AP NEWS

Business Highlights

September 17, 2018

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As midterms near, Trump gambles on his hardline trade policy

WASHINGTON (AP) — By any conventional gauge, President Donald Trump’s uncompromising stance toward tariffs and the pain they’ve begun to cause U.S. individuals and companies so close to midterm elections would seem politically reckless. Yet Trump appears to be betting that his combative actions will soon benefit the country and prove a political winner.

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Chinese official: Beijing should target goods needed by US

BEIJING (AP) — News reports quote one of China’s most prominent figures in global finance as saying Beijing should pressure Washington to end their tariff battle by restricting exports of goods needed by American companies. The comments by Lou Jiwei, a former finance minister, follow reports regulators are squeezing American companies by slowing down customs approvals and stepping up inspections. Beijing is considering an invitation by Washington to hold new talks on their dispute over technology policy.

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Wall Street salaries highest since 2008 crisis, report finds

ALBANY, N.Y. (AP) — A new report from New York state Comptroller Thomas DiNapoli finds that Wall Street salaries are at their highest levels since the 2008 economic crisis. The report issued Monday found that the average salary at Wall Street firms last year was $422,500. DiNapoli says that overall, the industry had $24.5 billion in pre-tax profits last year.

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Amazon launches small business shop

NEW YORK (AP) — Amazon wants you to shop small. The online retailer launched a new section of its site Monday, called Amazon Storefronts, that only lists products sold by small- and medium-sized businesses in the U.S. The company says smaller companies can get lost among its millions of products and it wants a way for shoppers to find them more easily. Amazon says more than 1 million products from about 20,000 businesses were selected to be featured on the site, based on ratings from customers.

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Coca-Cola ‘closely watching’ cannabis in wellness drinks

The Coca-Cola Company says that it’s “closely watching” the growth of the use of a non-psychoactive element of cannabis in wellness drinks. The statement Monday came after reports over the weekend that Coca-Cola was in talks with a Canadian cannabis company to create some type of infused beverage. Coca-Cola says no decisions have been made and declined to confirm the reports. The beverage giant’s interest is another indication of the growing acceptance of cannabis by established companies.

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Oldest US nuclear plant shuts down after nearly 49 years

LACEY TOWNSHIP, N.J. (AP) — America’s oldest nuclear power plant has shut down. The Oyster Creek Nuclear Generating Station in New Jersey went offline at noon Monday. The plant in Lacey Township near the Jersey shore has dealt with corrosion and leaks during its time in service. Its owner, Chicago-based Exelon Corp., says the plant has always been safe.

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Diver who helped with Thai cave rescue sues Elon Musk

DETROIT — A British diver who helped rescue youth soccer players trapped in a cave in Thailand is suing Tesla CEO Elon Musk. Vernon Unsworth alleges that Musk falsely accused him on Twitter of being a pedophile. The lawsuit filed in Los Angeles federal court Monday seeks more than $75,000 in damages and a court order stopping Musk from making further allegations. Tesla did not comment immediately.

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Governments boycotting Nike or considering it are mounting

PROVIDENCE, R.I. (AP) — A Rhode Island town is considering asking its departments to refrain from purchasing Nike products, one of a number of governments that have called for boycotts in recent weeks. The president of the North Smithfield council is upset with Nike’s decision to use former San Francisco 49ers quarterback Colin Kaepernick in ads. The ACLU says the town could be held liable for violating the First Amendment.

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UK leader warns rebels: it’s my Brexit agreement or no deal

LONDON (AP) — British Prime Minister Theresa May is fighting back against opponents of her blueprint for Brexit, saying Parliament will have to choose between her proposal and crashing out of the European Union without a deal. May said Monday on the BBC that if rebel lawmakers shoot down a deal between her government and the EU, “the alternative to that will be having no deal.”

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The S&P 500 index fell 16.18 points, or 0.6 percent, to 2,888.80. The Dow Jones Industrial Average lost 92.55 points, or 0.4 percent, to 26,062.12. The tech-heavy Nasdaq composite gave up 114.25 points, or 1.4 percent, to 7,895.79. The Russell 2000 index of smaller companies fell 18.17 points, or 1.1 percent, to 1,703.55.

Benchmark U.S. crude lost 0.1 percent to settle at $68.91 a barrel in New York. Brent crude, used to price international oils, fell 0.1 percent to close at $78.05 a barrel in London. Wholesale gasoline slipped 0.3 percent to $1.98 a gallon, heating oil fell 0.1 percent to $2.21 a gallon and natural gas jumped 1.7 percent to $2.81 per 1,000 cubic feet.

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