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    By The Associated Press KOENIGSWINTER, Germany — Germany’s finance minister says the Group of Seven leading economies are set to agree on more than $18 billion in aid for Ukrainian defense efforts. Finance Minister Christian Lindner said in an interview with Bloomberg Television on Friday that Ukrainians resisting Russia’s invasion “are not only defending themselves, they are defending our values.” A representative from the U.S. Treasury Department declined to confirm the amount set to be allocated at a meeting of G-7 finance ministers in Germany, and a spokesman from the German finance ministry declined to comment to The Associated Press. U.S. Treasury Secretary Janet Yellen and other leaders have spoken this week about the need for allies to put together enough additional aid to help Ukraine “get through” the Russian invasion. ___ KEY DEVELOPMENTS IN THE RUSSIA-UKRAINE WAR: — Senate ships $40B Ukraine aid bill to Biden for signature — Rebutting Turkey, Biden lauds NATO bids of Sweden, Finland — In Ukraine, surviving when your home is blasted — War fuels surging prices in Europe — Red Cross registers hundreds...
    KOENIGSWINTER, Germany (AP) — The Group of Seven leading economies are set to agree on more than $18 billion in aid for Ukrainian defense efforts as meetings of finance ministers close Friday, Germany’s finance minister told Bloomberg Television. “I think it’s a very good signal that the G-7 nations are standing shoulder to shoulder with Ukraine because they are not only defending themselves, they are defending our values,” German Finance Minister Christian Lindner said in an interview with Bloomberg. A representative from the U.S. Treasury Department declined to verify the amount allocated, and a spokesman from the German finance ministry declined to comment to The Associated Press. U.S. Treasury Secretary Janet Yellen and other leaders spoke this week about the need for allies to put together enough additional aid to help Ukraine “get through” the Russian invasion. “All of us pledged to do what’s necessary to fill the gap,” Yellen said Thursday as the ministers finished their first of two days of talks. “We’re going to put together the resources that they need.” The G-7 finance ministers also have...
    WASHINGTON (AP) — The Senate has whisked a $40 billion package of military, economic and food aid for Ukraine and U.S. allies to final congressional approval, putting a bipartisan stamp on America’s biggest commitment yet to turning Russia’s invasion into a painful quagmire for Moscow. The legislation, approved 86-11 Thursday was backed by every voting Democrat and most Republicans. While many issues under President Joe Biden have collapsed under party-line gridlock, Thursday’s lopsided vote signaled that both parties were largely unified about sending Ukraine the materiel it needs to fend off Russian President Vladimir Putin’s more numerous forces. “I applaud the Congress for sending a clear bipartisan message to the world that the people of the United States stand together with the brave people of Ukraine as they defend their democracy and freedom,” Biden said in a written statement. Ukrainian President Volodymyr Zelenskyy thanked the United States. “This is a demonstration of strong leadership and a necessary contribution to our common defense of freedom,” he said in his nightly video address to the nation. With control of Congress...
    MADRID (AP) — Real Madrid has signed a stadium management deal for the Santiago Bernabéu worth 360 million euros ($381 million), the club said Thursday. The agreement was reached with investment firm Sixth Street and “experiences company” Legends, which specializes in organizing sports and other events and is partly owned by Sixth Street. The deal with the U.S.-based companies comes with Madrid close to signing Paris Saint-Germain forward Kylian Mbappé, who would arrive as a free agent but command a club-record salary. One of soccer’s top stars, the 23-year-old Mbappé’s contract with PSG expires at the end of this season. Real Madrid said the money from the deal can be invested in “any of the club’s activities.” Madrid has not signed any top players in the last few transfer windows and currently holds the league’s highest spending limit at 739 million euros ($783 million). The club this season won a record-extending 35th Spanish league title and will be looking to win a record-extending 14th European trophy when it faces Liverpool in the Champions League final on May 28 in Paris....
    The Senate on Thursday passed legislation aimed at providing $39.8 billion in additional military and humanitarian aid for Ukraine, just ahead of the deadline in which the Pentagon was slated to exhaust its previously appropriated funds to assist the country in its fight against Russia’s unprovoked attacks. The House passed the measure in a 368-57 vote earlier this month. The Senate on Thursday cleared the measure 86-11. President Joe Biden is set to sign the measure quickly. Its passage comes in the wake of Sen. Rand Paul (R-KY) delaying the bill for days in a push to amend the measure to include language to create a special inspector general to oversee how the additional aid is spent. This, despite leadership in both parties advocating that the bill be passed swiftly. The amendment was ultimately not brought to the floor. Proponents of the measure argued that it provides necessary funds to assist an allied country to defend itself against Russia’s attempted takeover. “It is embarrassing to say we had to wait a full calendar week in the...
