Profits at big U.S. banks show few signs of industry distress

NEW YORK - The nation's largest banks appear to be weathering the current turmoil in their industry just fine. Despite a pair of historical bank failures last month which put the nation's banking industry into crisis mode, the nation's biggest banks posted strong profits last quarter, helped by higher interest rates and a U.S. economy that keeps adding jobs and growing even as the Federal Reserve attempts to curb inflation. JPMorgan Chase & Co. posted a 52% jump in its first-quarter profits. Wells Fargo, Citigroup and PNC Financial each posted results that topped Wall Street estimates. Investors will now focus on the regional banks that report results next week.

- Associated Press

Digital conglomerate buys right-wing app Parler

NEW YORK - The digital media conglomerate Starboard said Friday it purchased the conservative social media site Parler and will temporarily take down the app as it undergoes a 'strategic assessment.' The deal came months after another acquisition agreement with rapper Kanye West, legally known as Ye, collapsed in November. The terms of the acquisition were not disclosed by either company. Parler caters to right-wing, far right and libertarian voices and fashions itself as a platform with fewer rules in support of free speech. It was booted off the internet in 2021 due to its connections to the Jan. 6 attack on the U.S. Capitol. Its user base remains small.

- Associated Press

High court temporarily blocks restrictions on abortion pill

WASHINGTON - The Supreme Court has temporarily kept in place federal rules for use of an abortion drug, while it more fully considers the issues raised in a court challenge. The court asked both sides Friday to weigh in over whether lower court rulings restricting the Food and Drug Administration's approval of mifepristone should be allowed to take effect while the case proceeds in federal courts. The justices are being asked to determine what parts of an April 7 ruling by a U.S. district judge in Texas, as modified by an appellate ruling Wednesday, can be in force while the case continues. The Biden administration and New York-based drugmaker Danco Laboratories asked the justices to intervene.

- Associated Press

Senegal gas deal drives locals to desperation, prostitution

SAINT-LOUIS, Senegal - When the gas rig arrived off the coast of Saint-Louis, residents of the seaside Senegalese town found reason to hope.

Fishing is Saint-Louis' lifeblood, but the industry struggled with climate change and COVID-19. Officials promised the drilling would bring thousands of jobs. But locals say it's brought only a wave of problems, including forcing some women into prostitution. The women spoke to The Associated Press on condition of anonymity because their families don't know what they do. Prostitution is legal in Senegal, but the women don't want to register, citing cultural shame. They say their husbands can't fish because of restricted access from the rig. The government and gas companies say people must be patient, and benefits will eventually materialize.

- Associated Pres

U.S. retail sales fall by 1 percent amid high inflation, rising rates

WASHINGTON - Americans cut their spending at retail stores and restaurants in March for the second straight month, a sign consumers are becoming more cautious after a burst of spending in January. Retail sales dropped 1% in March from February, a sharper decline than the 0.2% fall in the previous month. Lower sales of autos, electronics, and at home and garden stores drove the decline. The data isn't adjusted for inflation, which rose only slightly last month.

- Associated Press

Optum business helps push UnitedHealth past 1Q expectations

UnitedHealth beat first-quarter forecasts and hiked its 2023 guidance for the first time, pushed in part by more growth from its Optum care segment. The health care giant said Friday that revenue jumped 25% from its Optum segment, which provides care and manages prescription drug benefits.

Operating earnings from that part of the business also grew 19% to $3.7 billion. The Optum business runs clinics, urgent care and surgery centers. UnitedHealth says it served 103 million people in the quarter. Health insurance is still UnitedHealth's biggest revenue generator. The company collected nearly $73 billion in premiums in the first quarter.

- Associated Press