Business Highlights

Posted on Friday, June 15th, 2018 By The Associated Press

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A trade war looms as Trump slaps tariffs on Chinese imports

WASHINGTON (AP) — President Donald Trump brought the world's two biggest economies to the brink of a trade war by announcing a 25 percent tariff on up to $50 billion in Chinese imports to take effect July 6. Beijing quickly responded that it would retaliate with penalties of the same scale on American goods.

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Why many Americans aren't benefiting from robust US economy

WASHINGTON (AP) — "The economy," Federal Reserve Chairman Jerome Powell declared this week, "is doing very well." And it is. Steady hiring has shrunk unemployment to 3.8 percent — the lowest since the 1960's. Yet the numbers that collectively sketch a picture of a vibrant economy don't reflect reality for a range of Americans who still feel far from financially secure even nine years into an economic expansion.

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Theranos CEO Elizabeth Holmes charged with criminal fraud

NEW YORK (AP) — Federal prosecutors have indicted Elizabeth Holmes on criminal fraud charges for allegedly defrauding investors, doctors and patients as the head of the once-heralded blood-testing startup Theranos. Holmes, and her chief former operating officer Ramesh Balwani, are charged two counts conspiracy to commit wire fraud and nine counts of wire fraud, the U.S. Attorney's Office for the Northern District of California said late Friday.

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AP: Trump 2020 working with ex-Cambridge Analytica staffers

WASHINGTON (AP) — The Associated Press has determined that former employees of a British political consulting firm brought down by a scandal over how it obtained Facebook users' private data are diving back into U.S. politics. The AP learned that a new firm run by former Cambridge Analytica officials is quietly working for President Donald Trump's 2020 re-election effort. The firm denies a link to the Trump campaign, but disclosed it has agreed to do 2018 campaign work for the Republican National Committee.

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North Korea's hacking fails to make summit talking points

WASHINGTON (AP) — President Donald Trump focused his recent summit with North Korean leader Kim Jong Un on eliminating the regime's nuclear weapons. But experts say he missed an opportunity to press North Korea on another pressing threat: its long record of dangerous cyberattacks against commercial and military targets in the U.S. and allied nations.

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Chinese insurance regulator admits guilt in graft case

BEIJING (AP) — China's former chief insurance regulator has pleaded guilty to taking bribes in exchange for helping people obtain loans, promotions and other favors. Xiang Junbo is the highest figure in Chinese finance ensnared in a marathon anti-graft crackdown. State media said he "pleaded guilty and expressed repentance" during his trial. He was charged with taking $3 million in bribes at the insurance regulator and at earlier jobs in banking.

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US industrial production fell 0.1 percent in May

WASHINGTON (AP) — U.S. industrial production slipped 0.1 percent in May. It was dragged down by a drop in manufacturing caused by a fire at a parts supplier for trucks. The Federal Reserve says that the manufacturing component of industrial production fell 0.7 percent in May largely because of this disruption in truck assemblies.

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Apple announces multi-year content deal with Oprah Winfrey

LOS ANGELES (AP) — Apple says it has reached a multi-year deal with Oprah Winfrey to create original programs for its streaming service. Apple said Friday the programs will be released worldwide as part of a lineup of original content.

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Fiber optics? Range of ingredients bulk up food fiber counts

NEW YORK (AP) — Ice cream and brownies can have impressive fiber counts, thanks to a range of ingredients companies rely on. Now the FDA is giving the nod for those ingredients to be counted as fiber on the new Nutrition Facts panel. Food companies say it helps people eat better and enjoy treats with less guilt. Critics say it can make a bag of gummy bears seem healthier than a bowl of berries.

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US stocks and bond yields dip amid trade worries

NEW YORK (AP) — U.S. stocks closed out a whirlwind week with a modest loss on Friday as markets gauged how much to fret about the Trump administration's decision to step up the trade dispute between the world's two biggest economies. The White House announced tariffs on $50 billion of imports from China, and China's almost immediate response was a promise to retaliate with its own of the same scale.

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The S&P 500 slipped 3.07 points, or 0.1 percent, at 2,779.42. The Dow Jones industrial average fell 84.83, or 0.3 percent, to 25,090.48, and the Nasdaq composite dropped 14.66, or 0.2 percent, to 7,746.38. The Russell 2000 index of smaller-company stocks slipped 0.82, or less than 0.1 percent, to 1,683.91.

Benchmark U.S. crude fell $1.83 to $65.06 per barrel. Brent crude, the international standard, lost $2.50 to $73.44 per barrel. Natural gas rose 6 cents to settle at $3.02 per 1,000 cubic feet, heating oil lost 7 cents to $2.09 per gallon and wholesale gasoline fell 7 cents to $2.02 per gallon.


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