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Kushner Cos. subpoenaed by feds after AP report

Fri, 20 Apr 2018 10:28:37 UT

NEW YORK (AP) — The Kushner Cos. has been subpoenaed by federal prosecutors for information related to an Associated Press report that the company filed dozens of false documents about its buildings in New York City. The real estate company issued a statement saying it has "nothing to hide and is cooperating fully with all legitimate requests for information, including this subpoena." The statement Thursday acknowledged that the federal subpoena arrived last month, a day after the AP reported the Kushner Cos. routinely filed false paperwork with the city stating it had zero rent-regulated tenants in buildings across the city when, in fact, it had hundreds.

ZTE protests US penalty, says it is seeking solution

Fri, 20 Apr 2018 10:12:16 UT

BEIJING (AP) — ZTE Corp., one of China's biggest tech companies, warned Friday a ban on access to U.S. technology threatens its survival and said the company is looking for a legal solution. State-owned ZTE "may enter a state of shock," which will hurt its employees and U.S. suppliers, its chairman said, according to Chinese news reports. A separate company statement said the ban "threatens ZTE's existence." The ban was imposed Monday in a case involving exports of telecoms equipment to Iran and North Korea. U.S. companies are barred from selling technology to ZTE for seven years. The penalty comes as tension mounts between Beijing and U.S.

Global shares fall back on trade worries, tech outlook

Fri, 20 Apr 2018 10:02:49 UT

SEOUL, South Korea (AP) — Global shares fell back Friday on worries over trade tensions and tech outlook after a major supplier to Apple forecast continued weak demand for mobile devices. A warning by the head of the IMF over the potential for trade tensions to harm global growth also weighed on sentiment. KEEPING SCORE: European shares opened mixed with Britain's FTSE 100 up 0.4 percent to 7,355.30 and Germany's DAX down 0.1 percent to 12,555.26. France's CAC 40 edged up 0.1 percent to 5,394.76. Futures indicated a weak start on Wall Street. S&P futures lost 0.2 percent and Dow futures fell 0.3 percent. ASIA'S DAY: Asian stocks finished lower. Japan's Nikkei 225 finished 0.1 percent lower at 22,162.24, shedding early gains.

Asian shares fall back on trade worries, tech outlook

Fri, 20 Apr 2018 04:31:36 UT

SEOUL, South Korea (AP) — Shares are lower in Asia after a major supplier to Apple forecast continued weak demand for mobile devices. A warning by the head of the IMF over the potential for trade tensions to harm global growth also weighed on sentiment. KEEPING SCORE: Japan's Nikkei 225 edged 0.1 percent lower to 22,183.05, shedding early gains. South Korea's Kospi lost 0.3 percent to 2,478.38 while Hong Kong's Hang Seng index fell 0.4 percent to 30,579.54. The Shanghai Composite Index slumped 1.2 percent to 3,080.01. Australia's S&P/ASX 200 retreated 0.2 percent to 5,870.10. Stocks in Taiwan, Singapore and Indonesia also declined. APPLE SUPPLIERS: Taiwan Semiconductor Manufacturing Co. plunged 5.

Reports: Wells Fargo to be fined $1B as early as Friday

Fri, 20 Apr 2018 04:04:15 UT

NEW YORK (AP) — Federal regulators plan to fine Wells Fargo as much as $1 billion as early as Friday for abuses tied to its auto-lending and mortgage businesses, The New York Times and other news outlets reported, citing unnamed sources. The potential $1 billion fine would be largest ever imposed by the Office of the Comptroller of the Currency, the bank's main national regulator, and the Consumer Financial Protection Bureau, the federal watchdog bureau set up after the Great Recession. The fine against Wells Fargo had been expected. San Francisco-based Wells Fargo said last week that it was negotiating with federal regulators to pay as much as $1 billion in fines to settle various charges.

As doors close in the US, China's Huawei shifts to Europe

Fri, 20 Apr 2018 03:52:14 UT

SHENZHEN, China (AP) — As trade disputes simmer, Chinese telecommunications giant Huawei, the No. 3 smartphone brand, is shifting its growth efforts toward Europe and Asia in the face of mounting obstacles in the U.S. market. Shenzhen-based Huawei, the world's largest maker of telecoms equipment, has long coveted access to the U.S. but recently laid off key American employees at its Washington D.C. office. The U.S. has regularly stymied Huawei's efforts to enter the America, citing national security concerns. Huawei has failed to find a U.S. carrier to partner with for its smartphones, and the Federal Communications Commission on Tuesday approved a draft order that could damage Huawei's existing business in network gear.

Southwest Airlines sought more time for engine inspections

Thu, 19 Apr 2018 23:23:35 UT

DALLAS (AP) — Southwest Airlines sought more time last year to inspect jet-engine fan blades like the one that snapped off during one of its flights Tuesday in an accident that left a passenger dead. The airline opposed a recommendation by the engine manufacturer to require ultrasonic inspections of certain fan blades within 12 months. Southwest said it needed more time, and it raised concern over the number of engines it would need to inspect. Other airlines also voiced objections. It wasn't until after Tuesday's accident that the Federal Aviation Administration announced that it will soon make the inspections mandatory. It is unclear how many planes will be affected by the FAA order.

