AP NEWS

Business Highlights

September 23, 2019

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Hundreds of thousands stranded as travel agency collapses

LONDON (AP) — Hundreds of thousands of travelers have been stranded across the world after the British tour company Thomas Cook collapsed in the middle of the night. The move by the 178-year-old company immediately halted almost all of its flights and hotel services and laid off 21,000 employees. The British government was taking charge of getting the firm’s 150,000 U.K.-based customers back home. Sun-drenched airports saw long lines of passengers trying to find a way home.

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Can a new space race connect the world to the internet?

NEW YORK (AP) — Tech giants and billionaires hope a new, cheaper crop of internet-beaming satellites and balloons can get internet to those who don’t have it. They face technical and financial challenges. Previous efforts to zoom fleets of satellites to space ended in failure. And the internet service that does result may still be too expensive to help the people who can’t get online.

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Global postal union meets amid Trump threat to pull US out

GENEVA (AP) — The effects of President Donald Trump’s standoff with China could soon be coming to a post office near you, and higher shipping rates for some packages are the likely outcome. The administration is threatening to pull the United States out of the 145-year-old Universal Postal Union, complaining that some postal carriers like China’s aren’t paying enough to have foreign shipments delivered to U.S. recipients. A showdown looms at a special UPU congress that begins Tuesday in Geneva.

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Banker who tipped off dad convicted anew of insider trading

NEW YORK (AP) — An investment banker whose insider trading conviction was overturned by an appeals court has been convicted again at a second trial. The Yale-educated Sean Stewart was convicted Monday of charges including securities fraud and wire fraud conspiracy by a Manhattan federal court jury. The new trial was ordered last year by the 2nd U.S. Circuit Court of Appeals. Prosecutors said more than $1 million was earned illegally by individuals including Stewart’s father after the son shared secrets.

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GM strike enters 2nd week with no clear end in sight

NEW YORK (AP) — The strike against General Motors by 49,000 United Auto Workers entered its second week Monday with progress reported in negotiations but no clear end in sight. Bargainers met all weekend and returned to the table Monday morning as the strike entered its eighth day.

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Fund compensating Boeing crash victims starts taking claims

A $50 million fund for compensating victims of the two Boeing Max plane crashes is open for business. The fund administrators say they have begun taking applications, and they set a Dec. 31 deadline for submitting claims. In all, 346 passengers and airline crew members died in the crashes, one off the coast of Indonesia, the other in Ethiopia.

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Apple keeps Mac Pro assembly in Texas after tariff relief

SAN FRANCISCO (AP) — Apple will continue manufacturing its Mac Pro computers in Texas after the Trump administration approved its request to waive tariffs on certain parts from China. The commitment announced Monday clears up several months of uncertainty as Apple mulled shifting the Mac Pro’s assembly of from an Austin, Texas, plant the company has been using since 2013. But Apple apparently had a change of heart after getting a break on China tariffs that threatened to drive up the cost of the $6,000 Mac Pro.

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Nissan paying $15M, Ghosn $1M to settle US fraud charges

WASHINGTON (AP) — Nissan will pay $15 million and former chairman Carlos Ghosn will pay $1 million to settle allegations by U.S. regulators that they hid more than $140 million of Ghosn’s retirement benefits from investors. The Securities and Exchange Commission announced Monday the settlement of civil fraud charges with the major Japanese automaker and its former chairman, who also will be barred for 10 years from serving as an officer or director of a public company.

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Diabetes drug victims demand justice in French trial

PARIS (AP) — Victims of a diabetes drug suspected in hundreds of deaths pleaded for justice as a massive trial involving more than 4,000 plaintiffs opened Monday for French pharmaceutical giant Servier Laboratoires and France’s medicines watchdog. The company and the oversight body stand accused of involuntary manslaughter, fraud and other charges. A 2010 study said Mediator was suspected in 1,000-2,000 deaths, with doctors linking it to heart and lung problems.

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Late burst of selling leaves US stock indexes little changed

NEW YORK (AP) — A listless day on Wall Street ended Monday with major indexes closing little changed as modest gains from earlier in the afternoon faded in the final minutes of trading. The S&P 500 index slipped less than 0.1%, while the Nasdaq inched 0.1% lower. The Dow Jones Industrial Average notched a 0.1% gain. Losses in the health care, communication services and industrial sectors outweighed gains in technology stocks, consumer-centric companies and banks. Bond yields declined.

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The S&P 500 inched 0.29 points lower, or less than 0.1%, to 2,991.78. The Dow gained 14.92 points, or 0.1%, to 26,949.99. The Nasdaq fell 5.21 points, or 0.1%, to 8,112.46. The Russell 2000 index of smaller companies lost 1.52 points, or 0.1%, to 1,558.25.