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Mixed markets...Toshiba troubles...Europe economy still expanding

June 23, 2017

HONG KONG (AP) — International stock markets were mixed today as oil prices stabilized and investors assessed Beijing’s moves to tighten up on some Chinese companies as well as the latest survey on eurozone economic growth. Futures point to opening gains on Wall Street. Benchmark U.S. crude oil rose to nearly $43 a barrel. The dollar slipped against the yen and the euro.

TOKYO (AP) — Money-losing Japanese electronics and nuclear company Toshiba Corp. has until Aug. 10 to get auditors to sign off on its earnings statements, or else it faces the risk of getting delisted. Tokyo-based Toshiba, whose U.S. nuclear unit Westinghouse Electric Co. filed for bankruptcy protection in March, said today it received an extension of an earlier June deadline to give its earnings report for the fiscal year that ended in March. The company is getting bumped down from the first to the second section of the Tokyo Stock Exchange.

LONDON (AP) — A closely watched survey shows that economic growth across the 19-country eurozone has slipped back in June to a five-month low but that the region still enjoyed its best quarter for more than six years. Financial information firm IHS Markit says its eurozone composite purchasing managers’ index, a broad gauge of economic activity across the manufacturing and services sectors, fell to 55.7 points in June from 56.8 the previous month. Despite the decline, the index is way above the 50 level that marks expansion.

GENEVA (AP) — Switzerland’s financial markets authority says it has taken action in two separate cases of insider trading and market manipulation, seizing millions of Swiss francs (dollars) of illegal profits and banning three traders from the industry. The authority, FINMA, said 1.4 million francs in ill-gotten profits were seized from a former corporate board member who “repeatedly and systematically flouted the ban on using non-public information.” FINMA did not specify the companies or individuals involved, citing legal restrictions.

WASHINGTON (AP) —Once a teenage rite of passage, the summer job is vanishing is becoming an endangered species. In the summer of 2017, America’s teenagers are more likely to be enrolled in summer school, doing volunteer work to burnish their college credentials or just hanging out with friends rather than be baling hay, scooping ice cream or stocking supermarket shelves in July and August. In July 1986, 57 percent of Americans ages 16 to 19 were employed. By last July, only 36 percent were working. Experts worry that falling teen employment will deprive them of valuable work and life experience.

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