BUSINESS

US inflation soared 7.9% in past year, a fresh 40-year high

WASHINGTON  — Propelled by surging costs for gas, food and housing, consumer inflation jumped 7.9% over the past year, the sharpest spike since 1982… Read more

McDonald’s to temporarily close 850 stores in Russia

DETROIT — McDonald’s said Tuesday it is temporarily closing all of its 850 restaurants in Russia in response to the country’s invasion of Ukraine.

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Shell says it will stop buying Russian oil, natural gas

LONDON — Energy giant Shell said Tuesday that it will stop buying Russian oil and natural gas and shut down its service stations, aviation fuels and… Read more

As war in Ukraine intensifies, US gasoline hits record $4.17

The average price of gasoline in the U.S. hit a record $4.17 per gallon Tuesday as the country banned Russian oil imports after its invasion of Ukraine.

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Fed officials push back on rapid interest rate hikes

NEW YORK  — The Federal Reserve should start raising interest rates next month to help rein in too-high inflation, Federal Reserve Bank of New York… Read more

Ontario declares an emergency over truck blockades in Canada

TORONTO — Ontario’s premier declared a state of emergency Friday in reaction to the truck blockades in Ottawa and at the U.S. border and said he will… Read more

Fishermen sue to end industry-funded monitoring program

PORTLAND, Maine  — A group of fishing companies in New England is bringing its bid to try to end industry-funded monitoring programs to federal appeals… Read more

A key inflation gauge rose 5.8% in 2021, most in 39 years

WASHINGTON — A measure of prices that is closely tracked by the Federal Reserve rose 5.8% last year, the sharpest increase since 1982, as brisk consumer… Read more

German ship with burning timber cargo towed to Swedish port

HELSINKI  — A fire-ravaged German-owned cargo vessel was towed to port in the western Swedish city of Goteborg on Saturday after a week-long blaze… Read more