Wednesday, May 15, 2019

Quickly catch up on the day's business news - CNN

Quickly catch up on the day's business news - CNN


Quickly catch up on the day's business news - CNN

Posted: 14 May 2019 02:44 PM PDT

[unable to retrieve full-text content]Quickly catch up on the day's business news  CNN

Here's what you might have missed on CNN Business.

Stocks Rise, Claw Back Chunk of Monday's Trade-War Plunge - U.S. News & World Report

Posted: 14 May 2019 01:45 PM PDT

[unable to retrieve full-text content]Stocks Rise, Claw Back Chunk of Monday's Trade-War Plunge  U.S. News & World Report

BANGKOK (AP) — Shares opened moderately lower in Asia on Tuesday after a dismal day on Wall Street as investors fled uncertainty over the China-U.S. trade ...

Trump Pushes 'America First Energy Policy' on Louisiana Trip - U.S. News & World Report

Posted: 14 May 2019 04:47 PM PDT

[unable to retrieve full-text content]Trump Pushes 'America First Energy Policy' on Louisiana Trip  U.S. News & World Report

HACKBERRY, La. (AP) — President Donald Trump showcased his "America First energy policy" on Tuesday during a trip to Louisiana designed to highlight his ...

Dow ends the day down 618 points after dramatic day of losses - NBCNews.com

Posted: 13 May 2019 06:35 AM PDT

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By Lucy Bayly

Wall Street saw a massive sell-off on Monday as investors responded to an escalating trade battle between the U.S. and China, after Beijing announced it would be slapping tit-for-tat tariffs on $60 billion of U.S. goods.

Concluding a session of steep losses, the Dow Jones Industrial Average ended down by 618 points, or 2.38 percent, marking the biggest one-day loss for the blue-chip index since January.

At the closing bell, the S&P 500 had dipped 2.4 percent and the tech-heavy Nasdaq Composite ended its worst day this year, down 3.4 percent.

The dramatic trading session saw companies with the greatest exposure to China — such as Dow stalwarts Boeing and Caterpillar — take the largest hits. The tech sector also took a beating, with Apple, United Technologies and Cisco all down around 5 percent.

May 13, 201901:34

The escalation in trade tensions between the U.S. and China wiped more than $1 trillion from global markets in just one day. Stock exchanges across the world have witnessed intense volatility over the past few weeks, with all three major indices in the U.S. seeing an extended sell-off as investors parsed the likelihood of a resolution to months of trade negotiations between the world's two largest economies.

"We've never taken in 10 cents [from China] until I was elected," President Donald Trump told reporters at the White House on Monday when asked about the ongoing trade war. "We're taking in billions of dollars in tariffs. I love the position that we are in, we've gone up a lot since our great election."

While Trump has repeatedly asserted that China pays the tariffs, White House economic adviser Larry Kudlow acknowledged this weekend that U.S. consumers end up paying for the administration's tariffs on Chinese goods, telling "Fox News Sunday" in an interview that "Both sides will suffer on this."

Trump said Monday he was not worried about additional retaliation from China for the tariffs the U.S. had imposed on a total of $250 billion in Chinese imports, saying "It's working out very well." He also said he was hopeful for a "very fruitful" meeting with China's President Xi Jinping at the G-20 meeting in Osaka in June.

May 13, 201902:12

The retaliation from the Chinese finance ministry comes after Trump followed through on his threat to raise tariffs on $200 billion of Chinese imports last week. As of 12:01 a.m. last Friday, around 5,700 categories of Chinese-made goods bound for the U.S. were subject to a 25 percent tariff, up from 10 percent.

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After the two sides failed to reach a deal during high-level trade talks in Washington last week, Trump challenged Beijing, tweeting this weekend that "I say openly to President Xi & all of my many friends in China that China will be hurt very badly if you don't make a deal because companies will be forced to leave China for other countries. Too expensive to buy in China. You had a great deal, almost completed, & you backed out!"

He also warned the Chinese that "the deal will become far worse for them if it has to be negotiated in my second term. Would be wise for them to act now, but love collecting BIG TARIFFS!"

China has already raised duties on $110 billion of American imports in retaliation for earlier tariff hikes by the Trump administration.

Due to the lopsided trade balance — China imports only $130 billion in American goods, compared to the $500 billion in Chinese goods that the U.S. imports — regulators have targeted operations of American companies in China by slowing customs clearance for their goods and stepping up regulatory scrutiny that can hamper operations.

The decline in trade relations has left businesses, investors and policymakers across the world concerned about the negative impacts on an already slowing global economy.

Business news briefs, May 15: WhatsApp, Intel reveal flaws - Akron Beacon Journal

Posted: 14 May 2019 03:25 PM PDT

CYBERSECURITY

Hackers exploit flaw

in WhatsApp software

Spyware crafted by a sophisticated group of hackers-for-hire took advantage of a flaw in the popular WhatsApp communications program to remotely hijack dozens of phones without any user interaction.

The Financial Times identified the hacking group as Israel's NSO Group, which has been widely condemned for selling surveillance tools to repressive governments.

WhatsApp, a Facebook subsidiary, has released a new version of the app containing a fix.

The spyware did not directly affect the end-to-end encryption that makes WhatsApp chats and calls private. It merely used a bug in the WhatsApp software as an infection vehicle.

Vulnerability found

in Intel's hardware

Intel has revealed another hardware security flaw that could affect millions of machines around the world.

The bug is embedded in the architecture of computer hardware, and it can't be fully fixed.

But Intel said Tuesday there's no evidence of anyone exploiting it outside of a research laboratory.

Intel said it's already addressed the problem in its newest chips after working for months with business partners and independent researchers.

ONLINE RETAIL

Walmart announces

next-day shipping

Walmart is rolling out free next-day delivery on its most popular items, increasing the stakes in the retail shipping wars with Amazon.

The nation's largest retailer said Tuesday it's been building a network of more efficient e-commerce distribution centers to make that happen. The next-day service will cover 220,000 popular items from diapers and nonperishable food items to toys and electronics. That's nearly double the number of items it carries in its stores.

Next-day delivery, which will require a minimum order of $35, will be available in Phoenix, Ariz., and Las Vegas on Tuesday. In coming days, it will expand to southern California. The discounter plans to roll out the service to 75 percent of the U.S. population by year-end. It will also be adding hundreds of thousands more products as the program expands.

AUTO PARTS

Mazda parts supplier

plans first US plant

A Japanese auto supplier is bringing its first U.S. facility to Huntsville to provide parts to the Mazda Toyota Manufacturing USA plant.

Alabama Gov. Kay Ivey said Tuesday the new supplier, DaikyoNishikawa US, will create 380 new jobs.

"For decades, Alabama has built strong relationships with many leading Japanese businesses, and I know that we will forge a productive, long-lasting partnership with DaikyoNishikawa," Ivey said in the announcement. "We're pleased that this world-class automotive supplier has selected our state for the site of its first U.S. manufacturing facility and look forward to seeing it put down roots in Sweet Home Alabama, where so many of our Japanese partners have found success."

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