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AP
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A staggering 71 million more people around the world are experiencing poverty as a result of soaring food and energy prices that climbed in the weeks following Russia’s war in Ukraine. The United Nations Development Program's report released Thursday estimates that 51.6 million more people fell into poverty in the first three months after Russia invaded Ukraine, living off $1.90 a day or less. An additional 20 million people slipped to the poverty line of $3.20 a day. The UNDP recommends that rather than spending billions on blanket energy subsidies, governments instead target expenditure to reach the most impacted and affected people through targeted cash transfers.

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Asian stock markets are higher after the Federal Reserve said more U.S. interest rate hikes might be needed to cool inflation. Shanghai, Tokyo and Sydney advanced. Hong Kong declined. Oil prices fell more than $1 per barrel to stay below $100. Wall Street’s benchmark S&P 500 index gained 0.4% after notes from the latest Fed meeting said “an even more restrictive stance could be appropriate” to get inflation back to its 2% target. Fed officials acknowledged that could weaken the U.S. economy. Investors worry aggressive U.S. and European rate hikes to contain prices rises that are running at a four-decade high might depress global economic activity.

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The Secretary-General of the Organization of Petroleum Exporting Countries has died. Mohammad Barkindo died late Tuesday said a spokesman for Nigeria’s petroleum ministry and OPEC. The reason for his death was not immediately known. The Nigerian energy industry insider led the crude oil bloc since 2016, seeing it through some of its most turbulent times during the pandemic and its agreement known as OPEC+ with Russia to keep oil prices from plummeting. His role representing the bloc of 13 nations that make up OPEC took on even greater significance in past years amid a global effort to tackle climate change.

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Asian shares are mostly lower after tepid trading on Wall Street amid worries about a global recession. Major benchmarks fell across Asia in early trading. Oil prices recouped some lost ground after plunging on Monday. Analysts said markets are focused on a variety of risks, including inflation, oil prices, moves by the U.S. Federal Reserve and other central banks on interest rates, political developments in Britain and worries about COVID-19. But the basic mood appeared to be wait-and-see. Japan has parliamentary elections this weekend, but the expected outcome is for more stability, with Prime Minister Fumio Kishida headed to victory. Indexes ended with meager gains on Wall Street.

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Sri Lanka is desperate for help to weather its worst crisis in recent memory, but it’s not the only economy that’s in serious trouble as prices of food, fuel and other staples soar, partly due to the war in Ukraine. Alarm bells are ringing for many economies, from Laos and Pakistan to Venezuela and Afghanistan. The exact causes for their woes vary, but all are suffering as food and fuel grow more costly. Most are struggling to repay debts that have piled up over many years of economic mismanagement, corruption and in some cases, war or civil strife.  Here's a look at some of the economies most at risk.

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Immigration hard-liner Kris Kobach is pursuing a political comeback in Kansas. Kobach is running for Kansas attorney general after losing a general election for governor in 2018 and a Republican primary for the U.S. Senate in 2020. Opponents say Kobach could lose the seat to a Democrat given his past struggles with voters. Kobach says his two statewide wins for secretary of state show he can win in a conservative tide in November. Kobach's Republican primary opponents are state Sen. Kellie Warren and former federal prosecutor Tony Mattivi, who lack his name recognition. Kobach helped lead a now-disbanded voting integrity commission launched by the Trump administration.

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World shares are mostly higher while U.S. futures fell ahead of the July 4 holiday in the U.S. Benchmarks rose in London, Paris, Frankfurt and Tokyo but fell in Hong Kong and Seoul. Oil prices fell back after surging on Friday. U.S. stocks shook off a morning slump Friday and ended higher, but still ended in the red for the week. It was the fourth losing week in the last five for Wall Street as investors fretted over high inflation and the possibility that higher interest rates could bring on a recession. The S&P 500 rose 1.1%.

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The Supreme Court's ruling on carbon emission controls on power plants this past week has cast light on the world of federal regulation. The ruling is seen as a potential blow to the fight against global warming, and it may have broader implications, too. Federal regulations run through American life, touching on everything we consume, the air we breathe, the water we drink. Regulation has become the go-to way for presidents to make policy when they can’t get Congress to pass a law, as on climate change. Barack Obama and Donald Trump did it, and so does Joe Biden. But the court’s conservative majority said not so fast to Biden.

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U.S. climate envoy John Kerry says setbacks for President Joe Biden’s climate efforts at home have “slowed the pace” of some of the commitments from other countries to cut climate-wrecking fossil fuel pollution in diplomacy abroad. But Kerry insisted in an interview with The Associated Press that the U.S. can still achieve its own ambitious climate goals in time. Kerry spoke a day after a major Supreme Court ruling limited the Environmental Protection Agency’s ability to regulate climate pollution from power plants.

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Stocks shook off a morning slump and ended higher Friday, but not enough to erase their losses for the week. It was the fourth losing week in the last five for Wall Street. The latest choppy trading comes as investors worry about high inflation and the possibility that higher interest rates could bring on a recession. The S&P 500 rose 1.1%. The benchmark index is coming off of its worst quarter since the onset of the pandemic in early 2020. The Dow Jones Industrial Average rose 1% and the Nasdaq added 0.9%. The yield on the 10-year Treasury fell to 2.89%.