AP NEWS

Business Highlights

July 2, 2019

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Big business to Supreme Court: Defend LGBTQ people from bias

NEW YORK (AP) — More than 200 corporations have signed a legal brief urging the U.S. Supreme Court to rule that federal civil rights law bans job discrimination on the basis of sexual orientation and gender identity. The brief was organized by a coalition of five LGBTQ rights groups. It’s being submitted to the Supreme Court this week ahead of oral arguments this fall on three cases that may determine whether LGBTQ people are protected from discrimination by existing federal civil rights laws.

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House committee files lawsuit for Trump tax returns

WASHINGTON (AP) — A House committee has sued the Trump administration in federal court for access to President Donald Trump’s tax returns. The House Ways and Means Committee says it needs the documents for an investigation into tax law compliance by the president, among other things. The lawsuit is the culmination of a long-running fight between Democrats and Trump over the returns, dating back to the 2016 campaign, when Trump claimed that he could not release them due to an IRS audit.

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Kaepernick stirs new controversy for Nike

NEW YORK (AP) — Nike’s sales have only grown since it seized attention with its ad campaign featuring former NFL quarterback Colin Kaepernick. So, the shoemaker readily deferred to its star endorser when he raised concerns over show featuring an early American flag. Nike pulled the Air Max 1 USA shoe, which featured a Revolutionary-era U.S. flag with 13 white stars in a circle on it.

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UK bank chief: trade war may ‘shipwreck’ global economy

LONDON (AP) — Bank of England Governor Mark Carney has warned that the British economy could be slowing down more than anticipated in the wake of mounting Brexit uncertainties and intensified trade tensions. Carney has said in a wide-ranging speech that a “sea change” has taken place in financial markets over the past couple of months largely related to worries over the global economy and that’s weighing on the British economic outlook.

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Tesla sets deliveries record as focus turns to its profits

PALO ALTO, Calif. (AP) — Tesla overcame delivery logistics problems to set a quarterly record for deliveries from April through June. Now Wall Street is focusing on whether it will translate into profits. The electric car and solar panel company said it handed over 95,200 vehicles to customers worldwide, breaking the old record of 90,700 set in the fourth quarter of last year. But many analysts question whether the record sales will turn into profits for the struggling company.

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Germany fines Facebook $2.3 million under hate speech law

BERLIN (AP) — German authorities say they have issued Facebook with a 2 million-euro ($2.3 million) fine under a law designed to combat hate speech. The Federal Office for Justice says that the social networking company has failed to meet transparency requirements for its handling of hate speech complaints. Facebook didn’t immediately comment on the fine.

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EU leaders break deadlock, nominate candidates for top posts

BRUSSELS (AP) — European Union leaders have broken a deadlock and proposed their candidates for top posts in the bloc after three days of arduous negotiations. They have nominated German Defense Minister Ursula von der Leyen to become the new president of the bloc’s powerful executive arm, the European Commission, taking over from Jean-Claude Juncker for the next five years. EU Council President Donald Tusk says that Belgian Prime Minister Charles Michel will take over from him in the fall.

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World Bank unit implicated in Latin America graft scandal

BOGOTA, Colombia (AP) — A unit of the World Bank has been dragged into the edges of Latin America’s biggest corruption scandal. The scandal involves a 1,000-kilometer (620-mile) highway across mountainous terrain connecting the Colombian capital to busy Caribbean ports. An investment officer for the bank was responsible for helping to set the terms for competitive bidding. It turns out María Victoria Guarín was also married to a top executive of a company that won part of the very contract she helped to oversee.

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To boost milk, dairy groups see hope in lattes in schools

NEW YORK (AP) — Coffee bars selling $3 iced lattes are popping up in high schools, helped along by dairy groups scrambling for new ways to get people to drink milk. It’s one small way the dairy industry is fighting to slow the persistent decline in U.S. milk consumption as eating habits change. Not everyone thinks coffee belongs in schools, but dairy groups and cafeteria operators say the coffee sold in schools is healthier than the ones students get outside of school.

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US stocks rebound to nudge the S&P 500 to record high again

NEW YORK (AP) — Stocks shook off an early wobble to eke out small gains Tuesday, nudging the S&P 500 index to an all-time high for the second straight day. Communications services, technology and consumer goods companies helped push the market higher. Those gains outweighed losses in energy and financial stocks and elsewhere. Trading was subdued ahead of the Independence Day holiday in the U.S. Thursday. Markets will close early on Wednesday.

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The S&P 500 rose 8.68 points, or 0.3%, to 2,973.01. The Dow Jones Industrial Average gained 69.25 points, or 0.3%, to 26,786.68. The Nasdaq composite added 17.93 points, or 0.2%, to 8,109.09. Small-company stocks fell, sending the Russell 2000 index down 9.13 points, or 0.6%, to 1,560.54.

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