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Update on the latest business

November 7, 2018

FINANCIAL MARKETS

Tech, health stocks gain post-election

NEW YORK (AP) — Technology and health care stocks are leading indexes broadly higher in midday trading on Wall Street as results of the midterm elections came in largely as investors had expected.

Big retailers and other high-growth stocks are also rising.

Health insurers were doing especially well after the Democrats took control of the House of Representatives, greatly decreasing the chances that the Affordable Care Act will be repealed. Several states also approved expanding Medicaid.

UnitedHealth Group rose 4.4 percent and Molina Healthcare jumped 8.5 percent.

Bond prices rose. The yield on the 10-year Treasury note fell to 3.19 percent.

BRITAIN-FAKE NEWS

Zuckerberg rebuffs request to appear before UK parliament

LONDON (AP) — Facebook CEO Mark Zuckerberg has rejected a request to appear before an international parliamentary committee delving into the questions around fake news.

The rebuff came after Damian Collins, the head of the U.K. parliament’s media committee, joined forces with his Canadian counterpart in hopes of pressuring Zuckerberg to testify, as he did before the U.S Congress. Facebook rejected the invitation to appear before the so-called “international grand committee” session Nov. 27, arguing it wasn’t possible for Zuckerberg to appear before all parliaments.

Collins says pressure is building, with counterparts in Australia, Argentina and Ireland having joined the grand committee in the time since Zuckerberg was invited.

He says “five parliaments are now calling on you to do the right thing by the 170 million users in the countries they represent.”

EUROPE-ECONOMY

Digital revolution may not make goods cheaper - survey

FRANKFURT, Germany (AP) — A European Central Bank survey suggests the digital technologies sweeping through the corporate world mean some loss of jobs at big companies while bringing stronger sales and productivity.

But a key question for policymakers — what the digital revolution means for inflation — was harder to answer. Retailers told them e-commerce should lower prices to consumers, while goods producers foresaw more chance to raise prices thanks to new technologies such as 3D printing and internet-connected devices.

The ECB surveyed 74 of the biggest global companies in Europe about the impact in the coming years from digitalization to find out how the new technologies were affecting the economy.

On balance, companies saw digitalization having a “small negative impact” on jobs, while shifting labor needs from low-skilled to high-skill employees.

GERMANY-ECONOMY

German government advisers slash economic growth forecast

BERLIN (AP) — The German government’s panel of independent economic advisers has cut its growth forecast for this year, citing a tougher foreign trade environment, among other issues.

The five advisers on Wednesday predicted growth of 1.6 percent this year in Europe’s biggest economy, down sharply from the 2.3 percent they forecast in March. They predicted an expansion of 1.5 percent next year, down from 1.8 percent.

In their report, they noted that the German economy is in one of its longest upswings since World War II but wrote that “a less favorable foreign trade environment, temporary production issues and capacity bottlenecks are slowing the pace of expansion.”

Last year, gross domestic product grew 2.2 percent, Germany’s strongest performance in six years. The government last month forecast 1.8 percent growth for 2018.

BREXIT

Tusk, May speak on Brexit amid hopes of elusive breakthrough

LONDON (AP) — British Prime Minister Theresa May and European Council President Donald Tusk have spoken by phone amid signs of movement in deadlocked Brexit talks.

Tusk tweeted Wednesday that the pair spoke “to take stock of progress in #brexit talks and discuss way ahead.”

Tusk has said he is willing to call a special EU summit if there is movement from Britain to unblock talks.

May’s Cabinet has been inching closer to agreeing a proposal on the key issue of keeping an open Ireland-Northern Ireland border after Brexit.

But some pro-Brexit Cabinet ministers want to see legal advice drawn up by the attorney general before they agree to anything. They fear Britain will be locked permanently into an EU customs union, limiting its ability to strike new trade deals around the world.

MONACO-TYCOON DETAINED

Russian tycoon Rybolovlev charged in Monaco

PARIS (AP) — A Monaco magistrate filed charges Wednesday against Russian tycoon Dimitri Rybolovlev, the owner of the principality’s soccer club, and three other people following a probe into suspected corruption, money laundering and other alleged crimes.

The others charged included a lawyer for Rybolovlev, Tetiana Bersheda, and the wife and son of a former Monaco justice minister, according to Monaco prosecutor Sylvie Petit-Leclair.

She said she had no details about the specific charges filed against them.

The charges come in the wake of a judicial probe into suspected corruption, influence trafficking, money laundering, forgery and violating judicial secrecy.

ELECTION 2018-NEVADA BROTHEL OWNER

Dead brothel owner wins election for Nevada legislative seat

LAS VEGAS (AP) — A Nevada brothel owner and reality TV star who died last month after fashioning himself as a Donald Trump-style Republican candidate has won a heavily GOP state legislative district.

Dennis Hof defeated Democratic educator Lesia Romanov on Tuesday in the race for Nevada’s 36th Assembly District, which includes rural communities and large stretches of desert in the southern part of the state. County officials will appoint a Republican to take his place in the seat.

Hof was found dead Oct. 16 after a weekend of parties celebrating his 72nd birthday. Officials are still determining his cause of death, but they don’t suspect foul play.

Hof owned a handful of brothels in Nevada, the only state that allows them to legally operate. He also starred in the HBO adult reality series “Cathouse” and wrote a book titled “The Art of the Pimp,” akin to Trump’s book “The Art of the Deal.”

Hof was found dead at his Love Ranch brothel about an hour outside Las Vegas. The brothel where his body was found is where NBA player Lamar Odom was found unconscious in 2015.

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