Shares fall...Japan says US won’t restrict auto exports...Amazon takes stake in British concern
SINGAPORE (AP) — Global markets were mostly lower on Friday amid worries that U.S. economic sanctions on Huawei may cast a pall on trade negotiations with China. Futures point to opening losses on Wall Street. An executive order by the Trump administration, aimed at banning Huawei equipment from U.S. networks, took effect on Thursday. China has threatened to retaliate. Benchmark U.S. crude oil rose to just above $63 a barrel. The dollar eased against the yen and gained against the euro.
TOKYO (AP) — Japan’s trade negotiator said Friday Washington won’t be demanding any numerical restrictions on Japanese auto exports to the U.S. Toshimitsu Motegi, the economy minister, told reporters he had confirmed this by speaking with U.S. Trade Representative Robert Lighthizer. Autos are a big issue in trade talks between the two countries that began after President Donald Trump pulled out of the Trans-Pacific Partnership trade bloc. The trade surplus with the U.S. has long been a sticking point in bilateral relations. Trump is set to visit Japan later this month.
LONDON (AP) — Amazon is investing in British meal delivery company Deliveroo, expanding its reach into food retailing. Deliveroo said Friday that it raised $575 million from investors led by Amazon. It said Amazon will become Deliveroo’s largest investor, though it did not disclose how much Amazon put in or how large a stake it acquired. Deliveroo was founded in 2013 and has become one of the main so-called gig economy companies in Britain.
LAS VEGAS (AP) — Casino giant MGM Resorts told federal regulators Thursday it might pay up to $800 million to settle liability lawsuits stemming from the 2017 mass shooting in Las Vegas — the deadliest in modern U.S. history. MGM Resorts also said it has $751 million in insurance to pay toward a settlement. However, a lawyer handling mediation talks for plaintiffs called MGM Resorts’ statement premature.
TOKYO (AP) — Nissan proposed Friday adding Renault’s chief executive, Thierry Bollore, to its board, as well as several outsiders, to strengthen its governance following the arrest of its former chairman, Carlos Ghosn. The Japanese automaker’s proposals will be put to a shareholder vote at a meeting set for June. A Nissan governance committee set up after Ghosn’s arrest recommended adding more independent outside directors to oversee the company’s compensation and auditing.