Update on the latest in business:
Asian shares fall on fears over US-China tariffs standoff
SINGAPORE (AP) — Asian shares were mostly lower today on reports that President Donald Trump will soon place tariffs on $200 billion more of Chinese goods, even as officials worked to iron out tensions between the world’s two largest economies.
South Korea’s Kospi fell 0.9 percent and Hong Kong’s Hang Seng index tumbled 1.4 percent. The Shanghai Composite index lost 1.0 percent. But Australia’s S&P/ASX 200 rose 0.3 percent. Japanese markets were closed for a national holiday. Stocks fell in Taiwan and Southeast Asia.
On Friday on Wall Street, smaller U.S. companies posted gains on signs of sustained economic growth, while the rest barely moved. The S&P 500 index was almost flat at 2,904.98. The Dow Jones Industrial Average was less than 0.1 percent higher at 26,154.67. The Nasdaq composite gave up under 0.1 percent to 8,010.04. The Russell 2000 index of smaller-company stocks, which is less vulnerable to flare-ups in trade tensions, added 0.4 percent to 1,721.72.
ECONOMY-THE DAY AHEAD
Business and economic reports due out today
UNDATED (AP) — There are no major economic reports scheduled for release today
However, FedEx Corp. reports its quarterly financial results after the market closes.
Report: Trump going ahead with plans for new China tariffs
WASHINGTON (AP) — The Wall Street Journal is reporting that President Donald Trump is going ahead with plans to announce new tariffs on about $200 billion of Chinese imports.
The report comes after the White House invited Beijing to hold new talks on their tariff dispute. Last week the president told reporters such a move could come soon.
The Journal report cites unnamed people familiar with the matter who say the tariff level will likely be set at about 10 percent. That’s below the 25 percent announced earlier this year.
The two governments have imposed 25 percent tariffs on $50 billion of each other’s goods. Beijing has issued a list of $60 billion of American products for retaliation if Trump’s next tariff hike goes ahead.
Former official: Beijing can target exports by US companies
BEIJING (AP) — Chinese news reports have quoted a former finance minister as saying Beijing can disrupt American companies’ operations by imposing “export controls” if it needs more leverage in its mounting tariff dispute with Washington.
Lou Jiwei’s comments at a weekend economics forum follow reports regulators are squeezing American companies by slowing down customs approvals and stepping up environmental and other inspections.
The administration of President Donald Trump has invited Beijing to hold talks on the dispute over its technology policy. But Washington also is considering imposing new tariff hikes on $200 billion of Chinese goods.
Sina.com and other outlets cited Lou as saying Beijing can disrupt supply chains of American companies by restricting exports from China. The reports gave no indication whether Lou said Beijing should target specific products or industries.
General Motors recalls some pickups and SUVs over brakes
DETROIT (AP) — General Motors is recalling about 41,000 pickup trucks and police sports utility vehicles because of loose brake pedals.
The recall covers 2015 through 2016 Chevrolet Silverado and GMC Sierra 2500 and 3500 pickup trucks, Chevrolet Silverado 1500 special service pickup trucks and some Chevrolet Tahoe sports utility vehicles made for police departments and other government agencies.
GM says the brake pedal pivot nut may loosen. A driver could be unable to stop the vehicle if the brake pedal is loose or inoperative.
The company says it will fix the problem free of charge by having dealers add adhesive to the nut and reinstall it with increased tightness. It plans to notify vehicle owners but hasn’t said when.
The company hasn’t said if the problem has caused any crashes or injuries.
TIME MAGAZINE SALE
Time magazine sold for $190 million to couple
WASHINGTON (AP) — Time Magazine is being sold by Meredith Corp. to Marc Benioff, a co-founder of Salesforce and his wife.
The Wall Street Journal reported that the iconic news magazine is being sold for $190 million to Benioff, one of four co-founders of Salesforce, a cloud computing pioneer.
The sale is occurring nearly eight months after Meredith Corp. completed its purchase of Time Inc.
Meredith, the publisher of such magazines as People and Better Homes & Gardens, had put four Time Inc. publications up for sale in March. Negotiations for the sale of the three other publications — Fortune, Money and Sports Illustrated — are continuing.
‘The Predator’ gobbles up competition at box office
LOS ANGELES (AP) — “The Predator” is at the top of the food chain in its first weekend in theaters.
20th Century Fox said Sunday that the film earned an estimated $24 million from more than 4,000 North American theaters.
Starring Olivia Munn and Boyd Holbrook, “The Predator” cost $88 million to produce.
Second place went to the “Conjuring” spinoff “The Nun,” which added $18.2 million in its second weekend. The horror pic has now grossed over $85 million.
Lionsgate’s “A Simple Favor” opened close behind in third place with $16.1 million. The film from director Paul Feig stars Anna Kendrick and Blake Lively.
