China accuses Washington of abusing export controls
BEIJING (AP) — China’s government has criticized U.S. controls on technology exports as a trade violation after Japan and the Netherlands agreed to join Washington in limiting Beijing’s access to materials to make advanced processor chips. The Foreign Ministry didn’t mention the latest development but accused Washington of abusing export controls and organizing other governments to maintain its hegemony and contain China. The United States is trying to block China from acquiring the most powerful processor chips and technology that might help its fledgling industry develop the ability to make them. Washington says they can be used to make weapons and to facilitate the ruling Communist Party’s surveillance and human rights abuses.
Wall Street falls ahead of mammoth week with Fed, earnings
NEW YORK (AP) — Stocks are falling on Wall Street ahead of a week full of potentially market-moving events. The S&P 500 was 0.9% lower Monday as markets prepare for decisions on interest rates around the world and a slew of earnings reports. Wall Street ended last week at its highest level since early December in part on hopes that cooling inflation will get the the Federal Reserve to take it easier on interest rates. Its next decision will come Wednesday, and investors expect a smaller increase. Several of the biggest U.S. companies will also report their earnings this week, and the monthly U.S. jobs report arrives Friday.
Will Europe’s ban on Russian diesel hike global fuel prices?
FRANKFURT, Germany (AP) — Europe is cutting more energy ties with Russia. A ban on imports of diesel fuel and other products made from crude oil in Russian refineries takes effect Feb. 5. The goal is to stop feeding Russia’s war chest with energy payments. But it’s not so simple. Diesel prices have already jumped since the war started on Feb. 24, and they could rise again. The ban is likely to be accompanied by a price cap, and the uncertainty of how that will work has markets on edge. Depending on how the cap is applied, flows of diesel could reshuffle after temporarily higher prices, with Europe finding new suppliers in the U.S., Middle East and Asia.
For ‘Amtrak Joe’ Biden, Baltimore rail tunnel visit personal
WASHINGTON (AP) — President Joe Biden is heading to Baltimore to visit an aging rail tunnel that’s slated to be replaced with help from bipartisan infrastructure legislation he signed in 2021. The Baltimore and Potomac Tunnel project is estimated to cost $4 billion and take a decade to finish. The project would eliminate a troublesome bottleneck that delays commuters and travelers up and down the East Coast. It’s the first of two rail-related stops this week for Biden, who was a regular Amtrak commuter during his years in the Senate. The Democratic president is visiting New York on Tuesday as another new tunnel is planned, that one under the Hudson River.
Adani accuses short-seller Hindenburg of attacking India
NEW DELHI, India (AP) — India’s Adani Group, run by Asia’s richest man, has hit back at a report from U.S.-based short-seller Hindenburg Research, calling it “malicious,” “baseless” and full of “selective misinformation.” Shares in the conglomerate have suffered massive losses since Hindenburg issued its report alleging fraud and other malfeasance. Adani has also accused Hindenburg, which said it was betting against the group’s companies, of trying to derail a share sale originally expected to bring in about $2.5 billion. Adani’s 400-page rebuttal issued late Sunday accuses Hindenburg of attacking India and its institutions. Hindenburg denied that and said the group’s response failed to address key questions.
Ford cuts price on Mustang Mach-E after Tesla trims prices
DETROIT (AP) — Ford is cutting prices on its Mustang Mach-E electric SUV by as much as $6,000 just weeks after market leader Tesla made similar moves. The company says in a statement that it’s increasing production of the Mach-E this year and is taking advantage of streamlined costs to reduce prices across the board. The company says in a statement Monday that the price cuts are part of Ford’s plan to keep the SUV competitive in a fast-changing market. The price of a base rear-wheel-drive standard range Mach-E will drop $900, from $46,895 to $45,995. The top-end GT extended range will fall $5,900, from $69,895 to $63,995. The prices don’t include shipping, government fees or taxes.
Automakers Renault, Nissan to make cross-shareholdings equal
TOKYO (AP) — Nissan and Renault have agreed to equalize the stakes they hold in each other, ironing out a source of conflict in the Japan-French auto alliance. The companies say Renault Group will transfer 28.4% of the Nissan shares it owns to a French trust, making its ownership level with Nissan’s 15% stake in the French automaker. The companies say voting rights would be “neutralized” for most decisions. The move had been anticipated. The Nissan-Renault alliance began in 1999 at a time when the Japanese automaker was in tough financial straits. The disparity was a cause of friction, especially after Nissan became far more profitable than Renault.
German economy shrank 0.2% in Q4, worse than expected
BERLIN (AP) — Official figures show that Germany’s economy shrank by 0.2% in the fourth quarter compared with the previous three-month period. The performance by Europe’s biggest economy is worse than expected. The Federal Statistical Office said Monday that gross domestic product shrank for the first time since the first quarter of 2021 largely because of a decline in consumer spending, which had supported the economy in the first nine months of 2022. The drop followed GDP growth of 0.5% in the third quarter and 0.1% in the second quarter. Monday’s reading prompted the statistics office to revise last year’s full-year growth figure down to 1.8% from the 1.9% it initially reported.
Dutch electronics giant Philips to cut 6,000 jobs worldwide
THE HAGUE, Netherlands (AP) — Dutch consumer electronics and medical equipment maker Philips says it is cutting 6,000 jobs worldwide over the next two years. The company made the announcement Monday as it revealed a net loss of 1.6 billion euros ($1.7 billion) in 2022. The job losses come on top of a reduction of 4,000 staff the company announced in October. The company, which has its headquarters in Amsterdam, is reeling from a worldwide recall of sleep apnea machines and economic headwinds. CEO Roy Jakobs said 2022 was “a very difficult year for Philips and our stakeholders, and we are taking firm actions to improve our execution and step up performance with urgency.”