AP Business SummaryBrief at 7:52 a.m. EDT

China takes aim at latest US export controls on chips

BEIJING (AP) — China has slammed the latest U.S. move to tighten export controls that would make it harder for China to source and manufacture advanced computer chips, calling it a violation of economic and trade rules The foreign ministry spokesman has accused the United States of abusing its export controls to block and maliciously crack down on…

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China takes aim at latest US export controls on chips

BEIJING (AP) — China has slammed the latest U.S. move to tighten export controls that would make it harder for China to source and manufacture advanced computer chips, calling it a violation of economic and trade rules The foreign ministry spokesperson accused the United States of abusing its export controls to block and maliciously crack down on Chinese companies. She spoke after the United States updated export controls on Friday, including adding certain computer chips and high-performance advanced semiconductor manufacturing equipment to its list. Washington says it’s part of efforts to protect its national security.

Bridge explosion in Crimea damages main Russian supply route; 3 dead

KHARKIV, Ukraine (AP) — Russian authorities say a truck bomb caused a fire and partial collapse of a bridge connecting Russia-annexed Crimea with Russia. Three people were killed. The bridge is a key supply artery for Moscow’s faltering war effort in southern Ukraine. The speaker of the Kremlin-backed Crimean regional parliament immediately blamed Ukraine. But the Kremlin did not blame. Ukrainian officials have repeatedly threatened to strike the bridge and some celebrated Saturday’s explosion. But Kyiv refrained from claiming responsibility. The attack on the bridge comes a day after Russian President Vladimir Putin celebrated his 70th birthday. She deals him a humiliating blow that could lead him to raise the bar in his war against Ukraine.

Ukrainian authorities provide update on liberated Lyman ruins

LYMAN, Ukraine (AP) — Ukrainian authorities are just beginning to sift through the rubble of the devastated town of Lyman in eastern Ukraine. They assess the humanitarian toll and the possibility of war crimes from a months-long Russian occupation. It remains unclear how many people have died in the city since it was overrun by Russian forces in May. But authorities say Lyman has become a ‘humanitarian crisis’ that could yet hold other grim findings. The governor of Donetsk said on Friday that two burial sites had been discovered in Lyman, including around 200 individual civilian graves and a mass grave with an unknown number of bodies.

Trains stopped for hours in northern Germany, sabotage found

BERLIN (AP) — Rail services have been temporarily halted in part of northern Germany after a communications system went down, a failure the national rail operator said was caused by sabotage. After a nearly three-hour suspension, Deutsche Bahn said the problem – a “fault in the train’s digital radio system” – had been resolved, but disruption could still be expected. Operator Deutsche Bahn said later on Saturday that the disruption was caused by “the sabotage of cables essential to rail traffic” and that security authorities had opened an investigation. There was no immediate word on who might have been responsible.

UN: Ukrainian nuclear power plant loses its external electrical connection

BERLIN (AP) — The UN nuclear watchdog says Ukraine’s Zaporizhzhia nuclear power plant, the largest in Europe, has lost its last external power source following new bombings and is relying now on standby diesel generators. The International Atomic Energy Agency said the plant’s link to a 750-kilovolt line was cut around 1 a.m. Saturday. He cited official information from Ukraine as well as IAEA expert reports on the site, which is held by Russian forces. The plant’s six reactors are shut down, but they still need electricity for cooling and other safety functions. The IAEA said engineers at the plant have started work to repair the damaged power line.

Death toll rises to 9 in Ireland petrol station blast

LONDON (AP) — Authorities say the death toll in an explosion at a petrol station in a small village in northwest Ireland has risen to nine. Two more deaths were confirmed on Saturday as rescuers combed through piles of rubble for more casualties. Eight people are in hospital and several people are missing after an explosion tore through the Applegreen petrol station in Creeslough, County Donegal on Friday. Emergency responders from Ireland and neighboring Northern Ireland are involved in the search and rescue operation. Irish Prime Minister Micheál Martin said it was one of the “darkest days for Donegal and the whole country”.

Latest round of strikes halt most UK trains

LONDON (AP) — Most rail services across Britain have been canceled as thousands of railway workers staged the latest in a series of strikes over jobs, wages and working conditions. Saturday’s 24-hour strike by 40,000 cleaners, flaggers, maintenance workers and station staff was the third in a week. The action is part of a growing wave of strikes by workers seeking wage increases to deal with inflation running at nearly double digits. Only around 20% of train services are expected to operate with disruption spreading through Sunday morning. The unions accuse the government of preventing the railway companies from reaching an agreement to end the dispute. The government denies this and has urged unions to work with employers and “not against them”.

What Friday’s jobs report means for the Fed’s inflation fight

WASHINGTON (AP) — For most Americans, Friday’s jobs report was good news: Businesses continued to hire at a brisk pace, unemployment fell to a half-century low and the average salary has increased. Yet for the Federal Reserve, the jobs numbers highlight how little progress it is making in its fight against inflation. With the Fed more likely to continue to rapidly increase borrowing costs, the risk of recession will also increase. Employers pulled back slightly on hiring last month and average wage gains slowed. But economists say neither is falling fast enough for the Fed to slow its inflation-fighting efforts.

Another month of strong U.S. hiring suggests more big Fed hikes

WASHINGTON (AP) — U.S. employers slowed hiring in September but still added 263,000 jobs, a solid number that will likely keep the Federal Reserve on pace to continue aggressively raising interest rates to fight back. against persistently high inflation. Hiring fell from 315,000 in August to the weakest monthly gain since April 2021. The unemployment rate fell from 3.7% to 3.5%, matching a half-century low. The Fed hopes that a slower pace of hiring would ultimately mean less pressure on employers to raise wages and pass those costs on to their customers through price increases — a recipe for high inflation. But September’s job growth was probably too robust to satisfy the central bank’s inflation fighters.

Stocks lose more ground on fears of impending recession

NEW YORK (AP) — Wall Street lost more ground on fears that a still strong U.S. jobs market could actually make a recession more likely. The S&P 500 fell 2.8% on Friday after the government said employers hired more workers last month than expected. The Dow Jones Industrial Average and Nasdaq also fell sharply and Treasury yields rose. Markets fear that the Federal Reserve will take the jobs report as evidence that the economy has not yet slowed enough to bring inflation under control. This could pave the way for continued and aggressive interest rate hikes, which could cause a recession if done too harshly.

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