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Business Highlights

September 28, 2018

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Tesla faces a reckoning with CEO Elon Musk’s job in jeopardy

SAN FRANCISCO (AP) — The thought of a Tesla car company without Elon Musk is sending shivers down the spine of Wall Street. The Securities and Exchange Commission has asked a federal court to oust Musk as Tesla’s chairman and CEO, alleging he committed securities fraud with false statements about plans to take the company private.

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Another hairpin turn for Tesla as stock dives on SEC charge

NEW YORK (AP) — Tesla stock has long been volatile, but the last year has been an especially wild one as the electric car company grapples with mounting debt, tries to get over manufacturing challenges, and now faces the potential ouster of CEO Elon Musk. Securities regulators moved to bar Musk from being an officer or director of a public company, saying his tweet that he was close to a deal to take Tesla private constituted securities fraud.

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Facebook says 50M user accounts affected by security breach

NEW YORK (AP) — Facebook says it recently discovered a security breach affecting 50 million user accounts. The company says hackers exploited the “View As” feature, which lets people see what their profiles look like to someone else. Facebook says it doesn’t know who’s behind the attacks or where they’re based.

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AP Source: Trump signs spending plan, avoiding shutdown

WASHINGTON (AP) — President Donald Trump has signed an $854 billion spending bill to keep the federal government open through Dec. 7. In doing so, he averts a government shutdown in the weeks leading up to the November midterm elections. A White House official said Trump signed the legislation to fund the military and several civilian agencies on Friday without journalists present.

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US consumer spending up modest 0.3 percent in August

WASHINGTON (AP) — U.S. consumer spending edged up a moderate 0.3 percent in August as purchases of cars and other durable goods fell. A key gauge of inflation slowed slightly after posting its biggest annual gain in six years the previous month.

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China says it won’t be pushed around by US on trade

UNITED NATIONS (AP) — China is warning that its critical relationship with the United States could break “like a glass,” and is using the most global of stages to warn the Trump administration it won’t be pushed around on trade. Foreign Minister Wang Yi insists that his country “will not be blackmailed” or bow to pressure.

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More US corporate giants warn tariffs will mean price hikes

DETROIT (AP) — From Ford to Walmart to Procter & Gamble, a growing number of iconic American companies are warning that President Donald Trump’s tariffs on U.S. imports are raising their costs and prices. Jim Hackett, CEO of Ford, the second-largest U.S.-based automaker, said Wednesday that Trump’s taxes on imported steel and aluminum are costing Ford $1 billion through 2019.

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Stocks close out best quarter in 5 years on a quiet note

NEW YORK (AP) — U.S. stocks closed out their best quarter in five years on a quiet note. Indexes ended mixed as chipmakers and energy companies rose but banks and European stocks fell after Italy’s government announced a big increase in spending. Tesla plunged to its worst loss in almost five years after securities regulators moved to oust CEO Elon Musk, saying his tweet in August about taking Tesla private amounted to securities fraud. Facebook fell after disclosing a security breach.

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The S&P 500 index inched down 0.02 of a point to 2,913.98. The Dow Jones Industrial Average rose 18.38 points, or 0.1 percent, to 26,458.31. The Nasdaq composite added 4.38 points, or less than 0.1 percent, to 8,046.35. The Russell 2000 index of smaller-company stocks gained 6.04 points, or 0.4 percent, to 1,696.57.

Benchmark U.S. crude rose 1.6 percent to $73.25 per barrel in New York. Brent crude, used to price international oils, added 1.2 percent to $82.72 per barrel in London. Wholesale gasoline added 0.9 percent to $2.10 a gallon. Heating oil rose 1.2 percent to $2.35 a gallon. Natural gas fell 1.6 percent to $3.01 per 1,000 cubic feet.

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