AP National Business

By JARI TANNER Associated Press HELSINKI (AP) — A small brewery in Finland has launched a NATO-themed beer to mark the Nordic country’s bid to join the Western military alliance. Olaf Brewing’s OTAN lager features a blue label with a cartoon version of a beer-drinking medieval knight in metal armor emblazoned with NATO’s compass symbol.

By OLEKSANDR STASHEVSKYI and CIARAN McQUILLAN Associated Press KYIV, Ukraine (AP) — The fate of hundreds of Ukrainian fighters who surrendered after holding out against punishing attacks on Mariupol’s steel factory hung in the balance Thursday, amid international fears that the Russians may take reprisals against the prisoners. The International Committee of the Red Cross

Associated Press Harley-Davidson is announcing a two-week suspension of vehicle assembly and most shipments, citing a regulatory compliance issue with one of its suppliers. Company shares tumbled almost 8% Thursday. Harley-Davidson says the decision was made “out of an abundance of caution” after the company received information from a supplier of one of its component

By FRANK JORDANS Associated Press BERLIN (AP) — Germany’s health minister is warning that the coronavirus pandemic is not over yet. Health Minister Karl Lauterbach noted the sharp rise in cases in some Asian countries such as North Korea but also parts of Europe. Lauterbach said that “in Germany, too, an average of 130 to

By BASSEM MROUE Associated Press BEIRUT (AP) — Lebanese judicial officials say Beirut has received from Interpol a wanted notice for disgraced auto tycoon Carlos Ghosn, four weeks after French prosecutors issued an international arrest warrant for him, The officials did not give further details about the Interpol-issued Red Notice, which is a non-binding request

By DAMIAN J. TROISE AP Business Writer NEW YORK (AP) — Stocks fell in morning trading on Wall Street Thursday, deepening a slump for major indexes as persistently high inflation continues to weigh on the economy. The S&P 500, the benchmark for many index funds, is coming off of its biggest drop in nearly two

By DEE-ANN DURBIN AP Business Writer McDonald’s is selling all of its restaurants in Russia 30 years after the burger chain became a powerful symbol of easing Cold War tensions between the United States and Soviet Union. It shuttered all Russian locations in March because of Russia’s invasion of Ukraine. The Chicago burger giant said

By CHRISTOPHER RUGABER AP Economics Writer WASHINGTON (AP) — President Joe Biden’s pick to be the Federal Reserve’s top banking regulator pledged Thursday to help reduce high inflation and provide clear rules to govern financial innovation. Michael Barr said he would be strongly committed to bringing down inflation to the Federal Reserve’s target of 2%.

By MATT OTT AP Business Writer WASHINGTON (AP) — Average long-term U.S. mortgage rates retreated modestly this week, but interest on the key 30-year loan remains at decade-high levels. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate slipped to 5.25% from 5.3% last week. By contrast, the average rate stood at 3% a

By BHARATHA MALLAWARACHI Associated Press COLOMBO, Sri Lanka (AP) — Sri Lanka’s central bank says it will lower the maximum amount of foreign currency that individuals can possess to $10,000 from $15,000 and penalize anyone who holds it for more than three months. Police, meanwhile, fired tear gas and water cannons at thousands of students

By STAN CHOE and ALEX VEIGA AP Business Writers NEW YORK (AP) — Investors on Wall Street need a place to hide. The stock market’s skid this year has pulled the S&P 500 close to what’s known as a bear market. Rising interest rates, high inflation, the war in Ukraine and a slowdown in China’s

By ALEX VEIGA AP Business Writer LOS ANGELES (AP) — Rising interest rates are making adjustable-rate mortgages a more attractive alternative to common 30-year, fixed-rate home loans. ARMs made up 13% of all home loans by dollar volume in March, their highest share since January 2020, according to CoreLogic. The increase coincides with a sharp

By ANNE D’INNOCENZIO AP Retail Writer NEW YORK (AP) — Kohl’s Corp. cut its earnings forecast, as the department store joins a string of retailers stung with soaring inflation. The reduction followed weaker-than-expected first-quarter results. Like many department stores, Kohl’s had struggled before the pandemic, but the health crisis wielded a big blow to sales.

By DEE-ANN DURBIN AP Business Writer McDonald’s said Thursday it has begun the process of selling its Russian business to one of its licensees in the country. The Chicago burger giant said Alexander Govor, who operates 25 restaurants in Siberia, has agreed to buy McDonald’s 850 Russian restaurants and operate them under a new brand.

By R.J. RICO Associated Press Practically every minute of every hour, someone sends a tweet to Bill Pulte, a 33-year-old private-equity investor and heir to the mammoth PulteGroup homebuilding company. And, nearly every day, Pulte responds. He sent $500 for a man who sent a video showing his missing teeth. He gave $125 for a

By MATT OTT AP Business Writer WASHINGTON (AP) — More Americans applied for jobless aid last week, but the total number of Americans collecting unemployment benefits is at a 53-year low. Applications for unemployment benefits rose by 21,000 to 218,000 for the week ending May 14, the Labor Department reported Thursday. First-time applications generally track

NEW YORK (AP) — Wall Street headed for more losses at the open following the previous day’s rout amid persistently high inflation and its potential effect on corporate profits and consumer spending. Futures for the S&P 500 and Dow Jones Industrial Average slid 0.9% Thursday before the bell. Shares in Europe and Asia fell sharply

GENEVA (AP) — The World Health Organization has granted an emergency use authorization for the coronavirus vaccine made by China’s CanSino Biologics. It’s the 11th coronavirus vaccine to receive WHO’s green light. In a statement on Thursday, the U.N. health agency said the single-dose vaccine was found to be about 92% effective against severe COVID-19

ISLAMABAD (AP) — Pakistan’s currency has plummeted to an all-time record low in intraday trading against the U.S. dollar amid uncertainty about the success of crucial talks between the International Monetary Fund and the government of Prime Minister Shahbaz Sharif, which is considering massive new taxation to avoid a default. According to the central bank,

MILAN (AP) — An Italian tugboat with six people aboard capsized and sank in the Adriatic Sea, leaving five crew members missing, Italian authorities said Thursday. The Coast Guard and other authorities were searching for four Italians and one Tunisian sailor. Authorities said the search was complicated by high winds. Just the captain survived, rescued