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Stocks fall...China auto sales decline...Uber board confronts issues

June 12, 2017

TOKYO (AP) — International stock markets were mostly lower Monday, following the drop of technology shares last week on Wall Street. Futures point to a lower opening on Wall Street. Benchmark U.S. crude oil inched up but remains under $46 a barrel. The dollar weakened against the yen and the euro.

BEIJING (AP) — China’s auto sales shrank for a second month in May amid weak demand following a rise in the sales tax. The China Association of Automobile Manufacturers reports sales in the world’s biggest auto market by number of vehicles sold contracted 2.6 percent from a year earlier to 1.75 million vehicles. Purchases of SUVs rose 13.5 percent 715,000, helping to offset a 9.3 percent plunge in sedan sales to 839,000.

DETROIT (AP) — Uber’s Board of Directors has adopted a series of recommendations about the company’s corporate culture from former Attorney General Eric Holder, but it was silent late Sunday on whether it would approve a leave of absence for the ride service’s embattled CEO. A spokesman confirms that the board met with Holder and Tammy Albarrán, both partners with a law firm hired to investigate complaints of widespread sexual harassment and other deep-seeded cultural problems at Uber.

BEIJING (AP) — Singapore is offering up its financial industry to bankroll China’s ambition to develop a network of ports, railways, power plants and other projects across a broad swath of Europe and Asia. Singapore Foreign Affairs Minister Vivian Balakrishnan said Monday in Beijing that the small but economically powerful island nation is well positioned to finance China’s economic initiative.

MAKUHARI, Japan (AP) — A Japanese defense official says that Japan is seeking to increase its sales of military equipment to Southeast Asian nations amid growing tensions with China and North Korea. The move is part of Prime Minister Shinzo Abe’s push to bolster Japan’s military role and its sales of defense equipment, especially in Southeast Asia, where China has expanded its own arms sales.

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