    In this article TSLAFounder and CEO of Tesla Motors Elon Musk speaks during a media tour of the Tesla Gigafactory, which will produce batteries for the electric carmaker, in Sparks, Nevada.James Glover II | ReutersBillionaire Leo Koguan, who claims to be the third largest individual shareholder of Tesla stock, is calling on the carmaker to announce a $15 billion stock buyback as the company's share price continues to fall. In a tweet to Martin Viecha, Tesla's senior director of investor relations, Koguan said the company should immediately announce that it plans to buy back $5 billion of Tesla shares this year and $10 billion next year. He added that Tesla should use its free cashflow to fund the buyback and that it shouldn't effect its existing $18 billion cash reserves. Tesla did not immediately respond to a CNBC request for comment. Tesla shares closed down more than 6% Wednesday amid a broad market sell-off. The company's stock is down more than 30% this year. A stock buyback — when a public company uses cash to buy shares of its own...
    NEW YORK (AP) — Target took a big hit from higher costs during the first quarter despite brisk sales. Profits for major retailers has come under pressure from both surging inflation and stubborn clogs in the global supply chain. READ MORE: Minnesota Companies Mining Gold From Nostalgia For Decades Gone ByTarget’s net income fell roughly 52% from a year ago to $1.01 billion, or $2.16 per share, in the quarter that ended April 30. Per-share earnings adjusted for one time costs were $2.19, far from Wall Street projections of $3.07 a share expected by industry analysts polled by FactSet. That is also below last year’s first quarter profit of $2.09 billion. “Throughout the quarter, we faced unexpectedly high costs, driven by a number of factors, resulting in profitability that came in well below our expectations, and well below where we expect to operate over time,” CEO Brian Cornell said in a prepared statement. Things have changed significantly from the environment the company was experiencing just 13 weeks ago, Cornell said, and the company did not project the significant cost increases...
    In this article LOWA customer pushes a shopping cart towards the entrance of a Lowe's store in Concord, California, on Tuesday, Feb. 23, 2021.David Paul Morris | Bloomberg | Getty ImagesLowe's on Wednesday missed Wall Street's sales expectations for the first quarter, as cooler spring weather hurt demand for supplies for outdoor do-it-yourself projects. Here's what the company reported for the quarter ended April 29 compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv: Earnings per share: $3.51 vs. $3.22 expected Revenue: $23.66 billion vs. $23.76 billion expected Lowe's net income for the quarter increased slightly to $2.33 billion, or $3.51 per share, from $2.32 billion or $3.21 per share, a year earlier. The results were above the $3.22 expected by analysts surveyed by Refinitiv. Net sales fell to $23.66 billion from $24.42 billion last year and outpaced analysts' expectations of $23.76 billion. As of Tuesday's close, shares of Lowe's are down about 25% so far this year. Shares closed Tuesday at $194.03, bringing the company's market value to $128.27 billion. This...
    by Steve Bittenbender   Transportation officials in Kentucky and Ohio continue to work in concert on a new Ohio River bridge connecting Cincinnati with Northern Kentucky, and they hope construction on the more than $2 billion megaproject could start by the end of next year. Besides building a companion bridge to the existing Brent Spence Bridge, officials in both states want to widen the interstate highways connected by the bridges. A 5-mile stretch in Kentucky and a 1-mile stretch in Ohio each would get one new lane in each direction across a 6-mile stretch. Last week, solicitations were released for consultants to help with pre-construction work. Naitore Djigbenou, the executive director for the Kentucky Transportation Cabinet’s Office of Public Affairs, said letters of interest are due on May 31. Then, officials will hold a June 7 industry forum at the Northern Kentucky Convention Center in Covington regarding the project. One-on-one meetings with officials from the two states will be available by request before the meeting. According to documents on the Brent Spence Bridge Corridor project’s website, officials then expect...
