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Stocks plummet...Supreme Court rejects Apple plea...Regulation scrapped

May 13, 2019

NEW YORK (AP) _ Stocks plummeted in trading today on Wall Street as the U.S. and China rattled markets with an escalating trade war. The steep drop extends last week’s slide, with technology and industrial stocks bearing the heaviest losses. The Dow was about 700 points lower in afternoon trading. According to the Chinese Finance Ministry, tariffs of 5% to 25% will take effect on June 1 affecting about 5,200 American products, including batteries, spinach and coffee.

WASHINGTON (AP) _ Soybean farmers are growing frustrated by the lack of progress in trade talks between the U.S. and China. In a prepared statement, the American Soybean Association said the U.S. has met with Beijing 11 times with no deal being reached. Davie Stephens, a soybean grower from Kentucky and president of the ASA, said, “What that means for soybean growers is that we’re losing.”

WASHINGTON (AP) _ The Supreme Court is allowing consumers to pursue an antitrust lawsuit that claims Apple has unfairly monopolized the market for the sale of iPhone apps. The case was filed by iPhone users who must purchase software for their smartphones exclusively through Apple’s App Store. New Justice Brett Kavanaugh joined the court’s four liberals in rejecting a plea from Apple to end the lawsuit over the 30% commission the company charges software developers whose apps are sold through the App Store.

DETROIT (AP) _ The U.S. government is withdrawing a proposal to require all passenger vehicles to have safety systems to prevent unintended acceleration. The National Highway Traffic Safety Administration says the rule isn’t needed because the auto industry has installed systems voluntarily. The agency says all 2018 passenger vehicles have systems that override the throttle if a driver presses the gas and brakes at the same time.

NEW YORK (AP) _ Accusations and counterclaims are piling up as lawyers for organizers of the Woodstock 50 festival and their onetime financial partner Amplifi Live LLC head for a New York City courtroom. Organizers, who say the concert is still a go, sued Amplifi Live saying they sabotaged the festival, can’t singlehandedly cancel it and plundered nearly $18 million in funds. Amplifi Live says that organizers’ “incompetence” spurred it to take control, nix the festival and take back the money.