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Bloomberg gives $600 million to four Black medical schools’ endowments
NEW YORK — Michael Bloomberg’s organization Bloomberg Philanthropies committed $600 million to the endowments of four historically Black medical schools to help secure their future economic stability. Speaking in New York at the annual convention of the National Medical Association, an organization that advocates for African American physicians, Bloomberg, the former New York City mayor and billionaire founder of Bloomberg LP, pointed to the closure…
Japan’s Nikkei 225 soars 10% and other world markets are mixed after the week’s rollercoaster start
NEW YORK — A rising tide swept stocks higher, and calm returned to Wall Street after Japan’s market soared earlier Tuesday to claw back much of the losses from its worst day since 1987. The S&P 500 climbed 1% to break a brutal three-day losing streak. It had tumbled a bit more than 6% on a raft of concerns, including worries the Federal Reserve had…
What are carry trades and how did they contribute to this week’s global market mayhem?
The mayhem that swept across world markets this week was partly caused by a market strategy known as the “carry trade.” ByELAINE KURTENBACH AP business writer BANGKOK — The mayhem that swept across world markets this week was partly caused by a market strategy known as the “carry trade.” Japan’s benchmark Nikkei 225 plunged 12.4% on Monday and markets in Europe and North America suffered…
Saudi Arabia’s Aramco reports lower half-year profits as economic worries dampen energy prices
DUBAI, United Arab Emirates — Saudi oil giant Aramco reported half-year profits Tuesday of $56.3 billion, down from the year before amid worries about a slowing global economy. Aramco, formally known as the Saudi Arabian Oil Co., said its overall revenue for the half-year was $220.7 billion, up from $218.6 billion the year before. Profits in 2023 were $61.9 billion, nearly $5 billion higher. Despite…
A massive tech outage is causing worldwide disruptions. Here’s what we know
NEW YORK — Much of the world faced online disarray Friday as a widespread technology outage affected companies and services across industries — grounding flights, knocking banks and hospital systems offline and media outlets off air. At the heart of the massive disruption is CrowdStrike, a cybersecurity firm that provides software to scores of companies worldwide. The company says the problem occurred when it deployed…
Tech disruptions sparked by software update highlight the fragility of globally connected technology
Airlines, banks, hospitals and other risk-averse organizations around the world chose cybersecurity company CrowdStrike to protect their computer systems from hackers and data breaches. But all it took was one faulty CrowdStrike software update to cause global disruptions Friday that grounded flights, knocked banks and media outlets offline, and disrupted hospitals, retailers and other services. “This is a function of the very homogenous technology that…
Two deaths linked to listeria food poisoning from meat sliced at deli counters
At least two people have died and more than two dozen were hospitalized in an outbreak of listeria food poisoning linked to meat sliced at grocery store deli counters ByJONEL ALECCIA AP health writer At least two people have died and more than two dozen were hospitalized in an outbreak of listeria food poisoning linked to meat sliced at grocery store deli counters, federal health…
From a media perspective, it was a tale of two Trump speeches — and long enough for both
From a media perspective, Donald Trump failed to stick the landing at the Republican convention that nominated him as its presidential candidate for a third time. His acceptance speech, which exceeded 90 minutes and stretched past midnight Eastern time into Friday, won him wide praise for its vivid recounting of last weekend’s assassination attempt yet switched gears into something resembling what most of his supporters…
How a faulty CrowdStrike update crashed computers around the world
Airlines, banks, hospitals and other risk-averse organizations around the world chose cybersecurity company CrowdStrike to protect their computer systems from hackers and data breaches. But all it took was one faulty CrowdStrike software update to cause global disruptions Friday that grounded flights, knocked banks and media outlets offline, and disrupted hospitals, retailers and other services. “This is a function of the very homogenous technology that…
American Airlines has a contract deal with flight attendants, and President Biden is happy about it
American Airlines and the union representing its flight attendants have a deal on a new contract FORT WORTH, Texas — American Airlines and the union representing its flight attendants said Friday they have reached agreement on a new contract that includes pay raises, and President Joe Biden said the deal avoids a strike that would have hurt the U.S. economy and consumers. Terms of the…