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Business Highlights

May 8, 2017


In the bag: Coach buying Kate Spade for $2.4 billion

NEW YORK (AP) — Coach will spend $2.4 billion for Kate Spade, tying together two premier brands in the luxury goods sector that have fought to snare younger shoppers. Noting that crucial demographic, Coach Inc. CEO Victor Luis said in a statement Monday that Kate Spade has a “strong awareness among consumers, especially millennials.” Coach executives say that 60 percent of Kate Spade customers are in that group.


Sinclair to buy Tribune Media, expanding its local TV reach

NEW YORK (AP) — Sinclair Broadcast Group, one of the nation’s largest local TV station operators, wants to get even bigger. The company announced Monday that it will pay about $3.9 billion for Tribune Media, adding more than 40 stations including KTLA in Los Angeles, WPIX in New York and WGN in Chicago. Tribune also has stakes in the Food Network and job-search website CareerBuilder.


Comcast, Charter to cooperate as threats from wireless grow

NEW YORK (AP) — Cable operators Comcast and Charter Communications said Monday that they will work together as they prepare to offer cellphone plans to customers. As part of the deal, Comcast and Charter agreed that they wouldn’t buy other wireless companies for one year, or make related deals without consulting each other first.


UN climate talks begin amid uncertainty over US position

BONN, Germany (AP) — Despite uncertainties about whether the United States will remain committed to the Paris climate accord under President Donald Trump, envoys convened talks Monday in Germany on implementing the details of the deal to combat global warming. During ten days of talks in the western city of Bonn, officials will try to agree on how to implement the 2015 Paris Agreement to cut carbon emissions, a treaty that former U.S. President Barack Obama’s government played a leading role in forging.


Trump administration hollows out EPA science integrity board

WASHINGTON (AP) — The Trump administration will not reappoint half the expert members of a board that advises the Environmental Protection Agency on the integrity of its science. The decision is the latest in a series of moves that could benefit industries whose pollution is regulated by the agency. Board of Scientific Counselors Chairwoman Deborah Swackhamer said Monday that nine of the 18 outside experts on her panel saw their three-year terms expire April 30. She said that in past they would routinely have been reappointed to a second term.


Trump in-laws promote thorny visa-for-sale program in China

WASHINGTON (AP) — The Kushner Companies has apologized for including the name of President Donald Trump’s son-in-law in materials promoting a New Jersey development to foreign investors seeking potential U.S. residency. Jared Kushner himself is not involved in his family’s project. But his family ties have drawn new scrutiny to the EB-5 visa program. The program offers foreign citizens who invest at least $500,000 in the United States a fast track to a green card.


Bumble Bee Foods fined $25 million, admits price fixing

SAN FRANCISCO (AP) — Tuna-canning company Bumble Bee Foods has agreed to pay a $25 million fine after pleading guilty to conspiring with competitors to fix prices, the U.S. Department of Justice said Monday. The San Diego-based company will also cooperate with an ongoing antitrust investigation into the packaged seafood industry, the federal agency said.


Target testing a restocking program for household essentials

NEW YORK (AP) — Target is testing a program that lets customers order household essentials like laundry detergent, paper towels and peanut butter and have them delivered to their homes the next day. The service, being tested with employees for now, is similar to Amazon Pantry, and comes as Target is trying to enhance its online services to better compete with Wal-Mart and online leader Amazon.


Facebook removes accounts in fight against fake news

LONDON (AP) — Facebook says it has deleted tens of thousands of accounts in Britain ahead of the June 8 general election in a drive to battle fake news. The tech giant also took out newspaper advertisements in Britain’s media offering advice on how to spot such stories. The ads suggest that readers should be “skeptical of headlines,” and to “look closely at the URL.”


The Standard & Poor’s 500 index wafted up and down through the day before ending at 2,399.38, up by just 0.09 of a point. The Dow Jones industrial average likewise edged up a fraction of a percent, adding 5.34 points to 21,012.28. The Nasdaq composite rose 1.90 points, or less than 0.1 percent, to 6,102.66.

Benchmark U.S. crude rose 21 cents to settle at $46.43 per barrel. Brent crude, the international standard, rose 24 cents to settle at $49.34 a barrel. Natural gas fell 9 cents to $3.17 per 1,000 cubic feet, heating oil rose 2 cents to $1.46 per gallon and wholesale gasoline added a penny to $1.52 per gallon.

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