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A new ferry line for commerce moving through Central America began operating Thursday, directly connecting El Salvador and Costa Rica to the exclusion of Nicaragua and Honduras LA UNION, El Salvador -- A new commercial ferry line moving through Central America began operating Thursday, directly connecting El Salvador and Costa Rica to the exclusion of Nicaragua and Honduras. The Blue Wave Harmony sailed out of La Union, El Salvador, headed for Caldera, Costa Rica, a trip that its backers say will save shipping time, avoid border closures and eliminate delays at two extra border crossings between the two countries. Officials launching the new service in El Salvador were diplomatic, avoiding direct references to the increasingly authoritarian government of Nicaraguan President Daniel Ortega. Federico Anliker, president of El Salvador’s Executive Port Commission, said the new ferry will help ensure that traffic keeps flowing “when certain countries close their borders.” In 2020, early in ...

China has imposed restrictions on exports of long-range civilian drones, citing Russia’s war on Ukraine and concern drones might be converted to military use BEIJING -- China imposed restrictions Monday on exports of long-range civilian drone s, citing Russia’s war in Ukraine and concern that drone s might be converted to Military use. Chinese leader Xi Jinping’s government is friendly with Moscow but says it is neutral in the 18-month-old war. It has been stung by reports that both sides might be using Chinese-made drones for reconnaissance and possibly attacks. Export controls will take effect Tuesday to prevent use of drones for “non-peaceful purposes,” the Ministry of Commerce said in a statement. It said exports still will be allowed but didn’t say what restrictions would apply. China is a leading developer and exporter of drones. DJI Technology Co., one of the global industry's top competitors, announced in April 2022 it was pulling out of Russia and Ukraine to prevent it...

Neighboring nations are levying economic sanctions over a coup last week that toppled one of the West’s last democratic partners against West African extremists, and families in one of the world’s poorest nations could pay the price NIAMEY, Niger -- Neighboring nations are levying economic sanctions over a coup last week that toppled one of the West's last democratic partners against West African extremists, and families in one of the world’s poorest nations could pay the price. In the capital of Niger, many people live in makeshift shelters tied together with slats of wood, sheets and plastic tarps because they can’t pay rent. They scramble daily to make enough money to feed their children. Salou Hassan and his family live in a two-room hut on the side of the road, along with some 140 people . The family sleeps on wooden slats close to the floor, with no electricity or running water, and they bathe in public showers. “The most difficult part is finding food for my children,“ Hass...

Alzheimer’s treatment developer Biogen is spending more than $7 billion to buy Reata Pharmaceuticals and bolster its rare disease treatments Biogen is spending more than $7 billion to buy Reata Pharmaceuticals and bolster its rare disease treatment s. The Alzheimer’s treatment developer said Friday it will pay $172.50 in cash for each share of Reata in a deal it expects to close by the end of this year. Plano, Texas-based Reata focuses on developing treatment s that regulate cellular metabolism and deal with i NFL ammation in serious neurologic disease s. It makes Skyclarys, an FDA-approved treatment for the neurologic disorder Friedreich’s ataxia. Biogen puts an enterprise value of $7.3 billion on the acquisition, and said it would slightly dilute adjusted earnings per share this year, and be roughly neutral next year before becoming “significantly accretive” in 2025. Regulators and Reata shareholders still need to approve the deal. Biogen makes the multiple sclerosis treatment s T...

Britain says it will grant hundreds of new oil and gas licenses in the North Sea in a bid for energy independence LONDON -- Britain said on Monday it will grant hundreds of new oil and gas licenses in the North Sea in a bid for energy independence, ignoring calls from environmental campaigners and the United Nations to stop the development of new fossil fuel projects. The plans announced by Prime Minister Rishi Sunak include a pledge to invest 20 billion pounds ($26 billion) in carbon capture and storage projects as Sunak maintained the government’s commitment to eliminate net carbon emissions by 2050. Sunak, who is Travel ing to Scotland to formally unveil the package, said Britain will still need fossil fuels even after the country reaches its net zero target. He said it is better to produce oil and natural gas at home rather than rely on foreign leaders like Russian President Vladimir Putin, whose invasion of Ukraine sent global energy prices soaring around the globe. “We have...

