AP Business Roundup at 4:41 pm EDT | News


China lashes out at latest US chip export controls

BEIJING (AP) — China has criticized the latest U.S. decision to tighten export controls that would make it more difficult for China to source and manufacture advanced computer chips, calling it a violation of international economic and trade rules that will “isolate and backfire” on the world market. asian country. The US Foreign Ministry spokesman accused the US of abusing its export control measures to maliciously block and suppress Chinese companies. She spoke after the United States on Friday updated export controls that included adding certain advanced high-performance computer chips and semiconductor manufacturing equipment to its list. Washington says it is part of efforts to protect its national security.

Explosion on bridge to Crimea damages Russian supply lines and pride

KYIV, Ukraine (AP) — Russian President Vladimir Putin is taking steps to tighten security along a key bridge into Crimea after an explosion caused part of the bridge to collapse. The Kerch Bridge is a major supply artery for the Kremlin’s faltering war effort in southern Ukraine. The 12-mile-long bridge is also a symbol of Russia’s claim to control the territory, which it annexed from Ukraine in 2014. No one claimed responsibility for the blast early Saturday. Russian authorities say it was caused by a truck bomb, which set fire to some tanker train cars. Train and automobile traffic on the bridge was temporarily suspended. Car service was restored later that day to only part of the bridge.

Ukrainian authorities take stock of the ruins in liberated Lyman

LYMAN, Ukraine (AP) — Ukrainian authorities are just beginning to examine the remains of the devastated town of Lyman in eastern Ukraine. They are assessing the humanitarian cost and potential war crimes of a months-long Russian occupation. It is still unclear how many have died in the city since it was invaded by Russian forces in May. But authorities say Lyman has become a “humanitarian crisis” that could hold yet more grim discoveries. The Donetsk governor said on Friday that two burial sites had been found in Lyman, including around 200 individual civilian graves and a mass grave with an unknown number of bodies.

UN: Ukraine nuclear power plant loses external power connection

BERLIN (AP) — Ukraine’s Zaporizhzhia nuclear power plant, Europe’s largest, lost its last remaining source of external power as a result of new bombing and is now relying on emergency diesel generators, the nuclear watchdog said. from the ONU. The International Atomic Energy Agency said the plant’s link to a 750-kilovolt line was cut around 1 a.m. Saturday. He cited official information from Ukraine, as well as reports from IAEA experts on the site, which is in the hands of Russian forces. The plant’s six reactors are shut down but still require electricity for cooling and other safety functions. The IAEA said engineers at the plant have started work to repair the damaged power line.

Sabotage hits trains in northern Germany, forcing a 3-hour halt

BERLIN (AP) — German authorities say a key train communications system has been sabotaged. That forced passenger and freight trains to stop for nearly three hours in a swath of northwestern Germany on Saturday. Operator Deutsche Bahn said the problem was a “fault in the train’s digital radio system” and had been resolved, but some outages could still be expected. Germany’s transport minister said cables that are “essential for handling rail traffic safely” were deliberately cut in two separate places. He said that Germany’s federal police were investigating the attack.

Death toll rises to 10 in Ireland gas station explosion

LONDON (AP) — Authorities say 10 people have been killed in an explosion that destroyed a service station in a small town in northwestern Ireland. Police say the victims were four men, three women, two teenagers and a girl of primary school age. Eight people have been hospitalized. Police investigating the cause of the explosion say evidence suggests it was accidental. The blast ripped through the Applegreen service station in Creeslough in County Donegal on Friday. Emergency services from Ireland and neighboring Northern Ireland are involved in the search and rescue operation. Irish Prime Minister Micheál Martin said it was one of the “darkest days for Donegal and the whole country”.

Latest series of strikes brings most UK trains to a halt

LONDON (AP) — Most train services in Britain have been canceled as thousands of rail workers staged the latest in a series of strikes over jobs, wages and working conditions. Saturday’s 24-hour strike by 40,000 cleaners, signalmen, maintenance workers and station staff was the third in a week. The action is part of a growing wave of strikes by workers seeking wage increases to keep up with inflation running at nearly 10%. Only about 20% of train services are expected to run and the outage will last until Sunday morning. The unions accuse the government of preventing the railway companies from reaching an agreement to end the dispute. The government denies this and has urged unions to work with employers and “not against them”.

What Friday’s jobs report means for the Fed’s fight against inflation

WASHINGTON (AP) — For most Americans, Friday’s September jobs report was welcome news: Companies continued to hire at a brisk pace, unemployment returned to its lowest level in a half-century and the average wage rose. . For the Federal Reserve, however, the employment figures highlight how little progress they are making in their fight against inflation. Since the Federal Reserve is more likely to continue to rapidly increase borrowing costs, the risk of a recession will also increase. Employers pulled back slightly on hiring last month and average wage gains slowed. But economists say neither is falling fast enough for the Fed to scale back its efforts to fight inflation.

Another month of strong US contracting suggests more big Fed hikes

WASHINGTON (AP) — U.S. employers cut their hiring in September but still added 263,000 jobs, a strong number that will likely keep the Federal Reserve on pace to keep raising interest rates to combat stubbornly high inflation. . Hiring fell from 315,000 in August to the weakest monthly gain since April 2021. The jobless rate fell from 3.7% to 3.5%, matching a half-century low. The Fed hopes that a slower pace of hiring will eventually mean less pressure on employers to raise wages and pass those costs on to their customers through price increases, a recipe for high inflation. But September’s job growth was probably too strong to satisfy the central bank’s inflation fighters.

Stocks lose more ground on fears recession looms

NEW YORK (AP) — Wall Street lost more ground on concern that a still-strong US labor market could make a recession more likely. The S&P 500 fell 2.8% on Friday after the government said employers hired more workers than expected last month. The Dow Jones Industrial Average and the Nasdaq also fell sharply, and Treasury yields rose. Markets are concerned that the Federal Reserve may see the jobs report as proof that the economy has not yet slowed enough to rein in inflation. That could clear the way for continued aggressive interest rate hikes, something that risks causing a recession if done too harshly.

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