Update on the latest in business:
Update on the latest in business:
Apr. 09, 2018
US stocks gain
NEW YORK (AP) — Stocks are climbing as investors' worries about trade tensions between the U.S. and China eased following a flare-up last week.
Technology companies like Apple and Microsoft are bouncing back from their recent losses, and banks are rising along with interest rates.
At 12:57 p.m. Eastern Time, the Dow Jones industrial average increased 367 points, to 24,300.
The S&P 500 index rose 42 points, to 2,646.
And the Nasdaq composite added 142 points, to 7,057.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.81 percent.
Zuckerberg meeting with lawmakers ahead of hearing
WASHINGTON (AP) —Facebook CEO Mark Zuckerberg says the company is establishing an independent election research commission that will look into the effects of social media on elections and democracy.
The move comes as the social media service grapples with a government report that Russia tried to meddle with the U.S. elections in part by using Facebook. Facebook is also facing one of its worst privacy scandals in its 14-year history after it was revealed a data firm Cambridge Analytica misused data from up to 87 million users. Zuckerberg is preparing to testify before Congress beginning Tuesday.
In a Facebook post, Zuckerberg said the commission will work with foundations across the U.S. to set up a committee of academic experts who will come up with research topics and select independent researchers to study them.
Facebook suspends another app in privacy scandal
NEW YORK (AP) — Facebook has suspended another app firm that may have misused data, adding to a growing list of firms being investigated by the social media company.
Facebook says CubeYou, a firm associated with the University of Cambridge Psychometrics Centre, will be suspended after CNBC notified Facebook that CubeYou was collecting information about users through quizzes.
According to CNBC, CubeYou labeled its quizzes "for non-profit academic research" then shared user information with marketers. CNBC says CubeYou denies misusing data.
On Saturday, Facebook said it suspended AggregateIQ, a Canadian political consulting firm, amid media reports it had ties to Cambridge Analytica, the British data mining company accused of obtaining data from up to 87 million Facebook users to sway elections.
Apple co-founder protests Facebook by shutting down account
SAN FRANCISCO (AP) — Apple co-founder Steve Wozniak is shutting down his Facebook account as the social media giant struggles to cope with the worst privacy crisis in its history.
In an email to USA Today, Wozniak says Facebook makes a lot of advertising money from personal details provided by users. He says the "profits are all based on the user's info, but the users get none of the profits back."
Wozniak says he'd rather pay for Facebook. He says "Apple makes money off of good products, not off of you."
Facebook CEO Mark Zuckerberg will testify on Capitol Hill on Tuesday and Wednesday about the company's ongoing data-privacy scandal and how it failed to guard against other abuses of its service.
Facebook has announced technical changes intended to address privacy issues.
Trump says he'll 'make it up' to farmers
WASHINGTON (AP) — President Donald Trump says he's going to "make it up" to farmers who would be impacted by China's proposed retaliatory tariffs on U.S. exports.
Trump says: "It's not nice when they hit the farmers specifically because they think that hits me."
Trump promised during a Cabinet meeting today that American farmers "will be better off than they ever were" over the last eight years, despite China's threat to place duties on pork and soybean imports from the U.S.
China is threatening the tariffs in response to Trump moving to enact protectionist measures as punishment for Chinese theft of U.S. intellectual property. The U.S. bought more than $500 billion in goods from China last year and now is planning or considering penalties on some $150 billion of those imports.
Russia to support companies hit by US sanctions
MOSCOW (AP) — Russia says it will support companies hit by fresh U.S. sanctions as shares in aluminum producer Rusal plummeted.
Deputy Prime Minister Arkady Dvorkovich said in comments reported today by state news agencies that Russia will back the companies "if their positions worsen."
Shares in Rusal, which is controlled by the billionaire businessman Oleg Deripaska, plunged just over 50 percent on the Hong Kong stock exchange today.
Rusal says in a statement that the sanctions "may result in technical defaults in relation to certain credit obligations" and are highly likely to be "materially adverse to the business and prospects of the group."
Deripaska controls a business empire with assets in aluminum, energy and construction and has ties to former Donald Trump campaign chairman Paul Manafort, who once worked as his consultant.
UNITED NATIONS-SHIPPING EMISSIONS
UN holds meeting on curbing greenhouse emissions from ships
LONDON (AP) — The United Nations maritime agency is holding a weeklong meeting aimed at curbing emissions from ships.
Environmental activists say that while shipping contributes only 2-3 percent of global greenhouses gases, the industry's efforts are essential to combating climate change.
Proposals at the International Maritime Organization meeting that began today in London include keeping emissions below 2008 levels, but some shipping nations oppose such a cap.
European Union members and other countries want a 70 percent to 100 percent reduction in greenhouse emissions by 2050. They cite a study which found that alternative fuels, wind-assisted ships and electric engines could replace shipping fuels without endangering global trade.
Proposals to cut sulfur oxide emissions and to extend to the Arctic a ban on heavy fuel oil that already covers the Antarctic also will be considered.