Business Highlights

July 10, 2018


Stuck in trade war, US and China face uncertain path to deal

WASHINGTON (AP) — As the trade war between the world’s two largest economies nears the end of its first week, its most unsettling fact may be this: No one seems to foresee any clear path to peace. The United States insists that China abandon the brass-knuckles tactics it’s used to try to supplant America’s technological dominance. Yet Beijing isn’t about to drop its zeal to acquire the technology it sees as crucial to its prosperity.


Business groups and unions clash over Supreme Court nominee

WASHINGTON (AP) — Business groups and labor unions have lined up on opposing sides of the pitched battle shaping up over President Donald Trump’s Supreme Court nominee, Brett Kavanaugh, whose approach to the law is widely seen as business-friendly. Kavanaugh’s rulings and written dissents generally convey skepticism toward government regulatory and consumer protection efforts — positions that tend to enjoy broad support among business organizations. He has also usually sided with employers in labor law cases.


European exporters shift trade to avoid higher US tariffs

BEIJING (AP) — European companies that export from China are changing their flow of goods to avoid higher American tariffs in a sign of the spreading impact of the U.S.-Chinese trade war. Expanding the scope of its measures, China said Tuesday it was imposing anti-dumping duties on U.S. exports of materials used to make optical fibers. The Commerce Ministry said optical fiber preforms from the United States and Japan will face additional duties of 37.9 to 78.2 percent for five years.


Tesla announces deal for Shanghai factory

BEIJING (AP) — Electric car producer Tesla says it will build its first factory outside the United States in Shanghai. Construction will start in the near future under an agreement signed Tuesday with a Shanghai city government agency, according to the company. The announcement comes amid mounting U.S.-Chinese trade tensions and follows Beijing’s decision to lift limits on foreign ownership in its auto industry.


How Apple’s app store changed our world

SAN FRANCISCO (AP) — A decade ago, Apple opened a store peddling iPhone apps, letting users truly take control of their mobile devices. Since its debut 10 years ago Tuesday, Apple’s app store has unleashed new ways for us to work, play, and become lost in our screens. All those apps also opened up new peepholes our lives, creating new ways for online services to lurk in the digital shadows.


Judge: Experts can testify that Roundup linked to cancer

SAN FRANCISCO (AP) — A U.S. judge in San Francisco says evidence seems weak that Roundup weed killer can cause cancer, but experts can still make that claim at trial. The ruling Tuesday allows hundreds of lawsuits against Roundup’s manufacturer, Monsanto, to move forward. The lawsuits by cancer victims and their families say the agrochemical giant long knew about Roundup’s cancer risk but failed to warn them. Government regulators have rejected a link between the active ingredient in Roundup and cancer.


Cuba lifting freeze on new private tourism businesses

HAVANA (AP) — A 16-month freeze on new private restaurants and bed-and-breakfasts will end in December when Cuba’s communist government implements new regulations meant to prevent tax evasion and the accumulation of wealth. Cuban officials who announced the change say that the private sector has become a necessary part of the island’s state-dominated economy but requires tighter controls.


Trump replacement for Obama climate plan moves forward

BILLINGS, Mont. (AP) — The Trump administration is advancing its plan to replace the centerpiece of President Barack Obama’s efforts against global warming with a new rule expected to be friendlier to the coal industry. The Environmental Protection Agency said it sent the new rule to the White House for review on Monday. The document itself was not released, but Trump has made clear his intentions to ease regulations on the coal industry.


National trucking industry files lawsuit over tolls

PROVIDENCE, R.I. (AP) — A national trucking industry group is fighting Rhode Island over new tolls arguing that large commercial tractors are being unfairly targeted. The lawsuit has been filed in federal court by Virginia-based American Trucking Associations, and claims Rhode Island Department of Transportation tolls violate the U.S. Constitution. The plaintiffs are asking for an injunction to stop the tolls, and repayment of legal fees. The state’s transportation department says the lawsuit was expected.


US stocks climb again as Pepsi leads household goods rally

NEW YORK (AP) — U.S. stocks rise for the fourth day in a row as Pepsi led household goods makers higher. Technology companies also climbed. The S&P 500 has risen seven times in the last eight days and is at its highest level since Feb. 1. In recent days stocks have risen despite escalating trade conflicts between the U.S. and China and other trading partners.


The S&P 500 index added 9.67 points, or 0.3 percent, to 2,793.84. The Dow Jones Industrial Average rose 143.07 points, or 0.6 percent, to 24,919.66. The Nasdaq composite picked up 3 points to 7,759.20. The Russell 2000 index of smaller-company stocks lost 8.99 points, or 0.5 percent, to 1,695.62.

U.S. crude oil rose 0.4 percent to $74.11 a barrel in New York. Brent crude, used to price international oils, gained 1 percent to $78.86 a barrel in London. Wholesale gasoline added 0.5 percent to $2.16 a gallon. Heating oil rose 1.2 percent to $2.22 a gallon. Natural gas fell 1.4 percent to $2.79 per 1,000 cubic feet.

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