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Update on the latest in business:

May 22, 2019

^FINANCIAL MARKETS

Asian shares edge higher following advance on Wall Street

BANGKOK (AP) — Shares edged in Asia today after a rebound in technology stocks helped power an overnight rally on Wall Street.

Investors bought technology shares after the U.S. government opted to temporarily ease off on proposed restrictions on technology sales to Chinese companies.

Japan’s Nikkei 225 index added 0.1% and the Kospi in South Korea advanced 0.4%. Hong Kong’s Hang Seng gained 0.3% and the S&P ASX 200 in Sydney edged 0.1% higher. The Shanghai Composite index lost 0.2%. Shares fell in Taiwan and Jakarta but rose Singapore and Thailand.

Yesterday on Wall Street, the S&P 500 index rose 0.9% to 2,864.36. The Dow gained 0.8% to 25,877.33.

The technology heavy Nasdaq composite climbed 1.1%, to 7,785.72, erasing a good chunk of Monday’s losses. The Russell 2000 index of small companies picked up 1.3%, to 1,545.25.

^BOEING PLANE-LAWSUIT

New lawsuit claims Boeing Max suffered from faulty design

UNDATED (AP) _ A new lawsuit says Boeing’s design of the 737 Max was faulty and the company was able to rush the plane into production because it faced little oversight from regulators.

The lawsuit says the plane could crash if a single part malfunctioned, that Boeing concealed problems and refused to ground the plane on its own.

Lawyers say Boeing did the same thing after crashes of earlier 737s in the 1990s.

Former Transportation Department Inspector General Mary Schiavo filed the lawsuit last week in federal district court in South Carolina on behalf of relatives of a Swedish man killed on Ethiopian Airlines Flight 302 in March.

Boeing is also being sued over the October crash of Lion Air Flight 610 in Indonesia.

Boeing declined to comment on specifics of the lawsuit.

^CHINA-BOEING

Air China asks Boeing compensation for MAX 8 delays

BEIJING (AP) — Air China Ltd., one of China’s three major state-owned airlines, is joining carriers that are asking Boeing Co. for compensation for the grounding of their 737 Max jetliners following two fatal crashes.

An employee of Air China’s publicity department says the carrier also has asked Boeing for compensation for disruption due to delays in delivery of new aircraft.

The employee declined to give his name or details of the claim.

Air China becomes the second Chinese carrier to ask Boeing for compensation following state-owned China Eastern Airlines Ltd. last month.

China was among the first governments to order carriers to suspend use of the 737 Max in March following crashes in Indonesia and Ethiopia that killed a total of 346 people.

^JAPAN-HUAWEI

Japan carriers delay sale of new Huawei smartphones

TOKYO (AP) — Two Japanese mobile carriers say they are delaying sales of new smartphones from Huawei as they confirm the safety of the Chinese products.

Sale of the Huwaei P30 lite, set for May 24, from SoftBank Corp.’s Y! Mobile service was delayed today, and advance orders were canceled. KDDI also indefinitely delayed its sales, initially set for late May.

SoftBank spokesman Hiroyuki Mizukami says the company wants “customers to feel safe using our products.”

It’s unclear if the sales will proceed.

The U.S. government has said Huawei, the No. 2 smartphone brand, is a security risk and restricted technology sales to it and other Chinese telecom gear suppliers.

The Japanese government has not taken action against Huawei, whose products are relatively popular here.

^CALIFORNIA MARIJUANA-BANKING

Plan to create special pot banks moves forward in California

SACRAMENTO, Calif. (AP) — Shut out of the traditional banking system by federal laws, the country’s largest legal marijuana market in California could benefit if the state approves a measure creating a special class of banks to handle pot money.

The state Senate voted 35-1 on Tuesday to pass a bill that would allow people to start banks and credit unions that could accept cash deposits from marijuana retailers. Those banks could issue special checks to the retailers that could only be used for certain purposes, including paying taxes and California-based vendors.

State lawmakers also say such banks would make it easier for licensed pot retailers to pay their taxes, which fell far short of expectations in the first year after legalization.

^RIDE-HAILING-OUTSTANDING RECALLS

Report: Many Uber, Lyft drivers fail to respond to recalls

NEW YORK (AP) — One in six Uber and Lyft drivers in the New York City and Seattle areas are driving vehicles with outstanding recalls, according to Consumer Reports.

But taking a taxi or limousine isn’t necessarily a safer option. Consumer Reports says nearly a quarter of traditional for-hire vehicles in New York City also have outstanding recalls.

That means there are cars on the road that have been recalled for issues such as faulty air bags and possible engine failure.

Uber says when a driver has an outstanding recall that’s serious enough to prompt a “do not drive” warning, that driver is deactivated.

Lyft says cars in those markets are inspected before they hit the road.

The Taxi and Limousine Commission, which regulates for-hire vehicles in New York City, sends reminders when vehicles are behind on recalls.

^PANAMA-NIKE

Nike cancels Puerto Rico-homage sneaker with Panama design

PANAMA CITY (AP) — Nike won’t release a version of its Air Force 1 shoe meant to celebrate Puerto Rico, after an indigenous group in Panama noted one of its traditional designs was used.

A Nike statement says, “we apologize for the inaccurate representation of the design origin for the Nike Air Force 1 ‘Puerto Rico’ 2019. As a result, this product will no longer be available.”

The Guna people in Panama have traditionally used the swirling, multicolored “Mola” design. They are one of Panama’s seven indigenous groups, and live mainly on the Caribbean coast.

The shoe was to be released in June.

The Gunas say in a statement that the company had not asked permission to use the design. Panamanian law recognizes indigenous groups’ rights to their intellectual property.

^MASSACHUSETTS GAMBLING-WYNN-MGM

MGM discontinues talks with Wynn on Encore Boston purchase

BOSTON (AP) — MGM Resorts International says it will no longer pursue buying Encore Boston Harbor from Wynn Resorts.

MGM says that stakeholders have concerns. It owns a casino in Springfield and wouldn’t have been allowed to operate two in Massachusetts.

Wynn Resorts says it agreed to end discussions and remains “committed to opening and operating Encore Boston Harbor as only Wynn Resorts is able to do.”

The $2.6 billion casino is scheduled to open next month in Everett, Massachusetts.

State gambling regulators found Wynn executives failed to disclose allegations of sexual misconduct against company founder Steve Wynn, and levied a $35 million fine against Wynn Resorts last month while letting it keep its casino license.

The company said last month that it’s focused on a successful launch of the casino now that the review is complete. Steve Wynn has denied the allegations.

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