AP NEWS

Business Highlights

December 2, 2019

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Brazil’s Bolsonaro under fire after Trump slaps tariffs

SAO PAULO (AP) — Brazilian President Jair Bolsonaro’s U.S.-focused foreign policy efforts have suffered a setback with threats by Donald Trump pledged to impose tariffs on steel and aluminum on the South American nation. Trump initially leveled the threat by Twitter while accusing Brazil and neighboring Argentina of manipulating their currencies and hurting American farmers. It’s a blow to Bolsonaro who has made ties with Trump a cornerstone of his foreign policy.

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For banks, data on your spending habits could be a gold mine

NEW YORK (AP) — A powerful new player is watching what you buy to tailor product offerings. That’s the bank behind your credit or debit card. For years, Google and Facebook have been showing ads based on your online behavior. Now banks want to turn data on your spending habits into revenue by identifying likely customers for retailers. Historically, such data has been used mostly for fraud protection. While banks say they’re moving cautiously, consumers may not be fully aware of what their banks are up to.

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Still on top: Cyber Monday sales on track to hit record

NEW YORK (AP) — This year’s Cyber Monday is retaining its title as the biggest online shopping day of the year. That’s even though many of the same deals have been available online for weeks. Adobe Analytics says shoppers are expected to spend a record $9.4 billion for online purchases this Cyber Monday, up about 19% from last year. Retailers created Cyber Monday in 2005 to get people to shop online at a time when high-speed internet was rare and the iPhone didn’t exist.

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UAW bolsters financial controls after embezzlement scandal

DETROIT (AP) — The United Auto Workers is taking steps to prevent a repeat of the embezzlement and bribery discovered in a federal probe of the union. The union said Monday it is replacing its auditing firm, adding internal auditors, and hiring a big accounting firm to study its financial controls. The steps come after last month’s resignation of President Gary Jones, who has been implicated in the federal investigation.

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China urges rollback of US tariffs, Huawei exec’s release

BEIJING (AP) — China’s foreign ministry has urged Canada to free an executive of telecom equipment giant Huawei Technologies held for more than a year as she awaits an extradition trial. Canada arrested Huawei’s CFO Meng Wanzhou a year ago at the request of the U.S. It is seeking her extradition on fraud charges. Ministry spokeswoman Hua Chunying said the U.S. and China were abusing their extradition treaty and violating Meng’s rights.

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US construction spending falls 0.8% in October

WASHINGTON (AP) — Spending on U.S. construction projects fell 0.8% in October, dragged down by declines in apartment and multi-family homebuilding. The Commerce Department said Monday that private construction spending declined 1% in October, which follows another significant 1.1% decline in September.

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Trump campaign won’t allow Bloomberg reporters at events

NEW YORK (AP) — President Trump’s campaign says it will no longer give passes to Bloomberg News reporters to cover its events. That’s a response to the news organization’s statement that it would not investigate Michael Bloomberg or his Democratic rivals, but would continue to probe the Trump administration.

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China, Russia launch massive joint gas pipeline

BEIJING (AP) — China and Russia have launched a gas pipeline that is more than 6,000 kilometers (3,750 miles) long, an outcome of their long-planned energy partnership. Chinese President Xi Jinping and Russian President Vladimir Putin inaugurated the pipeline — dubbed the “Power of Siberia” — through a joint video conference on Monday.

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Facebook tests tool to move photos to Google, other rivals

LONDON (AP) — Facebook has started testing a tool that lets users move their images more easily to other online services, as it faces pressure from regulators to loosen its grip on data. The social network said Monday the new tool will allow people to transfer their photos and videos to other platforms, starting with Google Photos.

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WTO panel: EU fails to end illegal subsidies for Airbus

GENEVA (AP) — A World Trade Organization panel ruled Monday that the European Union has not complied with an order to end illegal subsidies for plane maker Airbus, which prompted the Trump administration to impose tariffs on nearly $7.5 billion worth of EU goods in October. In its ruling, a WTO compliance panel found that the EU had not taken sufficient steps to end harm to Boeing, the major rival to Europe’s Airbus.

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US stocks stumble amid trade tensions, weak economic data

NEW YORK (AP) — Technology companies led a broad slide for stocks on Wall Street Monday, handing the market a downbeat start to the month after notching strong gains in November. Industrial and communication services stocks also fell. Energy stocks notched the biggest gain. Trade tensions flared with China’s diplomatic retaliation for U.S. support of protesters in Hong Kong, putting investors in a selling mood. The selling accelerated after the U.S. government issued weak manufacturing and construction reports.

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The S&P 500 index fell 27.11 points, or 0.9%, to 3,113.87. The Dow Jones Industrial Average dropped 268.37 points, or 1%, to 27,783.04. The Nasdaq lost 97.48 points, or 1.1%, to 8,567.99. The Russell 2000 index of smaller company stocks gave up 16.92 points, or 1%, to 1,607.58.