AP Business SummaryBrief at 7:26 a.m. EDT

UK scraps tax cut for wealthy that sparked market turmoil

BIRMINGHAM, England (AP) — The British government has dropped plans to cut income tax for top earners. The move was part of a package of unfunded cuts that sparked turmoil on financial markets and sent the pound to record lows. Treasury chief Kwasi Kwarteng said Monday that he would abandon plans to scrap the top 45% rate of income tax paid on earnings above 150,000 pounds a year. The announcement comes as more lawmakers from the governing Conservative Party turn on government tax plans. The announcement of 45 billion pounds in tax cuts sent the pound tumbling to a record low against the dollar. The Bank of England had to step in to stabilize the bond markets.

Kim Kardashian fined $1 million by SEC over crypto promotion

The long list of celebrities promoting cryptocurrencies just got shorter. Kim Kardashian is being barred from doing so for three years — and will pay a $1 million fine — to settle federal charges that she recommended a crypto security to her 330 million Instagram followers without making clear that she was paid to do so. The reality TV star also must give up the $250,000 she was paid for the Instagram post about Ethereum Max tokens, plus interest. That’s according to a Securities and Exchange Commission settlement announced Monday. Kardashian is the latest celebrity to get ensnared in regulations that require full disclosure by people getting paid to promote financial products.

US auto sales fell slightly in 3Q, even with September gains

DETROIT (AP) — U.S. new vehicle sales fell slightly in the third quarter, even with improvement in September. But there are warning signs consumers’ appetite for expensive new cars, trucks and SUVs may be waning. Edmunds.com says sales fell 0.9% from July through September. Multiple companies reported sales declines for the quarter on Monday, with General Motors a notable exception. However, many said sales rose in September as shortages of computer chips and other parts started to ease and auto factories were able to produce more. That increased vehicle supplies. But any monthly gain may be short lived due to high prices and rising interest rates.

Global shares rise after ‘relief rally’ on Wall Street

TOKYO (AP) — Global shares have advanced, with European markets tracking gains in Asia and U.S. after some weak economic data raised hopes that the Federal Reserve might ease away from aggressive interest rate hikes. Benchmarks are higher in France, Germany and Britain in early trading, while they finished lower in Tokyo, Sydney and Seoul. Chinese markets were closed for holidays. Australia’s S&P/ASX 200 jumped 3.8% after its central bank boosted its benchmark interest rate for a sixth consecutive month to a nine-year high of 2.6%. Hopes are that the Fed may ease off on raising interest rates to beat down high inflation.

Live Updates: Russia-Ukraine War

Ukrainian President Volodymyr Zelenskyy has formally ruled out talks with Russia following its illegal annexation of Ukrainian territories. Russia’s upper house of parliament on Tuesday ratified the treaties that make the Donetsk, Luhansk, Kherson and Zaporizhzhia regions of Ukraine part of Russia following referendums that the West calls a sham. Putin is expected to complete the annexation later in the day. The Kremlin responded to Zelenskyy by saying that it will wait for Ukraine to sit down for talks on ending the conflict noting that it may not happen until a new Ukrainian president takes office.

Russian losses evident in key liberated Ukrainian city

LYMAN, Ukraine (AP) — The bodies of Russian soldiers are lying in the streets of a key city in eastern Ukraine following their comrades’ retreat that has marked the latest defeat for Moscow. The key logistics hub of Lyman was reclaimed by Ukrainian forces even as Russia moved hastily to annex four Ukrainian regions. The upper house of the Russian parliament on Tuesday rubber-stamped the treaties to absorb four Ukrainian regions. The Russian troops have pulled back from Lyman over the weekend to avoid encirclement, giving Ukraine a key vantage point for pressing their offensive deeper into Russia-held territories.

Experts: Europe faces ‘unprecedented risk’ of a gas shortage

Europe is facing unprecedented risks to its energy supply this winter. That’s the word Monday from the International Energy Agency. The IEA says in its quarterly gas report that people in the European Union will have to cut gas use at least 13% over the winter if Russia cuts off the last trickle of gas that’s flowing to Europe. The Paris-based group says only by saving can Europe avoid a severe shortage if Russia halts gas flows completely over the war in Ukraine. Europe also could wind up competing with Asian countries for scarce supplies of liquefied natural gas that come by ship. Things will be even tighter if the weather is cold late in the winter.

German energy giant RWE to end coal use by 2030

BERLIN (AP) — German energy giant RWE says it will phase out the burning of coal by 2030, saving 280 million metric tons of climate-changing greenhouse gas emissions. The decision announced Tuesday will accelerate the closure of some of Europe’s most polluting power plants and a vast lignite strip mine in the west of the country. The move boosts the German government’s efforts to bring forward the deadline for coal use by eight years from 2038 as part of the country’s goal of ending its greenhouse gas emissions by 2045. Germany’s economy minister said negotiations with the operators of Germany’s other coal mines and eight coal-fired power plants are ongoing. RWE will also expand its renewable energy production and build gas-fired power plants capable of burning hydrogen.

In Ian’s wake, Florida residents brave a slow wait for power

BONITA SPRINGS, Fla. (AP) — Nearly a week after Hurricane Ian smashed into Florida and carved a path of destruction that reached into the Carolinas, hundreds of thousands of Florida residents are facing another day without electricity. About 440,000 homes and businesses remained without power early Tuesday in Florida and it will be the weekend before most power is restored. Meanwhile, Ian still is not done. Officials warned there still was the potential of coastal flooding from Long Island in New York south to North Carolina’s Outer Banks from the hurricane’s remnants. Seventy-eight deaths have been blamed on Ian, with 71 of them reported in Florida.

White House unveils artificial intelligence ‘Bill of Rights’

The Biden administration unveiled a set of far-reaching goals Tuesday to align artificial intelligence-powered tools with what it calls the values of Democracy and equity, including guidelines for how to protect people’s personal data and limit surveillance. Officials say the Blueprint for an AI Bill of Rights does not set out specific enforcement actions, but instead is intended as a White House call to action for the U.S. government to safeguard digital rights in an AI-fueled world. The Office of White House Science and Technology Policy highlighted various federal agencies’ commitments to weighing new rules and studying the specific impacts of AI technologies.

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