Google sales

Musk stock sales, Wall Street retreat

SAN FRANCISCO (AP) — Within three days of announcing he had a deal to buy Twitter, Elon Musk sold Tesla for $8.5 billion to help fund the purchase. Musk reported the sales in documents filed with the Securities and Exchange Commission on Thursday and Friday. Analysts say the deal could make Tesla investors nervous that Musk, who is the electric vehicle maker’s CEO, would be distracted by Twitter and less engaged in running Tesla. Musk is also Tesla’s largest shareholder and there are also concerns that he may have to dump a large number of Tesla shares to fund the acquisition.

___


Tech stocks slump again, Nasdaq sees worst month since 2008

NEW YORK (AP) — Bigger losses for tech stocks sent the S&P 500 tumbling 3.6% on Wall Street on Friday. The Nasdaq fell 4% for the second time this week and ended April down 13.3%, its biggest monthly loss since 2008. Amazon slumped after the internet giant posted its first loss since 2015. Big Tech led the market lower all month as traders flee the high-flying sector. The technology has started to look more and more expensive after making outsized gains during the pandemic and as the Federal Reserve steps up its fight against inflation with higher interest rates, which could slow the economy.

___

A key inflation gauge jumped 6.6% in March, the most since 1982

WASHINGTON (AP) — An inflation gauge closely watched by the Federal Reserve jumped 6.6% in March from a year ago, the highest 12-month jump in four decades and further proof that Soaring prices put pressure on household budgets and the health of the economy. Still, there are signs that inflation may be slowing from its galloping pace and possibly approaching a peak, at least for now. Excluding the particularly volatile food and energy categories, so-called core prices rose 5.2% in March from a year earlier. This was slightly below the 5.3% year-on-year increase in February, and was the first time that 12-month figure had fallen since February 2021, before the surge began. of inflation.

___

Exxon’s profits rise despite $3.4 billion drop in Russia exit

NEW YORK (AP) — Exxon Mobil posted $5.48 billion in first-quarter profits as oil and gas prices rose steadily. That was more than double its profit in the same quarter last year. But the oil giant took a huge hit when it abandoned its Russian operations because of the war, and it wrote down $3.4 billion. The price of oil rose steadily during the quarter following Russia’s invasion of Ukraine, causing European countries that rely heavily on Russia for energy and others to scramble to find alternative sources of fuel. fuel.

___

New gas pipeline bolsters Europe’s bid to ease Russian supplies

ATHENS, Greece (AP) — European countries that depend on Russian imports are seeking greater access to the global natural gas market through a new gas pipeline that crosses a remote border area of ​​Greece and Bulgaria. The pipeline is nearing completion, and it would ensure that large volumes of gas flow between the two countries in both directions. The project is seen as an urgent priority after Russia invaded Ukraine and decided this week to cut gas supplies to European Union members Poland and Bulgaria. The 180-kilometre (110-mile) Greece-Bulgaria gas pipeline connection is the first of several interconnections planned as EU members scramble to change their energy mixes to reduce their dependence on Russia.

___

Poland restores gas supply interrupted by Russian company

WARSAW, Poland (AP) — The Polish gas giant says it is gradually restoring gas flow to municipalities that lost it after a Russian energy company that faced Polish sanctions cut off gas supplies. energy. The state-owned gas company said on Friday that Russia’s Novatek Green Energy had smoothly complied with Poland’s request to make Novatek’s gas pipelines available to Polish companies which are now starting to deliver their gas to the affected areas. Poland on Tuesday introduced sanctions against 50 Russian entities, including the gas company Novatek, to curb the outflow of money to Russian war chests. Novatek subsequently cut off gas deliveries to the 10 municipalities with which it has contracts.

___

Google adds ways to keep personal information private in searches

MOUNTAIN VIEW (AP) — Google has expanded options for keeping personal information private from online searches. The company said on Friday it would let people request that more types of information be removed from search results. These include personal contact information such as phone numbers and email and physical addresses. The new policy also allows for the deletion of other information that may pose a risk of identity theft, such as confidential login credentials. The company said in a statement that free access to information is vital, “but so is giving people the tools they need to protect themselves and keep their sensitive and personally identifiable information private.”

___

Inflation reaches a record high of 7.5% in countries using the euro

BRUSSELS (AP) — Inflation hit a record high for the 19 countries that use the euro. The European Union’s statistics agency reported on Friday that annual inflation hit 7.5% in April, surpassing 7.4% from March. The sixth straight record for eurozone inflation comes as soaring fuel prices spurred by Ukraine’s war weigh on the region’s economic recovery from the coronavirus pandemic. According to Eurostat, energy prices have jumped 38%, a testament to how the war and the accompanying global energy crisis are affecting the 343 million people of the euro zone. Rising European prices reflect some of the same factors that pushed US annual inflation to 8.5% in March, the highest since 1981.

___

The S&P 500 fell 155.57 points, or 3.6%, to 4,131.93. The Dow Jones Industrial Average fell 939.18 points, or 2.8%, to 32,977.21. The Nasdaq lost 536.89 points, or 4.2%, to 12,334.64. The Russell 2000 Small Business Index fell 53.84 points, or 2.8%, to 1,864.10.