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Wall Street retreats from its record as stocks fall
U.S. stocks pulled back from their record. The S&P 500 slipped 0.2% Wednesday, a day after topping its prior all-time high set in August. The Dow Jones Industrial Average dropped 0.7%, and the Nasdaq composite fell 0.2%.
Stocks felt pressure as yields climbed worldwide because of high inflation, rising debt loads for governments and other concerns. In France, whose bond market has had some of the world's sharpest swings, the CAC 40 index of stocks dropped 1.2%. Oil prices also swung through the day, and the price of a barrel of Brent topped $102 before pulling back toward $100.
IMF chief urges countries to do more to regulate AI
The head of the International Monetary Fund says countries both rich and poor must take faster action to cut debt and counter growing inequality as their economies weather a triple whammy from the AI boom and shocks from wars in the Middle East and Ukraine.
IMF Managing Director Kristalina Georgieva was speaking at an event in Singapore ahead of autumn IMF-World Bank meetings to be held in Bangkok next week. She urged countries to rein in public spending and raise the cost of borrowing as needed to control inflation, while protecting the most vulnerable members of their societies. She said planners should ensure AI is well regulated, improve worker training, facilitate entrepreneurship and improve energy security.
Exploited builders agree to record payout
Foreign workers building the new U.S. consulate in Milan have signed agreements securing payouts for alleged labor abuses. More than 60 laborers, mostly from India, were processed Wednesday, receiving their share of a 31-million-euro settlement with Alabama-based Caddell Construction.
Prosecutors say it is the largest labor settlement for exploitation in Europe. Workers were paid less than $2 an hour, denied overtime, and subjected to threats. The settlement includes payments for unpaid overtime and housing deductions. Nearly 480 workers can expect payouts, with some still working on-site and others elsewhere. The investigation against Caddell remains open.
Brazilian students march against Bolsonaro
Thousands of Brazilian students have marched in Rio de Janeiro against the possibility of Flavio Bolsonaro winning the presidency. The protest on Wednesday came after Bolsonaro received more votes than incumbent Luiz Inacio Lula da Silva in the first round of Brazil's presidential election. Demonstrators dressed in red chanted and held signs about Brazil's sovereignty and democracy.
Neither candidate received more than 50% of the vote. That means there will be a runoff between Bolsonaro and Lula on Oct. 25. Many people fear that a Bolsonaro presidency could align Brazil with the United States because of the family's ties with U.S. President Donald Trump. Protesters emphasized the importance of social movements and resisting Bolsonaro's potential leadership.
Bulgaria leader blames war for weaker security
Bulgaria's president says that Russia's war against Ukraine has led to a significant deterioration of the security environment in the Black Sea region.
President Iliana Yotova spoke to reporters on Wednesday in the aftermath of an emergency meeting of the country's Security Council following drone attacks on ships off Bulgaria's Black Sea coast. Senior government and security officials discussed the Balkan country's maritime security and critical infrastructure in the context of the war in Ukraine.