Rises, SEC on Climate | Taiwan News

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Powell says the Fed will increase further and faster if needed

WASHINGTON (AP) — Chairman Jerome Powell said the Federal Reserve would raise its benchmark short-term interest rate faster than expected and high enough to dampen growth and hiring, if it decides it is necessary to do so. slow runaway inflation. Powell’s message was more hawkish than his comments after last week’s Fed meeting, when officials raised their key rate by a quarter point from near zero to a range of 0.25% at 0.5%. His remarks sent the stock market down sharply, implying that potentially much higher rates could be on the way for mortgages, auto loans, credit cards and other consumer and business borrowing.

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New information on climate change proposed by the SEC

WASHINGTON (AP) — Companies would be required to disclose the greenhouse gas emissions they produce and how climate risk affects their business, under new rules proposed by the Securities and Exchange Commission. The proposed rules are part of a government campaign to fight climate change. According to the proposals, public companies should report on their climate risks, including the costs of switching from fossil fuels. They would be required to outline their transition plans for managing climate risk, how they intend to meet climate targets and progress made, and the impact of severe weather events on their finances.

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Russian court bans Facebook and Instagram for ‘extremism’

MOSCOW (AP) — A Moscow court has banned Facebook and Instagram for what it considers extremist activity in a case involving their parent company, Meta. The court responded Monday to a request by prosecutors to bar Meta Platforms Inc. and ban Facebook and Instagram for what they called “extremist activities.” Prosecutors accused social media platforms of ignoring government requests to remove what they described as false information about military action in Ukraine. Meta declined to comment. Prosecutors did not seek a ban on Meta-owned messaging services WhatsApp. Instagram and Facebook have previously been blocked in Russia after authorities said they were used to call for violence against Russian soldiers.

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Trading in Russian bonds resumes for the first time since the war in Ukraine

Russia’s central bank cautiously reopened bond trading on the Moscow stock exchange for the first time since the country invaded Ukraine. The price of Russian ruble-denominated government debt fell on Monday, pushing up borrowing costs. Stock trading remained closed, with no word on when to reopen. The central bank bought bonds to support prices. The bank has imposed sweeping restrictions on financial transactions in an attempt to stabilize markets and combat the severe fallout from Western sanctions that have caused the ruble to fall against the US dollar and euro.

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Lawsuit claims Google discriminates against black workers

MOUNTAIN VIEW, Calif. (AP) — A former Google employee has sued the tech giant saying it engaged in a “pattern and practice” of racial discrimination against its black workers, steering them into lower-level jobs and lower pay and subjecting them to a hostile work environment if they speak out. April Curley was hired in 2014 to recruit black candidates for the company. Her lawsuit, filed Friday in U.S. District Court for the Northern District of California in San Jose, claims she was unlawfully fired in 2020 after she began speaking out and ‘called for reform of barriers and double standards imposed by Google on black employees and applicants,” according to the lawsuit.

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UN chief: Don’t let Russian crisis fuel climate destruction

BERLIN (AP) — The United Nations chief said countries scrambling to replace Russian supplies of oil, gas and coal with any available alternative could fuel the world’s “mutual assured destruction” through climate change. UN Secretary-General Antonio Guterres has said the “all of the above” strategy pursued by major economies to end fossil fuel imports from Russia could kill hope of keeping global warming in check. below dangerous levels. Speaking via video, he said that “instead of stalling the decarbonisation of the global economy, now is the time to put the pedal to the metal towards a renewable energy future”. His comments came as scientists began a two-week meeting to finalize their latest report on greenhouse gas emissions.

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Workers go on strike at a California refinery owned by Chevron

RICHMOND, Calif. (AP) — More than 500 workers at a Chevron Corp. refinery in the San Francisco Bay Area are on strike over safety concerns and to demand a pay rise to keep up with inflation and the region’s high cost of living. The United Steelworkers union says the strike affecting the City of Richmond refinery began at 12:01 a.m. Monday. It came after unionized workers rejected Chevron’s latest contract offer. Chevron says in a statement that it negotiated with the union for months and believes its contract offer was fair. The company says refining operations will continue despite the strike.

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Stocks drop on Wall Street after best week since 2020

NEW YORK (AP) — Stocks finished slightly lower on Wall Street on Monday after giving up an early gain and rebounding for much of the day. The indecisive trading came after the market posted its best week since November 2020 and, as the Federal Reserve Chairman said, the central bank was ready to act more aggressively if needed to contain inflation. The S&P 500 slipped less than 0.1%, the Dow Jones Industrial Average fell 0.6% and the Nasdaq 0.4%. Bond yields have risen significantly. Crude oil prices rose just over 7%. Media ratings agency Nielsen fell 6.9% after rejecting a takeover bid.

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The S&P 500 lost 1.94 points, less than 0.1%, to 4,461.18. The Dow Jones Industrial Average fell 201.94 points, 0.6%, to 34,552.99 The Nasdaq slipped 55.38 points, or 0.4%, to 13,838.46. The Russell 2000 Small Business Index fell 20.21 points, or 1%, to 2,065.94.

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