AP Business SummaryBrief at 4:42 p.m. EDT | Business News

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How much ‘pain’? Fed to signal more rate hikes ahead

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell bluntly warned in a speech last month that the Fed’s drive to curb inflation by aggressively raising interest rates would “bring some pain.” On Wednesday, Americans may get a better sense of how much pain could be in store. The Fed is expected at its latest meeting to raise its key short-term rate by a substantial three-quarters of a point for the third consecutive time. Another hike that large would lift its benchmark rate — which affects many consumer and business loans — to a range of 3% to 3.25%, the highest level in 14 years.

How to get a student loan refund if you paid during pandemic

NEW YORK (AP) — When President Joe Biden announced a plan to forgive student loan debt, many borrowers who kept making payments during the pandemic wondered if they’d made the right choice. Borrowers who paid down their debt during a pandemic freeze that started in March 2020 can in fact get a refund — and then apply for forgiveness. But the process for doing that hasn’t always been clear. The Department of Education says borrowers who hold eligible federal student loans and have made voluntary payments since March 13, 2020, can get a refund.

Bill Clinton: ‘The world’s on fire,’ but teamwork can help

NEW YORK (AP) — President Bill Clinton says he is amazed by the massive response to the return of the Clinton Global Initiative. That’s the meeting of international leaders from politics, business and philanthropy set to gather in New York for the first time since 2016. Interest in the two-day meeting – which convenes a broad spectrum of luminaries, was so large that the Clinton Foundation had to turn more than 1,000 potential attendees away. Clinton says there’s a “longing” for people to get together and make good things happen. The initiative has helped people in more than 180 countries since it was established in 2005.

US stocks rise ahead of expected interest rate hike by Fed

Stocks closed higher on Wall Street after swaying between small gains and losses much of the day as investors brace for another big interest rate increase this week from the Federal Reserve. The S&P 500 rose 0.7% on Monday. The Dow Jones Industrial Average and the Nasdaq also gained ground. Treasury yields moved higher. Markets were looking ahead to Wednesday, when the Federal Reserve will announce its latest decision on rates. It’s expected to raise its benchmark rate, which influences interest rates throughout the economy, another three-quarters of a percentage point in its fight against inflation.

Ukraine warns of ‘nuclear terrorism’ after strike near plant

KYIV, Ukraine (AP) — A Russian missile has blasted a crater close to a nuclear power plant in southern Ukraine, damaging nearby industrial equipment but not hitting its three reactors. Ukrainian authorities denounced Monday’s attack as an act of “nuclear terrorism.” Ukraine’s nuclear operator said the missile struck within 300 meters (328 yards) of reactors at South Ukraine Nuclear Power Plant. The strike followed warnings from Russian President Vladimir Putin of possible stepped-up attacks on Ukrainian infrastructure after his forces suffered humiliating battlefield setbacks. It also renewed fears of a possible radioactive disaster in the near seven-month war. One Western analyst said the Russian military was apparently trying to knock Ukrainian nuclear plants offline before winter sets in.

OECD: Russia war, virus and climate hurting world’s poorest

WASHINGTON (AP) — Russia’s war against Ukraine, the lingering coronavirus pandemic and the damage of climate change are putting intense pressure on the world’s poorest, the Organization for Economic Cooperation and Development warns. The Paris-based OECD reported that 60 states, territories and locations fell last year into the category of “fragile contexts″ — meaning they were exposed to economic, environmental, social and political risks that they didn’t have the capacity to absorb. And that was before Russia invaded Ukraine and intensified their burdens. Monday’s report designated the most places in such dire straits since the OECD began issuing its States of Fragility report in 2015.

First public global database of fossil fuels launches

On Monday, the world’s first public database of fossil fuel production, reserves and emissions launches. Called The Global Registry of Fossil Fuels, it was developed by the groups Carbon Tracker and the Global Energy Monitor, and contains data on over 50,000 oil, gas and coal fields in 89 countries, covering 75% of global production. It shows that the United States and Russia have enough fossil fuel reserves to exhaust the world’s remaining carbon budget to stay under 1.5 degrees Celsius warming. And it shows that if burned, the world’s reserves would generate 3.5 trillion tons of greenhouse gas emissions, which is more than all that’s been produced since the Industrial Revolution.

EXPLAINER: How the strong U.S. dollar can affect everyone

NEW YORK (AP) — The value of the U.S. dollar has been on a tear for more than a year against everything from the British pound across the Atlantic to the South Korean won across the Pacific. The dollar is hovering close to its highest level in more than two decades against a key index measuring six major currencies. Many professional investors don’t expect the dollar to ease off anytime soon. Its rise makes an impact on nearly everyone, even those who will never travel beyond U.S. borders. The strength helps to limit inflation, but it can also hurt profits for many U.S. companies.

Volkswagen sets Porsche IPO at up to 9.4 billion euros

FRANKFURT, Germany (AP) — Volkswagen has set the price range for the multibillion-euro sale of a minority stake in luxury brand Porsche. The deal will reap billions to fund the German automaker’s investments in new technologies and businesses including electric cars, software and services. The company said it aims for a listing on the Frankfurt stock exchange on Sept. 29 after it places a minority stake with investors, including the Qatar Investment Authority. The price range for preferred shares translates to 8.71 billion to 9.39 billion euros. Volkswagen has launched a major push into electric vehicles and says future profits will increasingly come from investments in electric cars, software and services as traditional internal combustion cars take a smaller share of the market.

Stolen Grand Theft Auto footage dumped online in hack

NEW YORK (AP) — Video game producer Rockstar Games says early development footage from the next version of its popular title Grand Theft Auto was stolen in the hack of its network. A person claiming to be the hacker dumped 90 videos from the theft online and claimed also to have source code. They were seeking to sell the hacked data. The company said in a statement that it did not anticipate any disruption in live game services or any impact on ongoing projects. The hacker claimed to have been involved in the recent hack of Uber but provided no evidence.

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