Update on the latest in business:
Asian shares mostly lower on Trump, Brazil worries
TOKYO (AP) — Asian stocks were mostly lower today as investor worries remained about the U.S. political turmoil over an investigation into possible Russian coordination with President Donald Trump’s campaign.
Markets are also being shaken by a deepening political crisis in Brazil, where President Michel Temer is facing calls for his resignation amid allegations of corruption. Stocks and the currency have plunged there.
U.S. shares rallied, partly cheered by a positive report jobs data, but it followed the worst drop in eight months. Fears are growing recently Trump may have trouble enacting tax cuts and other business-friendly policies. The Standard & Poor’s 500 index rose 8.69 points, or 0.4 percent, to 2,365.72. The Dow Jones industrial average added 56.09 points, or 0.3 percent, to 20,663.02. The Nasdaq composite index gained 43.89 points, or 0.7 percent, to 6,055.13.
Benchmark U.S. crude oil rose above $49.50 a barrel.
The dollar gained against the yen and the euro.
Trump administration announces plans to renegotiate NAFTA
WASHINGTON (AP) — Making good on a campaign promise, the Trump administration has formally told Congress it intends to renegotiate the North American Free Trade Agreement with Canada and Mexico.
U.S. Trade Rep. Robert Lighthizer sent a letter to congressional leaders Thursday, starting 90 days of consultations with lawmakers over how to revamp the pact. Talks with Canada and Mexico can begin after that.
The two-page letter offered few details about what changes the administration would seek in the 23-year-old pact that President Donald Trump has called “a disaster.” Lighthizer told reporters that any new deal should do a better job of protecting U.S. factory workers and should be updated to reflect new technologies.
Last month, White House aides spread word that Trump was ready to pull out of NAFTA. Within hours, the president reversed course and said that he’d seek a better deal first.
Toyota, 3 other automakers settle suit over Takata air bags
DETROIT (AP) — Toyota, Subaru, Mazda and BMW have reached a proposed settlement that would compensate owners of 15.8 million vehicles for money they lost due to the massive recall of Takata air bags.
In documents filed with a federal court in Miami, the automakers agreed to pay $553 million to compensate owners and widen their efforts to make sure vehicles are being repaired. The court must still approve the settlement.
Takata’s air bag inflators can explode with too much force, hurling shrapnel into drivers and passengers. The inflators are blamed for at least 16 deaths and 180 injuries worldwide. The problem touched off the largest automotive recall in U.S. history involving 42 million vehicles and 69 million air bag inflators.
Spirit says fewer flights being canceled since injunction
UNDATED (AP) — Spirit Airlines says canceled flights have dropped sharply since a judge intervened in a dispute with the pilots’ union over an alleged work slowdown.
Spirit canceled 300 flights the first week of May and blamed pilots, who it said refused overtime flying to pressure the airline in contract negotiations.
According to FlightAware, in the last three days through Thursday Spirit canceled 12 flights. Airline spokesman Paul Berry said it appeared pilots were picking up extra flights.
Tens of thousands of passengers were stranded by cancellations this month. In Fort Lauderdale, Florida, irate passengers swarmed a Spirit ticket counter; three people were arrested.
On May 9, a federal judge ordered the union not to interfere with Spirit’s business.
Canada warns it may cancel US jet buy over Bombardier probe
TORONTO (AP) — Canada’s government is warning it could cancel a planned purchase of 18 Super Hornet fighter jets from Boeing Co. because of U.S. Department of Commerce anti-dumping investigations against Canadian plane maker Bombardier.
Foreign Minister Chrystia Freeland issued the threat in a statement Thursday. She says the government is “reviewing current military procurement that relates to Boeing.”
Boeing argued at a hearing in Washington on Thursday that duties should be imposed on Bombardier’s new larger CSeries passenger aircraft, insisting it receives Canadian government subsidies that give it an advantage internationally.
Freeland says Boeing’s petition is “clearly aimed at blocking Bombardier’s new aircraft, the CSeries aircraft, from entering the U.S. market.” She says the government strongly disagrees with the Commerce Department’s decision to initiate anti-dumping and countervailing duty investigations.
Questions emerge about health of new CEO at CSX
JACKSONVILLE, Fla. (AP) — Questions about the health of the CEO hired by CSX railroad this spring are being raised ahead of next month’s shareholder vote on his compensation.
The Wall Street Journal reports 72-year-old Hunter Harrison often works from home and occasionally uses oxygen because of an undisclosed health issue
Harrison told the newspaper doctors cleared him to work, and he believes he can lead the turnaround he began in March at CSX.
CSX spokesman Rob Doolittle says Harrison remains actively involved in the railroad’s operations and there haven’t been questions about his performance.
CSX shareholders are voting on whether the Jacksonville, Florida, railroad should pay the $84 million in compensation Harrison forfeited when he left Canadian Pacific railroad earlier than planned. Harrison says he will resign if the compensation isn’t approved.
Colombians seek probe of Chiquita execs for terror funding
BOGOTA, Colombia (AP) — Human rights groups in Colombia are calling on the International Criminal Court to investigate executives from Chiquita Brands for alleged complicity in crimes against humanity as a result of payments made to paramilitary groups more than a decade ago.
Chiquita in 2007 pleaded guilty in a case brought by the U.S. Justice Department to making over $1.7 million in payments to the United Self Defense Forces of Colombia and paid a $25 million fine.
But activists now want to hold accountable those who authorized the payments to the U.S.-designated terrorist group. Declassified documents obtained recently by the National Security Archive through a freedom of information request for the first time name 14 Chiquita executives involved in the scandal.
Facebook to stream MLB game each Friday starting this week
NEW YORK (AP) — Baseball fans can like their team’s games with a click starting Friday.
Major League Baseball announced Facebook will carry a live game nationally each Friday starting with Colorado at Cincinnati this week. The Facebook package of 20 games will use the broadcast feed of one of the involved teams.
Baseball Commissioner Rob Manfred made the announcement Thursday. He calls it “really important for us in terms of experimenting with a new partner in this area.”
The Twitter feed of a game each Friday, which started April 7, will be moved to Tuesdays.
Dan Reed, Facebook’s head of global sports partnerships, says in a statement “baseball games are uniquely engaging community experiences, as the chatter and rituals in the stands are often as meaningful to fans as the action on the diamond.”
“By distributing a live game per week on Facebook, Major League Baseball can re-imagine this social experience on a national scale,” he adds.
Privacy changes coming to Twitter
Twitter was already tracking users. For example, if you visited a webpage that had an embedded tweet or a button to share something on Twitter, you could be tracked and targeted.
Jules Polonetsky, CEO of the Future of Privacy Forum, an industry-backed think tank in Washington, says that with the changes, Twitter expands the pool of people it can track and lets the company collect more data about those people when they are visiting sites around the web.
For example, the company will now keep data about users’ web activities for 30 days instead of 10, which allows it to create more comprehensive profiles of people.
In addition, Twitter will no longer honor the “Do Not Track” option that let people say no to being tracked by the likes of ad and social networks. Many such networks no longer honor that option anyway. Polonetsky said Twitter had been “one of the rare prominent brands that respected Do Not Track.”
Twitter is also rolling out more granular controls so users can decide — to an extent — whether and how they want to be tracked and targeted. The move comes as the company reels from its first quarterly revenue drop since going public and struggles to attract more users.