Business news in brief

By The Associated Press

Yellen announces efforts to boost housing supply

WASHINGTON | The Biden administration announced new steps to increase access to affordable housing as still-high prices on groceries and other necessities and high interest rates have dramatically pushed up the cost of living in the post-pandemic years.

Treasury Secretary Janet Yellen promoted the new investments on Monday during a visit to Minneapolis. The investments include providing $100 million through a new fund to support affordable housing financing over the next three years, boosting the Federal Financing Bank’s financing of affordable housing and other measures.

The increased attention to home prices comes as the housing crunch becomes a growing issue in this year’s general election campaign.

Apple becomes first target of new EU rules

LONDON | European Union regulators are accusing Apple of breaking new rules on digital competition by imposing rules in its App Store marketplace that prevent app makers from pointing users to cheaper options on other venues.

The European Commission said Monday that according to the preliminary findings of its investigation, the iPhone maker had breached the 27-nation bloc’s Digital Markets Act. The rulebook is a sweeping set of regulations aimed at preventing tech giants from cornering digital markets. The commission also opened a fresh investigation zeroing in on a new fee Apple is charging developers for app installations from outside its App Store.

Apple said it is “confident” that its plan “complies with the law.”

Railroads must provide details of hazardous cargo after derailment

OMAHA, Neb. | A new federal rule aims to ensure first responders can find out what hazardous chemicals are on a train after a derailment, so they can respond appropriately. The rule was finalized Monday.

Firefighters responding to last year’s fiery Norfolk Southern derailment in East Palestine, Ohio, risked their lives trying to extinguish a blaze without knowing the right way to respond. The local East Palestine fire chief said it took 45 minutes for him to learn exactly what was on that train.

A federal official says those running towards a fire need to know the unique risks they face, so they can have the right gear and evacuate everyone in danger.

—From AP reports