Stocks tumble...Nissan falls after chairman’s arrest...No Airbnb in Israeli settlements
NEW YORK (AP) — Stocks are tumbling as technology and internet companies continue to take steep losses. The Dow Jones Industrial Average has been more than 500 points lower. Retailers and industrial stocks also fell. Apple and Microsoft dropped almost 4 percent while internet retailer Amazon and aerospace company Boeing each fell 5 percent. High-dividend stocks like real estate companies and utilities, which investors favor when they are fearful of market turmoil, held up better than the rest of the market.
NEW YORK (AP) — Shares in Nissan sank after the company’s chairman was arrested on misconduct charges. Carlos Ghosn became one of the auto industry’s most powerful executives by engineering a turnaround at the Japanese manufacturer. The company says he was arrested today and will be fired for allegedly underreporting his income and misusing company funds.
NEW YORK (AP) — The parent company of California utility Pacific Gas & Electric fell again after it disclosed that it had a power line failure near the start of a deadly wildfire the morning the fire began. The Mercury News of San Jose reported Saturday that the company said in a filing that it had an outage at 6:45 a.m. on Nov. 8 in Concow.
LONDON (AP) — The U.K. and the European Union are plowing ahead with plans to have their divorce deal signed, sealed and delivered within days. This, as British Prime Minister Theresa May waits to see whether rebel lawmakers opposed to the agreement have the numbers to challenge her leadership. The draft agreement reached last week triggered an avalanche of criticism in Britain and left May fighting to keep her job even as British and EU negotiators raced to firm up a final deal before a weekend summit.
JERUSALEM (AP) — Vacation rental company Airbnb says it is removing its listings in Israeli settlements in the West Bank. The company says it will take down some 200 listings in Israeli settlements that it says “are at the core of the dispute between the Israelis and Palestinians.” Airbnb says that although it had been operating in accordance with U.S. law, it long wrestled with the question of whether to do business in Israeli settlements, which most of the international community views as illegal.