Global shares mostly down ... Another interest rate hike? ... Cincinnati Reds argue over taxing promotional items in court
TOKYO (AP) — Global shares mostly fell today, but Japan’s benchmark finished slightly higher after a muted market response to the U.S.-North Korean summit. In early trading, France’s CAC 40 was up 0.2 percent, Germany’s DAX fell 0.2 percent and Britain’s FTSE 100 dropped 0.1 percent. Japan’s Nikkei closed up 0.4 percent, South Korea’s Kospi fell less than 0.1 percent and the Shanghai Composite index dropped 1.0 percent. Wall Street could open mixed, with Dow futures flat and S&P 500 futures up 0.1 percent.
WASHINGTON (AP) — The Federal Reserve is expected to raise its benchmark rate by a quarter of a percentage point as it wraps up its two day meeting today. The Fed could set the benchmark borrowing rate at a range of 1.75 to 2 percent. The U.S. economy is adding jobs at a strong pace and inflation has risen, leading some economists to think that the Fed will indicate that it may raise rates four times this year, up from its current forecast of three hikes.
SEATTLE (AP) — A tax on large companies like Amazon that was meant to fight a growing homelessness crisis got rolled back during a raucous Seattle City Council meeting. Tuesday’s vote exposed divisions over how much companies that have fueled booming economies should help pay to alleviate the downsides of success. It remains to be seen whether Seattle’s retreat will have a chilling effect on other cities considering taxes on big tech companies to help mitigate the effects of growth.
TOKYO (AP) — Japan’s top automaker Toyota Motor Corp. is investing $1 billion in Grab, the leading ride-hailing company in Southeast Asia. Toyota reached a deal with Grab Holdings to strengthen the existing partnership to grow in mobility services in the region. A Toyota executive will be appointed to Grab’s board and another Toyota official is being tapped to be an executive officer at Grab. Grab earlier this year acquired Uber’s Southeast Asian operations.
COLUMBUS, Ohio (AP) — The Ohio Supreme Court is expected to hear oral arguments this morning in a dispute over promotions including bobbleheads and other items offered by the Cincinnati Reds to ticket buyers. At issue is whether the Reds are exempt from paying tax on the purchase of the promotional items. Attorneys for the Reds argue they don’t have to pay tax because they resell the promotional items as part of the ticket package. Ohio law exempts companies from paying tax on items they buy to resell.