China cuts interest rate to shore up economy

China’s central bank has trimmed a key interest rate to shore up sagging economic growth at a politically sensitive time when President Xi Jinping is believed to be trying to extend his hold on power.

The ruling Communist Party has acknowledged it can’t hit this year’s official 5.5% growth target after anti-virus curbs disrupted trade, manufacturing and consumer spending. The rate cut suggested Beijing’s worries about rising debt are at least temporarily outweighed by the political dangers of an economic slump and job losses.

Stocks end higher; economic worries hit oil

Stocks recovered from early losses and ended higher on Wall Street. Investors remain focused on the economy and upcoming reports from retailers this week.

The S&P 500 is up 0.4% Monday after stumbling in early trading. The Dow Jones Industrial Average and Nasdaq also extended last week’s gains. Oil prices dropped sharply on worries about the global economy.

Facebook misses Brazil election misinfo in ads

Facebook failed to detect election-related misinformation in ads ahead of Brazil’s 2022 election, a new report from Global Witness has found. The group said the company’s pattern of not catching material that violates its policies is “alarming.”

The advertisements contained false information about the country’s upcoming election, such as promoting the wrong date for the vote and questioning the integrity of the election, including Brazil’s electronic voting system. It is the fourth such test of Facebook’s moderation system that the human rights group has conducted over the past few months — and the fourth one Facebook has flubbed.

Heathrow Airport extends passenger cap

London’s Heathrow Airport says it will extend its cap on daily passenger numbers until the end of October to cope with soaring demand for air travel amid staffing shortages.

The airport, one of Europe’s busiest, said a maximum of 100,000 travelers can depart each day until Oct. 29. The daily cap was expected to be lifted on Sept. 11.

Florida train gets grant to improve safety

Tracks used by the nation’s deadliest railroad will see added fencing to keep pedestrians away and safety improvements at crossings under a $25 million federal grant.

Brightline and government officials announced the grant on Monday as the privately owned passenger line continues to be plagued by deaths along its tracks between Miami and West Palm Beach.

Japan economy grows as spending rebounds

TOKJapan has reported its economy grew at an annual rate of 2.2% in the last quarter as consumer spending rebounded with an easing of pandemic precautions.

In quarterly terms, the economy expanded 0.5%, surpassing its pre-pandemic size but slightly weaker than analysts had expected.

Today's breaking news and more in your inbox

Today's breaking news and more in your inbox

Copyright © Altoona Mirror | https://www.altoonamirror.com | 301 Cayuga Ave., Altoona, PA 16602 | 814-946-7411