Ukraine war cuts EU growth by a third
The European Union has slashed its forecasts for economic growth in the 27-nation bloc amid the prospect of a drawn-out Russian war in Ukraine and disruptions to energy supplies.
The EU's executive arm said Monday that gross domestic product will expand 2.7% this year and 2.3% in 2023. It's the European Commission's first economic predictions since Russia invaded Ukraine in February. The previous outlook, expected growth of 4% this year and 2.8% in 2023.
The war suddenly darkened what was a generally bright economic picture for the EU. Early this year, European policymakers were counting on solid, if weaker, growth while grappling with surging inflation triggered by a global energy squeeze.
NAMI to buy control of Renault in Russia
Russia will take control of French car manufacturer Renault's operations in the country and resurrect a Soviet-era auto brand.
The news Monday marks the first major nationalization of a foreign business since the war with Ukraine began. Renault says it will sell its majority stake in Avtovaz to a state-run research institute known as NAMI.
Avtovaz is best known for its Lada brand. The Moscow city government is taking over a Renault factory in the city and wants to bring back the Moskvich brand. The new owners will have to grapple with a shortage of imported electronics for cars.
Starbucks pays travel for worker abortions
Starbucks says it will pay travel expenses for U.S. employees to access abortion or gender-confirmation procedures if those services aren't available within 100 miles of a worker's home.
The Seattle coffee chain says the benefit will also be available to dependents of employees enrolled in its health care coverage. Starbucks is among the most high-profile companies that have adopted a travel benefit in the wake of a leaked draft opinion from the Supreme Court that would abolish the nationwide right to abortion.
Amazon is also covering up to $4,000 in travel and lodging expenses for employees seeking abortions or gender-confirmation procedures.
Tech stocks down at start of week
Stocks ended another wobbly day mostly lower on Wall Street Monday, extending a losing streak for markets.
The S&P 500 couldn't hold on to an afternoon gain and ended down 0.4%. The benchmark index is coming off a six-week losing streak. Tech companies were among the biggest losers, pulling the Nasdaq down 1.2%. The Dow Jones Industrial Average ended barely in the green.
Spirit Airlines jumped after JetBlue said it would make a hostile offer for the budget carrier. ManTech surged after investment firm Carlyle Group said it will buy the defense contractor. Bond yields fell.
- Compiled by Dave Flessner