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Business Highlights

November 19, 2018

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Nissan chairman arrested in probe of financial misconduct

YOKOHAMA, Japan (AP) — Nissan Motor Co. says its chairman Carlos Ghosn has been arrested and will be dismissed for alleged under-reporting of his income and misuse of company funds. The Japanese automaker’s CEO said Monday that Ghosn was detained after he arrived in Japan earlier in the day. The Yokohama-based company said the violations by Ghosn and another executive were discovered during a monthslong investigation that was instigated by a whistleblower.

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US stocks take sharp losses as tech, internet companies drop

NEW YORK (AP) — Big technology and internet companies again came under heavy selling pressure, leading to broad losses across the stock market. The Dow Jones Industrial Average briefly fell 500 points, pulled down by steep declines in Boeing and Apple. Amazon led a sharp drop among retailers as investors react to tensions between the US and China at a Pacific Rim conference. Industrial companies also fell. Nissan sank after its chairman was arrested on misconduct charges.

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Volatile stock market spooking some older workers, retirees

CHICAGO (AP) — Some older workers and retirees are spooked by the ups and downs of the U.S. stock markets. But there’s no indication that the recent volatility has brought about large-scale overhauls in retirement planning. A Bankrate survey says 62 percent of Americans — and 76 percent of those 65 and over — don’t believe their financial situation has improved in the two years since President Donald Trump’s election.

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UK leader has eye on rebellion as EU braces for Brexit push

LONDON (AP) — The U.K. and the European Union are plowing ahead with trying to have their divorce deal signed, sealed and delivered within days. But the draft Brexit agreement has left British Prime Minister Theresa May fighting0020to keep her job. May waited on Monday to see if rebel lawmakers from her party had the numbers to trigger a no-confidence vote, while British and EU negotiators raced to firm up a final deal before a weekend summit where EU leaders hope to rubber stamp it.

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Even small companies may be able to cut Amazon-like deals

NEW YORK (AP) — A company doesn’t need to be as big as Amazon to get a real estate deal. Whether a small business wants to buy or rent, it may have some leverage with landlords or local governments to get breaks on taxes or win grants. It’s especially doable if a company can be a drawing card that helps boost local commerce or has significant job creation plans. The key is often to look for real estate in an area that needs an economic boost, or a depressed neighborhood that’s on the verge of making a comeback.

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Bloomberg donates ‘unprecedented’ $1.8B to Johns Hopkins

BALTIMORE (AP) — Former New York Mayor Michael Bloomberg is donating $1.8 billion to his alma mater, Johns Hopkins University. Bloomberg and the Baltimore university said Sunday that the gift is the largest ever to any education institution in the U.S. University President Ronald Daniels says the contribution will allow Hopkins to eliminate the need for student loans in financial aid packages.

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Airbnb removes listings in Israeli settlements

JERUSALEM (AP) — Vacation rental company Airbnb says it is removing its listings in Israeli settlements in the West Bank. A statement released on the company’s website Monday said it will take down some 200 listings in Israeli settlements “that are at the core of the dispute between the Israelis and Palestinians.” Most of the international community views the settlements as illegal.

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David’s Bridal files for bankruptcy, but your order is safe

NEW YORK (AP) — David’s Bridal is filing for bankruptcy protection but there is no danger for customers who have ordered dresses because operations continuing as normal while the wedding and prom retailer restructures. The bankruptcy filing, the private company said Monday, will wipe out more than $400 million in long-term debt.

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Brazil’s Petrobras to be led by privatization advocate

RIO DE JANEIRO (AP) — Brazil’s president-elect is appointing a pro-market reformer to lead the state oil company Petrobras. Roberto Castello Branco has advocated privatizing the oil giant, a measure also supported by his close ally Paulo Guedes, designated as Brazil’s next finance minister. However, experts say a wholesale privatization is unlikely.

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The S&P 500 index fell 45.54 points, or 1.7 percent, to 2,690.73. The Dow Jones Industrial Average dropped 395.78 points, or 1.6 percent, to 25,017.44. It was down as much as 512 earlier. The Nasdaq composite skidded 219.40 points, or 3 percent, to 7,028.48. The Russell 2000 index of smaller-company stocks lost 30.99 points, or 2 percent, to 1,496.54.

Benchmark U.S. crude rose 0.5 percent to $56.76 a barrel in New York. Brent crude, used to price international oils, was little changed at $66.79 a barrel in London. Wholesale gasoline added 0.4 percent to $1.58 a gallon. Heating oil gained 0.6 percent to $2.09 a gallon. Natural gas surged 10 percent to $4.70 per 1,000 cubic feet.

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