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AP Business SummaryBrief at 8:21 p.m. EDT | Company

How much for gas? All over the world the pain is felt at the pump

COLOGNE, Germany (AP) — Drivers around the world are looking at gas pump numbers and rethinking their habits and finances. Walking, cycling, public transport or having no car are options for the lucky ones. But for minibus operators in the Philippines or a graphic designer in California with clients to visit, it’s not that simple. Those without access to adequate public transport or otherwise unable to give up their car have no choice but to grit their teeth and pay. Energy prices fueled by Russia’s war in Ukraine and the global rebound from the COVID-19 pandemic are a key driver of rising inflation around the world.

Crypto Investors’ Hot Streak Ends As Harsh ‘Winter’ Rolls In

NEW YORK (AP) — The wealth-generating streak of success for bitcoin and other cryptocurrencies has gone brutally cold. As prices plunge, businesses collapse and skepticism soars, fortunes and jobs vanish overnight, and feverish investor speculation has been replaced by icy calculations, in what industry leaders industry are calling a “crypto winter”. On Monday, the price of bitcoin was trading at $20,097, more than 70% below its November peak of around $69,000. Experts say the selloff signals growing apprehension on Wall Street and Main Street about the fundamentals of the crypto industry, which currently appear fragile.

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Biden says decision on gas tax exemption could come this week

REHOBOTH BEACH, Del. (AP) — President Joe Biden has said he plans to push for a federal gas tax vacation. This could potentially save US consumers up to 18.4 cents per gallon. Biden told reporters on Monday that his decision could come by the end of the week. The administration is increasingly looking for ways to spare the public from rising prices at the pump, which began to climb last year and surged after Russia invaded Ukraine in February. Nationwide gas prices average just under $5 a gallon, according to AAA. Gasoline and diesel fuel taxes help pay for highways.

Germany sticks to 2030 coal phase-out target amid energy concerns

BERLIN (AP) — The German government says it remains committed to its goal of phasing out coal as an energy source by 2030, despite growing concerns about a cut in gas supplies from Russia. Russia’s Gazprom announced last week that it was sharply reducing deliveries through the Nord Stream 1 gas pipeline to Germany for what it said were technical reasons. The German government says the move seems politically motivated. On Sunday, Economy Minister Robert Habeck said Germany would try to compensate by allowing increased burning of coal, a dirtier fossil fuel. Habeck, a member of the Green party, said the decision was “bitter” but “just necessary”. A spokesman for his department said on Monday that the 2030 target “is not wavering at all”.

JetBlue again increases its offer on Spirit Airlines

NEW YORK (AP) — JetBlue is bolstering its offer to buy Spirit Airlines, again upping the stakes in the bidding war over the nation’s largest budget airline. JetBlue said Monday it offered $33.50 per share, up $2 per share from its last offer two weeks ago. JetBlue is trying to outbid Frontier Airlines, which reached an agreement to buy Spirit in February. Shareholders of Florida-based Spirit are due to vote on Frontier’s offer next week. JetBlue attempts to convince investors to kill the Frontier bid and drive Spirit into JetBlue’s arms.

UK braces for nationwide railway strike as last-ditch talks collapse

LONDON (AP) — Britain is facing its biggest rail strikes in decades after last-minute talks between a union and rail companies failed to produce an agreement on rail wages and safety. ‘use. Up to 40,000 cleaners, flaggers, maintenance workers and station workers are due out for three days this week, Tuesday, Thursday and Saturday. The strike is expected to lead to the closure of the rail network across the country. Millions of people in Britain are seeing their cost of living soar, and unions say another wave of strikes is likely if they don’t get pay rises. The Conservative government says big increases will trigger a spiral in wages and prices, leading to even higher inflation.

Mixed global shares; bitcoin holds near $20,000

TOKYO (AP) — European benchmarks are higher after the pullback from most Asian markets, while the price of bitcoin hovered around $20,000. US futures advanced and oil prices fell early Monday. China kept its prime 1-year and 5-year lending rates unchanged as it struggles to spur a recovery while containing coronavirus outbreaks. US markets will be closed for the June 16 holiday and Federal Reserve Chairman Jerome Powell is expected to testify before Congress later in the week. The price of bitcoin, the world’s most popular cryptocurrency, rebounded over the weekend, at one point plunging almost 10% to below $18,600, according to the crypto news site. -CoinDesk coins.

‘It’s just hell there’: Russia still hits eastern Ukraine

KYIV, Ukraine (AP) — The Russian military machine perseveres in its ferocious efforts to crush Ukraine’s defenses. The fighting in the eastern regions of Ukraine is said to have entered a decisive phase. Ukraine’s deputy defense minister said the Kremlin had ordered its army to invade the entire eastern Lugansk region by next Sunday. In this region, which in recent weeks has become the focal point of Moscow’s attempt to impose its will on its neighbor, battles are raging for control of several villages. The consequences of the war on food and fuel supplies are increasingly looming large in the minds of the world after warnings that the fighting could drag on for years.

Stallone, Costner and Chastain help launch Paramount+ in the UK

LONDON (AP) — Paramount+ has flexed the star power of its shows as it prepares to launch in the UK with an event in London featuring Sylvester Stallone, Viola Davis, Kevin Costner, Jessica Chastain and more. . The expansion brings popular overseas programs like Costner’s ‘Yellowstone’ and ‘Star Trek Discovery’ to UK audiences. Subscribers will also be able to see Stallone’s scripted TV debut in “Tulsa King,” in which he plays a mob capo. Paramount+ launches Wednesday with over 8,000 hours of programming. They include Chastain and Michael Shannon in the “George & Tammy” series, as well as Davis, Michelle Pfeiffer and Gillian Anderson in “The First Lady”, about the wives of American presidents.

Tribal Chiefs and Federal Government Reinstate Bears Ears Commission

SALT LAKE CITY (AP) — Federal authorities and tribal nations have officially re-established a commission to jointly govern Bears Ears National Monument in Utah. The agreement signed on Saturday was previously established by the Obama administration in 2016. It is one of the first times that a national monument will be jointly managed by federal agencies and Native American tribes. The agreement was changed much to the chagrin of tribal officials when President Donald Trump downsized the monument in 2017. The five nations are the Hopi, the Navajo Nation, the Pueblo of Zuni, the Ute Mountain Ute Tribe and the Ute Indian of the Uintah and Ouray. Reservation.

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Mary Cashion

The author Mary Cashion