Business Highlights

Posted on Friday, June 28th, 2019 By The Associated Press

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G-20 leaders clash over values, face calls to protect growth

OSAKA, Japan (AP) — Leaders of the Group of 20 have begun talks on how to fend off threats to global growth in meetings in Osaka, Japan. Japanese Prime Minister Shinzo Abe and European Union officials urged others attending the summit to resist a trend toward protectionism and keep their economies open. Looming over the meetings is the question of whether the U.S. and China will take steps to resolve a bitter dispute over trade and technology that has cast a shadow over the global recovery.

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Study: Retirees lose by taking Social Security at wrong time

It's tough to decide when to start taking Social Security benefits and it appears many people are shorting themselves with their choice. A new study finds that only 4% of retirees start claiming their Social Security benefits at the most financially optimal time; overall, households lose an average of $110,000 in net income by choosing to take the retirement benefit at a less than ideal time.

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Court hears appeal on 'Pharma Bro' Shkreli's fraud case

NEW YORK (AP) — A federal appeals court in New York City is considering whether the securities fraud conviction against the former drug company executive known as "Pharma Bro" should be thrown out. An attorney for Martin Shkreli urged the court to overturn a 2017 guilty verdict for Shkreli, claiming the trial judge gave confusing instructions to the jury about the law. A prosecutor insisted the instructions were proper. The court was expected to issue a written decision at a later date.

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Facebook's digital currency may flourish where banks don't

NEW YORK (AP) — Facebook's new Libra digital currency is aimed at a huge potential market for financial services — the entire developing world, with billions of people in areas such as India and Sub-Saharan Africa, where financial services are often less sophisticated and many people don't use traditional banking accounts. Whether or not these billions will want to make the switch is anyone's guess.

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Senators offer bill to limit heavy truck speeds to 65 mph

DETROIT (AP) — Two U.S. senators have introduced a bill that would electronically limit tractor-trailer speeds to 65 mph, a move they say would save lives on the nation's highways. Sens. Johnny Isakson, R-Ga., and Chris Coons, D-Del., introduced the measure Thursday, saying it would take the place of a proposed Department of Transportation regulation that has "languished in the federal process" for over a decade.

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Secondhand fashion site The RealReal shares rise in debut

NEW YORK (AP) — Shares of The RealReal, the secondhand-fashion online retailer, jump nearly 45% in their debut Friday, testing investors' appetite for the staying power of pre-owned discounted Gucci and other luxury goods. The company was founded in 2011 by CEO Julie Wainwright and is listed on the Nasdaq Stock Market under the ticker "REAL." On Thursday, the initial public offering of 15 million shares was priced above expectations at $20 apiece. That raised $300 million before expenses.

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Report: Apple to shift assembly of Mac Pro from US to China

SAN FRANCISCO (AP) — A newspaper is reporting that Apple will manufacture its new Mac Pro computer in China, shifting away from a U.S. assembly line it had been using for that product in recent years. The Wall Street Journal reported the plan Friday, citing unidentified people familiar with the move. Apple issued a statement saying the new Mac Pro will be designed and engineered in California, but wouldn't say where it will be assembled. Apple has been assembling Mac Pros in Austin, Texas, since 2013.

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South American bloc strikes long-sought Europe trade deal

BUENOS AIRES, Argentina (AP) — South America's Mercosur trade bloc has struck a "strategic association" trade deal with the European Union after two decades of negotiations. The EU says the agreement clinched in the Belgian capital of Brussels is "an ambitious, balanced and comprehensive agreement" that sends a strong positive signal amid global trade tensions.

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Honda to recall 1.6M vehicles, finish Takata recalls early

DETROIT (AP) — Honda says it's recalling 1.6 million vehicles in the U.S. to replace potentially deadly Takata air bag inflators, finishing its required recalls six months ahead of schedule. When the latest recall is done, Honda says it will have recalled 22.6 million inflators in about 12.9 million vehicles.

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Stocks close out rocky quarter with solid gains

NEW YORK (AP) — Wall Street ended a wobbly week with broad gains Friday, closing the books on June with its biggest monthly gain since January. June marked a sharp about-face from May, when traders fled to safer holdings because of increased anxiety over the trade war between the U.S. and China, and signs of slowing global economic growth. Even after a roller-coaster second quarter, the benchmark S&P 500 is up 17.3% this year and the technology-heavy Nasdaq has gained 20.7%.

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The S&P 500 index rose 16.84 points, or 0.6%, to 2,941.76. The Dow Jones Industrial Average gained 73.38 points, or 0.3%, to 26,599.96. The Nasdaq composite rose 38.49 points, or 0.5%, to 8,006.24. The Russell 2000 index climbed 20.02 points, or 1.3%, to 1,566.57.

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