Business Highlights

Thu, 19 Apr 2018 21:45:31 UT

___ 2 black men arrested at Starbucks get an apology from police PHILADELPHIA (AP) — Two black men whose arrest at a Starbucks in Philadelphia has triggered a furor over racial profiling say they are pushing for changes to make sure that what they went through doesn't happen to anyone else. On Thursday, they got an apology from the city's police commissioner, a black man who initially defended his officers' handling of the incident earlier this month. ___ Southwest Airlines sought more time for engine inspections DALLAS (AP) — Southwest Airlines sought more time last year to inspect fan blades like the one that snapped off during one of its flights Tuesday in an engine failure that left a passenger dead.

Mattel CEO to step down after being at helm for 14 months

Thu, 19 Apr 2018 21:39:31 UT

NEW YORK (AP) — Mattel Inc. announced Thursday that its CEO Margo Georgiadis is stepping down and is being succeeded by a company director and former studio executive. The toy giant, based in El Segundo, California, said the board has named Ynon Kreiz, a Mattel director since June 2017, as her replacement, effective April 26. Mattel, the maker of the iconic Barbie and Fisher-Price brands, said that Georgiadis will serve in an advisory role through May 10 to ensure a smooth transition. Georgiadis, a former Google executive who took the top spot in February 2017, informed the board of her decision and said she plans to pursue a new opportunity in the technology sector, Mattel said in a statement.

How major US stock indexes fared Thursday

Thu, 19 Apr 2018 20:53:28 UT

Stocks closed broadly lower Thursday, snapping a three-day winning streak. Losses in technology companies and consumer products makers and health care stocks accounted for much of the decline. Banks bucked the downward trend and rose along with bond yields. Energy stocks also rose. On Thursday: The S&P 500 index fell 15.51 points, or 0.6 percent, to 2,693.13. The Dow Jones industrial average slid 83.18 points, or 0.3 percent, to 24,664.89. The Nasdaq composite lost 57.18 points, or 0.8 percent, to 7,238.06. The Russell 2000 index of smaller-company stocks gave up 9.74 points, or 0.6 percent, to 1,573.82. For the week: The S&P 500 is up 36.83 points, or 1.4 percent. The Dow is up 304.75 points, or 1.3 percent. The Nasdaq is up 131.

Cybersecurity expert's case delayed as new details emerge

Thu, 19 Apr 2018 20:39:09 UT

MILWAUKEE (AP) — The case of British cybersecurity expert once heralded as a hero for stopping the WannaCry worldwide computer virus was delayed Thursday to allow his attorneys more time to prepare arguments on why a judge should suppress statements he made after his arrest for allegedly creating software to steal banking passwords. Marcus Hutchins, 23, pleaded not guilty after his arrest last year in Las Vegas before he boarded a flight home to England. U.S. prosecutors say Hutchins created and distributed malware known as Kronos and made incriminating statements to FBI agents after his arrest and in two jailhouse phone calls.

Philip Morris and Procter & Gamble stumble as Amazon surges

Thu, 19 Apr 2018 20:32:51 UT

NEW YORK (AP) — Stocks that moved substantially or traded heavily Thursday: Philip Morris International Inc., down $15.80 to $85.64 The tobacco company reported weak quarterly sales and said sales of its iQos device in Japan were slower than expected. American Express Co., up $7.22 to $102.37 The credit card company's profit climbed as customers spent more money and its taxes decreased. Procter & Gamble Co., down $2.53 to $74.95 The consumer products company agreed to buy Merck KGaA's consumer health business for $4.2 billion. Inc., up $29.07 to $1,556.91 The online shipping company said its Prime service has 100 million members, more than most analysts expected. W.W. Grainger Inc., up $15.19 to $299.

The Latest: British cybersecurity expert's US case delayed

Thu, 19 Apr 2018 20:25:13 UT

MILWAUKEE (AP) — The Latest on the criminal case of a British cybersecurity expert once heralded as a hero for stopping the WannaCry worldwide computer virus (all times local): 3:25 p.m. Attorneys for a British cybersecurity expert credited with stopping a computer virus have been given more time to prepare for arguments on whether to suppress statements he made to the FBI after his arrest on criminal indictment. Attorneys for Marcus Hutchins asked for a continuance Thursday because prosecutors alerted them Wednesday night that they planned to present details of jailhouse phone calls they say are incriminating.

Markets Right Now: First loss this week for US stocks

Thu, 19 Apr 2018 20:06:05 UT

NEW YORK (AP) — The latest on developments in financial markets (all times local): 4 p.m. The stock market had its first loss of the week as technology companies and consumer products makers led U.S. indexes lower. Apple lost 2.8 percent Thursday and tobacco maker Philip Morris International plunged 15.6 percent after reporting weak results, noting that sales of its iQos device in Japan were slow. Banks bucked the downward trend and rose along with bond yields. Bank of New York Mellon climbed 5.7 percent. Energy stocks also rose. Philips 66 rose 1.6 percent. The S&P 500 index fell 15 points, or 0.6 percent, to 2,693. The Dow Jones industrial average lost 83 points, or 0.3 percent, to 24,664. The Nasdaq composite fell 57 points, or 0.

