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Business Highlights: Bernanke wins Nobel, stocks close lower – The Associated Press – en Español

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Former Fed Chair Bernanke shares Nobel for research on banks
STOCKHOLM (AP) — This year’s Nobel Prize in economic sciences has been awarded to former U.S. Federal Reserve Chair Ben Bernanke and two other U.S.-based economists. Bernanke, Douglas W. Diamond and Philip H. Dybvig were recognized Monday for their research into the fallout from bank failures. The Nobel panel at the Royal Swedish Academy of Sciences in Stockholm said the trio’s research had shown “why avoiding bank collapses is vital.” The panel says that the findings of the three in the early 1980s laid the foundations for regulating financial markets and dealing with financial crises.
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Small business group files suit over Biden student loan plan
WASHINGTON (AP) — A small business advocacy group has filed a new lawsuit seeking to block the Biden administration’s efforts to forgive student loan debt for tens of millions of Americans. The suit, filed Monday by the Job Creators Network Foundation, argues the Biden administration violated federal procedures by failing to seek public input on the program. It also argues the program is arbitrary, benefiting some borrowers, but not others. It’s one of a handful of lawsuits filed by conservative business groups, attorneys, and Republican lawmakers in recent weeks as the Biden administration tries to push forward with its plan to cancel billions in debt before November’s midterm elections.
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UK Treasury chief to publish forecasts sooner amid turmoil
LONDON (AP) — Britain’s Treasury chief says he will bring forward the publication of the government’s full fiscal statement after facing widespread criticism for not providing details about a multibillion-pound, tax-cutting stimulus package he announced last month. Kwasi Kwarteng had been expected to publish details of his financial strategy on Nov. 23, two months after he first unveiled plans that included 45 billion pounds ($50 billion) in tax cuts to be paid for by government borrowing. That plan sparked days of turmoil on financial markets and sent the British pound tumbling to record lows against the U.S. dollar. Kwarteng now says he will publish economic forecasts on Oct. 31.
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China lashes out at latest U.S. export controls on chips
BEIJING (AP) — China has criticized the latest U.S. decision to tighten export controls that would make it harder for China to obtain and manufacture advanced computing chips, calling it a violation of international economic and trade rules that will “isolate and backfire” on the U.S. The Foreign Ministry spokesperson accused the U.S. of abusing its export control measures to maliciously block and suppress Chinese companies. She spoke after the U.S. on Friday updated export controls that included adding certain advanced, high-performance computing chips and semiconductor manufacturing equipment to its list. Washington says it’s part of efforts to protect its national security.
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Large rail union rejects deal, renewing strike possibility
OMAHA, Neb. (AP) — The third largest railroad union rejected its deal with the railroads Monday — renewing the possibility of a strike that could cripple the economy — but before that could happen both sides will return to the bargaining table. About 56% of the track maintenance workers represented by the Brotherhood of Maintenance of Way Employes Division union who voted opposed the five-year contract even though it included 24% raises and $5,000 in bonuses. Union President Tony Cardwell said the railroads didn’t do enough to address worker concerns about the lack of paid time off — particularly sick time — and demanding working conditions after the major railroads eliminated nearly one-third of their jobs over the past six years.
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German expert panel proposes 2-stage gas price subsidy
BERLIN (AP) — A government-appointed expert panel is proposing a two-stage system for distributing some of the up to $195 billion in subsidies Germany has announced to ease the strain of high energy prices. The panel suggested that the state take on the cost of natural gas customers’ monthly bill in December, followed by a price subsidy for part of their consumption starting next spring. Many European countries have proposed similar subsidies on fossil fuels, prices for which have increased sharply worldwide in the wake of Russia’s attack on Ukraine. But some of Germany’s neighbors have criticized the huge sum Berlin is setting aside, arguing that it will price others out of the market.
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Twitter, Instagram suspend Kanye West over antisemitic posts
NEW YORK (AP) — Kanye West is once again embroiled in controversy. The rapper who is legally known as Ye made antisemitic posts on Twitter and Instagram and the social networks locked his accounts. Spokespersons for Twitter and for Instagram parent Meta said on Sunday that Ye posted messages that violated their policies. According to internet archive records, Ye said on Twitter he would soon go “death con 3 on JEWISH PEOPLE.” The social media suspensions cap a whirlwind week for Ye, even by his standards. Among other things, he was harshly criticized for wearing a “White Lives Matter” T-shirt to his collection at Paris Fashion Week. Representatives for Ye did not return requests for comment.
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Stocks close lower on Wall Street ahead of earnings reports
Stocks are closing lower on Wall Street ahead of the beginning of the corporate earnings reporting season, which will provide insight into how high inflation and rising interest rates have been affecting U.S. companies. The S&P 500 fell 0.7% Monday. The Nasdaq fell 1%, while the Dow fell 0.3% U.S. bond trading was closed. A much anticipated monthly report on consumer price inflation is coming up Thursday, and the Federal Reserve will also release this week the minutes from its latest policy meeting. That’s when the Fed made another extra-big interest rate increase of three-quarters of a percentage point.
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Social Security boost will help millions of kids, too
WASHINGTON (AP) — It’s not just old people who will get what’s expected to be the largest cost-of-living adjustment in Social Security benefits in 40 years. About 4 million children receive benefits and an untold number of others will feel the impact because they’re being cared for by Social Security beneficiaries, sometimes their grandparents. The Social Security COLA will be announced Thursday, and analysts expect it to be around 9% or even higher. Coupled with a decline in the Medicare Part B premium, the Social Security boost will put more money in the hands of the 70 million Americans who receive benefits, including the growing number of grandparents caring for their grandchildren.
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Families of crash victims rain wrath on Airbus, Air France
PARIS (AP) — Distraught families whose loved ones died in Air France’s worst-ever crash have shouted down the CEOs of the airline and of planemaker Airbus as the two companies go on trial on manslaughter charges in Paris over the 2009 crash. The flight from Rio de Janeiro to Paris in 2009 plunged into the Atlantic amid thunderstorms. The crash killed all 228 people aboard and led to changes in air safety regulations. Families from around the world are among the plaintiffs. The companies insist they are not criminally responsible and Air France has already compensated families. The trial that began Monday is expected to focus on the icing over of sensors called pitot tubes and pilot error.
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The S&P 500 fell 27.27 points, or 0.7%, to 3,612.39. The Dow Jones Industrial Average fell 93.91 points, or 0.3%, to 29,202.88. The Nasdaq fell 110.30 points, or 1%, to 10,542.10. The Russell 2000 index of smaller companies fell 10.23 points, or 0.6%, to 1,691.92.
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