Wall Street Posts Third Straight Weekly Gain Amid Mixed Signals
The S&P 500 rose 0.2 percent to a record high for a second straight day as tech and banks led gains while health care energy and real estate declined. Nvidia Wells Fargo and VFC paced advances. Vertex and Incyte dropped on disappointing updates. Bond yields were mixed ahead of the Fed meeting.
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G-7 Leaders pledge vaccine sharing and fairer global economy
At Carbis Bay England the G-7 pledged to share at least one billion vaccine doses with poorer nations with the U S promising 500 million and Britain 100 million. Prime Minister Boris Johnson urged a fair recovery and warned against widening inequalities as the three day Cornwall talks began.
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Biden pitches 15 percent global minimum tax at G7 summit
President Biden pushes a 15 percent floor for a global corporate tax to curb profit shifting and fund infrastructure as G7 leaders back the idea. U.S. Congress and OECD must still agree, with Treasury and lawmakers split over competitiveness and fiscal impact.
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Cuba halts dollar deposits amid U.S. sanctions
Cuba will temporarily stop accepting cash deposits in U S dollars at its banks starting June 21 due to U S sanctions. Bank transfers remain allowed and dollar withdrawals continue. Other currencies will still be accepted as deposits. The move follows a surge in black market dollars and the end of the dual currency system.
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Dollar stores keep Cuba afloat amid shortages and sanctions
Cubans rely on dollar stores opened in 2019 to obtain hard currency as remittances shrink and tourism stalls. Central Bank vice president cites suspending cash deposits to protect the financial system. 24 banks have cut ties since tighter U S sanctions.
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