The Mouse chases the Fox: Disney makes $71B counteroffer
NEW YORK (AP) — Disney is offering more than $71 billion for Fox’s entertainment businesses in a counterbid to Comcast’s nearly $66 billion offer. The battle for Twenty-First Century Fox reflects a new imperative among entertainment and telecommunications firms, which are amassing ever more programming to better compete with technology companies such as Amazon and Netflix for viewers’ attention — and dollars. The deal includes Fox movie and TV studios, some cable networks and international assets.
Lawmakers rip tariffs enacted in name of national security
WASHINGTON (AP) — Lawmakers from both parties are criticizing tariffs the Trump administration has imposed on imported steel and aluminum products in the name of national security. Republican Sen. Orrin Hatch, the chairman of the Senate Finance Committee, says the tariffs are damaging the economy, hurting American consumers and disrupting relationships with long-time allies while giving China a free pass.
Amazon, Buffett, JPMorgan pick Gawande to lead health firm
Amazon, JPMorgan Chase and Berkshire Hathaway are turning to well-known author and Harvard professor Dr. Atul Gawande to transform the health care they give their employees. The three corporate titans said Wednesday that Gawande will lead an independent company that focuses on a mission they announced earlier this year: figure out ways to provide high-quality, affordable care.
2 airlines ask US not to put migrant children on flights
DALLAS (AP) — American Airlines and United Airlines say they have asked the Trump administration not to put migrant children who have been separated from their parents on their flights. The CEOs of both airlines said that the administration’s recent immigration policy of separating migrant families conflicts with their values. Airlines have travel contracts with the federal government, but American says the government doesn’t provide information about the passengers or their reason for travel.
Instagram unveils new video service in challenge to YouTube
SAN FRANCISCO (AP) — Facebook’s Instagram app is loosening its restraints on video in an attempt to lure younger viewers away from YouTube. The expansion will increase Instagram’s video time limit from one minute to 10 minutes for most users. Accounts with large audiences will be able to distribute programs lasting up to an hour. It’s the latest instance in which Instagram has ripped a page from a rival’s playbook in an effort to preserve its status a cool place for young people share and view content.
Trump meets with lawmakers about ZTE deal opposed in Senate
WASHINGTON (AP) — President Donald Trump has met with lawmakers after the Senate moved to block a White House plan to allow Chinese telecom giant ZTE Corp. to buy component parts from the U.S. ZTE is accused of violating trade laws by selling sensitive technologies to North Korea and Iran. The administration announced an agreement with ZTE earlier this month but has run into opposition in Congress.
Over 100 arrested in another large-scale immigration raid
TOLEDO, Ohio (AP) — The second large-scale immigration raid in Ohio in two weeks is part of the Trump administration’s growing crackdown. More than 100 workers were arrested Tuesday at a meatpacking plant. Officials say the investigation focused on whether the company knowingly hired people who are in the country illegally and used fake identities. Most of the workers arrested were from Guatemala.
Burger King says sorry for Russian World Cup pregnancy ad
MOSCOW (AP) — Burger King says it’s sorry for offering a lifetime supply of Whoppers to Russian women who get pregnant by World Cup players. Critics assailed the offer as sexist and demeaning. Burger King took the announcement off its social media accounts in Russia and apologized for being “clearly offensive.”
NEW YORK (AP) — U.S. stocks finish mostly higher as technology companies rise and media companies jump as a new deal between Twenty-First Century Fox and Disney has investors hoping for more media sales. Smaller and more U.S.-focused companies also rise, but Starbucks falls after a weak sales forecast. Walgreens is up after being named to replace General Electric in the Dow Jones industrial average. The Dow had a small decline, its seventh straight losing session.
The S&P 500 index rose 4.73 points, or 0.2 percent, to 2,767.32. The Dow industrials slipped 42.41 points, or 0.2 percent, to 24,657.80.The Nasdaq composite gained 55.93 points, or 0.7 percent, to 7,781.51. The Russell 2000 index of smaller-company stocks added 13.54 points, or 0.8 percent, to 1,706.99, also closing at a record high.
U.S. crude rose 1.8 percent to $66.22 and Brent crude, the international standard for oil prices, lost 0.5 percent to $74.74 a barrel in London. Wholesale gasoline lost 0.7 percent to $2.02 a gallon. Heating oil fell 0.7 percent to $2.11 a gallon. Natural gas jumped 2.2 percent to $2.96 per 1,000 cubic feet.