Asia gains while Europe mixed…Seattle bows to Amazon…UK justice minister resigns
TOKYO (AP) – Asian shares were mostly higher Tuesday but Europe opened mixed as market players tried to digest the summit between President Donald Trump and North Korean leader Kim Jong Un in Singapore. Futures point to a higher open on Wall Street. Benchmark U.S. crude oil rose to near $66.50 a barrel. The dollar rose against the yen and edged down against the euro.
SEATTLE (AP) – Amazon balked and Seattle is backing down.City leaders said they plan to repeal a tax on large companies such as Amazon and Starbucks as they face mounting pressure from businesses, an about-face just a month after unanimously approving the measure to help pay for efforts to combat a growing homelessness crisis. The quick surrender showed the power of Amazon to help rally opposition and aggressively push back on taxes at all levels of government, even in its affluent home city where the income gap is ever widening and lower-income workers are being priced out of housing.
LONDON (AP) – A member of Theresa May’s government has resigned ahead of a key Parliamentary debate on legislation regarding Britain’s departure from the European Union. Conservative lawmaker Phillip Lee resigned as a justice minister Tuesday so he could speak out against the policy on Brexit. May’s fragile government will be trying to defeat a rebellion by pro-EU lawmakers and reverse changes to its key piece of Brexit legislation as the matter comes before the House of Commons.
BEIJING (AP) – China’s auto sales rose 7.9 percent in May from a year earlier as purchases of electric and gasoline-electric hybrid vehicles more than doubled to 102,000. An industry group reports that sales of SUVs, sedans and minivans rose to 1.9 million,. The China Association of Automobile Manufacturers says total vehicle sales, including trucks and buses, rose 9.6 percent to 2.3 million. Year-to-date sales rose 5.1 percent to 9.9 million, rebounding from 2017’s annual growth of just 1.4 percent.
PORTLAND, Ore. (AP) – Mayors from seven U.S. cities in states with legal marijuana said Monday they have formed a coalition to push for federal marijuana policy reform just days after President Donald Trump expressed support for bipartisan congressional legislation to ease the federal ban on pot. Mayors from Denver, Seattle, Portland, San Francisco, Los Angeles, Las Vegas and West Sacramento – all in marijuana-friendly states – sponsored a resolution at the U.S. Conference of Mayors in Boston that asked the U.S. government to remove cannabis from a list of illegal drugs, among other things.