Business Highlights: Tourism hit, French companies

,

Countries brace for hit to tourism from Russia-Ukraine war

BELEK, Turkey ( Associated Press) — Countries from Turkey to Thailand, Egypt and Cuba are bracing for the loss of Russian and Ukrainian tourists just as their travel sectors were looking to bounce back from the coronavirus pandemic. With many tourist-dependent economies also struggling with surging inflation and other woes, hotel workers, guides and others who serve visitors from the two warring nations are expecting more pain. Nowhere is the threat of just one ripple effect of the war felt more strongly than in Antalya, a region on the Mediterranean coast where visitors from Russia and Ukraine are major contributors to tourism revenue. One shopkeeper fears the war has finished off the tourism season.

,

French firms hesitate amid growing pressure to leave Russia

PARIS ( Associated Press) — French automaker Renault has moved to pause production at its Moscow plant in an apparent move to fend off mounting criticism. It came hours after Ukrainian President Volodymyr Zelenskyy accused the company and others in France of aiding Russia’s war effort during a virtual address to parliament. Renault’s announcement Wednesday night meant it broke ranks with other major French companies that have defined pressure to keep operating in Russia. It’s often a point of pride for France — and its companies — to be more independent from its allies when it comes to policy toward Russia. It’s a stance that has started to unravel as the war grinds on.

,

Russian stock market, crushed by war, opens with big limits

NEW YORK ( Associated Press) — The Russian stock market has opened for limited trading under heavy restrictions for the first time since Moscow invaded Ukraine. It comes almost a month after prices plunged and the market was shut down as a way to insulate the economy. Trading of a limited number of stocks, including energy giants Gazprom and Rosneft, took place Thursday under curbs meant to prevent a repeat of the massive selloff on Feb. 24 that came in anticipation of Western economic sanctions. Foreigners cannot sell and traders are barred from short selling, or betting prices will fall. The benchmark MOEX index gained 4.3% as some companies partially recovered losses.

,

After years of rivalry, Uber puts NYC taxi cabs on its app

NEW YORK ( Associated Press) — Uber, hit by driver shortages and a surge in food delivery requests during the pandemic, will begin including New York City taxi cabs on its app. That’s a partnership that until recently would have been unthinkable with both camps fighting ferociously for the same customers. But the wait for an Uber ride has grown longer on some days due to a driver shortage. The partnership will boost the number of Uber rides available, and it gives NYC cab drivers access to a massive pool of commuters with an Uber app on their phones.

,

Nations ‘united’ in seeking to cut Russian oil, gas imports

PARIS ( Associated Press) — Dozens of nations, including the United States and much of Europe, say they’re united in seeking to “radically” reduce imports of Russian oil and gas after its invasion of Ukraine. But they also want to ensure those efforts don’t fuel climate change. At a two-day meeting of the International Energy Agency that ended Thursday, governments floated a raft of ideas to cut energy use, tap new supplies of gas, oil and coal beyond Russia, and ramp up the use of renewable power. US Energy Secretary Jennifer Granholm Granholm chaired the meeting in Paris attended by 31 global energy ministers. The IEA’s chief says member countries have separate energy policies but all want to reduce Russian imports.

,

EU agrees on Russia sanctions so far, but energy divides

BRUSSELS ( Associated Press) — The European Union has preserved a sense of rarely seen unity through four rounds of unprecedented sanctions against Russia over its invasion of Ukraine. But at an EU summit Thursday, the 27 leaders have faced division on the biggest issue of all: energy. During the first month of war, EU nations imposed tough measures targeting Russia’s economy and financial system as well as President Vladimir Putin and Russian oligarchs. But they have so far spared Russian fossil fuels. It highlights the EU’s reliance on the country’s oil, natural gas and coal to keep homes warm and the wheels of industry turning.

,

US stocks close higher as choppy trading persists, oil slips

NEW YORK ( Associated Press) — Stocks closed higher on Wall Street Thursday and oil prices slipped as a streak of uneven trading continues on world markets. The S&P 500 rose 1.4%, the Dow Jones Industrial Average rose 1%, and the Nasdaq rose 1.9%. Technology companies had some of the strongest gains. Major US indexes are mixed for the week so far after alternating between gains and losses over the past several days. Crude oil prices fell as world leaders gather in Europe to discuss more ways to further isolate and punish Russia for its invasion of Ukraine. Treasury yields rose.

,

Ned Johnson, who made Fidelity a fund titan, dies at 91

NEW YORK ( Associated Press) — Edward “Ned” Johnson III, a businessman who grew Fidelity Investments into the financial giant it is today, has died. He was 91. Johnson’s family confirmed Thursday that he died on Wednesday but did not give a cause of death. While his father founded Fidelity, Johnson’s four decade tenure transformed the firm into the Wall Street and investment giant that it is today. When Johnson took over Fidelity in 1977, the company had $3.9 billion in assets under management. When he retired as chairman, Fidelity had $5.7 trillion in assets under management. Fidelity’s growth made Johnson and his family billionaires.

,

Southwest will add a fourth fare level to boost revenue

DALLAS ( Associated Press) — Southwest Airlines is adding a new, fourth fare category to try to boost revenue. Southwest said Thursday that the new tickets will be more expensive than a basic Wanna Get Away ticket, but cheaper than other seats. It’s the first major change in Southwest’s fare structure since 2007. Southwest officials think the changes will be especially appealing to business travelers. Airlines frequently tinker with fares and fees to squeeze more revenue from passengers.

,

The S&P 500 rose 63.92 points, or 1.4%, to 4,520.16. The Dow Jones Industrial Average gained 349.44 points, or 1%, to 34,707.94. The Nasdaq jumped 269.23 points, or 1.9%, to 14,191.84. The Russell 2000 index of smaller companies added 23.24 points, or 1.1%, to 2,075.44.

,

Subscribe

Get the best of Newspaper delivered to your inbox daily

Most Viewed

Related Stories