AP NEWS

Business Highlights

June 6, 2019

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US and Mexico: More talks, no deal yet to avert tariffs

WASHINGTON (AP) — U.S. and Mexican officials are laboring for a second day to avert import tariffs that President Donald Trump is threatening to impose as he tries to strong-arm Mexico into stemming the flow of Central American migrants across America’s southern border. Both sides are claiming headway, but Trump says a “lot of progress” must still be made to halt the 5% tax on all Mexican goods that he has threatened to impose Monday. The escalating tariff regime is opposed by many in his own Republican Party.

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China says list of ‘unreliable’ foreign firms coming soon

BEIJING (AP) — China’s Commerce Ministry says it will release a list of “unreliable” foreign companies in the near future. The Chinese commerce ministry spokesman did not give a date Thursday during a weekly briefing. But he said the process of drawing up the list was underway. China said it would issue a list of foreign companies and individuals that it deems unreliable after the U.S. blacklisted Chinese tech giant Huawei for alleged theft of intellectual property and evasion of Iran sanctions.

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Fiat Chrysler-Renault deal collapsed over Nissan role

MILAN (AP) — Fiat Chrysler’s plan to merge with French carmaker Renault collapsed on fundamental differences over when Renault’s long-time alliance partner, Nissan, would be brought in. The merger plan had sought to create the world’s third-largest automaker. But it collapsed suddenly after the French government, Renault’s top shareholder, asked for more time to seek Nissan’s blessing.

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Google’s challenge to game consoles to kick off in November

NEW YORK (AP) — Google will start its Stadia streaming game service in November — but initially only as part of a $130 bundle that includes hardware and a pass for a friend. Google won’t offer stand-alone subscriptions, for $10 a month, until next year. Stadia is Google’s attempt to make traditional video game consoles such as the Xbox and PlayStation obsolete.

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Regulators give phone companies new tools to fight robocalls

NEW YORK (AP) — Telecom regulators have voted to let phone companies block unwanted calls by default, which could be a powerful new tool against robocalls — if phone companies do it. They’re not required to. And they are also allowed to charge for it. There are other fronts in the war against robocalls, but even so, phone spam might not disappear. There are already concerns that scammers can outwit the latest moves in the arms race.

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Huawei warns US would hurt itself by cutting off tech ties

ST. PETERSBURG, Russia (AP) — A senior executive for Chinese technology giant Huawei says he is hoping the company’s animosity with the United States will be resolved and warned that the U.S. would be shooting itself in the foot if it were to shun Chinese technology. Mika Lauhde, Huawei’s vice-president for cybersecurity and privacy, told The Associated Press Thursday that he hopes for a “positive resolution” of the ongoing standoff with the U.S.

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After Fed, Europe also helps economy cope with trade war

VILNIUS, Lithuania (AP) — The European Central Bank has taken action to support the economy in the 19 countries that use the euro, responding to fears about global trade conflicts. The ECB said Thursday it would extend the earliest date for an interest rate increase from year-end to mid-2020. Benchmark rates are currently at record lows.

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Google to acquire data firm Looker for $2.6 billion

NEW YORK (AP) — Google is acquiring data analytics firm Looker for $2.6 billion in an effort to expand its Google Cloud business. The company says Looker will give its cloud-computing customers more ways to use their data. The companies were already working together and share about 350 customers including Buzzfeed, Hearst and Yahoo! The deal is expected to be completed later this year.

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Plant-based burger maker Beyond Meat beats forecasts in 1Q

EL SEGUNDO, Calif. (AP) — Beyond Meat’s shares soared after the plant-based meat company beat Wall Street’s expectations in its first earnings report since its IPO in May. The El Segundo, California-based company lost $6.6 million, or 95 cents per share, in the first quarter, up slightly from a 98-cent loss in the same period a year ago.

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Boom in electric scooters leads to more injuries, fatalities

As electric scooters have rolled into more than 100 cities worldwide, many of the people riding them have ended up in the emergency room with serious injuries. Others have been killed. With summer fast approaching, the numbers will undoubtedly grow as cities continue to grapple with how to manage the two-wheeled vehicles that riders adore but motorists and pedestrians scorn.

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US stocks climb on hope of US-Mexico trade deal

NEW YORK (AP) — U.S. stocks finished higher Friday as optimism that the U.S. and Mexico can work out a deal before costly tariffs kick in next week helped power the market to its third straight gain. A modest rally gained strength in the final hour of trading after Bloomberg reported that the U.S. was considering delaying a 5% tariff on Mexican goods that is set to go into effect on Monday. The report came as the two countries held a second day of trade talks.

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The S&P 500 index gained 17.34 points, or 0.6%, to 2,843.49. The Dow Jones Industrial Average rose 181.09 points, or 0.7%, to 25,720.66. The Nasdaq composite added 40.08 points, or 0.5%, to 7,615.55. The Russell 2000 index of smaller companies dropped 3.25 points, or 0.2%, to 1,503.54.

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