Stocks edge lower...US making it harder to visit Cuba...Ford, Chinese partner form electric car venture
NEW YORK (AP) — Stocks are edging lower in early trading on Wall Street as falling interest rates continue to put pressure on banks. Technology and energy companies are also lower. For the second day in a row, investors are buying relatively safe, high-dividend stocks and selling companies that have strong links to economic growth. That’s a small reversal of the pattern that has played out since Donald Trump was elected president one year ago.
WASHINGTON (AP) — The Trump administration is imposing travel and commerce restrictions on Cuba today that will make it harder for Americans to visit the island nation. Americans wanting to visit Cuba will have to go as part of organized tour groups run by U.S. companies. A representative of the sponsoring group must accompany the travelers. The Treasury Department is exempting trips booked before Trump announced his Cuba policy on June 16.
WASHINGTON (AP) — Congress’ nonpartisan budgetary analysts say ending the requirement that most people buy health insurance would save less money than was estimated earlier. The Congressional Budget Office says repealing the so-called individual mandate would save $338 billion over a decade. The office had estimated $416 billion in savings earlier this year. Republicans have said they’re considering repealing the individual mandate in their tax bill.
BEIJING (AP) — Ford Motor Co. is launching a venture with a Chinese partner (Anhui Zotye Automobile Co.) to develop electric vehicles for sale in China, the biggest market for the technology. Today’s announcement of the $750 million venture comes amid rising investment by global automakers in China’s growing electric vehicle industry. Mercedes Benz makes electric cars with a Chinese partner and other global brands including General Motors Co. and Volkswagen AG have announced or are exploring similar ventures.
BRUSSELS (AP) — The European Commission wants to reduce car-generated EU carbon dioxide emissions by 30 percent by 2030, and boost electric car use by making them cheaper and easier to charge. A commission proposal released today stops short of quotas on car makers, and is more modest than goals already set out by some EU members. The plan includes investment incentives and an expansion and standardization of charging stations Europe-wide.