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Update on the latest in business:

May 7, 2019

FINANCIAL MARKETS

Asia stocks mixed, Tokyo declines after Trump trade threat

BEIJING (AP) — Asian stock markets steadied today after Beijing said trade negotiators were preparing to go to Washington despite President Donald Trump’s threat to escalate their tariff war.

Benchmarks in Shanghai and Sydney rose. Hong Kong gave up early gains and Tokyo declined as trading resumed following a weeklong holiday.

The Shanghai Composite Index gained 0.2% while Hong Kong’s Hang Seng fell 0.1%. Sydney’s S&P-ASX 200 picked up 1% and India’s Sensex gained 0.1%. Markets in New Zealand, Taiwan, Jakarta and Singapore rose, while Bangkok was lower.

Tokyo’s Nikkei 225 lost 1.5% and Seoul’s Kospi slid 1% to 2,175.07.

Yesterday on Wall Street, the S&P 500 index dropped 0.5% to 2,932.47. The Dow Jones Industrial Average fell 0.3% to 26,438.48. The Nasdaq slid 0.5% to 8,123.29.

TRUMP CHINA-TARIFFS

US says higher tariffs on China to hit on Friday

WASHINGTON (AP) — U.S. Trade Representative Robert Lighthizer says the higher tariffs on China that President Donald Trump threatened over the weekend will take effect at 12:01 a.m. Eastern time Friday.

Lighthizer adds that trade negotiations with the Chinese will resume on Thursday in Washington.

In a briefing with reporters, Lighthizer accused Beijing of “reneging on prior commitments” after 10 rounds of high-stakes negotiations over China’s aggressive drive to supplant American technological dominance.

IRS-DONOR SECRECY-LAWSUIT

NY, NJ sue IRS for info on nonprofit-donor disclosure shift

NEW YORK (AP) — New York and New Jersey are suing the IRS, saying the agency is withholding records about a decision to stop requiring certain nonprofit organizations to disclose who gives them money.

New York Attorney General Letitia James and New Jersey AG Gurbir Grewal filed a federal public-records suit Monday. Both are Democrats.

The federal government said in July that the IRS would cease collecting donor information from business associations, labor unions and what are called “social welfare” organizations. Some are major political spenders.

James’ and Grewal’s lawsuit says they’re concerned that the change will hamper their oversight of such organizations in their states.

MALAYSIA-US CORRUPTION

Banker in Malaysian case ordered free on US bail

NEW YORK (AP) — A defense attorney says former Goldman Sachs executive Roger Ng will fight the money laundering and corruption charges he faces after being extradited from Malaysia.

Defense attorney Marc Agnifilo told reporters Monday that he’s pleased Ng arrived safely in the United States “and is no longer in the jail that he was in in Malaysia.”

Ng walked out of the federal courthouse in Brooklyn after posting a $1 million cash bail and pleading not guilty to paying bribes to government officials in Malaysia and Abu Dhabi.

Federal prosecutors say he also violated the Foreign Corrupt Practices Act by circumventing Goldman’s internal accounting controls.

Ng had been in custody since his November arrest in Malaysia.

His release calls for home confinement and electronic monitoring.

ASIA-BOEINGMAX 8

Boeing 737 Max 8 woes crimp Asian airlines’ growth plans

SINGAPORE (AP) — Asian airlines are cutting routes, revamping their schedules and leasing extra aircraft to fill the gaps left by groundings of Boeing 737 Max 8s after deadly crashes in Indonesia and Ethiopia killed 346 people.

So far, carriers have managed to avoid major disruptions, but analysts expect that idling the Max 8s, a fuel-efficient update of Boeing’s popular 737, will crimp growth plans in the near future.

As investigations into the crashes continue, Boeing anticipates a $1 billion increase in costs related to the 737 Max, including fixing software implicated in the disasters, adding pilot training and compensating airlines and families of crash victims.

AMAZON GO-TAKING CASH

Amazon to open first Go store that accepts cash

NEW YORK (AP) — Amazon launched its high-tech Go convenience store a year ago, where shoppers can pull items off the shelf and walk out.

Now it’s adding a decidedly low-tech feature by accepting cash.

Its new store opening in New York City today will be the first Amazon Go store to do so. At its other shops, customers can only enter with an app that links to a credit card or an Amazon account.

The company, facing backlash from critics who say cashless stores discriminate against the poor, confirmed last month that it was working on a way to accept cash.

GOOGLE-EVENT

Google expected to show off new hardware, AI at annual event

SAN FRANCISCO (AP) — Google CEO Sundar Pichai is expected to showcase much-anticipated updates to the company’s hardware lines and artificial intelligence today during his keynote at the company’s annual I/O conference for software developers.

Google will also likely address privacy updates as concerns about data sharing continue to plague the tech industry. Facebook dedicated much of its own conference last week to addressing privacy.

Rumors suggest that Google may unveil a mid-range Pixel phone as a cheaper option to the flagship model currently on sale for $800.

Google says more than 7,000 developers will attend its annual conference in Mountain View, which is focused on updates for the computer engineers that build apps and services on top of Google technology. I/O has also become a stage to announce new consumer products.