Shares rebound...China airline industry supports seeking Boeing compensation...China fights back
TOKYO (AP) — Global shares have bounced back following an overnight sell-off on Wall Street. Futures point to slight opening gains on Wall Street. Theresa May’s decision to step down as British Prime Minister diverted attention only briefly from the main preoccupation for the markets, trade friction between China and the U.S. Benchmark U.S. crude rose above $58.50. The dollar fell against the yen and the euro.
BEIJING (AP) — China’s airline industry association has thrown its support behind 13 Chinese carriers seeking compensation from Boeing for groundings of the 737 Max 8. The China Air Transport Association said in a statement Friday that the groundings and delayed deliveries of the planes were causing “serious damage” to the companies’ businesses. It estimated their losses at 4 billion yuan ($580 million) should the planes remain grounded through the end of next month.
BEIJING (AP) — Stepping up a propaganda offensive against Washington, China’s state media on Friday accused the U.S. of seeking to “colonize global business” by targeting telecom equipment giant Huawei and other Chinese companies. There was no word from either side of progress about resuming talks on ending a tariff war between the world’s two largest economies.
NEW YORK (AP) — Dressbarn says it expects to have all its 650 stores closed by the end of this year. The women’s clothing chain announced earlier this week that it was shutting all its stores but hadn’t given a timeline for the closures until Thursday. Dressbarn’s owner, Ascena Retail Group Inc., has said it wants to focus on its other brands, such as Ann Taylor and Lane Bryant. An executive said Dressbarn wasn’t profitable enough.
ORLANDO, Fla. (AP) — Worldwide attendance at the 10 biggest operators of amusement parks increased 4% last year and crossed the half-billion-visitors mark for the first time, according to an industry report released this week. The report by the Themed Entertainment Association and the Economics Practice at AECOM said global attendance at waterparks increased by 2.5%, and the top museums had relatively flat attendance last year. Disney parks led the way.