AP National Business

By DAMIAN J. TROISE AP Business Writer Energy prices are soaring in 2021 and oil and gas stocks are the clear winners, but the losers might just turn out to be businesses and consumers. The energy sector has far outpaced the broader market this year. The S&P 500’s energy stocks are up more than 50%,

By MARTIN CRUTSINGER AP Economics Writer WASHINGTON (AP) — Hampered by COVID-19 cases and supply shortages, the U.S. economy slowed sharply to a 2% annual growth rate in the July-September period, the weakest quarterly expansion since the recovery from the pandemic recession began last year. The government estimate fell below expectations and would have been

By PAUL WISEMAN AP Economics Writer WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell to a pandemic low last week, another sign that the job market and economy continue to recover from last year’s coronavirus recession. Jobless claims dropped by 10,000 to 281,000, lowest since mid-March 2020, the Labor Department said

By TOM MURPHY AP Health Writer The blockbuster cancer treatment Keytruda and the vaccine Gardasil pushed Merck well past Wall Street’s third-quarter expectations, even as COVID-19 sapped demand for another vaccine. The drugmaker said Thursday that sales of its pneumonia vaccine, Pneumovax 23, tumbled 26% in the quarter to $277 million. That was mainly because

By DAVID McHUGH AP Business Writer FRANKFURT, Germany (AP) — The European Central Bank has decided to keep its pandemic stimulus efforts unchanged even as consumer prices spike and central banks in other parts of the world look to dial back support as their economies bounce back from the worst of the COVID-19 outbreak. The

By ANNA LIZ NICHOLS Associated Press/Report for America LANSING, Mich. (AP) — A program at the University of Michigan to combat struggles that low-income and first-generation college students can face is getting $40 million from the Judy and Fred Wilpon Family Foundation. Former New York Mets owner and real estate developer Fred Wilpon alongside his

By LISA MASCARO, AAMER MADHANI and ALAN FRAM Associated Press WASHINGTON (AP) — President Joe Biden is traveling to Capitol Hill to pitch House Democrats on a dramatically scaled back domestic policy package. It’s now $1.75 trillion and without a paid family leave program and other priorities. But it’s still a sweeping proposal with new

By DAVID McHUGH AP Business Writer FRANKFURT, Germany (AP) — The European Central Bank has decided to keep its pandemic stimulus efforts unchanged even as consumer prices spike and central banks in other parts of the world look to dial back support as their economies bounce back from the worst of the COVID-19 outbreak. The

By MICHELLE CHAPMAN AP Business Writer Construction demand drove third quarter sales higher at Caterpillar as did rising demand from miners and other heavy industry as the global economy emerges from the pandemic. Revenue climbed 25% to $12.4 billion. Despite falling just shy of Wall Street projections on revenue, shares of Caterpillar are up 2%

By DUSAN STOJANOVIC Associated Press BELGRADE, Serbia (AP) — Serbian officials have praised the “steel friendship” with China during talks with China’s foreign minister. The talks come amid fears in the West that Beijing, by heavily investing in the Balkan state, is trying to exert its political influence in that part of Europe. Serbia, a

By BARBARA ORTUTAY AP Technology Writer Monika Bickert, Facebook’s head of global policy management, says the social media giant does not prioritize engagement and user growth over safety. That contradicts Senate testimony by whistleblower Frances Haugen, who claims Facebook knows its systems harm vulnerable people and hasn’t made meaningful changes to prevent it. Bickert spoke

NEW YORK (AP) — Authorities say an American Airlines flight from New York to California was diverted to Denver after a passenger assaulted a flight attendant. Flight 976 was heading Wednesday evening from Kennedy International Airport to John Wayne Airport in Santa Ana when it landed at Denver International Airport and taxied safely to the

By VLADIMIR ISACHENKOV Associated Press MOSCOW (AP) — European gas prices have dropped after Russian President Vladimir Putin instructed the country’s major natural gas company to pump more gas into EU storages. During a call with officials late Wednesday, Putin told the head of state-controlled gas giant Gazprom, to start pumping gas into the company’s

By LISA MASCARO, AAMER MADHANI and ALAN FRAM Associated Press WASHINGTON (AP) — Top Democrats say a deal is within reach on President Joe Biden’s big domestic bill. But tempers have flared as a paid family leave proposal fell out and a billionaires tax plan ended up scrapped, largely to satisfy one pivotal senator. Biden

By DANICA KIRKA and THOMAS ADAMSON Associated Press LONDON (AP) — Britain says it will summon the French ambassador for a dressing-down, the latest move in a worsening dispute over fishing licenses that has stoked tensions following the U.K.’s departure from the European Union. Britain’s government warned France on Thursday that it would retaliate should

By JARI TANNER Associated Press HELSINKI (AP) — Wireless and fixed-network equipment maker Nokia has reported third-quarter profit above analyst expectations on increasing sales of 5G technology and trimmed costs. But the company warned on Thursday that the global shortage of semiconductors clouded the market outlook and could hamper growth. The Finland-based company reported net

MADRID (AP) — Spain’s National Statistics Institute says consumer prices increased this month by the country’s highest rate in 29 years as a result of soaring electricity costs. Preliminary data from the institute released on Thursday said consumer prices rose 5.5% in October compared to the same month in 2020. Regulatory measures so far haven’t

By YURI KAGEYAMA AP Business Writer TOKYO (AP) — Sony has reported its profit fell 54% in the last quarter, mainly due to a one-time tax-related gain that inflated last year’s number. The Japanese electronics and entertainment company managed to maintain results despite the coronavirus pandemic, reporting a 13% rise in quarterly sales. Tokyo-based Sony

By ELAINE KURTENBACH AP Business Writer Shares have slipped in Europe and Asia after a retreat on Wall Street pulled the S&P 500 and the Dow Jones Industrial Average back from their latest record highs. Shares fell in London, Frankfurt, Tokyo and Shanghai. In Seoul, the Kospi edged 0.2% higher after Samsung Electronics reported its

By DAVID McHUGH AP Business Writer FRANKFURT, Germany (AP) — The European Central Bank is facing the highest inflation in more than a decade and slowing business activity as it decides on monetary policy for the 19 countries using the euro. The bank’s governing council meets Thursday with no changes expected in interest rates or