Correction: Obit-Mellon story

Thu, 19 Apr 2018 19:40:23 UT

In a story April 17 about the death of Matthew Mellon, The Associated Press reported erroneously that Mellon had died at a rehabilitation center in Cancun, Mexico. Police have confirmed that Mellon died in a Cancun hotel room, not in a rehab facility. A corrected version of the story is below: Billionaire banking heir Matthew Mellon dies at 54 Billionaire banking heir Matthew Mellon has died. He was 54. By MICHELLE A. MONROE Associated Press Billionaire banking heir Matthew Mellon has died. He was 54. Police in Cancun, Mexico, said he was found dead in a hotel room. He had struggled with drug addiction, and a rehabilitation center in the resort town said he had been due to check in there Monday.

Social media helps fuel teacher activism across the country

Thu, 19 Apr 2018 19:29:29 UT

PHOENIX (AP) — The public education uprisings that began in West Virginia and spread to Arizona, Oklahoma and Kentucky share similar origin stories. Teachers, long tired of low wages and a dearth of state funding, begin talking to each other online. Their Facebook groups draw tens of thousands of members. They share stories of their frustrations and then they demand change. Kentucky public school employee Nema Brewer co-founded the KY120 United Facebook group that drew more than 40,000 members in a month. Teachers there are calling for more education funding, triggering actions that forced more than 30 schools to close last Friday. "We had no idea it would light a fire under people," Brewer said.

Los Angeles port commission approves SpaceX rocket facility

Thu, 19 Apr 2018 18:31:21 UT

LOS ANGELES (AP) — Los Angeles harbor commissioners have approved a permit for Space Exploration Technologies to build a facility on 19 acres of port land to manufacture a Mars rocket that will be so big it will require an oceangoing barge for transport to launch sites. SpaceX founder Elon Musk says the rocket will serve a wide range of missions including going to Mars. The permit approved Thursday has an initial 10-year term with two 10-year options to extend. SpaceX will receive credits that offset the approximately $1.38 million in annual rent in exchange for improvements it makes, including construction of a huge hangar-style building. Overall credits are capped at $44 million.

Report: Racial gap exists in Seattle mortgage denial rates

Thu, 19 Apr 2018 17:47:09 UT

Seattle is enjoying, or at least, experiencing a housing boom. But unsurprisingly, the benefits of this are not being evenly spread throughout would-be homebuyers.

Musk's LA transport tunnel proposal takes step forward

Thu, 19 Apr 2018 17:12:22 UT

LOS ANGELES (AP) — A committee of the Los Angeles City Council has approved an environmental review exemption for a tunnel that Elon Musk wants to dig to test a novel underground transportation system. The Los Angeles Times reports that members of the council's public works committee said Wednesday they wanted to approve any proposal that could help untangle the city's notorious traffic. In addition to his Tesla electric car and SpaceX rocket launch businesses, Musk has created a company to bore transportation tunnels. He envisions motorists' vehicles being lowered by elevators into tunnels and onto electric sleds that whisk them along to destinations.

Maryland bill seeks transparency in online political ads

Thu, 19 Apr 2018 16:49:51 UT

ANNAPOLIS, Md. (AP) — In the wake of alleged Russian meddling in the 2016 U.S. presidential race, Maryland is close to enacting a law that some experts say would set a new standard for how states deal with foreign interference in local elections and increase overall transparency in online political ads. If signed by Gov. Larry Hogan, the law would require online platforms to create a database identifying the purchasers of online ads in state and local elections and how much they spend. The measure would effectively extend disclosure rules that apply to paid political ads for radio, television and print to social media.

Proper use of oxygen mask could be lifesaving

Thu, 19 Apr 2018 15:45:01 UT

NEW YORK (AP) — Paying attention to flight attendants might save your life. It's a simple message, but passengers often ignore or passively watch along as safety instructions are given prior to takeoff. Images from this week's emergency landing of a Southwest Airlines flight, which lost cabin pressure above 30,000 feet, show several passengers improperly placing oxygen masks on their faces, putting their lives at risk. For the record, here's the proper way to secure the mask: — They will drop from a panel above you. You should pull them toward your face to extend the cord as needed. — Place the mask over both your nose and mouth. — With your free hand, pull the elastic string over your head and tighten as needed.

Cell phones, biometrics fuel jump in bank account ownership

Thu, 19 Apr 2018 15:43:03 UT

NEW YORK (AP) — Roughly seven out of every 10 adults worldwide now have some form of bank account, the World Bank said Thursday, largely due to the proliferation of cell phone-based bank accounts and other simple bank account programs in places like India and Sub-Saharan Africa. The finding is a sign of the improved financial wellbeing of those living in developing countries and particularly women, who increasingly have a safe place to store their savings and are able to participate in the growing digitalization of the global economy. But women still lag behind their male counterparts in bank account ownership, the World Bank report said.