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Asia shares mostly decline after Wall Street slide on bank worries

TOKYO (AP) — Asian shares mostly fell Wednesday after worries about the U.S. banking system set off a decline on Wall Street and amid concerns closer to home about Chinese economic growth. Japan’s benchmark Nikkei 225 lost 0.2% to 32,323.31 in morning trading. Australia’s S&P/ASX 200 was virtually unchanged, edging up less than 0.1% to 7,316.60. South Korea’s Kospi added nearly 1.0% to 2,598.96. Hong Kong’s Hang Seng dropped 0.4% to 19,105.19, while the Shanghai Composite shed 0.4% to 3,247.64. Clifford Bennett, chief economist at ACY Securities, called the export data out ...

Union accused of playing politics as it pushes to cap hospital CEO pay

Work KFF Health News LOS ANGELES — The aim is aspirational: Hospital executives shouldn’t make more than the president of the United States. Next spring, Los Angeles city voters will have a chance to put the brake on runaway salaries by capping hospital executives’ pay at $450,000 a year. The measure, proposed by a local union and approved by the City Council in June, will appear on the March 2024 ballot. The vote will be the first fruit of a long-running campaign by the Service Employees International Union-United Healthcare Workers West, a California union with more than ...

Italy proposes bank tax to help with interest rate hikes

ROME (AP) — Italian bank stocks plunged Tuesday after the Cabinet approved a proposal to apply a 40% tax on some bank profits this year to help consumers and businesses cope with higher borrowing costs. Transport Minister Matteo Salvini announced the tax at a Monday evening press conference, saying it was a measure of “social equity” to make up for a series of interest rate hikes from the European Central Bank. Those increases are aimed at fighting inflation and make it more expensive for people to get loans to buy homes and cars or for companies to get new equipment or build ...

Wall Street falls with markets on worries about banks and the economy

NEW YORK (AP) — Stocks are falling Tuesday as more caution creeps into financial markets worldwide amid worries about the banking system and the global economy. The S&P 500 was 0.5% lower in late trading after paring an earlier loss that was more than double that. The Dow Jones Industrial Average was down 198 points, or 0.6%, at 35,275, as of 3 p.m. Eastern time, and the Nasdaq composite was 0.9% lower. On Wall Street, bank stocks fell after Moody’s cut the credit ratings for 10 smaller and midsized ones. It cited a list of concerns about their financial strength, from the ...

Japan’s tech investor trims losses and promises offensive turnaround

TOKYO (AP) — Japanese technology company SoftBank Group Corp. continued to rack up losses for the fiscal first quarter as technology investments soured amid a market downturn. But SoftBank’s April-June red ink, at 477.6 billion yen ($3.4 billion), was smaller than a year ago, when losses totaled 3.16 trillion yen ($22 billion), the Tokyo-based company said Tuesday. Losses came from what SoftBank calls its Vision Funds, as well as from other investments including those in telecommunications in Japan. Chief Financial Officer Yoshimitsu Goto struck an upbeat tone, stressing that ...

Eli Lilly, Fox rise; Beyond Meat, RingCentral fall, Tuesday

NEW YORK (AP) — Stocks that are trading heavily or have substantial price changes on Tuesday: Eli Lilly and Co. (LLY), up $75.13 to $529.21. The drug developer reported strong second-quarter earnings and surprisingly good sales of its diabetes treatment Mounjaro. Celanese Corp. (CE), down 2.34 to $122.39. The chemical company cut its profit forecast for the year. RingCentral Inc. (RNG), down $5.47 to $33.51. The cloud-based phone system provider for small businesses said Tarek Robbiati will replace CEO Vlad Shmunis. Beyond Meat Inc. (BYND). down $2.86 to $12.42. The ...