Business Highlights

Business Highlights

by By The Associated Press , Associated Press11 December 2018 17:40-05:00

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Canada-China relations turn icy over arrest of Chinese exec

VANCOUVER, British Columbia (AP) — China has detained a former Canadian diplomat in Beijing in apparent retaliation for the jailing of a top Chinese executive at the request of the United States, escalating a legal and diplomatic wrangle between the three countries. Relations were shaken by the Dec. 1 arrest of Meng Wanzhou, chief financial officer of Chinese telecommunications giant Huawei. A bail hearing in Meng’s case resumed Tuesday.

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UK’s May lobbies EU leaders in fight to save Brexit deal

BRUSSELS (AP) — Top European Union officials are ruling out any renegotiation of the divorce agreement with Britain as Prime Minister Theresa May fights to save her Brexit deal by lobbying leaders in Europe’s capitals. May began her quest over breakfast with her Dutch counterpart Mark Rutte, a day after she abandoned a vote in the U.K. Parliament to secure support for the agreement thrashed out with the EU over more than a year, sensing that it would be rejected in London “by a significant margin.”

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Hints of Democratic agenda as Google CEO testifies

WASHINGTON (AP) — Google CEO Sundar Pichai — and other tech executives who may be watching — got hints Tuesday of what issues they can expect to face as Democrats take control of the House in three weeks. While Republicans on the House Judiciary Committee grilled Pichai on what they perceive as bias against conservatives, top committee Democrat Jerrold Nadler said lawmakers should instead examine issues such as the spread of misinformation online and Russians’ efforts to influence U.S. elections online.

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With new board in place, CBS to decide Moonves’ exit pay

NEW YORK (AP) — The newly elected CBS board faces daunting tasks: deciding whether former CEO Les Moonves gets a $120 million exit package following a sexual-misconduct investigation and charting a path for CBS to recover after the scandal. Tuesday’s CBS shareholders meeting wrapped up in less than 30 minutes without discussion of Moonves.

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China and US discuss plans for trade talks

BEIJING (AP) — China’s government says its economic czar and U.S. trade envoys discussed plans for the next round of talks on their tariff dispute. The announcement suggests negotiations are going ahead despite tensions over the arrest of a Chinese technology executive. The Ministry of Commerce said Vice Premier Liu He talked by phone with U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer about ‘the promotion of the next economic and trade consultations’ but gave no details.

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Official: California must mull home ban in fire-prone areas

SACRAMENTO, Calif. (AP) — California’s top firefighter says the state’s increasingly deadly and destructive wildfires have become so unpredictable that government officials should consider banning home construction in fire-prone areas. In an interview with The Associated Press during his last week on the job, California Department of Forestry and Fire Protection Director Ken Pimlott said California already has stringent building codes but more is needed because wildfires are increasingly deadly and destructive.

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Farm bill compromise unveiled, clearing way for vote

WASHINGTON (AP) — Lawmakers have reached an agreement on the farm bill. The $867-billion package will fund key farm safety net programs without making significant changes to the massive food stamp program that serves nearly 40 million low-income Americans. The agreement was signed on Monday by members of the House and Senate conference committee following months of negotiations to reconcile conflicting versions of the bill.

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Trump administration proposes major rollback of water rules

WASHINGTON (AP) — The Trump administration has proposed withdrawing federal protections for countless waterways and wetlands across the country Tuesday. One of President Donald Trump’s campaign pledges was to weaken landmark Obama-era water rules long opposed by some developers, farmers and oil, gas, and mining executives. Environmental groups say the Trump administration proposal would have a sweeping impact on how the country safeguards the nation’s waterways.

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Wild ride to nowhere: US stocks rise, fall and repeat

NEW YORK (AP) — U.S. stocks careened between big gains and losses on Tuesday before indexes ended the day mixed, the latest dizzying run for a market that’s been dominated by them in recent months. A morning burst driven by hopes for U.S.-China trade talks gave way to losses triggered by falling bank stocks and the threat of a federal government shutdown. The result of Tuesday’s trip through the spin cycle, though, belies all the action. Indexes ended the day nearly where they began.

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The S&P 500 dipped by 0.94 points, or less than 0.1 percent, to 2,636.78, while the Dow Jones industrial average fell 53.02, or 0.2 percent, to 24,370.24, and the Nasdaq composite rose 11.31, or 0.2 percent, to 7,031.83. Russell 2000 index of smaller-company stocks slipped 2.96, or 0.2 percent, to 1,440.13.

Benchmark U.S. crude oil rose 65 cents to settle at $51.65 per barrel. Brent crude, the international standard, gained 0.4 percent to $60.20. Natural gas fell 14 cents to $4.41 per 1,000 cubic feet, heating oil was close to flat at $1.85 per gallon and wholesale gasoline rose 2 cents to $1.44 per gallon.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.



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