Tiger Woods has joined the PGA Tour policy board for the first time in his 27 years on tour Tiger Woods has joined the PGA Tour policy board for the first time in his 27 years on tour, giving Commissioner Jay Monahan key support as he rebuilds trust while forging ahead with details of a business partnership with Saudi backers of LIV Golf. Woods will become a sixth player director — a year ago, the PGA Tour had only four players on its board — as part of a broad agreement that gives the players a greater voice and awareness of any major deals going forward. The announcement Tuesday is a response to the PGA Tour having secret talks with the head of Saudi Arabia's national wealth fund that led to a proposed partnership that was announced in June and stunned players who had lined up behind the tour to fend off the Saudi threat. Woods, as the sixth player director, marks the first time players have outnumbered the five independent directors on the board. The 12th board member is the PGA...

A minor coal train derailment in Virginia in early July prompted Norfolk Southern to rethink the way it responds to problems with overheating bearings OMAHA, Neb. -- A minor coal train derailment in Virginia in early July prompted Norfolk Southern to rethink the way it responds to problems with overheating bearings , but it's not clear why the railroad didn't make similar changes months earlier after an overheating bearing caused the fiery Ohio derailment that prompted nationwide concerns about rail safety. The National Transportation Safety Board said the Atlanta-based railroad changed its rules a day after the July 6 derailment to take a much more cautious approach when a hot bearing is found. After the derailment, the Brotherhood of Locomotive Engineers and Trainmen union was critical of Norfolk Southern's response because dispatchers told the crew to move the train 13 miles to a siding down the track even after the crew confirmed a bearing on one of the railcars w...

Global shares have fallen after Wall Street took a step back from its big rally as markets tried to digest a slew of earnings TOKYO -- Global shares dipped Wednesday after Wall Street took a step back from its big rally as market s tried to digest a slew of earnings. France's CAC 40 fell 1.3% to 7,311.42 in early trading, while Germany's DAX dipped 1.4% to 16,007.22. Britain's FTSE 100 dropped 1.8% to 7,531.78. U.S. shares were set to drift lower with Dow futures down 0.7% at 35,507.00. S &P 500 futures lost 0.9% to 4,558.25. Investor optimism was hurt by Fitch Ratings downgrading the United States government’s credit rating, citing rising debt at the federal, state, and local levels. The rating was cut Tuesday one notch to AA+ from AAA, the highest possible rating. In 2011, the ratings agency Standard & Poor’s stripped the U.S. of its prize AAA rating. Treasury Secretary Janet Yellen said the move by Fitch was based on outdated data, noting the U.S. economy ha...

Drivers are in for another headache at the pump as U.S. gas prices continue to rise NEW YORK -- Drivers are in for another headache at the pump as U.S. gas prices continue to rise. The national average for gas prices stood at about $3.78 a gallon on Tuesday — about 25 cents higher than that seen one month ago, according to motor club AAA. While today's prices at the pump remain far lower than they were last year, when energy costs soared worldwide in the months following Russia's invasion of Ukraine, experts say such a jump is unusual. “Usually it takes a hurricane to move prices that much,” said AAA spokesperson Andrew Gross, who said the rise is especially interesting as “fewer people are are fueling up” their cars this summer compared to years past. In the U.S., gasoline prices are highly dependent on crude oil. West Texas Intermediate crude, the U.S. benchmark, has stayed above $80 per barrel since Thursday, standing at over $81 as of Tuesday afternoon. That marks a $...

