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Update on the latest in business:

December 3, 2018


Stocks gain

NEW YORK (AP) — Stocks are higher after the U.S. and China agreed to a 90-day truce in their escalating trade dispute. The Dow industrials were up as much as 441 points earlier today, before giving back some of that advance.

Technology and energy companies rose following gains in overseas markets as investors welcomed news of the temporary stand-down.

Advanced Micro Devices, a chipmaker, jumped 8.9 percent.

The price of oil rallied 2.4 percent to just over $52 a barrel after the Canadian province of Alberta announced a large cut in production. Many expect OPEC to follow suit on Thursday.


US construction spending down 0.1% in October

WASHINGTON (AP) — Spending on U.S. construction projections fell 0.1% in October, the third consecutive monthly decline, as weakness in home building and non-residential construction offset a rebound in government projects.

The Commerce Department says the October decline matched a similar 0.1% drop in September and followed a 0.4% fall in August. Construction has been weak since peaking in May with declines in four of the five months since that time, reflecting in large part the struggles that home builders face

In October, home building fell 0.5%, while non-residential construction retreated 0.3% as declines in construction of medical facilities and shopping centers offset a gain in office construction. Government spending was up 0.8% in October, a rebound that reflected gains in both state and local projects and federal spending.


GlaxoSmithKline to spend $5.1B on cancer drugmaker Tesaro

UNDATED (AP) — Shares of Tesaro soared early today after GlaxoSmithKline said it would pay about $5.1 billion in cash to buy the cancer drugmaker.

Glaxo plans to pay $75 per share for Tesaro, which makes the ovarian cancer treatment Zejula. That represents a premium of more than 60 percent to the stock’s $46.38 closing price Friday. The total deal price includes Tesaro’s net debt.

Glaxo CEO Emma Walmsley says in a statement that the deal will accelerate growth of the British drugmaker’s oncology business.

Zejula brought in $166 million in revenue in the first nine months of this year, with third-quarter sales growing more than 60 percent.

Glaxo expects the deal to close in the first quarter.

Shares of Waltham, Massachusetts-based Tesaro Inc. jumped nearly 60 percent to $73.97 in premarket trading.


German government ups funding in fight against diesel bans

BERLIN (AP) — The German government is increasing funding for efforts to reduce emissions in the country’s cities as it tries to avert further bans on driving diesel vehicles.

Chancellor Angela Merkel said after meeting city representatives today that her government will boost a “clean air” program to 1.5 billion euros ($1.7 billion) from 1 billion euros.

It will also provide another 432 million euros to help upgrade municipal vehicles to higher emissions standards.

The German government has been struggling to placate drivers and local authorities angered by the prospect of an increasing number of diesel driving bans in many major cities, which courts have approved in light of excessive emissions.


UK’s May says she’ll still have her job after Brexit vote

LONDON (AP) — British Prime Minister Theresa May brushed aside questions today about whether she will resign if her Brexit deal is rejected by Parliament next week, saying she’s confident she’ll still have a job after the crucial vote.

May is battling to persuade lawmakers to support the divorce agreement between Britain and the European Union in a Dec. 11 House of Commons vote. Opposition parties say they will vote against it, as do dozens of lawmakers from May’s Conservatives.

Defeat would leave the U.K. facing a messy, economically damaging “no-deal” Brexit on March 29 and could topple the Conservative prime minister, her government, or both.

May said, “I will still have a job in two weeks’ time.”


Qatar will pull out of OPEC amid tension with Saudi Arabia

DUBAI, United Arab Emirates (AP) — The tiny, energy-rich Arab nation of Qatar says it will withdraw from OPEC in January, mixing its aspirations to increase production outside of the cartel’s constraints with the politics of slighting the Saudi-dominated group amid the kingdom’s boycott of Doha.

The surprise announcement from Qatar’s minister of state for energy affairs again throws into question the role of the cartel after needing non-members to push through a production cut in 2016 after prices crashed below $30 a barrel.

It also marks the first time a Mideast nation has left the cartel since its founding in 1960.

The minister says Qatar plans to increase its exports from 77 million tons of gas per year to 110 million tons. He also says Qatar wants to raise its oil production. Qatar is the world’s largest exporter of liquified natural gas.


