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Markets weaken...Report: More Russia questions...Insurance mandate talks

November 6, 2017

SEOUL, South Korea (AP) — Global markets generally slipped today as weaker-than-expected U.S. jobs figures dented sentiment. Investors were also keeping an eye on U.S. President Donald Trump’s visit to Asia, where he is expected to discuss North Korean nuclear issues. Futures point to a tepid start on Wall Street today. Benchmark U.S. crude oil rose above $56 per barrel. The dollar fained against the yen and the euro.

NEW YORK (AP) — Newly leaked documents show that Commerce Secretary Wilbur Ross, the Trump administration’s point man on trade and manufacturing policy, has a stake in a company that does business with a gas producer partly owned by the son-in-law of Russian President Vladimir Putin. According to records obtained by the International Consortium of Investigative Journalists, Ross is an investor in Navigator Holdings, a shipping giant. Commerce Department spokesman James Rockas said Ross has withdrawn from matters related to transoceanic shipping vessels and has met the “highest ethical standards.”

WASHINGTON (AP) — Republicans are weighing a repeal of a key tenet of the Obama-era health care law in their tax overhaul as the House’s tax-writing committee begins work on shaping the bill. Speaker Paul Ryan said Sunday Republicans are discussing whether their tax plan should include a repeal of the Obama health law’s requirement that people have insurance coverage or face a penalty, a step pushed by President Donald Trump but seen by some GOP lawmakers as possibly imperiling a much-needed legislative victory.

TOKYO (AP) — Japanese internet and solar company SoftBank Group Corp. is raising its stake in Sprint Corp. after merger talks with T-Mobile collapsed, signaling its commitment to a turnaround at the U.S. wireless carrier. Tokyo-based SoftBank reported Monday that July-September net profit tumbled to 113 billion yen ($991 million) from 528 billion yen a year ago. Quarterly sales rose nearly 4 percent to 2.23 trillion yen ($19.5 billion) on improved results at Sprint, as well as revenue from Arm, a British chips company SoftBank acquired last year.

HONG KONG (AP) — The companies say Qatar Airways is buying nearly 10 percent of Hong Kong carrier Cathay Pacific Airways for about $662 million, in a deal making Qatar Airwayt Cathay’s third-biggest shareholder. The Middle Eastern carrier said it bought almost 3.8 million Cathay shares, which represents a 9.6 percent stake in Hong Kong’s biggest airline. Hong Kong conglomerate Swire Pacific owns 45 percent of Cathay, state-owned Air China has 30 percent and the rest is publicly traded.

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