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Business Highlights

By The Associated PressAugust 13, 2019

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CBS, Viacom to reunite as media giants bulk up for streaming

NEW YORK (AP) — The newly combined ViacomCBS will invest in more movies and TV shows and try to sell more advertising as it seeks to become a bigger player in the growing business of streaming video. Yet the bigger company still might not be big enough to be competitive, as larger rival Disney launches its own service in November and streaming pioneer Netflix spends even more on original shows and movies. CBS and Viacom announced reunion plans Tuesday.

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Facing pressure, Trump delays tariffs on some Chinese goods

WASHINGTON (AP) — Responding to pressure from businesses and growing fears that a trade war is threatening the U.S. economy, the Trump administration is delaying most of the import taxes it planned to impose on Chinese goods and dropping others altogether. The announcement was greeted with relief on Wall Street and by retailers who have grown fearful that the new tariffs would wreck holiday sales.

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China’s Xi gets tougher on Trump after new tariff threat

BEIJING (AP) — Facing another U.S. tariff hike, Chinese President Xi Jinping is getting tougher with Washington instead of backing down. Both sides have incentives to settle a trade war that is battering exporters on either side of the Pacific and threatening to tip the global economy into recession. But Xi’s government is lashing out and might be settling in for prolonged wrangling in response to what it deems American bullying and attempts to handicap China’s economic development.

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Stocks rebound on US plan to delay some China tariffs

NEW YORK (AP) — Stocks notched solid gains Tuesday after the U.S. said it would hold off on tariffs of Chinese imports of mobile phones, toys and several other items typically on holiday shopping lists. The latest turn in the trade war helped the stock market erase much of the losses from the previous two days. Technology sector stocks, which have been among the biggest losers during heavy selling days this month, led the broad market rebound. Health care companies, retailers and banks also notched gains.

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Hong Kong’s business reputation takes hit with airport chaos

HONG KONG (AP) — Protests at Hong Kong’s airport have caused a second day of travel mayhem at one of the world’s busiest air-transport hubs, further threatening the city’s reputation as a stable place for doing business. Travelers trying to catch their flights were met Tuesday with an announcement that check-in was suspended from late afternoon because terminal operations were “seriously disrupted.” That caused at least 120 flights to be cancelled.

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Trump claims credit for Shell plant announced under Obama

MONACA, Pa. (AP) — President Donald Trump is taking credit for the construction of a major manufacturing facility in western Pennsylvania as an example of his accomplishments in office. Trump visited Shell’s soon-to-be completed Pennsylvania Petrochemicals Complex, which will turn the area’s vast natural gas deposits into plastics. Although Trump is claiming credit for the facility, Shell announced its plans to build the complex in 2012, when President Barack Obama was in office.

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‘Taco Tuesday’ tiff heats up in fast-food chain’s hometown

CHEYENNE, Wyo. (AP) — A trademark tiff over use of the term “Taco Tuesday” is stirring a debate in Wyoming. Cheyenne-based fast-food chain Taco John’s trademarked the term 30 years ago and isn’t shy about sending cease-and-desist letters to offenders. A recent letter went to a brewery just five blocks from Taco John’s national headquarters. Freedom’s Edge Brewery posted it on Facebook, and the comments poured in. Some rallied to the chain’s defense, while others said it’s time for Taco John’s to lighten up.

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Pew survey: 60% in US hold dim view of China amid trade war

WASHINGTON (AP) — Rising tensions over trade have dimmed Americans’ opinions of China. A Pew Research Center survey finds that 60% have an unfavorable view of China — up from 47% last year to the highest proportion since Pew started asking the question 14 years ago. The survey results find that 24% regard China as America’s top threat for the future, the same percentage that said so of Russia.

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Airline ends trans-Atlantic routes due to 737 Max grounding

NEW YORK (AP) — Norwegian Air says it’s ending trans-Atlantic service between Ireland and three U.S. and Canadian airports because the grounding of Boeing 737 Max aircraft has made the routes “no longer commercially viable.” The carrier announced Tuesday its last flights to Ireland from Stewart Airport in New York’s Hudson Valley and T.F. Green Airport in Providence, Rhode Island, would be on Sept. 14. Its last flight to Ireland from Hamilton, Ontario, will depart on Sept. 13.

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Farmers turn to tech as key river in US West faces distress

GREELEY, Colo. (AP) — Agriculture uses most of the crucial Colorado River in the U.S., and researchers are trying to find ways technology can help farmers use less water amid threats from climate change and a growing population. They’re experimenting with drones, specialized cameras, soil monitors and cellphone apps to make it easier to use less water from the river that serves Arizona, California, Colorado, Nevada, New Mexico, Utah and Wyoming.

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The S&P 500 rose 42.57 points, or 1.5%, to 2,926.32. The Dow Jones Industrial Average gained 372.54 points, or 1.4%, to 26,279.91. The Nasdaq composite jumped 152.95 points, or 1.9%, to 8,016.36. The Russell 2000 index of smaller company stocks rose 16.30 points, or 1.1%, to 1,510.58.

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