Stocks sink…Democrats urge Trump to reconsider on ZTE…Kellogg out of Venezuela
NEW YORK (AP) – The major stock indexes have been about one percent lower in afternoon trading. A slide in technology stocks weighed on the market. But some retailers got a boost from the government report showing a solid increase in retail sales last month.
WASHINGTON (AP) – Senate Democrats are urging President Donald Trump to reconsider his plans for helping Chinese telecommunications company ZTE get back into business. Senate Minority Leader Chuck Schumer, D-N.Y., and other leading Democrats sent a letter to the administration saying Trump’s action casts “grave doubt” on his campaign promise to put America first. Their letter says, “America’s national security must not be used as a bargaining chip in trade negotiations.”
GENEVA (AP) – A World Trade Organization panel is ruling that the European Union continues to provide illegal subsidies to plane-maker Airbus. It’s the latest in a string of tussles between the European manufacturer and U.S. rival Boeing. The decision by the WTO’s appellate body comes as the Trump administration has exerted intense pressure on the organization over what the president alleges is its “unfair” treatment of the U.S.
CARACAS, Venezuela (AP) – The Kellogg Company says it’s closing operations in Venezuela at a time of widespread hunger in the South American nation. The company says in a statement that it was prompted to cease operations as a result of continued economic deterioration. Kellogg’s factory in the city of Maracay employs around 550 people. It produces 75 percent of the breakfast cereals Venezuelans consume.
MEXICO CITY (AP) – Mexico has established a one-day waiting period on electronic money transfers of over $2,500 in the wake of a hacking attack that may have taken as much as $20 million from several Mexican banks. The head of the country’s central bank acknowledged that a “cyberattack” was involved in shadowy transfers of between $18 million and $20 million.