NEW YORK (AP) — 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.

Top Fed official sees need for more interest rate increases

WASHINGTON (AP) — A senior Federal Reserve official said Friday that there has been little progress on inflation for more than a year and that more interest rate hikes are needed to get prices under control. Christopher Waller, a member of the Fed’s governing board, did not specify how many more increases he supports, but said in written remarks that inflation “is still much too high and so my job is not done.” Waller’s comments expressing support for more rate hikes follow a forecast by the Fed’s staff economists, revealed in Fed minutes Wednesday, for a “mild recession” later this year.

US retail sales fall 1% amid high inflation, rising rates

WASHINGTON (AP) — 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.

China protests US sanctioning of firms dealing with Russia

BEIJING (AP) — Beijing is protesting U.S. sanctions against additional Chinese companies over their alleged attempts to evade U.S. export controls on Russia, calling it an illegal move that endangers global supply chains. The U.S. Commerce Department on Wednesday placed five firms based in mainland China and Hong Kong on its “entity list,” barring them from trading with any U.S. firms without gaining a special license. Washington has been tightening up enforcement of sanctions against foreign firms it sees as providing assistance to Russia in its Ukraine war, forcing them to choose between trading with Moscow or with the U.S. A statement from China’s Commerce Ministry said the U.S. action “has no basis in international law” and has no U.N. Security Council authorization.

Spanish industry kicks off EU green hydrogen race

PUERTOLLANO, Spain (AP) — Spain wants to use its plentiful sunshine and wind to be a world leader in the production of “green” hydrogen created exclusively from renewable energy. As the price of solar power continues to fall, the country is betting it can rapidly build a new supply chain for sectors of the economy that require hydrogen for industrial processes, and which have been harder to wean off fossil fuels. Critics of Spain’s ambitions warn there is not enough renewable energy capacity to replace natural gas and coal in the making of petrochemicals, steel and agricultural products. But others are relying on the country’s vision to implant themselves in the nascent green hydrogen economy.

What to know about 1st test flight of SpaceX’s big Starship

Elon Musk’s SpaceX is about to take its most daring leap yet with a round-the-world test flight of its mammoth Starship. Jutting almost 400 feet into the South Texas sky, the biggest and mightiest rocket ever built could blast off as early as Monday. The company got the OK on Friday from the Federal Aviation Administration. Musk is giving 50-50 odds of Starship reaching orbit. No rocket parts will be recovered from the planned 1 1/2-hour flight around the globe. Everything will be ditched into the sea.

Powering down: Germany’s last nuclear plants in final hours

BERLIN (AP) — Germany has begun winding down its three remaining nuclear power plants as part of a long-planned transition toward renewable energy. The shutdown of the reactors Emsland, Neckarwestheim II and Isar II on Saturday was being closely watched abroad. Other industrialized countries, such as the United States, Japan, China, France and Britain, are counting on nuclear energy to replace planet-warming fossil fuels. Germany’s decision to stop using both has met some skepticism. Defenders of atomic energy say fossil fuels should be phased out first as part of global efforts to curb climate change, arguing that nuclear power produces far fewer greenhouse gas emissions.

Poland prohibits food imports from Ukraine to soothe farmers

WARSAW, Poland (AP) — Poland’s government says it has decided to temporarily prohibit grain and other food imports from Ukraine. The move is meant to soothe the rising anger of Polish farmers, who say they are losing huge amounts of money to a glut of Ukrainian grain on the market. Ruling party leader Jarosław Kaczyński said at a party convention in eastern Poland that the Polish countryside is facing a “moment of crisis,” and that while Poland supports Ukraine, it was forced to act to protect its farmers.

Resort famous for Elvis’ ‘Blue Hawaii’ movie will be rebuilt

HONOLULU (AP) — Demolition will soon begin on a resort once favored by both Hawaiian and Hollywood royalty before it was heavily damaged by a hurricane three decades ago. The Honolulu Star-Advertiser reports the Coco Palms Resort on the island of Kauai will be torn down for a new 350-room hotel. Construction is expected to take about three years. The resort is where Elvis Presley and Joan Blackman’s characters married in the 1961 movie “Blue Hawaii.” It was frequented by Hollywood stars like Frank Sinatra, Rita Hayworth and Bing Crosby. The 46-acre grounds were once home to Kauai’s last queen. A cultural center is planned to honor the property’s history.

Stocks slip as rate worries overshadow big bank profits

NEW YORK (AP) — Stocks on Wall Street dipped as worries about interest rates offset an encouraging start to earnings reporting season for big U.S. companies. The S&P 500 lost 0.2% Friday but still squeezed out a fourth weekly gain in the last five. A top Fed official warned more interest rate hikes may be needed to get inflation under control. That hurt Wall Street’s hopes that an end to increases was near, and it added to worries about a possible recession this year. Treasury yields rose. Gains for JPMorgan Chase and other big banks helped to limit Wall Street’s losses following blowout profit reports.