Stocks down...Many in Harvey uninsured...Electric vehicle venture
TOKYO (AP) — Global shares were mostly lower today as investors were rattled by North Korea’s launch of a midrange ballistic missile that crossed over northern Japan and fell into the Pacific Ocean. Futures point to a lower opening on Wall Street today. Benchmark U.S. crude oil rose to just under $47 a barrel. The dollar fell against the yen and the euro.
NEW YORK (AP) — Homeowners suffering flood damage from Harvey are more likely to be on the hook for losses than victims of prior storms — a potentially crushing blow to personal finances and neighborhoods along the Gulf Coast. Insurance experts say only a small fraction of homeowners in Harvey’s path of destruction have flood insurance. That means families with flooded basements, soaked furniture and water-damaged walls will have to dig deep into their pockets or take on more debt to fix up their homes. Some may be forced to sell, if they can, and leave their communities.
BEIJING (AP) — Automakers Renault and Nissan say they will develop electric cars with a Chinese state-owned partner, adding to a series of tie-ups between global auto brands and local partners in the biggest electric vehicle market. The venture Dongfeng Motor Corp. aims to develop a vehicle based on an SUV platform shared by Renault and Nissan. Production is due to begin in 2019. Global automakers are investing heavily to develop electric vehicles for China.
TRENTON, N.J. (AP) — Drugmaker Merck has a decision to make now that its new type of cholesterol drug has returned only so-so results. A large, long-term study of the drug showed that it prevents heart attacks and reduces the need for heart procedures, while three similar drugs developed by rivals failed. But the drug only reduced those complications by 9 percent. Now Merck, which has spent 13 years and likely hundreds of millions of dollars testing the drug, has to decide whether to spend even more to seek approval from regulators and on marketing or scrap it in a market full of cholesterol drugs.
NEW YORK (AP) — Starting next June, New York City will be the country’s most expensive place to buy a pack of cigarettes when a new law sets the minimum price for a pack at at least $13. The number of places licensed to sell them will also be reduced by attrition. Currently, the minimum allowed price per pack is $10.50. The planned price hike is one of seven bills the Democratic mayor signed Monday aimed at pressuring the city’s 900,000 estimated smokers to quit. Critics say it will drive smokers to seek out bootleg smokes without tax stamps.