Business Highlights

Business Highlights

by By The Associated Press , Associated Press26 August 2019 17:30-04:00

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Trump’s inconsistent messages on China trade heighten risks

WASHINGTON (AP) — The communications on China from Trump and his administration since late last week — erratic, inconsistent, sometimes contradictory — are complicating their high-stakes talks with Beijing and elevating the risks to the fragile global economy. The messaging has been confusing not just for Chinese officials as they formulate a response to whatever stance the administration is taking. It’s also a problem for American businesses.

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Oklahoma judge rules against drugmaker, orders $572M payment

NORMAN, Okla. (AP) — An Oklahoma judge has found Johnson & Johnson and its subsidiaries helped fuel the state’s opioid crisis and ordered the consumer products giant to pay $572 million to help clean up the problem. Cleveland County Judge Thad Balkman issued the decision Monday in the nation’s first state trial against the companies accused of contributing to the widespread use of the highly addictive painkillers. The company is expected to appeal.

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US stocks rally on optimism for a US-China trade war thaw

NEW YORK (AP) — Stocks closed broadly higher on Wall Street Monday as investors found reason to be cautiously optimistic again about the potential for progress in the costly trade war between the U.S. and China. The rally got its start early after President Donald Trump said his negotiators had received encouraging calls from China on Sunday, though China’s foreign ministry denied knowledge of any such calls. The gains reversed some of the major stock indexes’ hefty losses from last Friday.

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China lets yuan sink, Trump says serious talks to start

BEIJING (AP) — China has allowed its yuan to sink while President Donald Trump said the two sides would talk “very seriously” following tit-for-tat tariff hikes. A weaker yuan would help Chinese exporters cope with Trump’s punitive duties in a war over trade and technology. Beijing allowed the yuan to decline to an 11-year low against the dollar after both sides announced new tariff hikes and Trump said he would order American companies to stop doing business with China.

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As summit ends, Macron expresses hope for US-China deal

BIARRITZ, France (AP) — With clouds growing over growth, French President Emmanuel Macron ended the Group of Seven summit Monday with a sparse declaration committing leaders of half the world’s economy to “open and fair global trade and the stability of the global economy.” The declaration lands amid uncertainty caused by the U.S.-China trade conflict that has slowed trade among nations and held up industrial production and investment.

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KFC partners with Beyond Meat

LOUISVILLE, Ky. (AP) — It’s finger lickin’ fake chicken. Kentucky Fried Chicken plans to test a plant-based chicken nuggets and boneless wings Tuesday at one of its restaurants in Atlanta. Depending on customer feedback, the chain could expand the test to other markets.

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Trump pushes for G-7 summit at his resort; critics pounce

MIAMI (AP) — President Donald Trump is touting the features that would make the Doral golf resort the ideal place for the next G-7 summit — close to the airport, plenty of hotel rooms, separate buildings for every delegation. There’s just one detail he left out: He owns the place. Critics have long railed against the perils of Trump earning money off the presidency and hosting foreign leaders at his properties. But they say the Doral proposal is at a whole new level.

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US orders for long-lasting goods rises 2.1% in July

WASHINGTON (AP) — Orders to U.S. factories for large manufactured goods rose for the second straight month, but the strength again came from a big increase in the volatile aircraft category. A category that tracks business investment also rose for the second straight month, though last month’s reading was revised down significantly.

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Banana industry on alert after disease arrives in Colombia

LA GUAJIRA, Colombia (AP) — The banana industry is on high alert after a dreaded fungus was confirmed in Colombia. The finding is alarming because Latin America is a major exporter of bananas. For years, scientists have said the fungus that has already hit Asian countries would continue spreading and that the industry needs to find a new banana variety that’s resistant to the disease. While many types of bananas are produced around the world, most the ones that are exported are Cavendish varieties.

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Kraft Heinz brings back former CFO amid struggles

CHICAGO (AP) — Kraft Heinz Co. is bringing back its former chief financial officer amid accounting problems and falling sales. Paulo Basilio, 44, joined H.J. Heinz as CFO in 2013 and remained in the job after the company’s 2015 merger with Kraft. He most recently served as Kraft Heinz’s chief business development officer. He replaces David Knopf, 31, who will return to Brazilian private equity firm 3G Capital. 3G and investor Warren Buffet engineered the Kraft Heinz merger in 2015.

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The S&P 500 rose 31.27 points, or 1.1%, to 2,878.38. The Dow Jones Industrial Average gained 269.93 points, or 1.1%, to 25,898.83. The Nasdaq, which is heavily weighted with technology stocks, rose 101.97 points, or 1.3%, to 7,853.74. The Russell 2000 index of smaller companies picked up 16.52 points, or 1.1%, to 1,476.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.



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