Business Highlights

Posted on Wednesday, May 16th, 2018 By The Associated Press

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Senate backs effort to restore 'net neutrality' rules

WASHINGTON (AP) — Senate Democrats, joined by three Republicans, have pushed through a measure intended to revive Obama-era internet rules that ensured equal treatment for all web traffic. But opposition in the House and the White House may block it. Republicans on the short end of the vote describes the effort to reinstate "net neutrality" rules as "political theater" because the GOP-controlled isn't expected to take up the issue and the Senate's margin could not overcome a presidential veto.

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Trump Indonesia project gets Chinese government partner

NEW YORK (AP) — Some ethics experts say a planned Trump-branded hotel, luxury villas and condos and golf course in Indonesia may violate a clause in the U.S. Constitution which bans gifts from foreign governments. The property owner struck the development deal three years ago, before the election. A Chinese government-owned company is in charge of construction.

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Zuckerberg to meet EU officials — dodging public grilling

BRUSSELS (AP) — Facebook CEO Mark Zuckerberg has accepted to visit the European Parliament to explain his company's recent privacy issues and allegations that it misused personal data. Parliament President Antonio Tajani said that Zuckerberg "will be in Brussels as soon as possible, hopefully already next week" and would meet with parliamentary leaders and experts on civil liberties and justice.

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Judge mulls CBS restraining order against major shareholder

WILMINGTON, Del. (AP) — A Delaware judge has ordered a pause in a dispute between CBS and its majority shareholder that could decide control of the company. The judge on Wednesday granted CBS a temporary restraining order prohibiting National Amusements from taking any action to thwart a scheduled Thursday board vote on a dividend that would dilute National Amusement's voting power from 80 percent to 17 percent. The judge said the order was only temporary and will rule Thursday on whether it should remain in effect.

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Footnote in Trump report lists Cohen payment

WASHINGTON (AP) — President Donald Trump's disclosure that he reimbursed personal attorney Michael Cohen for up to $250,000 last year comes in a footnote to his financial disclosure report. No mention was made of a $130,000 paid to porn star Stormy Daniels to keep her quiet about an alleged affair. A footnote says the president "fully reimbursed" Cohen for "expenses" ranging from $100,001 to $250,000. The report says Trump did not have to disclose the payment but is doing so "in the interest of transparency."

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Macy's sees robust mobile, online sales as profits soar

NEW YORK (AP) — Macy's surpassed profit and revenue expectations for the first quarter of the year and raised its outlook. The company also reported strong same-store sales. The results sent Macy's shares soaring, and helped the stocks of other department store chains.

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Trump mining pollution rule change challenged

BILLINGS, Mont. (AP) — Environmental groups are challenging the Trump administration's rejection of an Obama-era rule that would have required companies to prove they have enough money to clean up mining pollution. The mining industry has a long history of abandoning contaminated sites and leaving taxpayers to foot the bill for cleanups. But EPA administrator Scott Pruitt agreed with the industry's contention that modern mining poses less risk for pollution.

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Trump says 'no folding' in trade negotiations with China

WASHINGTON (AP) — President Donald Trump says there has been "no folding" in his trade negotiations with China, as he addresses his efforts to help a Chinese telecommunications company that violated U.S. sanctions. Trump said Wednesday on Twitter that "Nothing has happened with ZTE except as it pertains to the larger trade deal." Trump tweeted his support for ZTE earlier this week, putting the president at odds with the Commerce Department's decision to impose trade restrictions for violating U.S sanctions.

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Technology, retailers help drive rebound in US stocks

NEW YORK (AP) — U.S. stocks notched solid gains Wednesday, recouping some of the market's losses from a day earlier. Technology and health care companies drove much of the rebound, outweighing losses in safe-play stocks like utilities and real estate investment trusts. Small-company stocks fared better than the rest of the market. Macy's led a rally among retailers after reporting surprisingly strong results, adding to the strong wave of corporate earnings in recent weeks

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The S&P 500 index rose 11.01 points, or 0.4 percent, to 2,722.46. The Dow Jones industrial average gained 62.52 points, or 0.3 percent, to 24,768.93. The Nasdaq composite added 46.67 points, or 0.6 percent, to 7,398.30. The Russell 2000 index of smaller-company stocks picked up 16.03 points, or 1 percent, to 1,616.37.

Benchmark U.S. crude oil added 18 cents to settle at $71.49 a barrel in New York. Brent crude, used to price international oil, rose 85 cents to close at $79.28 a barrel in London. In other energy futures trading, heating oil rose 2 cents to $2.27 a gallon. Wholesale gasoline climbed 5 cents, or 2 percent, to $2.25 a gallon. Natural gas lost 2 cents to $2.82 per 1,000 cubic feet.

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