FINANCIAL MARKETS
Stocks mixed
NEW YORK (AP) — Stocks have been mixed in afternoon trading as a fall in technology stocks was offset by a rise in banks and other financial stocks.
The S&P 500 wobbled between small gains and losses. The Dow Jones Industrial Average was up 0.8% and the Nasdaq fell 1.4%, dragged lower by the Big Tech companies that dominate that index like Apple, Google, Facebook and Amazon.
Wholesale gasoline prices rose 1.5% after a cyberattack that shut down a U.S. pipeline that carries fuel from the Gulf Coast to the Northeast.
The yield on the 10-year Treasury note rose to 1.58%
PIPELINE-CYBERSECURITY-ATTACK
Pipeline hit by cyberattack could be back by week’s end
WASHINGTON (AP) — The operator of a major U.S. pipeline hit by a cyberattack says it hopes to have service mostly restored by the end of the week.
Colonial Pipeline offered that update Monday after revealing that it had halted operations because of a ransomware attack. The FBI has linked the attack to a criminal gang. The cyberattack is raising concern that supplies of gasoline, jet fuel and diesel could be disrupted in parts of the East Coast if the outage lasts several more days.
The Colonial Pipeline transports gasoline and other fuel through 10 states between Texas and New Jersey, delivering roughly 45% of fuel consumed on the East Coast.
BIDEN-ECONOMY
Treasury to start paying out $350B in state and local aid
WASHINGTON (AP) — The Treasury Department is launching its $350 billion program to distribute aid to state and local governments. It will give the U.S. economy an added boost after relatively modest hiring in April.
The aid is part of President Joe Biden’s larger $1.9 trillion coronavirus relief package that became law in March. Administration officials say payments could begin to go out in the coming days to eligible governments, allowing state, local, territorial and tribal officials to offset the economic damage from the pandemic.
Guidance from the Treasury Department listed broad categories for spending the money, but it cannot be used to cut taxes, pay down debt or bolster reserve funds.
VIRUS OUTBREAK-EUROPE-RECOVERY
EU: Pandemic measures to total about $5.85 trillion
BRUSSELS (AP) — The European Union’s top economy official says that the recovery measures the EU and its 27 member states have in the works to emerge from the pandemic total around $5.85 trillion.
EU Economy Commissioner Paolo Gentiloni told a European Parliament committee that if comparisons are made with U.S. President Joe Biden’s pandemic stimulus relief package, the EU can confidently stand next to to Washington when all efforts are counted together. The Italian commissioner told legislators Monday that “measures taken until now from member states and the EU reach so far 4.8 trillion” euros. He swept aside criticism that authorities weren’t doing enough compared with Washington.
GERMANY-BIONTECH
Vaccine maker BioNTech says no need to waive patents
BERLIN (AP) — The head of German pharmaceutical company BioNTech says there is no need to waive patents on coronavirus vaccines because manufacturers will be able to produce enough shots to supply the world over the coming year.
The chief executive of BioNTech rejected the U.S.-backed proposal to temporarily lift some intellectual property rights for vaccines in order to boost global supply during the ongoing pandemic.
The company announced first-quarter net profit of $1.37 billion on Monday. It expects to manufacture 3 billion doses of vaccine this year, 40% of which will go to middle- and low-income countries. BioNTech’s estimated revenues surged to over 2 billion euros for the period from January to March, compared with just 28 million euros in the same period last year.
AIRLINES-TRAVEL
Americans set another pandemic-era record for air travel
UNDATED (AP) — Mother’s Day weekend meant bigger crowds at U.S. airports. The Transportation Security Administration said its agents screened slightly more than 1.7 million people on Sunday, the highest number since March 2020, when travel was collapsing because of the coronavirus pandemic.
Sunday’s mark edged out the previous record, set just last Friday. However, air travel is still down about one-third from before the pandemic, according to figures from the TSA. Airlines say most of the people on flights now are leisure travelers going to destinations within the United States.
HONDA-INVESTIGATION
US opens probe of steering problems in Honda Accord sedans
DETROIT (AP) — The U.S. government’s auto safety agency is investigating multiple complaints about steering failures that could affect more than 1.1 million Honda Accord sedans.
In documents posted Monday, the National Highway Traffic Safety Administration says it received 31 complaints about the problem. Honda has 77 more. Owners complained about the cars veering from their intended travel path. Two crashes and two injuries were reported.
The probe covers Accords from 2013 through 2015. The agency opened the probe after getting a petition from an owner in October of last year. It will investigate how often the problem happens, how many vehicles are affected, and the safety consequences. The probe could lead to a recall.
ATTORNEYS-GENERAL-INSTAGRAM
AGs urge Facebook to drop ‘Instagram for kids’ proposal
UNDATED (AP) — Attorneys general from across the U.S. have written to Facebook CEO Mark Zuckerberg urging him to drop company plans for a version of Instagram for children under the age of 13.
The attorneys general say they’re concerned about social media’s effects on the physical and emotional well-being of children. That includes the potential for increased cyberbullying, possible vulnerability to online predators, and what they called Facebook’s “checkered record” in protecting children on its platforms.
Facebook in a statement Monday said it’s just exploring Instagram for kids and would make every effort to protect children and would not show advertising on such a platform.
EV PLANT-ARIZONA
Electric 3-wheeled car factory, jobs coming to Mesa, Arizona
NEW YORK (AP) — ElectraMeccanica, known for its tiny, single passenger, three-wheeled electric cars, has picked Mesa, Arizona for its U.S.-based assembly and engineering plant.
The Canadian company, based in Vancouver, B.C., says the new facility will create up to 500 new jobs and potentially produce 20,000 of its flagship Solo electric vehicles each year. ElectraMeccanica calls the Solo EV an “all-electric solution for the urban environment,” though it has a range of 100 miles and a top speed of 80 miles per hour, making it safe for highway use.
The company said the cars sell for $18,500 and can be ordered online.
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