Thomas Edison's pioneering incandescent light bulb, which cast illumination by heating a filament until it glowed, is fading into history SAN FRANCISCO -- Get ready to say goodbye to the once ubiquitous incandescent light bulb, pioneered by Thomas Edison more than a century ago. You can thank — or blame — new federal energy efficiency regulations that went into full effect Tuesday. Quite possibly without you even noticing. The Energy Department rules, which date back to the Obama administration, have been whipsawed in the political process for years. Some conservatives and Republican lawmakers long denounced them for interfering with consumer choice and placing undue burdens on business. Under former President Donald Trump, the Energy Department scrapped them in 2019; the Biden administration subsequently revived them. Yet by the time Aug. 1 rolled around, the critics had gone quiet, possibly because companies and consumers have already started voting for better lighting efficiency...

The United States has expressed concerns over major land reclamation projects in Manila Bay, where its heavily secured embassy sits on one edge MANILA, Philippines -- The United States has expressed concerns over major land reclamation projects in Manila Bay near its heavily secured embassy due to the involvement of a Washington-blacklisted Chinese company, the U.S. Embassy said Wednesday. American Embassy spokesperson Kanishka Gangopadhyay said the U.S. also expressed its concerns over the potential environmental impact of the reclamations in Manila Bay in discussions with Philippine government officials. Environmental groups have staged protests against the yearslong government-approved reclamations, mostly by real estate companies seeking to build island s on which to anchor upscale hotels, casinos, restaurants and Entertainment centers in a bay long notorious for pollution. Others worry that high-rise build ings built on reclaimed land would block ordinary folks' view of Mani...

DoorDash set new records for total orders and revenue in the second quarter as its grocery and convenience deliveries accelerated and it improved driver efficiency DoorDash set new records for total orders and revenue in the second quarter as its grocery and convenience deliveries accelerated and it improved driver efficiency. The San Francisco-based delivery company said its total orders rose 25% to 532 million for the April-June period. That was ahead of Wall Street’s forecast of 521 million, according to analysts polled by FactSet. Revenue rose 33% to $2.1 billion, which was in line with analysts’ forecasts. DoorDash raised its full-year forecast Wednesday. The company said it now expects gross order values between $64.2 billion and $65.2 billion for the year, up from the $63 billion to $64.5 billion it forecast previously. DoorDash expects adjusted pretax earnings between $750 million and $1.05 billion, up from a range of $600 million-$900 million. DoorDash Chief Financial Off...

The Bank of England has raised its main interest rate to a fresh 15-year high as it tries to bring down persistently high inflation LONDON -- The Bank of England raised its main interest rate Thursday to a fresh 15-year high as it tries to bring down persistently high inflation, poised to bring more pain to people who are seeing rents and mortgages rise during a cost-of-living crisis. The quarter-percentage point increase to 5.25%, which was widely anticipated by economists, was the central bank’s 14th hike in a row. The bank saidsome of the risks from more stubborn inflation, notably higher wages, had “begun to crystallise,” leading it to push borrowing costs higher. There had been fears, certainly among hard-pressed households and businesses, that the bank would repeat its outsized half-point increase from June. But figures last month showing that inflation fell more than anticipated to 7.9% eased the pressure to act as aggressively again. “Inflation is falling and that’s good news,”...

Banks from four Arab countries are interested in investing in Lebanon’s struggling banking sector, which has been hard-hit by the small nation’s three-year economic meltdown BEIRUT -- Banks from four Arab countries are interested in invest ing in Lebanon’s struggling banking sector, which was hard-hit by the small nation’s three-year economic meltdown, a top Arab banker said Thursday. Lebanon is in the throes of its worst economic crisis in its short and troubled history that has skyrocketed poverty and inflation, and crippled its bloated public sector and infrastructure. Wissam Fattouh, the Secretary General of the Union of Arab Banks, spoke to The Associated Press on the sidelines of the biggest regional banking conference held in Beirut since the historic economic crisis began in October 2019. Caretaker Economy Minister Amin Salam and Lebanese and regional banking officials called on their Arab counterparts to invest in the crisis-hit country and help revitalize its battered econo...