    New York (CNN Business)A US division of German insurance firm Allianz will pay more than $6 billion for what US investigators called a "massive fraudulent scheme" that involved the investments of public pensions, religious organizations and other foundations. The settlements with the US Department of Justice and US Securities and Exchange Commission are among the largest in corporate history. The company and three of its portfolio managers agreed to plead guilty to federal fraud charges as part of the settlements.The Justice Department said Tuesday that Allianz Global Investors failed to stop a scheme to defraud investors in funds that collapsed during the 2020 Covid recession. AGI is a subsidiary of Allianz SE, one of the biggest names in the financial world with over $2 trillion in assets under management.The scheme, said investigators, manipulated investors to put $11 billion into complex funds they dubbed "Structured Alpha.'' The portfolio managers mislead investors about the risk levels and altered documents to make the funds look safer than they were, the DOJ and SEC said. The firm ultimately made about $550 million in fees...
    Congress is poised this week to approve $40 billion in American taxpayer funds for the Ukraine war, with little debate and no clear end to the conflict. The massive funding bill has been supported unanimously by Democrats — but has faced resistance by Republicans in both the House and Senate amid record levels of inflation and shortages of critical supplies such as baby formula in America. On Monday, the Senate voted to advance the bill for a vote this week, with all Democrats and Independents voting to advance the bill. Thirty-seven Republicans also voted to advance the bill, and 11 Republicans opposed it. Sen. Mike Lee (R-UT) slammed the $40 billion bill, arguing that it could be streamlined to better help Ukraine. He said in a statement: The House proposal would spend nearly ten times the annual defense budget of Ukraine while delegating broad discretion to the President and bureaucrats regarding where and how most of the money is spent. Much of the money will likely go to nations across the world not involved in the conflict. In the House, 219 House...
    Minnesota Gov. Tim Walz was projecting himself as something of a seer Monday in describing the deal he struck with legislative leaders on budget and taxes. “Two weeks ago I gave a state of the state address where I was absolutely convinced that this leadership team could get together,” Walz said Monday in announcing the bipartisan agreement, which will divvy up the state surplus not only for the state’s current budget but for the two-year budget after that. In the time since the governor made his state of the state speech, he and the leaders of the DFL House and the GOP Senate have struck deals to restore the pandemic-drained unemployment insurance system; funded bonus checks for pandemic workers; and extended a reinsurance system that helps keep health insurance rates somewhat lower for individual and small group plans. “We laid out a plan to take off the table the things that needed to be taken off the table,” Walz said. “Then get back together and try to set a framework and then get at those things.” But unlike those previous...
    WASHINGTON (AP) — Signs of Republican resistance are mounting over a $40 billion aid package to Ukraine, a reemergence of the Trump-led isolationist wing of the GOP that’s coming at a crucial moment as the war against the Russian invasion deepens. The Senate voted late Monday to advance the Ukraine aid bill 81-11, pushing it toward President Joe Biden’s desk by week’s end to become law. But more vocal objections from Republicans in Congress are sending warning signs after what has been rare and united support for Ukraine as it desperately battles hostile Russia. All 11 no votes came from Republican senators. It comes as Senate Republican leader Mitch McConnell led a delegation of GOP senators to visit the region over the weekend in a show of support, vowing to push past detractors, finish up the aid package and vote this summer on expanding NATO to welcome Sweden and Finland. The leader finds himself holding down the GOP’s more traditional foreign policy approach, in direct confrontation with the GOP’s “America First” flank, including Donald Trump, the former president....
    With vehicle deaths on the rise, President Joe Biden's administration is steering $5 billion in federal funds to slow down cars via more speed cameras, carve out bike paths and wider sidewalks and urging commuters to public transit. Transportation Secretary Pete Buttigieg on Monday announced the availability of money over five years under his department's new Safe Streets & Roads for All program. The aim will be to provide a direct infusion of federal cash to communities that pledge to promote safety for the multiple users of a roadway, particularly pedestrians and bicyclists. Monday marks the six-month anniversary of President Biden's signing of bipartisan infrastructure legislation. It coincides with the 2022 'Infrastructure Week' that opens Monday. The White House on Monday said it has released $110 billion in funding from the $1 trillion infrastructure package that seeks to fix crumbling roads, expand broadband internet and improve the electrical grid.  'We're hitting the ground running on the projects that are shovel-ready,' White House Infrastructure Implementation Coordinator Mitch Landrieu told reporters.  The infrastructure bill includes $110 billion for roads, bridges and major...
