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European shares marginally higher ... Uber, Lyft drivers plan demonstrations ... Developer in SCal could get record fine

May 8, 2019

BANGKOK (AP) — Shares were marginally higher in Europe today, despite broad losses in Asia and New York. Germany’s DAX gained 0.3%, the CAC 40 in France added 0.2% and Britain’s FTSE 100 fell 0.1%. In Asia, the Shanghai Composite index declined 1.1%, Japan’s Nikkei 225 index dropped 1.5%, and Hong Kong’s Hang Seng gave up 1.3%. The Kospi in South Korea shed 0.4%. Wall Street is expected to open higher, with Dow and S&P futures each up 0.1%.

BEIJING (AP) — China’s April exports fell 2.7% from a year ago amid the country’s tariff war with Washington, while imports rebounded to 4% growth. The data reported today come ahead of a new round of talks aimed at ending the fight with the Trump administration over Beijing’s technology ambitions. The export figure is a striking decline from March’s 14.2% growth and reflects weakening global demand as well as U.S. tariff hikes on Chinese goods.

TOKYO (AP) — Honda is reporting a loss for January-March, despite growing sales, as an unfavorable exchange rate, income tax expenses and other costs hurt results. Honda Motor Co. reports a 13 billion yen ($118 million) loss for the fiscal fourth quarter, a reversal from a 107.7 billion yen profit the previous fiscal year. Quarterly sales rose 3% to 4.05 trillion yen ($37 billion). Honda says it will streamline its product offerings, consolidating model variations, and increase parts-sharing to cut costs.

NEW YORK (AP) — Drivers for ride-hailing giants Uber and Lyft are planning to turn off their apps today to protest what they say are declining wages at a time when both companies are raking in billions of dollars from investors. Organizers are planning demonstrations in 10 U.S. cities, including Chicago, Los Angeles, New York, San Francisco and Washington, D.C. They’re timing their protests in advance of Uber’s initial public stock offering, which is planned for Friday.

LOS ANGELES (AP) — A developer could be hit today with a record $25 million in fines and fees for constructing a high-priced hotel on the Southern California coast after obtaining a permit for a property with moderately priced rooms, in what state officials called a “bait-and-switch” building scheme. The California Coastal Commission says Sunshine Enterprises violated a state law that enshrines public access to beach areas. Commission supervisor Andrew Willis says, “We hope this is a painful price to pay. We want this to be a deterrent.”