Egypt hosts international arms expo

CAIRO (AP) — Egypt is hosting its first international weapons fair, an event that organizers hope will project a message to the world that the country is secure and stable.

The three-day Egypt Defence Expo that opened today features the world’s top arms companies and hundreds of military and civilian participants from dozens of countries.

The United States, Egypt’s largest arms supplier, had over 40 companies present, alongside major firms from Britain, France and Germany, as well as Russia, China, India and Gulf monarchies.

Organizers have not specified sales targets or expectations, but say agreements will be signed and announced.

Egypt’s President Abdel-Fattah el-Sissi led the 2013 military overthrow of an elected but divisive Islamist president. Egypt is currently battling an Islamic State-led insurgency in the Sinai Peninsula.


Czech spy agency blames Russia for cyberattacks on diplomats

PRAGUE (AP) — A Czech spy agency says it’s “obvious” that Russia was behind cyberattacks against the country’s foreign ministry, calling them the most serious case of cyberespionage to hit the European country.

The agency known as BIS says in its annual report that the attacks were part of the Turla campaign by Russia’s FSB intelligence agency and APT28 campaign by GRU military intelligence agency. Other European countries have faced similar attacks.


Unilever agrees to buy GSK business in India

LONDON (AP) — Unilever has agreed to buy GlaxoSmithKline’s health food drinks business in India and Bangladesh, including popular Horlicks brand products, for 3.3 billion euros ($3.8 billion).

The purchase expands the company’s footprint in rapidly growing emerging markets.

Unilever says the deal includes the merger of its local unit with GSK Consumer Healthcare India and the purchase of GSK Bangladesh Ltd. The takeover is expected to be completed within 12 months.

Nitin Paranjpe, president of Unilever’s food and refreshment unit, says the transaction will give the company brands with “leading market positions ... in one of the world’s most exciting and fast-growing markets.”


Paxton Media Group buys Kentucky New Era, 4 other papers

PADUCAH, Ky. (AP) — Paducah-based Paxton Media Group has bought the Kentucky New Era and four other newspapers.

Taylor Hayes is the publisher-editor of the Kentucky New Era. He said in a news release it was important to his family to keep the Hopkinsville paper in the commonwealth and pass it on to another family.

The Kentucky New Era Group announced the sale on Friday. It includes the Dawson Springs Progress, the Princeton Times Leader, the Providence Journal-Enterprise and the Oak Grove Eagle Post. The company also has a contract to publish the official weekly paper of the Fort Campbell Army Base.

According to the news release, Paxton Media owns more than 35 daily newspapers, a television station and numerous weekly publications, primarily in the South.


Japan says it nabs 11 Chinese for working without documents

TOKYO (AP) — Japanese police say they’ve arrested 11 Chinese nationals in northern Japan for allegedly working at a construction site without passports or proper visas, and later discovered that dozens of fellow workers had fled.

Hokkaido police say the 11 Chinese, aged from 27 to 62, were arrested Nov. 26 near a train station in Kikonai town on the southwestern coast of Japan’s northern main island. Police say two were without passports, while nine others allegedly overstayed their visas.

The workers were mobilized at a solar power plant construction site by a company near Tokyo, according to Japanese media reports. Officials were looking for 46 other Chinese who disappeared from the construction site after the arrests.


Women in wheelchair whose flight was canceled is left at O’Hare

CHICAGO (AP) — American Airlines is investigating how a 67-year-old woman in a wheelchair was left alone overnight at Chicago’s O’Hare International Airport when her flight was canceled.

The incident, first reported by CBS 2 in Chicago , started Friday night when Olimpia Warsaw’s flight from Chicago to Detroit was canceled and a porter was assigned to take care of her. Her son, Claude Coltea, says Warsaw was offered a hotel room but when nobody would take her, the porter said his shift was over and left.

The family grew concerned and called security, and the woman who suffers from Parkinson’s disease and has trouble communicating was located.

In a statement, American spokesman Ross Feinstein says the airline met with the family, refunded Warsaw’s ticket and was taking steps to “ensure this does not happen again.”

Update hourly