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Business Highlights

October 1, 2018

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GE, seeking path forward as a century-old company, ousts CEO

BOSTON (AP) — General Electric CEO and Chairman John Flannery is being ousted after just over a year on the job at the century-old company. Flannery took over for longtime CEO Jeff Immelt in August 2017, but the company has been beset problems as it tries to reshape itself. It revealed substantial setbacks for its power unit Monday, which will lead to a $23 billion charge.

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Trump hails NAFTA revamp, but quick approval no sure thing

WASHINGTON (AP) — President Donald Trump is celebrating a revised North American trade deal with Canada and Mexico as a return of the United States to a “manufacturing powerhouse,” He’s vowing to sign the agreement by late November but acknowledging the implementation of the deal could be affected by opposition from Democrats in Congress.

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Can wireless challenge cable for home internet service?

NEW YORK (AP) — Cellular companies are looking to challenge traditional cable companies with residential internet service that promises to be ultra-fast, affordable and wireless. Verizon’s wireless service for the home launches in four cities Monday using an emerging wireless technology known as 5G. The service promises to be cheaper to build and operate, but its success will depend on whether it turns out to be affordable and reliable.

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New California internet neutrality law sparks US lawsuit

SACRAMENTO, Calif. (AP) — California and the Trump administration are feuding over the state’s new internet neutrality law that aims to ensure a level playing field on the internet. The U.S. Justice Department sued California Sunday over the new law just hours after Gov. Jerry Brown signed it. The law gives California the nation’s strongest net neutrality rules. The U.S. Department of Justice says it creates burdensome regulations that are at odds with federal law.

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Longtime Facebook exec Adam Mosseri new head of Instagram

NEW YORK (AP) — Facebook is naming Adam Mosseri, a 10-year veteran of the company, as the head of Instagram. The appointment comes a week after the photo-sharing app’s co-founders resigned without giving a clear reason. Kevin Systrom, Instagram’s CEO and Mike Krieger, its other co-founder, made the announcement on the company blog Monday. Mosseri has been Instagram’s head of product since May.

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Little scrutiny in DeVry sale, as DeVos targets protections

WASHINGTON (AP) — The nearly completed sale of one of the biggest for-profit college chains in the country has received little public scrutiny even though millions of dollars in federal financial aid are at stake. The sale of DeVry University to a little-known venture capitalist also is moving along at the same time Education Secretary Betsy DeVos works to dismantle Obama-era regulations designed to better police the industry and increase protections for students.

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New Tesla chair must rein in CEO Musk at key moment

WASHINGTON (AP) — It won’t be an easy job. Whoever becomes the new chairman of Tesla Motors will face the formidable task of reining in Elon Musk, the charismatic, visionary chief executive with an impulsive streak, while also helping Musk achieve his dream of turning Tesla into a profitable, mass-market producer of environmentally-friendly electric cars. Musk is ceding his chairman’s role under an agreement with securities regulators.

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Eurozone nations sharply criticize Italian spending plan

BRUSSELS (AP) — Eurozone nations have put Italy under immediate pressure over what they see as budget proposals that would pile more debt on its citizens and skirt the rules of good fiscal housekeeping. Italy has sought to reassure its eurozone partners over its plans to ramp up government spending, which have had financial markets worrying about the country’s public finances.

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Drugmaker Pfizer’s CEO Read to be replaced by COO Bourla

The biggest U.S.-based drugmaker will change leaders in January when Pfizer Chief Operating Officer Albert Bourla replaces CEO Ian Read, who has led the company for nearly eight years. Pfizer Inc. said Monday that Read will become executive chairman of Pfizer’s board of directors.

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Early rally over Canada deal fades, leaving US stocks mixed

NEW YORK (AP) — Major stock indexes ended mixed, having given up an early gain after the U.S. and Canada agreed to a new trade deal. Oil prices continue to rise and energy companies are rallying. GE is jumping after ousting its CEO after barely a year on the job, and Tesla is soaring after an agreement with regulators will allow Elon Musk to stay on as CEO. Bond yields are higher.

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The S&P 500 index finished with a gain of 10.61 points, or 0.4 percent, at 2,924.59. The Dow Jones Industrial Average jumped 192.90 points, or 0.7 percent, to 26,651.21. The Nasdaq composite lost 9.05 points, or 0.1 percent, at 8,037.30. The Russell 2000 index of smaller and more U.S.-focused companies sank 23.58 points, or 1.4 percent, to 1,672.99.

Benchmark U.S. crude climbed 2.8 percent to $75.30 a barrel in New York. Brent crude, used to price international oils, added 2.7 percent to $84.98 per barrel in London. Wholesale gasoline rose 2 percent to $2.13 a gallon. Heating oil added 2.5 percent to $2.41 a gallon. Natural gas jumped 2.9 percent to a three-year high of $3.09 per 1,000 cubic feet.

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