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Business Highlights

April 4, 2019

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IPWhoa: What to know before joining this year’s IPO parade

NEW YORK (AP) — A parade of well-known technology companies will make their stocks available to everyone for purchase, not just big pension funds and wealthy people, this year. But it’s important to remember that the mantra of “invest in what you know” means to invest in companies whose business you understand, more so than to invest in what apps you use all the time.

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Amazon’s Jeff Bezos and wife MacKenzie finalize divorce

NEW YORK (AP) — Amazon says founder and CEO Jeff Bezos has finalized his divorce with wife MacKenzie, giving her a separate stake in the online shopping giant. MacKenzie Bezos will get 4% of Amazon — worth more than $35 billion — when the divorce is approved, which is expected to happen in about 90 days. Before the separation, Jeff Bezos had a 16% stake in Amazon worth more than $140 billion, making him one of the world’s richest people.

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Ethiopian report says faulty sensor data led to jet crash

ADDIS ABABA, Ethiopia (AP) — A doomed Ethiopian Airlines jet suffered from faulty readings by a key sensor, and pilots followed Boeing’s recommended procedures when the plane started to nose dive but could not avoid crashing, according to a preliminary report released Thursday by the Ethiopian government. The findings draw the strongest link yet between the March 10 crash in Ethiopia and an October crash off the coast of Indonesia, which both involved Boeing 737 Max 8 jetliners. All 346 people on the two planes were killed.

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Nissan’s Ghosn arrested again in financial misconduct case

TOKYO (AP) — Tokyo prosecutors have defended their decision to re-arrest former Nissan chairman Carlos Ghosn. They say the arrest, Ghosn’s fourth since Nov. 19, is a new, separate case involving different motives and people. They say Ghosn had to be detained because of flight risk and concerns he might destroy evidence. Prosecutors allege he diverted $5 million from funds sent by a Nissan subsidiary to an overseas dealership. Ghosn and his lawyers have vigorously protested the arrest.

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Tesla CEO Elon Musk attends contempt-of-court hearing

NEW YORK (AP) — With Tesla CEO Elon Musk watching, a federal judge in New York began hearing oral arguments over whether Musk is in contempt of court for violating an agreement with the U.S. Securities and Exchange Commission. An SEC lawyer says he has disregarded his deal when he tweeted about Tesla’s vehicle production in February without a lawyer’s approval. Meanwhile, shares fell 9% as trading opened after Tesla reported that production and deliveries slowed in the first quarter.

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Streaming to subscriptions: Video games enter new frontiers

NEW YORK (AP) — The video game industry is evolving. Rather than buy consoles and physical copies, gamers will have the choice of subscribing, playing for free or possibly just streaming games over the internet. Google has announced a game streaming service and Apple is offering a subscription service for games. It’s a new world of experimentation in an industry that hasn’t changed much since Nintendo launched its home gaming console in the U.S. in 1986 or when mobile gaming surged in popularity a decade ago.

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Trump says Herman Cain ‘the man’ for Fed board

WASHINGTON (AP) — President Donald Trump says he’s recommended Herman Cain, a political ally and former presidential candidate, for a seat on the Federal Reserve board. Cain, a former CEO of Godfather’s Pizza, ran for the 2012 Republican presidential nomination but dropped out after allegations of sexual harassment and infidelity. The president has already said he plans to nominate another conservative ally, Stephen Moore, for a separate vacancy on the board.

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Snap joins online game fray, unveils advertising products

SAN FRANCISCO (AP) — Snapchat is joining the online-games bandwagon with a new service that lets people play together on its mobile platform. The company says it wants to make it easier for friends to play together. Snap Inc. also unveiled at Los Angeles event new products to help companies advertise on its service, including Snapchat Ad Kit and Snapchat Audience Network. The tools let businesses send ads both to Snapchat users and people who don’t use the service, within other apps. The setup is similar to what Facebook does with its own ad service.

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Applications for US unemployment aid fall to 49-year low

WASHINGTON (AP) — The number of people seeking U.S. unemployment benefits fell to its lowest level since late 1969, a sign that employers are holding onto their workers despite signs of a slowing economy. The Labor Department says weekly applications for jobless aid fell 10,000 to a seasonally adjusted 202,000.

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US stock indexes finish mostly higher after a wobbly day

NEW YORK (AP) — Another wobbly day of trading on Wall Street ended Thursday with modest gains, nudging the market’s winning streak to a sixth straight day. Banks, big retailers and communication services companies accounted for much of the gains as a late-afternoon flurry of buying drove stocks higher. Technology and health care stocks lagged the most. Markets have been wobbly throughout the week as investors wait for the government’s jobs report on Friday.

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The S&P 500 index rose 5.99 points, or 0.2%, to 2,879.39. The Dow Jones Industrial Average gained 166.50 points, or 0.6%, to 26,384.63. The Nasdaq fell 3.77 points, or 0.1%, to 7,891.78. The Russell 2000 index of smaller company stocks picked up 6.58 points, or 0.4%, to 1,567.49.