McDonald’s revenue fell short of expectations in the second quarter as coronavirus restrictions shuttered stores in China and higher prices took a toll on U.S. demand. The Chicago burger giant said its revenue fell 3% to $5.72 billion in the April-June period. That was short of Wall Street’s forecast of $5.8 billion, according to analysts polled by FactSet.Same-store sales, or sales at stores open at least a year, were up nearly 10% worldwide. That was higher than the 6.8% that analysts had expected. But there were double-digit declines for comparable stores in China, where restaurants were... Read More

BERLIN — German biotech company CureVac said Tuesday it has filed a patent infringement lawsuit against rival BioNTech for work that it says contributed to the development of the BioNTech-Pfizer coronavirus vaccine. BioNTech said its work is original and it would “vigorously” contest the claim. CureVac, which last year reported disappointing results from late-stage testing of its own first-generation COVID-19 shot, earlier this year started a clinical trial of a second-generation vaccine candidate developed with British pharmaceutical company GSK.The company said it was seeking “fair... Read More

TOKYO — The rickshaw men in Tokyo are adding English-speaking staff, a sure sign Japan is bracing for a return of tourists from abroad. Japan’s border controls to curb the spread of coronavirus infections began gradually loosening earlier this month. That’s great news for Yusuke Otomo, owner of Daikichi, a kimono rental shop in Asakusa, an old district of Tokyo famous for its temples, quaint restaurants and rickshaw rides. He can barely contain his excitement. “Those were a hard three years. But we managed to endure until today. And after such an experience, to think people from... Read More

WASHINGTON — President Joe Biden said Thursday the American people are “really, really down” after a tumultuous two years with the coronavirus pandemic, volatility in the economy and now surging gasoline prices that are slamming family budgets. But he stressed that a recession was “not inevitable” and held out hope of giving the country a greater sense of confidence.Speaking to The Associated Press in a 30-minute Oval Office interview, the president emphasized the battered economy that he inherited and the lingering psychological scars caused by a pandemic that disrupted people’s... Read More

A congressional panel Tuesday will examine payouts under a federal coronavirus pandemic aid program intended to help small businesses weather the COVID-19 outbreak amid revelations that as much as 20% of the money may have been awarded to fraudsters.The problems in the COVID-19 Economic Injury Disaster Loan program, overseen by the U.S. Small Business Administration, included a finding by congressional investigators that some 1.6 million applications for the loans may have been approved without being evaluated.Separately, the SBA’s Office of the Inspector General estimated that at least $80... Read More

The Federal Reserve no longer views the coronavirus pandemic as the biggest threat to the global financial systemBy KEN SWEET AP Business WriterMay 9, 2022, 8:58 PM• 3 min readNEW YORK — The Federal Reserve said Monday that Russia’s war in Ukraine and surging inflation are now the greatest threats facing the global financial system, supplanting the coronavirus pandemic.The observations came in the Fed’s semiannual Financial Stability Report that looks at trends in trading and investing as well as broad economic issues. The report is not an economic forecast, and does not try to... Read More

The U.S. is experiencing a labor shortage that’s partly fueled by a drop-off in immigration, which ground to a halt during the coronavirus pandemicBy NICHOLAS RICCARDI Associated PressMay 7, 2022, 5:02 PM• 6 min readJust 10 miles from the Rio Grande, Mike Helle’s farm is so short of immigrant workers that he’s replaced 450 acres of labor-intensive leafy greens with crops that can be harvested by machinery.In Houston, Al Flores increased the price of his BBQ restaurant’s brisket plate because the cost of the cut doubled due to meatpacking plants’ inability to fully staff immigrant-heavy... Read More

California workplace regulators have extended mandatory pay for workers affected by the coronavirus through the end of 2022By DON THOMPSON Associated PressApril 21, 2022, 11:16 PM• 6 min readSACRAMENTO, Calif. — California workplace regulators on Thursday extended mandatory pay for workers affected by the coronavirus through the end of 2022, acting more than two months after state lawmakers restored similar benefits through September.The decision again pitted management against labor as the Occupational Safety and Health Standards Board renewed revised workplace safety rules that would... Read More

The heads of the International Monetary Fund and the World Bank are warning that rising interest rates are squeezing the world’s poorest countries as they struggle with the coronavirus and soaring food pricesBy PAUL WISEMAN AP Economics WriterApril 21, 2022, 1:04 AM• 3 min readWASHINGTON — The heads of the International Monetary Fund and the World Bank warned Wednesday that rising interest rates are squeezing the world’s poorest countries as they struggle with the coronavirus and soaring food prices.There is “a huge buildup of debt, especially in the poorest countries,”... Read More

Global stock markets are lower as investors wait for U.S. inflation data amid unease about higher interest rates, Chinese efforts to contain coronavirus outbreaks and Russia’s war on UkraineBy JOE McDONALD AP Business WritersApril 12, 2022, 10:15 AM• 3 min readBEIJING — Global stocks and Wall Street futures sank Tuesday as investors waited for U.S. inflation data amid unease about higher interest rates, Chinese efforts to contain coronavirus outbreaks and Russia’s war on Ukraine.London, Frankfurt, Tokyo and Seoul fell. Shanghai and Hong Kong advanced. Oil prices rose more than $3... Read More