    ST. PAUL, Minn. (WCCO) — Gov. Tim Walz and legislative leaders announced Monday a framework deal for a supplemental budget to spend the state’s surplus. The bipartisan agreement includes $1 billion for education, another billion for health care and human services and $450 million for public safety. It also includes $1.5 billion in “additional investments” and $1.4 billion in “capital investment projects.” “With an unprecedented surplus, we have the ability to make significant investments in the things that will improve Minnesotans’ lives, like health care, public safety, and education, while also providing tax cuts and putting money in Minnesotans’ pockets,” Walz said. A $4 billion tax bill is included in the agreement, and $4 billion is set aside “to help the state manage future economic uncertainty.” NEWS from St. Paul. The “big three” (as @CallaghanPeter likes to say) have a framework for an agreement for this #mnleg session supplemental budget. Leaders and Gov. Tim Walz say that includes a $4B tax bill over next few years. pic.twitter.com/yn85SbjA15 — Caroline Cummings (@CaroRCummings) May 16, 2022 “In addition to giving money...
    JetBlue is going hostile in its bid for Spirit Airlines and asking Spirit shareholders to reject a proposed $2.9 billion acquisition by Frontier Airlines. Spirit shareholders are scheduled to vote June 10 on the Frontier bid, which is favored by the Spirit board. Spirit has cited uncertainty about regulatory approval of JetBlue’s $3.6 billion offer for the Florida budget carrier. JetBlue said Monday that Frontier’s offer is high risk and low value. JetBlue’s stock rose 2% before the market open, while shares of Spirit jumped more than 12%. Frontier’s shares climbed more than 3%. Copyright © 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
    White House Press Secretary Jen Psaki on Friday blasted Republicans who have questioned why baby formula is being shipped to families at the southern border when American families are facing a shortage of powdered infant milk. She said not only was it the law to provide for children in need but it was also the morally right thing to do. She hit out after hardline conservative Rep. Elise Stefanik tweeted that the border crisis was to blame for empty shelves. 'It is the law, but we believe that when ... babies are crossing the border with a family member ... that providing them formula is morally right,' said Psaki.  Soon after, former President Donald Trump weighed in with his views on the crisis. He blamed Democrats for focusing on Ukraine. 'The Democrats are sending another $40 billion to Ukraine, yet America's parents are struggling to even feed their children.  'There is a massive formula shortage, but no one is talking about it—it is a national disgrace,' he said in an emailed statement, apparently unaware of wall-to-wall coverage this week. 'It...
    LOS ANGELES (CNS) -- The Los Angeles City Council approved a settlement with the LA Alliance for Human Rights Wednesday in which the city will spend up to $3 billion over the next five years to develop as many as 16,000 beds or housing units for the homeless, enough to accommodate 60% of the homeless population in each of the 15 City Council districts."This council voted to formalize our commitment to building more housing as we approved the settlement for the LA Alliance Case. As a city, we will continue breaking down housing barriers for unhoused Angelenos and bringing them indoors at rates we've never seen before,'' Council President Nury Martinez wrote on Twitter after the vote.Council members voted 12-3 to approve the settlement, with Councilwoman Nithya Raman and Councilmen Mike Bonin and Marqueece Harris-Dawson voting no. When the settlement was first announced in April, Bonin said he opposed it, saying "it won't really help us solve homelessness.''"This settlement is structured to allow the city to do the minimum necessary to step up the failed and expensive enforcement strategies it...
    In this article TWTRParag Agrawal named Twitter CEO on Nov 29th, 2021.Courtesy: TwitterTwitter CEO Parag Agrawal said Friday that he still expects the sale to Elon Musk to go through, but he's continuing to run the company in case it doesn't. "While I expect the deal to close, we need to be prepared for all scenarios and always do what's right for Twitter," Agarwal said in a tweet. "I'm accountable for leading and operating Twitter, and our job is to build a stronger Twitter every day." Musk tweeted earlier on Friday that the deal is on hold until he finds out more details on how many fake accounts, like spam bots, are on the platform. The stock sank almost 10%, adding to a recent plunge in the company's value. It's now worth about $13 billion less than Musk's agreed upon bid last month of around $44 billion. But Musk may not be able to easily walk away. He'd be on the hook for a $1 billion breakup fee and could face a breach of contract lawsuit that would cost him...