Fourth and fifth places are neck and neck. Studios estimates say “White Boy Rick,” with $8.8 million, has a slight advantage over “Crazy Rich Asians” with $8.7 million.
UBER PAY GLITCH
Uber glitch leaves drivers unpaid and frustrated
SAN FRANCISCO (AP) — Drivers for the ride-hailing company Uber are frustrated over a glitch that is keeping them from being paid immediately.
The Mercury News of San Jose reports San Francisco-based Uber was still working on Saturday to fix a problem that was reported Friday.
An Uber spokesperson said the company has identified an issue with its “Instant Pay” feature and that drivers will be paid. Instant Pay allows drivers to be paid immediately for rides.
The news organization reports the Uber spokesperson declined further comment. It’s not known what caused the issue, when it began or how many drivers were affected.
Meanwhile, frustrated and angry drivers are taking to social media, saying that they don’t like working for free or that they need the instant payouts for gas.
Steve Bannon: Time’s Up is most powerful political movement
WASHINGTON (AP) — President Donald Trump’s former chief strategist says he’s surprised the #MeToo movement hasn’t had more impact on corporate America.
Steve Bannon says he thinks Time’s Up is “the single most powerful potential political movement in the world.”
Bannon spoked Saturday in New York during an ideas festival sponsored by The Economist. His comments came the same week Les Moonves (MOON’-vehz) stepped down as head of CBS Corp. and the network fired “60 Minutes” executive producer Jeff Fager. Both men deny sexual misconduct allegations against them.
Asked about Time’s Up, Bannon said: “I’m quite shocked that the #MeToo movement hasn’t cut through corporate America with a bigger scythe, because I think there’s a lot of potential there.”
Time’s Up is a movement against sexual harassment that Hollywood celebrities created last year.
UK leader: Talk of leadership during Brexit ‘irritating’
LONDON (AP) — British Prime Minister Theresa May concedes that she gets “irritated” by the debate over her leadership during Brexit negotiations.
She told the BBC in an interview scheduled for broadcast Monday that she is concerned for the country’s future, not her own, as talks about Britain’s upcoming exit from the European Union continue.
May faces a split in her Conservative Party, with some influential figures preferring a more complete break with the EU than she is advocating. Roughly 50 hard-liners met Tuesday night to discuss her possible ouster.
She said the leadership talk can be distracting, adding that “I get a little bit irritated, but this debate is not about my future. This debate is about the future of the people of the U.K. and the future of the United Kingdom.”
Flames co-owner, billionaire oilman Clay Riddell dies at 81
CALGARY, Alberta (AP) — Clay Riddell, the billionaire oilman and co-owner of the NHL’s Calgary Flames, has died. He was 81.
Riddell joined team’s ownership in 2003 after spending much of his life building oil and gas companies, including Paramount Resources.
Forbes pegged Riddell’s fortune at $1.2 billion in its ranking of the world’s wealthiest people. The oil tycoon relinquished his role as CEO of the natural gas and oil exploration company in 2015, when his son, James, took over the role.
Riddell was named an Officer of the Order of Canada in 2008 in part because of his creation of program that helped encourage students to pursue studies in geology and his philanthropy, including a $10 million donation to his alma mater, the University of Manitoba, to create an endowment fund toward its faculty of environment, earth and resources in 2005.
OLDEST NUCLEAR PLANT-CLOSING
Oyster Creek, oldest nuclear plant in US, closing today
LACEY TOWNSHIP, N.J. (AP) — America’s oldest nuclear power plant, the Oyster Creek Nuclear Generating Station in New Jersey, is shutting down today.
The plant in Lacey Township near the Jersey shore will go offline at some point before 1 p.m., although officials will not say precisely when.
Oyster Creek went online Dec. 1, 1969, the same day as the Nine Mile Point Nuclear Generating Station near Oswego, New York.
But Oyster Creek’s original license was granted first, technically making it the oldest of the nation’s commercial nuclear reactors that are still operating.
The plant has dealt with corrosion and leaks during its time in service, but its owner, Chicago-based Exelon Corp. says the plant has always been safe.
There will be 98 nuclear power plants operating in the U.S. after Oyster Creek closes.
AMAZON-SMALL BUSINESS STORE
Amazon launches small business shop
NEW YORK (AP) — Amazon wants you to shop small.
The online retailer launched a new section of its site today called Amazon Storefronts, which only lists products sold by small- and medium-sized businesses in the U.S. The company says smaller companies can get lost among its millions of products and it wants a way for shoppers to find them more easily. Amazon says more than 1 million products from about 20,000 businesses were selected to be featured on the site, based on ratings from customers.
The new site is also a way for Amazon to try to boost its image at a time when it’s facing scrutiny for its growing power, as well as continued criticism that it is taking business from small shops.