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Business Highlights

Posted on Friday, September 20th, 2019 By The Associated Press

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Auto union strike is latest worry in Flint, GM's birthplace

FLINT, Mich. (AP) — The city of Flint, Michigan, has been on an economic roller-coaster ride for more than a century as the birthplace of General Motors. Now, "Vehicle City" is steeling again for economic impact as a workers' strike against the automaker closes in on a week. Workers have surrounded the massive GM complex for days, marching and toting signs and U.S. flags at plant entrances.

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Trump says he doesn't need China trade deal before election

WASHINGTON (AP) — President Donald Trump says he doesn't need to secure a trade deal with China before next year's election. Trump told reporters Friday he won't accept a deal that only addresses some of the differences between the two nations. Meanwhile, the U.S. has expanded its list of products coming from China temporarily excluded from import duties. Among them: automatic teller machines, power supply cables for airplanes, drone parts, drinking straws and electronically-propelled skateboards.

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2 Federal Reserve officials highlight deep divisions

WASHINGTON (AP) — Two Federal Reserve officials who dissented from this week's quarter-point rate cut are highlighting the divisions at the central bank. Eric Rosengren, head of the Fed's Boston regional bank and one of two officials who opposed the rate cut, says that additional stimulus was not needed. James Bullard, head of the St. Louis Fed branch, dissented in favor of a bigger half-point cut. He argues that a larger reduction would have provided needed insurance against a sharper slowdown.

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Walmart to quit selling e-cigarettes amid vaping backlash

NEW YORK (AP) — Walmart is getting out of the vaping business. The nation's largest retailer said Friday that it will stop selling electronic cigarettes at its namesake stores and Sam's Clubs when it sells out its current inventory. The nation's largest retailer said the move is due to "growing federal, state and local regulatory complexity" regarding vaping products. It also comes after several hundred people have mysteriously fallen ill after vaping, and eight have died.

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What makes Impossible meat possible? A "bloody" ingredient

NEW YORK (AP) — What makes the Impossible burger possible? It's an ingredient the company produces to mimic a compound found in the meat that has iron. The path it took into the food supply helps explain how food gets made in the U.S. Companies develop new ingredients all the time, and can voluntarily notify regulators that they've determined them to be safe. Rival Beyond Meat says it uses "natural flavors" to replicate a beefy flavor.

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Microsoft: Free Windows 7 security updates for 2020 election

WASHINGTON (AP) — Microsoft says it'll offer free security updates through the 2020 election in the United States — and in other interested democratic countries with national elections next year — for federally certified voting systems running on soon-to-be-outdated Windows 7 software. That word comes from a Microsoft executive in a blogpost. The promise of free updates doesn't address the cost of putting the updates in place or the time and cost of certifying such changes to a system.

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Facebook says it has suspended 'tens of thousands' of apps

SAN FRANCISCO (AP) — Facebook says it has suspended "tens of thousands" of apps made by about 400 developers as part of its investigation following the Cambridge Analytica scandal. Facebook started looking into the apps that live on its ecosystem last year, after revelations that data mining firm Cambridge Analytica used ill-gotten data from millions of users through an app to try to influence elections.

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23 states sue Trump to keep California's auto emission rules

SACRAMENTO, Calif. (AP) — Twenty-three states have sued to stop the Trump administration from revoking California's authority to set emission standards for cars and trucks. Friday's lawsuit comes a day after the Trump administration revoked California's authority to set its own auto emission standards. It argues that the National Highway Traffic Safety Administration does not have the authority to revoke California's waiver from the federal Clean Air Act.

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House intel chief says Facebook working on election threats

WASHINGTON (AP) — The head of the House Intelligence Committee says he has been assured by the CEO of Facebook that company is working on ways to prevent foreign actors from disrupting next year's elections. Rep. Adam Schiff of California met Friday with Mark Zuckerberg and said the Facebook CEO showed a deep awareness of the threat to the elections from so-called "deep fake" videos and other technically advanced tools.

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Fresh US-China trade worries erase early gains for stocks

NEW YORK (AP) — Stocks closed lower on Wall Street Friday after reports that a Chinese delegation cut short a visit to the U.S. fueled speculation that upcoming talks aimed at resolving the costly trade war between Washington and Beijing are in trouble. The selling, which erased modest early gains for the market, snapped a three-week win streak for the S&P 500. Technology stocks, consumer-focused companies and banks led the sell-off. Bond yields fell.

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The S&P 500 fell 14.72 points, or 0.5%, to 2,992.07. The Dow Jones Industrial Average dropped 159.72 points, or 0.6%, to 26,935.07. The Nasdaq lost 65.20 points, or 0.8%, to 8,117.67. The Russell 2000 index of smaller company stocks slid 1.71 points, or 0.1%, to 1,559.76.

Companies Mentioned in This Article

CompanyCurrent
Price
Price
Change
Dividend
Yield
P/E
Ratio
Consensus
Rating
Consensus
Price Target
General Motors (GM)$35.64-0.8%4.26%5.45Buy$47.69

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