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Business Highlights

August 2, 2018


Financial fruit: Apple becomes 1st trillion-dollar company

SAN FRANCISCO (AP) Apple has become the world’s first publicly traded company to be valued at $1 trillion. The milestone marks the triumph of stylish technology that has redefined what we expect from our gadgets ever since two mavericks named Steve started the company 42 years ago. The peak reached Thursday seemed unimaginable in 1997 when Apple teetered on the edge of bankruptcy and the company’s stock traded for less than $1.


US mends ties with allies, prepares for trade war with China

WASHINGTON (AP) — Gathering strength for a brutal trade war with China, the United States appears to be trying to patch things up with its friends. U.S. and Mexican negotiators are meeting in Washington Thursday and Friday to work on a rewrite of the North American Free Trade Agreement — an effort that looked virtually dead a few months ago.


Trump sides with House in fight over food stamps

WASHINGTON (AP) — President Donald Trump is siding with House Republicans in the showdown over work requirements for food stamp recipients. Trump on Thursday tweeted that he hopes lawmakers “will be able to leave the WORK REQUIREMENTS FOR FOOD STAMPS PROVISION that the House approved.


CBS 2Q net income up as CEO faces sexual-misconduct probe

NEW YORK (AP) — CBS is reporting a boost in second-quarter net income from the tax overhaul and higher fees from affiliates and subscribers, as turmoil swirls around the media company ahead of the important fall TV season. It faces an investigation of its CEO and is in the middle of a lawsuit against its parent company as the all-important fall TV season approaches.


Trump team wants to roll back Obama-era mileage standards

WASHINGTON (AP) — The Trump administration is proposing to roll back Obama-era mileage standards that are designed to make cars more fuel efficient and reduce pollution. It also wants to revoke the power of California and other states to set their own, stricter mileage standards, independent of federal ones. The proposal would freeze an effort by the Obama administration intended to promote auto fuel efficiency and curb tailpipe emissions of climate-changing pollutants. Those rules are to take effect after 2020.


Papa John’s founder: I should be back as chain’s public face

NEW YORK (AP) — The founder of Papa John’s says he should return as the chain’s public face. John Schnatter says it was a mistake for the company to remove his image from its marketing after he acknowledged using a racial slur. Papa John’s, meanwhile, pointed to a marketing index that showed Schnatter’s trust and endorsement ratings fell after his previous remarks about the NFL protests.


US goes ahead with tax on Canadian newsprint

WASHINGTON (AP) — The U.S. Commerce Department is going ahead with a tax on Canadian newsprint, a threat to the already-struggling American newspaper industry. The revised tariffs unveiled Thursday are mostly lower than those originally imposed earlier this year. But they would still hit the paper used by newspapers and other publications with an anti-dumping border tax as high as 16.88 percent.


Reports: Google working on censorship-ready search for China

MOUTAIN VIEW, Calif. (AP) — Google is reportedly working on a mobile version of its search engine that will comply with strict censorship controls in China. The Intercept reported that the work has been ongoing since the spring of 2017 and was accelerated in December following a meeting between Google CEO Sundar Pichai and a top government official. It cited internal Google documents and unnamed people familiar with the plans.


Starbucks, Alibaba announce China delivery venture

BEIJING (AP) — Starbucks and Chinese e-commerce giant Alibaba Group have announced a coffee delivery venture that adds to growing competition in China’s booming delivery industry. The companies said deliveries will start next month in Beijing and Shanghai and will expand to 30 cities by the end of the year. The service mimics Luckin, a Chinese upstart that is challenging Starbucks by delivering coffee ordered using a mobile phone app.


Apple tops $1 trillion, leading gains for US stocks

NEW YORK (AP) — U.S. stocks climbed Thursday as Apple led a rally in technology companies and reached $1 trillion in value. Consumer products and health care companies rose as second-quarter results from corporate America continued to surpass investors’ expectations. Stocks in Asia and Europe fell after the White House said it will consider even higher tariffs on Chinese imports, escalating the trade conflict between the world’s two biggest economic powers.


The S&P 500 index rose 13.86 points, or 0.5 percent, to 2,827.22. The Dow Jones Industrial Average slipped 7.66 points to 25,326.16. The Nasdaq composite jumped 95.40 points, or 1.2 percent, to 7,802.69. The Russell 2000 index of smaller-company stocks added 12.84 points, or 0.8 percent, to 1,682.10.

Benchmark U.S. crude rose 1.9 percent to $68.96 a barrel in New York. Brent crude, used to price international oils, gained 1.5 percent to $73.45 a barrel in London. Wholesale gasoline rose 1.1 percent to $2.07 a gallon. Heating oil picked up 1.6 percent to $2.13 a gallon. Natural gas climbed 2.1 percent to $2.82 per 1,000 cubic feet.

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