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Business Highlights

By The Associated PressJune 27, 2019

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Politicians’ tweets could get slapped with warning labels

SAN FRANCISCO (AP) — Presidents and other world leaders and political figures who use Twitter to threaten or abuse others could find their tweets slapped with warning labels. The new policy, announced by company on Thursday, comes amid complaints from activists and others that President Donald Trump has gotten a free pass from Twitter to attack his enemies in ways they say could lead to violence.

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US to China: Fix tech policies. China’s retort: Drop tariffs

WASHINGTON (AP) — The Americans want to safeguard their technological riches, restore balance to their top trading relationship and force a sharp-elbowed rival to play by the rules and keep its word. The Chinese want the Trump administration to drop its tariffs so they can regain freer access to the world’s largest consumer market while pursuing their goal of becoming a global technology superpower.

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Trade, climate change, Iran focus as G-20 leaders meet

OSAKA, Japan (AP) — Prospects for detente in the trade war between the United States and China are in the spotlight as President Donald Trump and other world leaders gather in Osaka, Japan, for a summit of the Group of 20 nations. Many participants are calling for a broader perspective in tackling the trade dispute and other global issues, especially climate change. The two-day meeting of leaders of major economies kicks off on Friday. Trump and Xi are due to meet on Saturday.

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US economy grew at solid 3.1% rate in first quarter

WASHINGTON (AP) — The U.S. economy grew at a healthy 3.1% rate in the first three months of this year, but signs are mounting that growth has slowed sharply in the current quarter, reflecting slower global growth and a confidence-shaking trade battle between the United States and China. The Commerce Department reports that the gain in the gross domestic product was unchanged from a month ago although the components of growth shifted slightly.

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Banks announce billions in share buybacks after Fed approval

NEW YORK (AP) — The nation’s largest banks are rewarding shareholders by spending tens of billions raising their dividends and buying back stock after getting the green light from the Federal Reserve. The Fed on Thursday said it approved the capital plans the nation’s 18 largest banks submitted as part of this year’s stress tests. That means it determined the banks could raise their dividends and buy back more shares and still have enough capital to survive a hypothetical deep recession in the next year.

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Jony Ive, the designer behind the iPhone, is leaving Apple

SAN FRANCISCO (AP) — The man behind the iconic designs of the iPhone, iMac and iPad is leaving Apple. The company said Thursday that Chief Design Officer Jony Ive is leaving after more than two decades at Apple to start his own design firm. But he’s not completely severing ties. Apple said it will be one of Ive’s clients at his new firm.

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Facebook enlists plain English to clarify how it makes money

SAN FRANCISCO (AP) — Facebook is updating its terms and services guidelines to clarify how it makes money from the personal information of its users. The changes reflect its ongoing attempts to satisfy regulators in the U.S. and Europe, which have urged the company to make sure users know what they are signing up for.

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Up, down, back again: Funds deliver returns, vertigo

NEW YORK (AP) — If you’re brave or lazy enough to be a totally hands-off investor, congratulations, you’ve got a nice surprise coming. Most types of investments did well from April through June, with U.S. stocks setting record highs, bond funds packing a year’s worth of returns into three months and gold hitting its highest price in six years. But chronic checker-uppers, those who looked at their funds every few days or weeks, know how bumpy the ride was getting there.

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Have an old car? You’re not alone. Vehicle age hits record

DETROIT (AP) — People are keeping cars and trucks longer than ever. The average age of a U.S. vehicle hit a record 11.8 years, as better quality and technology allowed owners to hang onto them. The 2019 figures from data provider IHS Markit show that the rate of increase is slowing, but the average age is still expected to go over 12 early in the next decade. The average is up 0.1 years from 2018.

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Ford restructuring to cost 12,000 jobs in Europe

FRANKFURT, Germany (AP) — Ford Motor Co. said it is shedding 12,000 jobs in Europe as it streamlines its operations there in an effort to increase profitability. Thursday’s announcement is part of a global trend of cost cuts by automakers facing shifting consumer tastes and heavy investments in electric cars.

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S&P 500 snaps 4-day losing streak in broad rally

NEW YORK (AP) — Banks and health care companies led stocks broadly higher on Wall Street Thursday, ending a four-day losing streak for the benchmark S&P 500 index. The gains after a mostly wobbly week of trading reflect cautious optimism on the part of investors ahead of a key trade meeting between President Donald Trump and President Xi Jinping of China set for this weekend. The trade war between the world’s two biggest economies remains the biggest source of uncertainty looming over Wall Street.

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The S&P 500 index rose 11.14 points, or 0.4%, to 2,924.92. The Dow Jones Industrial Average slipped 10.24 points, or less than 0.1%, to 26,526.58. The Nasdaq composite gained 57.79, or 0.7%, to 7,967.76. The Russell 2000 index of smaller company stocks climbed 28.78 points, or 1.9%, to 1,546.55.

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