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AP morning business news brief – July 12, 2023

by BIZ Magazine

Stock market today: Wall Street rallies after inflation cools

NEW YORK (AP) — Wall Street is rallying after a report showed inflation cooled a bit more than expected last month. The S&P 500 rose 0.9% Wednesday and is on track for its seventh winning week in the last nine. The Dow was up 266 points, or 0.8%, and the Nasdaq was 1.1% higher. The rally was widespread, with most stocks climbing. Banks were leading the way on hopes cooling inflation will convince the Federal Reserve to soon put a halt to its hikes to interest rates. Treasury yields tumbled in the bond market as traders ratcheted back bets for Fed rate hikes later this year.

Russia’s threat to pull out of Ukraine grain deal raises fears about global food security

LONDON (AP) — Concerns are growing that Russia won’t extend a United Nations-brokered deal that allows grain to flow from Ukraine to parts of the world struggling with hunger. Ships are no longer heading to the war-torn country’s Black Sea ports, and shipments have dwindled. The deal originally reached last summer to ease a global food crisis is up for renewal Monday, and Russian officials say there are no grounds for extending it. They’ve threatened it before, insisting an agreement to facilitate their food and fertilizer shipments hasn’t been applied. But data shows Moscow has been exporting record amounts of wheat. The U.N. is striving to keep the fragile deal intact, with Ukraine to benefit Africa, the Middle East and parts of Asia.

EU fines US firm Illumina $475 million for jumping gun on buying cancer-screening company Grail

BRUSSELS (AP) — The European Union has slapped a $475 million fine on U.S. biotech giant Illumina for buying out cancer-screening company Grail without the approval of the 27-nation bloc’s antitrust watchdog. Illumina had announced an $7.1 billion acquisition of Grail in 2020, but the EU’s executive commission said it broke the bloc’s merger rules by moving ahead to complete the deal without its consent. The fine was announced Wednesday. Concerns over stifled competition already have led the EU to block the merger and U.S. regulators to order Illumina to reverse the deal. Illumina is a major supplier of next-generation sequencing systems for genetic and genomic analysis, while Grail is developing blood tests to try to catch cancer early.

Music streams for 2023 hit 1 trillion in record time. Latin and K-pop artists are big reasons why

LOS ANGELES (AP) — Is non-English language music the future of the music business? Perhaps. Luminate, a source of music and entertainment industry data, found in their 2023 midyear report that global music streams are up 30.8% from last year. The global music industry surpassed 1 trillion streams in three months in 2023, a full month faster than in 2022. The company also found that two in five U.S. music listeners, enjoy music in a non-English language. Spanish, French, Japanese, Korean, Italian, German, and Arabic are the most popular non-English languages, with Spanish and Korean leading the group. English-language music’s share of the top 10,000 most streamed songs has dropped 4.2% since 2021.

Domino’s signs deal with Uber Eats in a bid to make more dough

Domino’s Pizza said Wednesday it’s partnering with Uber Eats to make deliveries in the U.S. and 27 international markets. It’s a major reversal for the world’s largest pizza company, which has long said that working with third-party apps didn’t make economic sense because it employs its own drivers. Under the agreement, Domino’s drivers will still make the deliveries that customers order via Uber Eats.Ann Arbor, Michigan-based Domino’s wouldn’t say what percentage Uber Eats will take from each order. The partnership will be piloted in four U.S. markets starting this fall and is expected to be available nationwide by the end of 2023.

China-based hackers have breached government and individual email accounts, Microsoft says

HONG KONG (AP) — China has called accusations that a China-based hacking group breached government-linked email accounts “disinformation,” saying they were meant to divert attention from U.S. cyber activities. Microsoft said in a blog post published Tuesday that the hackers, which it identified as Storm-0558, gained access to email accounts affecting about 25 organizations including government agencies and to accounts of individuals linked to those organizations. The breach went undetected for about a month until customers complained to Microsoft about abnormal mail activity. The hackers used forged authentication tokens required to access the email accounts to break in.

Spain sweats out sultry nights as heat wave bakes southern Europe

BARCELONA, Spain (AP) — Spain is sweltering under an unrelenting heat wave as temperatures start to build toward what is forecast to be a torrid weekend across southern Europe. Spain’s weather service says thermometers could potentially hit 113 degrees Fahrenheit in some areas of the Iberian Peninsula, which are under alert for extreme heat. The heat wave is causing restless nights across the country. Over 100 weather stations registered temperatures of at least 95 degrees as early as 6 a.m. Wednesday. While some relief is in store for the Iberian Peninsula, other European countries including Italy and Greece will sweat through the weekend.

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