Update on the latest in business:
Asian shares see moderate losses after meltdown on Wall St
BANGKOK (AP) — Shares declined moderately in Asia today after a dismal day on Wall Street Monday, as investors fled uncertainty over the China-U.S. trade standoff.
The Shanghai Composite index slipped 0.2% today, while Japan’s Nikkei 225 gave up 0.6%. The Hang Seng index in Hong Kong sank 1.5%, reopening after a market holiday on Monday.
Elsewhere in Asia, South Korea’s Kospi climbed 0.2% while the S&P ASX 200 in Australia dropped 0.9%. Shares fell in Taiwan and Southeast Asia.
Yesterday on Wall Street, the Dow Jones Industrial Average plunged more than 600 points, losing 2.4% to close at 25,324.99. The benchmark S&P 500 index suffered its biggest loss since January, falling 2.4%, to close at 2,811.87. And the Nasdaq, which is heavily weighted with technology stocks, slid 3.4% to close at 7,647.02.
The Russell 2000 index of small company stocks lost 3.2%, to 1,523.
China retaliates on tariffs, stock markets go into a slide
BEIJING (AP) — Sending Wall Street into a slide, China announced higher tariffs Monday on $60 billion worth of American goods in retaliation for President Donald Trump’s latest penalties on Chinese products.
China’s Finance Ministry says duties of 5% to 25% will take effect on June 1 on about 5,200 American products, including batteries, spinach and coffee.
With investors worried about the potential economic damage on all sides from the escalating trade war, the Dow Jones Industrial Average fell 617 points.
Beijing’s move came after the U.S. raised duties Friday on $200 billion of Chinese imports to 25%, up from 10%. In doing so, American officials accused China of backtracking on commitments it made in earlier negotiations. The same day, trade talks between the two countries broke up without an agreement.
Trump threatens more action in China trade fight
WASHINGTON (AP) — President Donald Trump says he’s going to take further action to help the nation’s farmers in the midst of an escalating trade war with China.
Trump is telling reporters that China has been taking advantage of the U.S. for many years, hours after China announced increased tariffs on $60 billion in U.S. goods.
The move comes after Trump pushed up tariffs on $200 billion in Chinese imports from 10% to 25% Friday — the same day U.S.-China negotiations trade ended without a breakthrough or any specific plan for further talks.
Trump says that U.S. farmers are going to be “very happy” with is plan.
He also says he’ll meet with Chinese President Xi Jinping and Russia’s Vladimir Putin at the upcoming G-20 summit in Osaka, Japan.
^BOEING PLANE-EHTIOPIAN AIRLINES
Ethiopian Airlines hesitant about using Boeing Max jets
DALLAS (AP) _ The CEO of Ethiopian Airlines says his airline might never fly the Boeing 737 Max again after a deadly crash in March, and if it does, it will wait until other carriers use the plane first.
Tewolde Gebremariam told NBC News that Ethiopia won’t use the plane unless the airline, its pilots and the traveling public are convinced that it’s safe.
Nearly 400 Max jets operated by dozens of airlines remain grounded around the world while Boeing works to fix flight-control software implicated in two accidents that killed 346 people, including 157 on Ethiopian.
Satellite images show no major damage to ‘sabotaged’ ships
DUBAI, United Arab Emirates (AP) — Four oil tankers anchored in the Mideast were damaged by what Gulf officials describe as sabotage, though satellite images obtained by The Associated Press on Tuesday show no major visible damage to the vessels.
Details of the alleged sabotage to two Saudi, one Norwegian and one Emirati oil tanker on Sunday remain unclear, and Gulf officials have declined to say who they suspect is responsible. But it demonstrates the raised risks for shippers in a region vital to global energy supplies as tensions are increasing between the U.S. and Iran over its unraveling nuclear deal with world powers.
WhatsApp discovers spyware that infected with a call alone
UNDATED (AP) _ WhatsApp says a vulnerability in the popular communications app let mobile phones be infected with sophisticated spyware with a missed in-app call alone.
The Facebook subsidiary says “an advanced cyber actor” infected an unknown number of people with the malware, which it says it discovered in early May. A WhatsApp spokesman who would not be further identified said an amount in the dozens at least would not be inaccurate.
WhatsApp said the attack had all the hallmarks of a private company known to work with governments to infect phones.
The Financial Times identified the company Monday as Israel’s NSO Group, whose Pegasus software is known to have been used against rights activists.
WhatsApp said it contacted human rights groups, quickly fixed the issue and pushed out a patch.
Couple with $2 billion win still resent Monsanto
SAN FRANCISCO (AP) — A Northern California couple both stricken with cancer they say was caused by Monsanto Co.’s weed killer say they still resent the company even after a jury awarded them more than $2 billion.
Alberta Pilliod said Monday that she and her 74-year-old husband Alva have each been battling cancer for the last nine years. The 76-year-old woman says they are unable to enjoy the same activities they participated in before their cancer diagnosis.
The Pilliods addressed the media at a San Francisco press conference a few hours after the jury delivered its verdict.
One of the Pilliods’ lawyers, Michael Miller, conceded that the $2 billion punitive damage award was likely to be reduced on appeal.
^WALMART-NEXT DAY SHIPPING
Walmart ups the delivery game with next day shipping
NEW YORK (AP) — Walmart is rolling out next-day delivery on its most popular items, increasing the stakes in the retail shipping wars.
The nation’s largest retailer says it’s been building a network of more efficient e-commerce distribution centers to make that happen. The next-day service will cover 220,000 popular items from diapers and non-perishable food items to toys and electronics. That’s nearly double the number of items it carries in its stores.
Next-day delivery service will be available in Phoenix, Arizona and Las Vegas starting today. In coming days, it will expand to southern California. The discounter plans to roll out the service to 75% of the U.S. population by year-end. It will also be adding hundreds of thousands more products as the program expands.