Wall Street is back to climbing following more encouraging profit reports and the latest signal that inflation is loosening its chokehold on the economy. The S&P 500 was 0.7% higher in early trading Friday. The Dow was up 207, or 0.6%, after breaking a 13-day winning streak a day before. The Nasdaq composite was up 1.1%. Stocks have been rallying recently on hopes high inflation is cooling enough to get the Federal Reserve to stop hiking interest rates. A report on Friday said the inflation measure the Fed prefers to use slowed by a touch more than expected last month.

THIS IS A BREAKING NEWS UPDATE. AP's earlier story follows below.

Three of the Central Bank vice-governors will not resign, while the first vice-governor Wassim Mansouri is being pressured to resign, informed sources told al-Joumhouria newspaper.

The sources added, in remarks published Friday, that a legislative session might be held to provide a legal cover for the vice-governors to spend from the obligatory reserves for a three-month period.

The European Central Bank raised interest rates for the ninth straight time in its yearlong campaign to stamp out painfully high inflation, coming as worries about recession fuel speculation that Thursday's hike could be its last.

ECB President Christine Lagarde had all but promised the quarter-percentage point increase and left the door open to future hikes, saying data would determine one decision to the next.

Caretaker Prime Minister Najib Mikati said Thursday that he has not yet succeeded in convincing the Central Bank vice-governors not to resign.

"We are discussing the opportunity to give the vice-governors a temporary funding to maintain financial stability," he added.

Dozens of people protested in front of the Central Bank of Iraq in Baghdad and bank owners called for official action to stem a sharp increase in the dollar exchange rate Wednesday, after the United States blacklisted 14 Iraqi banks.

Over the past two days, the market rate of the dollar jumped from 1,470 dinar per dollar to 1,570 dinar per dollar. The jump came after the U.S. listed 14 private Iraqi banks among banks that are banned from dealing with U.S. dollars due to suspicions of money laundering and funneling funds to Iran.

Samsung Electronics on Wednesday unveiled two foldable smartphones as it continues to bet on devices with bending screens, a budding market that has yet to fully take off because of high prices.

The clamshell-designed Galaxy Z Flip 5 and Galaxy Z Fold 5, a larger device that opens and folds like a book, will be available for pre-orders starting July 26 in certain markets including the United States and South Korea.

Saudi Arabia, the new home of some of soccer's biggest stars and a co-owner of professional golf, is proving to be no less ambitious when it comes to another global pastime – the $180 billion-a-year video game industry.

Last September, the Saudi sovereign wealth fund earmarked nearly $40 billion for a new conglomerate aimed at transforming the kingdom into the "ultimate global hub" for games and esports by 2030. In February, the Saudi fund became the biggest outside investor in Nintendo, and just this month the kingdom hosted a major gaming tournament with a record $45 million prize pool.

Caretaker Prime Minister Najib Mikati met Wednesday morning with central bank vice-governors, Wassim Mansouri, Bashir Yakzan, Salim Chahine and Alexander Mouradian, in an attempt to find a solution to a looming leadership crisis at the central bank.

Minister of Finance Youssef Khalil, who attended the meeting, said that so far the vice-governors are not inclined to resign.

Kuwait recorded its first surplus in nine years for the 2022-2023 fiscal year which ended in March, the finance ministry said on Wednesday, crediting last year's surge in oil prices.

The Gulf emirate, whose revenues rely heavily on hydrocarbons, closed its fiscal balance with a surplus of $21 billion, the ministry said.

European Union agriculture ministers met Tuesday to discuss ways of moving grain vital to global food security out of Ukraine after Russia halted a deal that allowed Black Sea exports. At the same time, countries bordering the war-ravaged nation are seeking to protect prices for their farmers.

Germany's agriculture minister, Cem Ozdemir, warned that they must seek to balance those two issues without eroding the 27-nation bloc's support for Ukraine.