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Business Highlights

September 18, 2018

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Trade war escalates as China announces tariffs on US imports

BEIJING (AP) — China announces retaliatory tax increases on $60 billion worth of U.S. imports, including coffee, honey and industrial chemicals. The increases are in response to the U.S. announcing it will impose tariffs on $200 billion worth of Chinese-made goods starting next week. The tariffs will start at 10 percent, then rise to 25 percent on Jan. 1.

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Too much screen time? New phone controls for you and kids

NEW YORK (AP) — Apple and Google want to help you spend less time on their phones. With their new tools for managing screen time, you can see how often you picked up the phone after bedtime or how long you’re on Instagram at work. Apple’s tools also let you control how long your kids spend on devices, if you’re concerned screens are taking time away from sleep or exercise. Apple’s tools are out Tuesday as part of the free iOS 12 software. Google’s controls are being tested on Pixel-branded Android phones.

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Back to its roots: Ferrari unveils wide-ranging new plans

MARANELLO, Italy (AP) — Ferrari’s new CEO Louis Camilleri unveiled Tuesday a new business plan that revives iconic models and embeds them with Formula 1 technology. Significantly expanding Ferrari’s electric-gasoline hybrid powertrain offering and affirming plans to introduce a utility vehicle that hews to the brand’s performance levels, Camilleri laid out his ambitions for a he only took charge of in July following the death of long-time CEO and chairman Sergio Marchionne.

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McDonald’s workers across US protest against sex harassment

NEW ORLEANS (AP) — McDonald’s workers are staging protests in several cities in what organizers called the first multistate strike seeking to combat sexual harassment in the workplace. The protesters are demanding that McDonald’s require anti-harassment training for managers and employees. The fast food chain defends its policies.

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Tesla says it has turned over documents to feds

DETROIT (AP) — Tesla Inc. has turned over documents to the U.S. Justice Department after statements by CEO Elon Musk about taking the company private, the electric car maker confirmed Tuesday. The Palo Alto, California, company cooperated with the request and believes the matter should be resolved quickly once federal prosecutors review information they have received, according to a company statement.

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Visa, Mastercard in new settlement of credit card fee suit

NEW YORK (AP) — Visa and Mastercard said Tuesday they will pay $6.2 billion to settle part of a long-running lawsuit brought by merchants over fees on credit card transactions. A group of 19 merchants and trade groups alleged Visa and MasterCard conspired to fix fees that are charged to stores for handling credit card payments. Tuesday’s settlement covers the monetary claims in the lawsuit.

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SeaWorld, ex-execs must pay $5M to settle ‘Blackfish’ claim

ORLANDO, Fla. (AP) — SeaWorld and two former executives on Tuesday agreed to pay more than $5 million to settle federal fraud claims that they misled investors about the negative impact the 2013 documentary “Blackfish” had on business. The SEC’s complaint alleged SeaWorld and former CEO James Atchison made misleading and false statements or omissions in SEC filings, earnings releases and calls about the documentary’s impact on the company’s reputation and business from December 2013 to August 2014.

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ACLU: Facebook allows gender-biased job ads on its platform

NEW YORK (AP) — Facebook is allowing job ads on its platform that exclude women, according to the American Civil liberties Union. In a complaint filed Tuesday with the Equal Employment Opportunity Commission, the ACLU lists 10 employers that it claims have placed ads on Facebook that violate federal and state discrimination laws. Facebook responded quickly, saying that there is “no place for discrimination” on its platform and that it will defend its practices once it can review the complaint.

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Stocks end higher as traders shrug off new China-US tariffs

NEW YORK (AP) — U.S. stocks closed solidly higher Tuesday as investors largely brushed off the Trump administration’s decision to impose tariffs on an additional $200 billion of Chinese goods. A swift response by China, saying it will increase tariffs on $60 billion worth of U.S. goods, also didn’t dampen investors’ buying mood. Gains in technology stocks and consumer-focused companies powered Tuesday’s broad rally, which reversed nearly all of the indexes’ losses from a day earlier.

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The S&P 500 index rose 15.51 points, or 0.5 percent, to 2,904.31. The Dow Jones Industrial Average climbed 184.84 points, or 0.7 percent, to 26,246.96. The Nasdaq composite gained 60.32 points, or 0.8 percent, to 7,956.11. The Russell 2000 index of smaller companies added 7.42 points, or 0.4 percent, to 1,710.97.

Benchmark U.S. crude rose 1.4 percent to settle at $69.85 a barrel in New York. Brent crude, used to price international oils, gained 1.3 percent to close at $79.03 a barrel in London. Heating oil climbed 1.3 percent to $2.24 a gallon, wholesale gasoline picked up 1.4 percent to $2 a gallon and natural gas jumped 4.2 percent to $2.93 per 1,000 cubic feet.

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