AP National Business

TORONTO (AP) — A report by the Royal Bank of Canada says the country is headed towards a recession in 2023, but it will be short-lived and not as severe as prior downturns. RBC economists say that soaring food and energy prices, rising interest rates and ongoing labor shortages will push the economy into a

The Associated Press Benchmark U.S. crude oil for August delivery rose $4.20 to $102.73 a barrel Thursday. Brent crude for September delivery rose $3.96 to $104.65 a barrel. Wholesale gasoline for August delivery rose 18 cents to $3.42 a gallon. August heating oil rose 26 cents to $3.67 a gallon. August natural gas rose 79

By BOB CHRISTIE Associated Press PHOENIX (AP) — Republican Gov. Doug Ducey has signed a massive expansion of Arizona’s private school voucher system. The governor’s action on Thursday came despite a promised effort by public school advocates to put the bill on hold until voters can block it in November’s election. Arizona has the most

By FATIMA HUSSEIN Associated Press WASHINGTON (AP) — The IRS commissioner has asked the Treasury Department’s internal watchdog to immediately review the circumstances surrounding intensive tax audits that targeted ex-FBI Director James Comey and former Deputy Director Andrew McCabe, frequent targets of Donald Trump’s ire during his presidency. IRS spokesperson Jodie Reynolds said Thursday the

By SAMYA KULLAB Associated Press BAGHDAD (AP) — Iraq’s oil minister says the government will take steps to enforce a recent court decision to annul oil contracts in the country’s northern Kurdish region. Ihsan Abdul-Jabbar Ismail said on Thursday contracts between international oil companies and the semi-autonomous Kurdish-run northern region amounted to oil smuggling and

By JARI TANNER Associated Press HELSINKI (AP) — Finland’s Parliament has passed amended legislation on border security that allows for the closure of crossing points with Russia. Lawmakers approved the changes Thursday amid fears that Moscow could choose to send large numbers of migrants to the frontier. It came just two days after NATO’s 30

By BARBARA ORTUTAY AP Technology Writer Twitter said it removes 1 million spam accounts each day in a call with executives Thursday during a briefing that aimed to shed more light on the company’s fake and bot accounts as it tussles with Elon Musk over “spam bots.” The Tesla CEO, who has offered to buy

By CATHY BUSSEWITZ AP Energy Writer The European Union’s plan to include natural gas in a list of activities considered sustainable could derail progress in reducing greenhouse gas emissions. The decision from the EU comes despite the region’s history addressing global warming and despite climate scientists calling for dramatic reductions to climate-warming emissions. It allows

By PAUL WISEMAN AP Economics Writer WASHINGTON (AP) — The U.S. dollar has been surging so much that it’s nearly equal in value to the euro for the first time in 20 years. That trend, though, threatens to hurt American companies because their goods become more expensive for foreign buyers. If U.S. exports were to

By MATT OTT AP Business Writer WASHINGTON (AP) — Average long-term U.S. mortgage rates eased again this week as the Federal Reserve remains likely to raise its benchmark borrowing rate in its ongoing battle to bring down inflation. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate fell to 5.30% from 5.70% last week.

By SETH BORENSTEIN and TOM KRISHER Associated Press As Congress and now the Supreme Court stymie the Biden administration’s efforts to curb climate change, one thing the president doesn’t want – sky high gas prices – actually is nibbling away at emissions of heat-trapping gas. Gas prices in much of the United States shot past

By DAMIAN J. TROISE AP Business Writer NEW YORK (AP) — Inflation tightened its grip on businesses and consumers during the second quarter, and investors expect to see a dent in the latest round of corporate earnings. Wall Street had expected relatively muted earnings growth in 2022 following a sharp recovery in 2021 that was

VILNIUS, Lithuania (AP) — Lithuania will present a combat drone to Ukraine that was donated by the Turkish manufacturer after a private crowdfunding campaign among ordinary Lithuanians, who raised nearly 6 million euros ($6.1 million) for the purpose within days. The campaign’s success inspired Turkey’s Baykar defense company, which makes the Bayraktar TB2 drone, to

By JILL LAWLESS Associated Press LONDON (AP) — Boris Johnson has resigned as Conservative Party leader after months of ethics scandals and a party revolt. But he remains Britain’s prime minister — for now — while a successor is chosen. With British politics in turmoil, here’s a look at what will happen next: WHY IS

