AP NEWS
Click to copy
Click to copy
Related topics

Business Highlights

The Associated PressMay 28, 2019

___

Key challenges facing a Fiat Chrysler-Renault merger

MILAN (AP) — Fiat Chrysler’s proposal to merge with French rival Renault has industry executives, analysts and union leaders rushing to figure out how it would reshape the sector worldwide. While Renault has indicated it is open to talks, the plan faces hurdles and questions, including where savings - and job cuts - will come from.

___

Chinese tourism to US drops for 1st time in 15 years

Chinese travel to the U.S. is falling after more than a decade of rapid growth. And that has cities, malls and other tourist spots scrambling to reverse the trend. Travel from China to the U.S. fell 5.7% in 2018 to 2.9 million visitors, according to the National Travel and Tourism Office. It was the first time since 2003 that Chinese travel to the U.S. slipped from the prior year.

___

Ramadan in Mideast is for fasting and Facebook, data shows

DUBAI, United Arab Emirates (AP) — The holy month of Ramadan is not only the most important month of the year for Muslims, it’s also the prime time for advertisers. People in the Middle East spend close to 58 million more hours on Facebook during Ramadan. They watch more YouTube videos — everything from beauty tips and recipes to sports and TV dramas — than any other time of year. For Facebook, which also owns Instagram, and Google, which owns YouTube, Ramadan brings a welcome boost of business in the region.

___

Sports Illustrated magazine sold for $110 million

NEW YORK (AP) — Sports Illustrated magazine has a new owner, though the seller will keep running the print edition and website under a licensing deal. Meredith sold the magazine for $110 million to a company that specializes in managing fashion, entertainment and sports brands, including marketing rights to Shaquille O’Neal and Muhammad Ali. The buyer, Authentic Brands Group, will be look for opportunities to grow Sports Illustrated in digital, TV and social media.

___

Yellowstone National Park visitors spent $513M in 2018

YELLOWSTONE NATIONAL PARK, Wyo. (AP) — A federal report shows visitors to Yellowstone National Park spent nearly $513 million in neighboring communities last year. The report last week from the National Park Service indicates the spending by the park’s 4.1 million visitors supported nearly 7,100 jobs in the area in 2018. The park service recorded more than 318 million visitors nationwide. The report shows they spent more than $20 billion across the country.

___

Trial underway in Oklahoma’s lawsuit against opioid makers

NORMAN, Okla. (AP) — Drugmakers being sued by Oklahoma for fueling opioid addiction say the products they manufactured were heavily regulated by state and federal agencies and addressed an important need for pain management. Attorneys for Janssen Pharmaceutical Companies of Johnson & Johnson gave opening statements Tuesday in the nation’s first state trial against drugmakers blamed in the opioid crisis. Oklahoma Attorney General Mike Hunter says the drugs led to the nation’s “worst manmade public health crisis.”

___

US home prices rise at slowest pace in 6½ years

WASHINGTON (AP) — U.S. home prices rose at the slowest pace in more than six years in March, a sign weaker sales are keeping a lid on price increases. The S&P CoreLogic Case-Shiller 20-city home price index rose 2.7% from a year earlier, down from an annual gain of 3% in February.

___

‘Sideline’ products will be in the spotlight at BookExpo

NEW YORK (AP) — Non-book items are standard for Amazon.com and other online sellers, but for physical stores the sideline market is also an established and important source of income. At this year’s national publishing convention, BookExpo, the sideline part of the business will be a main attraction. BookExpo, which runs Wednesday to Friday, will feature such companies as Taza Chocolate, Calypso Cards and Streamline Inc. in an “UnBound” section at the Jacob Javits Convention Center.

___

Climate activists on trial for taking down Macron portraits

BOURG-EN-BRESSE, France (AP) — Across France, activists have been taking down portraits of President Emmanuel Macron to protest what they consider his “inaction” to fight climate change. And now they face up to 10 years in prison. The first of several trials targeting the activists opens Tuesday in the eastern town of Bourg-en-Bresse. Some 300 activists showed up to support the six defendants, chanting “We’re all portrait-removers!”

___

US stocks, bond yield slump, signaling market jitters

NEW YORK (AP) — U.S. stocks fell broadly Tuesday as anxious investors shifted money into bonds, sending yields to their lowest level in nearly two years. The yield on the benchmark 10 year Treasury fell to 2.26% Tuesday, the lowest level since September 2017. That put it below the 2.35% yield on the three-month Treasury bill. When that kind of “inversion” in bond yields occurs, economists fear it may signal a recession within the coming year.

___

The S&P 500 index fell 23.67 points, or 0.8%, to 2,802.39. The Dow Jones Industrial Average dropped 237.92 points, or 0.9%, to 25,347.77. The Nasdaq composite dropped 29.66 points, or 0.4%, to 7,607.35. The Russell 2000 index of smaller companies gave up 10.09 points, or 0.7%, to 1,504.02.

All contents © copyright 2019 The Associated Press. All rights reserved.