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Business Highlights

March 25, 2019

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Avenatti charged with trying to extort millions from Nike

LOS ANGELES (AP) — Michael Avenatti, the attorney best known for representing porn actress Stormy Daniels, has been arrested on charges that he tried to extort millions of dollars from Nike and embezzled a client’s money to pay his own expenses. Avenatti was charged with extortion and bank and wire fraud in separate cases in New York and California. The U.S. attorney in Los Angeles says the allegations paint an “ugly picture” of lawlessness and greed.

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Stocks edge lower, on track to extend last week’s losses

U.S. stocks are modestly lower in afternoon trading, on track to extend losses from a broad sell-off last week as investors continue to worry about slower global economic growth. Bond yields fell, adding to a sharp decline that contributed to a wave of selling last week. Technology companies accounted for much of the decline. Financial, communication and health care stocks also pulled the market lower. Consumer discretionary stocks notched gains.

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Analysts lukewarm on Apple streaming TV service

CUPERTINO, Calif. (AP) — Apple is playing catch-up with Amazon and Netflix with its new streaming video offering, Apple TV Plus. Some analysts say it’s not clear yet whether Apple will be able to get ahead. Apple says its new subscription TV service will be available this fall, with Oprah Winfrey, Steven Spielberg and Jennifer Aniston involved in exclusive shows. The company isn’t saying yet how much the service will cost or when exactly it will launch.

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Apple announces its long-awaited streaming TV service

CUPERTINO, California (AP) — Apple announces a new streaming service, Apple TV Plus, which will house its original shows and movies and could compete with Netflix, Amazon and cable TV itself. The company is also detailing its news subscription service, Apple News Plus, and a new credit card at an event Monday. Apple is aiming to boost digital subscriptions as it searches for new profit growth.

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Chinese leader visits France, giant Airbus deal announced

PARIS (AP) — Chinese President Xi Jinping has been greeted with full honors during a state visit to France where he attended the signings of multibillion-dollar deals, including a major sale of 300 aircraft from European plane maker Airbus to China. The French presidency said the China Aviation Supplies Holding Company has ordered 290 Airbus A320 and 10 Airbus A350 planes. Other major business deals on renewable energy and the food industry were signed Monday in the presence of Xi in Paris.

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Survey: Business economists see slowdown in growth this year

WASHINGTON (AP) — The nation’s business economists foresee a sharp slowdown in U.S. economic growth over the next two years, in sharp contrast to the Trump administration’s predictions that growth will accelerate this year and next. The finding comes from the latest survey by the National Association for Business Economics. Among the key factors in their dimmer assessment are a global slowdown and the ongoing trade conflicts between the Trump administration and several U.S. key trading partners.

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Norway opens probe into why cruise ship ventured into storm

COPENHAGEN, Denmark (AP) — After hundreds of passengers had to be winched off the Viking Sky cruise ship by helicopter, Norwegian officials want to know why the ship set sail along the country’s wild western coast despite storm warnings. One person is in critical condition and eight others were hospitalized after the weekend ordeal. The Viking Sky issued a mayday call Saturday afternoon, fearing it would be dashed on the rocks. That prompted a risky evacuation amid heavy seas that went on for hours.

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Ethiopian Airlines says pilots got appropriate training

ADDIS ABABA, Ethiopia (AP) — Ethiopian Airlines’ CEO says the pilots who flew the plane that crashed on March 10 had trained on “all appropriate simulators,” The statement rejects reports that they had not been properly prepared to handle the new aircraft. Tewolde Gebremariam said in a statement Monday that the airline owns simulators to help pilots train on the Boeing 737 Max, which has software installed that requires new training.

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US setting up expert panel to review FAA, Boeing

NEW YORK (AP) — The Transportation Department says it’s setting up an expert panel to review how the FAA approves new planes including the Boeing 737 Max, the jet involved in 2 deadly crashes. The panel will be led by a retired Air Force general and a former president of the biggest airline pilots’ union. Boeing and the FAA are already the subject of investigations by the Justice Department, the Transportation Department’s inspector general, and congressional committees.

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Rolled joints for aching joints: More seniors use marijuana

LAGUNA WOODS, Calif. (AP) — A growing number of Americans in their 70s and 80s are using marijuana. Many industry officials say people 65 and older make up the fastest-growing segment of their customer base. They say aging baby boomers and even those a little older are using pot to help treat the aches, sleeplessness and other ailments of old age. An annual sampling of Americans’ views called the General Social Survey last year found a record 61 percent back legalization. And those 65 and older are increasingly supportive.

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The S&P 500 dropped 2.35 points, or 0.1 percent, to 2,798.36. The Dow Jones Industrial Average rose 14.51 points, or 0.1 percent, to 25,516.83. The Nasdaq composite lost 5.13 points, or 0.1 percent, to 7,637.54. The Russell 2000 index of smaller company stocks picked up 6.94 points, or 0.5 percent, to 1,512.86.