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Deep Dow dip...OPEC response...Beer brawl

November 12, 2018

NEW YORK (AP) — A broad sell-off in technology companies pulled U.S. stocks sharply lower Monday, knocking more than 600 points off the Dow Jones Industrial Average. The wave of selling ensnared a number of big names, including Apple, Amazon and Goldman Sachs. Banks, consumer-focused companies, and media and communications stocks all took heavy losses. Crude oil prices fell, erasing early gains. The jittery trading followed two weeks of mostly steady gains.

ABU DHABI, United Arab Emirates (AP) — OPEC and allied oil-producing countries will likely need to cut crude supplies, perhaps by as much as 1 million barrels of oil a day, to rebalance the market after U.S. sanctions on Iran failed to cut Tehran’s output. That’s according to Saudi Arabia’s energy minister. President Donald Trump in recent weeks demanded the oil cartel increase production to drive down U.S. gasoline prices.

PARIS (AP) — Fifty nations and over 150 tech companies are pledging to do more to fight criminal activity on the internet, including interference in elections and hate speech. The push is supported by EU countries, Japan and Canada as well as tech giants Facebook, Google and Microsoft, among others. But the United States, Russia and China are not among them.

PORTLAND, Maine (AP) — Valuable species of shellfish have become harder to find on the East Coast because of degraded habitat caused by a warming environment. That’s the conclusion a pair of scientists reached in studying the decline in harvest of four commercially important species of shellfish in coastal areas from Maine to North Carolina. The scientists say their work shows change in the environment, and not overfishing, is the reason for the shellfish decline.

MILWAUKEE (AP) - Pabst Brewing Company and MillerCoors are going to trial over Pabst’s charge that the brewing giant is trying to undermine its hipster competitor by breaking a contract to make their products. Pabst’s lawyers argue the company’s very existence relies on its business relationship with MillerCoors because it has produced nearly all its beers since 1999. MillerCoors says it’s not obligated to continue brewing for Pabst. The trial in Milwaukee begins Monday.

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