By MATT OTT AP Business Writer WASHINGTON (AP) — More Americans applied for unemployment benefits last week and while layoffs remain low, it was the fifth consecutive week that claims topped the 230,000 mark and the most in almost six months. Applications for jobless aid for the week ending July 2 rose to 235,000, up

By JILL LAWLESS Associated Press LONDON (AP) — Boris Johnson wanted to be like his hero Winston Churchill: a larger-than-life character who led Britain through a time of crisis. He was felled by crises of his own making, as a trickle of ethics allegations became a flood that engulfed his government and turned his own

By BARRY HATTON Associated Press LISBON, Portugal (AP) — Portugal is bracing for a heat wave, with temperatures in some areas forecast to climb as high as 43 C (109 F) this weekend just as a severe drought grips the country. The Civil Protection Agency, a Portuguese government body that coordinates official responses to emergencies,

BRUSSELS (AP) — The European Union’s executive is warning that the continent is facing one of its toughest years when it comes to natural disasters like droughts and wildfires because of increasing climate change. EU Commissioner Maros Sefcovic says that “the present drought in Europe could become the worst ever.” Extremely dry weather is hitting

By HAL M. BUNDRICK of NerdWallet A movement is growing to shorten the workweek, but trade-offs and barriers should be considered. A four-day workweek can be challenging, for example, if most everyone else is still working on that fifth day and you’re getting emails and messages as usual. Widespread adoption may depend on companies believing

By FRANK JORDANS Associated Press BERLIN (AP) — German lawmakers on Thursday approved a major package of reforms aimed at boosting the production of renewable power, as Chancellor Olaf Scholz warned that the country has for too long relied on energy supplies from Russia. The government unveiled its 600-page “Easter package” in April, less than

By BHARATHA MALLAWARACHI Associated Press COLOMBO, Sri Lanka (AP) — Sri Lanka’s Central Bank has raised key interest rates to 14.50% and 15.50% to try to contain inflation that has worsened the country’s economic woes. Price hikes have been a severe blow, especially for the poorest, during the country’s worst economic crisis in memory. The

ANTONIO CALANNI and NICOLE WINFIELD Associated Press GENOA, Italy (AP) — Fifty-nine people are on trial in Italy for the 2018 collapse of Genoa’s Morandi bridge. The defendants in the trial that started Thursday are accused of manslaughter and other charges in the deaths of 43 people. The defendants include former executives and experts of

WASHINGTON (AP) — The Biden administration is giving nearly $1 billion to 85 airports to expand and upgrade terminals and other facilities, using money approved in last year’s huge infrastructure bill. Transportation Secretary Pete Buttigieg said the projects will help meet future demand for travel and make flying safer and more efficient. “I don’t think

By ALAN FRAM Associated Press WASHINGTON (AP) — Senate Democrats want to boost taxes on some high earners and use the money to extend the solvency of Medicare, the latest step in the party’s election-year attempt to craft a scaled-back version of the economic package that collapsed last year, Democratic aides told The Associated Press.

By ZEN SOO Associated Press HONG KONG (AP) — Hong Kong is shelving a COVID-19 measure that has resulted in dozens of canceled flights in recent months and thwarted travel plans for thousands. The regulation imposed a five-day flight route ban on airlines if five passengers or 5% of travelers tested positive for COVID-19 on

By ROD McGUIRK Associated Press CANBERRA, Australia (AP) — Australia’s new government has dropped the 4-year-old prosecution of a lawyer over his alleged attempt to help East Timor prove Australia spied on it during multibillion-dollar oil and gas negotiations. Attorney-General Mark Dreyfus says the decision is in the interests of justice, national security and Australia’s

By JOE McDONALD AP Business Writer BEIJING (AP) — Asian stock markets followed Wall Street higher Friday after two Federal Reserve officials said the U.S. economy might avoid a recession and news reports said China might boost construction spending to stimulate its struggling economy. Shanghai, Tokyo, Hong Kong and Sydney advanced for a second day.

By AYA BATRAWY Associated Press DUBAI, United Arab Emirates (AP) — A staggering 71 million more people around the world are experiencing poverty as a result of soaring food and energy prices that climbed in the weeks following Russia’s invasion of Ukraine, the United Nations Development Program said in a report Thursday. The UNDP estimates