Business Highlights

Business Highlights

by By The Associated Press , Associated Press11 April 2019 17:22-04:00

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Uber reveals finances as it gears up for IPO

SAN FRANCISCO (AP) — Uber is providing a look under the hood of its business in the lead-up to its hotly anticipated debut on the stock market. New documents released offer the most detailed view of the world’s largest ride-hailing service since its inception a decade ago. The breakdown shows Uber has been generating the robust revenue growth that entices investors, and it turned a profit in 2018, reversing a history of losses.

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Apartment rents climbing, and poised to go higher

NEW YORK (AP) — It’s a great time to be a landlord in America, not so much if you’re a renter. Apartment rents are continuing to rise this year, fueled by higher demand from millennials seeking a place of their own, strong job growth and rising wages. The U.S. median rent climbed 3.4% in March from a year earlier to $1,535, according to data from online rental housing portal HotPads.

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China says trade talks with US ‘moving forward’

BEIJING (AP) — China says trade talks with the U.S. are “moving forward” after nine rounds of consultations aimed at ending a standoff that has shaken financial markets and darkened the world economic outlook. Foreign Ministry spokesman Lu Kang says the latest discussions had achieved “new substantial progress.” Three days of talks last week dealt with issues including technology transfer, intellectual property rights protection, non-tariff measures, agriculture and enforcement.

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50-year low in jobless claims but not just from few layoffs

WASHINGTON (AP) — The fewest people in nearly 50 years sought unemployment benefits last week, a sign of a strong job market and unusually low level of layoffs. Yet the sinking pace of layoffs isn’t due solely to a tight employment picture. Many states have imposed stricter rules on their unemployment insurance programs, from making it harder to qualify to reducing the duration of benefits to cutting payouts.

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UK’s May says politicians have duty to complete Brexit

LONDON (AP) — Granted a Brexit reprieve by the European Union, British Prime Minister Theresa May is urging lawmakers to pause, reflect on the need for compromise — and then fulfill their “national duty” to approve a Brexit deal and take Britain out of the EU. But there was little sign the U.K.’s divided and exhausted lawmakers had heeded the EU’s plea not to waste the six months of extra time.

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‘A monopoly on information’: Russia closes grip on internet

MOSCOW (AP) — Russian lawmakers have approved a bill that would expand government control over the internet. Opponents fear the move heralds a new era of widespread censorship. Backers of the bill say it would help Russia from cyberattacks and could shield the country from critical Western media. The bill passed a second reading Thursday, the most crucial phase that lays out the detail of the prospective law.

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2020 candidate Warren proposes new tax on corporate profits

WASHINGTON (AP) — Democratic presidential candidate Elizabeth Warren is proposing a new tax on corporate profits that’s designed to prevent business giants from taking advantage of the existing tax code to effectively pay a zero rate. The 7% tax on corporate profits above $100 million is the latest in a series of ambitious policy proposals from the Massachusetts senator. It’s in line with her broader push to rein in such industries as the financial sector and technology firms.

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Boeing makes 96 flights to test software on troubled Max jet

DALLAS (AP) — Boeing’s CEO says the company has made nearly 100 flights to test a software update to its troubled 737 Max jet. The plane has been grounded after two deadly crashes. Boeing is also meeting with airline officials and pilots in the US, UK, Singapore and China as it seeks to rebuild confidence in its best-selling plane.

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Bezos, hunting for big wins, is comfortable with big fails

NEW YORK (AP) — Amazon’s Jeff Bezos says the company is getting bigger and he’s comfortable with even bigger failures in the quest for big wins. Bezos released his annual letter to shareholders Thursday and covered a lot of ground, including a challenge to rivals to match Amazon’s starting hourly wage and benefits package for workers.

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Top IMF official warns global economy facing various threats

WASHINGTON (AP) — The head of the 189-nation International Monetary Fund says the world is facing a time of high uncertainty with 70 percent of the global economy caught in a growth slowdown. Christine Lagarde said that slowdown could be worsened by self-inflicted wounds such as unnecessary trade battles.

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Stocks struggle to a mixed finish after early rally sputters

NEW YORK (AP) — The major U.S. stock indexes closed unevenly Thursday after an early rally gave way to a mostly sideways day of trading on Wall Street. Losses in health care stocks mostly offset gains in industrial companies, banks and elsewhere in the market. Technology stocks also fell. The listless day of trading came as investors looked ahead to Friday, when major banks are due to report their first-quarter results, paving the way for a wave of company earnings reports the next few weeks.

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The S&P 500 index eked out a tiny gain, adding 0.11 of a point, or less than 0.1%, to 2,888.32. The Dow Jones Industrial Average fell 14.11 points, or 0.1%, to 26,143.05. The Nasdaq composite slid 16.88 points, or 0.2%, to 7,947.36. The Russell 2000 gave up 2.41 points, or 0.2%, to 1,579.14.

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